Caterpillar Inc. (CAT)
Caterpillar is the world's largest maker of construction and mining equipment, and it also builds engines and power systems. Its order book is a widely followed gauge of global infrastructure and resource investment.
Industrials stock comparison
CAT vs GEV: how the two businesses compare
- Bigger business: CAT, with $67.6B of yearly revenue, about 1.8× GEV's $38.1B.
- More cash from each sale: CAT turns 17 cents of each sales dollar into operating cash flow, against 13 cents at GEV.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Caterpillar (CAT) is the larger business by reported revenue: $67.6B in its fiscal year ended Dec 2025, about 1.8× GEV's $38.1B (fiscal year ended Dec 2025). CAT's net margin was 13.1% and GEV's 12.8%. The SEC classifies them differently (Construction Machinery & Equip; Electronic & Other Electrical Equipment (No Computer Equip)); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Industrials
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- December 31
- Same calendar
- Reviewed
- Feb 13, 2026
CAT vs GEV: quick comparison
| Company fact | CAT | GEV |
|---|---|---|
| Company | Caterpillar Inc. | GE Vernova Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Irving, Texas | — |
| Founded | 1925 | — |
| SEC industry | Construction Machinery & Equip | Electronic & Other Electrical Equipment (No Computer Equip) |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-13 | 10-K · 2026-01-29 |
CAT vs GEV: audited financials
- Scale: CAT's $67.6B of revenue is about 1.8× GEV's $38.1B.
- Net margin: nearly identical at 13.1% (CAT) and 12.8% (GEV).
- Cash conversion: operating cash flow equalled CAT 17.4% of revenue, or 1.32× net income; GEV 13.1% of revenue, or 1.02× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CAT | GEV |
|---|---|---|
| Revenue | $67.6B2025-01-01 to 2025-12-31 · SEC filing | $38.1B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $8.9B2025-01-01 to 2025-12-31 · SEC filing | $4.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $11.7B2025-01-01 to 2025-12-31 · SEC filing | $5.0B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $18.812025-01-01 to 2025-12-31 · SEC filing | $17.692025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 13.1%2025-01-01 to 2025-12-31 · SEC filing | 12.8%2025-01-01 to 2025-12-31 · SEC filing |
CAT: FY ending 2025-12-31 · GEV: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CAT and GEV overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: CAT files as Construction Machinery & Equip; GEV as Electronic & Other Electrical Equipment (No Computer Equip).
- Only CAT maps to Tariffs & trade.
- Scale: CAT reported about 1.8× the annual revenue of GEV.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
GE Vernova Inc. (GEV)
GE Vernova makes power-generation equipment including gas turbines, wind turbines, and grid technology.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CAT
We have not yet published a company-specific driver list for CAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-13.
What moves GEV
We have not yet published a company-specific driver list for GEV. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-29.
The investment question
You now know CAT reports about 1.8× GEV's revenue, and CAT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on CAT and GEV
GEV · Sep 9, 2026
GE Vernova and the value of delivering dependable powerA retrospective case study of GE Vernova’s gas power and grid economics as of January 29, 2026, and why this was already a recognized trade by then.
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 22 matched transaction rows for CAT and 16 matched transaction rows for GEV. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CAT primary filings
GEV primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CAT or GEV
CAT vs GEV FAQs
Are CAT and GEV direct competitors?
Not necessarily. Caterpillar files as Construction Machinery & Equip and GE Vernova as Electronic & Other Electrical Equipment (No Computer Equip). The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is CAT or GEV the bigger company by revenue?
Caterpillar (CAT) is the larger business by reported revenue: $67.6B in its fiscal year ended Dec 2025, about 1.8× GEV's $38.1B (fiscal year ended Dec 2025). CAT's net margin was 13.1% and GEV's 12.8%. The SEC classifies them differently (Construction Machinery & Equip; Electronic & Other Electrical Equipment (No Computer Equip)); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CAT or GEV?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CAT vs GEV comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Caterpillar Inc. and GE Vernova Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CAT vs GEV compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
GEV · Sep 9, 2026
GE Vernova and the value of delivering dependable powerSep 22, 2026
Meta jumped 11%. What must happen next to justify the price?Sep 9, 2026
Seagate: More Terabytes, Better Economics
$39/mo or $249/yr · cancel future renewals anytime · sources included