Caterpillar vs Deere (CAT vs DE)

Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.

Caterpillar is the larger company by revenue ($67.6B vs $45.7B) and market value ($438.7B vs $158.4B). Caterpillar has grown revenue faster over the last 4 fiscal years (+32.6% cumulative vs +3.8%). Deere trades at the lower trailing P/E (33.2x vs 47.4x).

About Caterpillar

Caterpillar Inc manufactures construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company serves customers in industries such as construction, mining, oil and gas, power generation, marine, and rail through its Machinery, Power & Energy, Construction Industries, and Resource Industries segments. It also offers financing and insurance services to customers and dealers through its Financial Products segment.

About Deere

Deere & Company, commonly known as John Deere, manufactures agricultural, construction, and forestry equipment. Its main products include tractors, harvesters, cotton pickers, sugarcane harvesters, specialty and compact tractors, turf equipment, backhoe loaders, excavators, and roadbuilding machinery. The company serves production-scale crop growers, dairy and livestock producers, turf and utility customers, and construction and forestry operators, offering integrated technology solutions and financial services.

Head to head (CAT FY2025 vs DE FY2025)

Metric	CATFY2025	DEFY2025
Revenue	$67.59B	$45.68B
Revenue growth (YoY)	4.3%	-11.7%
Gross margin	33.8%	—
Operating margin	16.5%	—
Net margin	13.1%	11.0%
Net income	$8.88B	$5.03B
Diluted EPS	$18.81	$18.50
FCF margin	13.2%	13.4%
ROE	41.7%	19.4%
Debt / equity	1.4×	—
Market cap	$438.67B	$158.42B
P/E (TTM)	47.4×	33.2×

Fundamentals are from each company’s SEC filings (CAT FY2025, DE FY2025). P/E and market cap are derived from recent market prices and update daily.

Five-year trend (as reported)

Revenue	FY2021	FY2022	FY2023	FY2024	FY2025
CAT	$50.97B	$59.43B	$67.06B	$64.81B	$67.59B
DE	$44.02B	$52.58B	$61.25B	$51.72B	$45.68B

Net income	FY2021	FY2022	FY2023	FY2024	FY2025
CAT	$6.49B	$6.71B	$10.34B	$10.79B	$8.88B
DE	$5.96B	$7.13B	$10.17B	$7.10B	$5.03B

Operating margin	FY2021	FY2022	FY2023	FY2024	FY2025
CAT	13.5%	13.3%	19.3%	20.2%	16.5%
DE	18.2%	18.1%	21.2%	17.5%	—

Peer standing

Where each company ranks among the 684 Industrials companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.

Metric	CAT	DE
Net margin	13.1%83rd percentile of 646	11.0%79th percentile of 646
FCF margin	13.2%80th percentile of 561	13.4%81st percentile of 561
Revenue growth (YoY)	+4.3%51st percentile of 669	-11.7%12th percentile of 669
ROE	41.7%96th percentile of 600	19.4%81st percentile of 600
P/E (TTM)	47.4×81st percentile of 435	33.2×65th percentile of 435
Short interest (days to cover)	1.86d33rd percentile of 676	5.15d86th percentile of 676

Short interest

FINRA settlement data	CAT	DE
Shares sold short	9.1M	7.1M
Change vs prior settlement	+7.2%	+12.2%
Days to cover	1.86	5.15
As of settlement	2026-06-30	2026-06-30

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.

Insider activity (last 90 days)

Form 4 open-market activity	CAT	DE
Buys	1 ($219,210)	—
Sells	21 ($87.6M)	—

Open-market purchases and sales reported on SEC Form 4 (grants, exercises and tax withholding excluded). For context, about 16% of covered companies saw any open-market insider buy in a 90-day window.

Held by the same investors

11 tracked 13F managers hold both Caterpillar and Deere as of their latest quarterly filings: AQR Capital Management, ARK Investment Management, Citadel Advisors, D. E. Shaw, Dodge & Cox, Gates Foundation Trust, Gotham Asset Management, Harris Associates (Oakmark), Markel Group, Renaissance Technologies, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.

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CATERPILLAR INC (CAT)

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DEERE & CO (DE)

Full statements, filings, ownership and peer ranks →

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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.