80/100BCaterpillar stock forecast 2026–2030What is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
Analysts' average 12-month price target for Caterpillar is 918.60, 51.9% above the current price of 604.59. Their targets range from 749.00 to 1,118.00.
Of the 14 firms that rated Caterpillar in the past 12 months, 8 rate it buy or strong buy, 6 hold and 0 sell or strong sell (each firm at its latest rating): a Buy consensus.
Analysts' 1-year price targets range from 749.00 to 1,118.00, with an average of 918.60.
| Buy | 8 | |
| Hold | 6 | |
| Sell | 0 |
12-month price target
| Highest target | 1,118.00 |
| Average target | 918.60 |
| Lowest target | 749.00 |
| Current price | 604.59 |
Caterpillar price target historyWhat is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
Have analysts recently raised or lowered their Caterpillar price target and rating?
How analysts rate Caterpillar, month by monthWhat is the analyst rating? The analyst rating sums up what the analysts covering a stock recommend, from strong buy to strong sell, by the share of them rating it a buy.
8 of 14 firms rate it buy now, against 6 of 8 in December 2025.
Each month: every firm at its latest rating from the 12 months before. Strong buys count as buys, strong sells as sells.
Caterpillar analyst upgrades, downgrades and price targets
The latest rating change came on 10 September 2026, when Freedom Broker upgraded Caterpillar from Hold to Buy. The most recent new target came from Wells Fargo on 26 October 2026: 840.00.
| Date | Firm | Rating | Price target | Change | Price then |
|---|---|---|---|---|---|
| 26 Oct 2026 | Wells Fargo | Reiterated · Overweight | 1,155.00 → 840.00 | -27.3% | 687.00 |
| 26 Oct 2026 | UBS Steven Fisher | Reiterated · Neutral | 925.00 → 750.00 | -18.9% | 687.00 |
| 14 Oct 2026 | Bernstein Chad Dillard | — | 1,002.00 → 749.00 | -25.2% | 762.17 |
| 5 Oct 2026 | Truist Financial Jamie Cook | Reiterated · Buy | 980.00 → 1,100.00 | +12.2% | 838.47 |
| 10 Sept 2026 | Needham | — | 980.00 | — | 815.56 |
| 10 Sept 2026 | Freedom Broker | Upgraded · Hold → Buy | — | — | — |
| 6 Aug 2026 | D.A. Davidson | — | 845.00 → 882.00 | +4.4% | 870.11 |
| 6 Aug 2026 | Barclays | Reiterated · Equal Weight | 800.00 → 900.00 | +12.5% | 871.08 |
| 5 Aug 2026 | Truist Financial | Reiterated · Buy | 1,225.00 → 980.00 | -20.0% | 892.07 |
| 5 Aug 2026 | Bernstein Chad Dillard | — | 769.00 → 1,002.00 | +30.3% | 894.52 |
| 5 Aug 2026 | UBS | Reiterated · Neutral | 900.00 → 925.00 | +2.8% | 897.49 |
| 5 Aug 2026 | Truist Financial | — | 1,218.00 → 1,225.00 | +0.6% | 900.68 |
| 5 Aug 2026 | Robert W. Baird Mircea Dobre | — | 900.00 → 970.00 | +7.8% | 876.54 |
| 5 Aug 2026 | RBC Capital Seth Weber | Reiterated · Sector Perform | 658.00 → 897.00 | +36.3% | 876.54 |
| 4 Aug 2026 | Oppenheimer Noah Kaye | — | 1,105.00 → 1,118.00 | +1.2% | 876.54 |
| 29 Jul 2026 | Robert W. Baird Mircea Dobre | — | 1,165.00 → 900.00 | -22.7% | 840.85 |
| 29 Jul 2026 | Baird | Downgraded · Outperform → Neutral | — | — | — |
| 13 Jul 2026 | Oppenheimer | Reiterated · Outperform | 980.00 → 1,105.00 | +12.8% | 952.41 |
| 2 Jul 2026 | Truist Financial | Reiterated · Buy | 1,043.00 → 1,218.00 | +16.8% | 991.41 |
| 23 Jun 2026 | Wells Fargo | Reiterated · Overweight | 960.00 → 1,155.00 | +20.3% | 1,022.28 |
| 2 Jun 2026 | UBS Steven Fisher | Reiterated · Neutral | 677.00 → 900.00 | +32.9% | 865.36 |
| 11 May 2026 | Evercore ISI David Raso | — | 1,103.00 | — | 901.72 |
| 4 May 2026 | D.A. Davidson | — | 650.00 → 845.00 | +30.0% | 885.34 |
| 1 May 2026 | Robert W. Baird | — | 805.00 → 1,165.00 | +44.7% | 885.99 |
| 1 May 2026 | Truist Financial Jamie Cook | — | 920.00 → 1,043.00 | +13.4% | 899.20 |
| 1 May 2026 | Oppenheimer Kristen Owen | — | 729.00 → 980.00 | +34.4% | 890.11 |
| 1 May 2026 | Barclays | Reiterated · Equal Weight | 625.00 → 800.00 | +28.0% | 890.11 |
| 1 May 2026 | Morgan Stanley | Upgraded · Underweight → Equal Weight | 430.00 → 915.00 | +112.8% | 890.11 |
| 21 Apr 2026 | Wells Fargo | Reiterated · Overweight | 756.00 → 960.00 | +27.0% | 798.40 |
| 20 Apr 2026 | Truist Financial | Reiterated · Buy | 786.00 → 920.00 | +17.0% | 791.93 |
| 15 Apr 2026 | Morgan Stanley | — | 425.00 → 430.00 | +1.2% | 777.20 |
| 9 Apr 2026 | Bernstein Chad Dillard | — | 678.00 → 769.00 | +13.4% | 787.07 |
| 10 Mar 2026 | Williams Trading Michael Feniger | — | 825.00 | — | 716.87 |
| 9 Mar 2026 | Industrial Alliance Securities | — | 785.00 | — | 704.82 |
| 3 Feb 2026 | Morgan Stanley Angel Castillo | — | 395.00 → 425.00 | +7.6% | 698.20 |
| 2 Feb 2026 | Truist Financial Jamie Cook | — | 729.00 → 786.00 | +7.8% | 681.29 |
| 2 Feb 2026 | UBS | — | 581.00 → 677.00 | +16.5% | 680.54 |
| 2 Feb 2026 | D.A. Davidson Michael Shlisky | — | 569.00 → 650.00 | +14.2% | 668.04 |
| 30 Jan 2026 | Oppenheimer | — | 700.00 → 729.00 | +4.1% | 665.24 |
| 30 Jan 2026 | Robert W. Baird | — | 540.00 → 805.00 | +49.1% | 665.24 |
| 30 Jan 2026 | Bernstein | — | 630.00 → 678.00 | +7.6% | 665.24 |
| 30 Jan 2026 | Wells Fargo | — | 702.00 → 756.00 | +7.7% | 665.24 |
| 30 Jan 2026 | William Blair | — | 735.00 | — | 665.24 |
| 30 Jan 2026 | Barclays | — | 610.00 → 625.00 | +2.5% | 665.24 |
| 30 Jan 2026 | RBC Capital Sabahat Khan | — | 658.00 | — | 665.24 |
| 27 Jan 2026 | Jefferies | — | 500.00 → 750.00 | +50.0% | 642.77 |
| 23 Jan 2026 | Barclays | — | 555.00 → 610.00 | +9.9% | 635.03 |
| 23 Jan 2026 | Wells Fargo | — | 675.00 → 702.00 | +4.0% | 648.41 |
| 20 Jan 2026 | Oppenheimer | — | 480.00 → 700.00 | +45.8% | 638.49 |
| 19 Dec 2025 | Bernstein | — | 557.00 → 630.00 | +13.1% | 565.83 |
Caterpillar EPS and revenue estimatesWhat are estimate revisions? Estimate revisions are the changes analysts make to their EPS and revenue forecasts for the years ahead. They show whether expectations are rising or falling.
Analysts expect Caterpillar's EPS to grow 27.2% a year until 2028. Over the last 5 years it grew 28.1% a year, and over the last 3 years 14.2%.
Analysts expect Caterpillar's revenue to grow 13.1% a year until 2028. Over the last 5 years it grew 10.1% a year, and over the last 3 years 4.4%.
Revenue
EPS
Does Caterpillar beat earnings estimates?What is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
On average, analysts' EPS estimate was 9.1% off the result, either way, and their revenue estimate 3.0%, over the last 12 quarters.
- EPS beats
- 96 / 135
- Revenue beats
- 76 / 120
- Average EPS surprise, last 12What is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
- +7.6%
- Since
- February 1993
| Quarter | Report date | EPS estimate | Reported EPS | Surprise | Revenue estimate | Reported revenue | Surprise |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 29 Oct 2026 | 7.06 | 7.20 | +2.0% | 20.76B | 20.68B | -0.4% |
| Q2 FY2026 | 4 Aug 2026 | 6.22 | 8.17 | +31.4% | 19.34B | 20.54B | +6.2% |
| Q1 FY2026 | 30 Apr 2026 | 4.65 | 5.54 | +19.1% | 16.53B | 17.42B | +5.4% |
| Q4 FY2025 | 29 Jan 2026 | 4.71 | 5.16 | +9.6% | 17.85B | 19.13B | +7.2% |
| Q3 FY2025 | 29 Oct 2025 | 4.53 | 4.95 | +9.3% | 16.77B | 17.64B | +5.2% |
| Q2 FY2025 | 5 Aug 2025 | 4.89 | 4.72 | -3.5% | 16.30B | 16.57B | +1.6% |
| Q1 FY2025 | 30 Apr 2025 | 4.35 | 4.25 | -2.3% | 14.72B | 14.25B | -3.2% |
| Q4 FY2024 | 30 Jan 2025 | 5.06 | 5.14 | +1.6% | 16.61B | 16.22B | -2.4% |
| Q3 FY2024 | 30 Oct 2024 | 5.34 | 5.17 | -3.2% | 16.37B | 16.11B | -1.6% |
| Q2 FY2024 | 6 Aug 2024 | 5.54 | 5.99 | +8.1% | 16.91B | 16.69B | -1.3% |
| Q1 FY2024 | 25 Apr 2024 | 5.14 | 5.60 | +8.9% | 16.05B | 15.80B | -1.6% |
| Q4 FY2023 | 5 Feb 2024 | 4.75 | 5.23 | +10.1% | 17.10B | 17.07B | -0.2% |
Caterpillar stock price 2026–2030: scenariosHow are the stock price scenarios calculated? Bear, base and bull prices for the years ahead: the analysts' EPS estimates times the lowest, average and highest P/E of the stock today and at its last five year ends, or of its peers.
If Caterpillar's earnings grow at the 26.7% a year analysts expect to FY2028, then 15.0% a year, it would earn about 51.27 a share in FY2030. At the P/E it has traded at over the last five years (14.6 to 30.3) that is 748.92 to 1,553.94 a share, or 1,034.20 at its average P/E of 20.2. This is arithmetic on the analysts' estimates, not a prediction.
| Fiscal year | EPS | Bear | Base | Bull |
|---|---|---|---|---|
| FY2026 | 27.26 | 398.17 | 549.85 | 826.17 |
| FY2027 | 32.27 | 471.35 | 650.90 | 978.00 |
| FY2028 | 38.77 | 566.29 | 782.01 | 1,175.00 |
| FY2029 (extrapolated) | 44.58 | 651.24 | 899.31 | 1,351.25 |
| FY2030 (extrapolated) | 51.27 | 748.92 | 1,034.20 | 1,553.94 |
Each year's EPS is the analysts' consensus to FY2028; the years after grow 15.0% a year (the analysts' growth, at most 15%). Bear, base and bull apply the lowest, average and highest P/E of today and the last five fiscal year ends, leaving out any above 60, the mark of a year of collapsed earnings (14.6, 20.2, 30.3).
Is Caterpillar stock undervalued or overvalued?How does Arincen work out a stock's fair value? Fair value is our estimate of a share's price at the P/E the company usually trades at, with a low to high range around it.
Caterpillar's P/E of 23.6 is above the middle of its 5-year range (12.4 to 52.8, median 17.7). Analysts expect faster growth than in recent years, which can explain part of the high P/E. Buyers pay more for each point of growth than usual: a PEG of 0.9 on expected growth against 0.6 on its median P/E and past five years' growth. At its usual P/E (17.7 × EPS of 25.61), Caterpillar's fair value is 453.41; the price, 604.59, is 33.3% above it. Its forward P/E, on the consensus for FY2026, is 22.2.
Fair value is the usual (median) P/E of the last five years times the earnings per share of the last twelve months; the ends of the bar are the same earnings at its lowest and highest P/E of those years (12.4 and 52.8). The price against its P/E range
- Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 23.61
- Five-year median P/EWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 17.66
- Five-year P/E range
- 12.4 – 52.8
- Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.
- 22.18
- PEG ratioWhat is the PEG ratio? The PEG ratio divides the P/E by the yearly earnings growth analysts expect, to show how much you pay for each point of growth.
- 0.89
- To the average targetWhat is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
- +51.9%
Most undervalued US stocksHow does Arincen work out a stock's fair value? Fair value is our estimate of a share's price at the P/E the company usually trades at, with a low to high range around it.
| Stock | Price | Fair value | Upside |
|---|---|---|---|
| 64.120 | 128.0462Price 64.12185 | +99.7% | |
| 28.415 | 56.5734Price 28.4296 | +99.1% | |
| 381.20 | 747.73561Price 381.20935 | +96.2% | |
| 152.760 | 297.58169Price 152.76471 | +94.8% | |
| 159.500 | 305.52158Price 159.50396 | +91.5% | |
| 157.430 | 300.15225Price 157.43375 | +90.7% | |
| 243.870 | 464.73205Price 243.87627 | +90.6% |
Furthest below the fair value on each stock's page, updated every day.