CAT vs. CMI

Last updated Apr 1, 2026

Compare and contrast key facts about Caterpillar Inc. (CAT) and Cummins Inc. (CMI).

Performance

CAT vs. CMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Caterpillar Inc. (CAT) and Cummins Inc. (CMI). The values are adjusted to include any dividend payments, if applicable.

CAT vs. CMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CAT Caterpillar Inc.	23.96%	60.30%	24.66%	25.95%	18.60%	15.95%	26.97%	19.51%	-17.56%	75.03%
CMI Cummins Inc.	5.76%	49.36%	48.92%	1.72%	14.09%	-1.68%	30.50%	38.04%	-22.06%	32.74%

Fundamentals

Market Cap CAT : $332.27B CMI : $74.78B
EPS CAT : $18.86 CMI : $20.50
PE Ratio CAT : 37.56 CMI : 26.24
PEG Ratio CAT : 2.48 CMI : 0.29
PS Ratio CAT : 4.93 CMI : 2.22
PB Ratio CAT : 15.59 CMI : 6.06
Total Revenue (TTM) CAT : $67.59B CMI : $33.67B
Gross Profit (TTM) CAT : $21.86B CMI : $8.52B
EBITDA (TTM) CAT : $14.51B CMI : $5.06B

Returns By Period

In the year-to-date period, CAT achieves a 23.96% return, which is significantly higher than CMI's 5.76% return. Over the past 10 years, CAT has outperformed CMI with an annualized return of 27.85%, while CMI has yielded a comparatively lower 20.32% annualized return.

CAT

• 1D: 6.15%
• 1M: -4.63%
• YTD: 23.96%
• 6M: 49.25%
• 1Y: 117.77%
• 3Y*: 48.13%
• 5Y*: 27.26%
• 10Y*: 27.85%

CMI

• 1D: 5.14%
• 1M: -7.85%
• YTD: 5.76%
• 6M: 28.36%
• 1Y: 74.84%
• 3Y*: 34.10%
• 5Y*: 18.65%
• 10Y*: 20.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

CAT vs. CMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CAT

CAT Risk / Return Rank: 97
CAT Sharpe Ratio Rank: 98
CAT Sortino Ratio Rank: 97
CAT Omega Ratio Rank: 96
CAT Calmar Ratio Rank: 96
CAT Martin Ratio Rank: 98

CMI

CMI Risk / Return Rank: 92
CMI Sharpe Ratio Rank: 93
CMI Sortino Ratio Rank: 90
CMI Omega Ratio Rank: 90
CMI Calmar Ratio Rank: 93
CMI Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAT vs. CMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caterpillar Inc. (CAT) and Cummins Inc. (CMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CAT	CMI	Difference
Sharpe ratio Return per unit of total volatility	3.42	2.21	+1.21
Sortino ratio Return per unit of downside risk	4.04	2.81	+1.22
Omega ratio Gain probability vs. loss probability	1.54	1.39	+0.15
Calmar ratio Return relative to maximum drawdown	6.50	4.51	+1.98
Martin ratio Return relative to average drawdown	22.99	15.15	+7.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAT vs. CMI - Sharpe Ratio Comparison

The current CAT Sharpe Ratio is 3.42, which is higher than the CMI Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CAT and CMI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CAT	CMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	2.21	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.69	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.92	0.73	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.36	-0.02

Correlation

The correlation between CAT and CMI is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CAT vs. CMI - Dividend Comparison

CAT's dividend yield for the trailing twelve months is around 0.84%, less than CMI's 1.45% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAT Caterpillar Inc.	0.84%	1.02%	1.49%	1.69%	1.93%	2.07%	2.26%	2.56%	2.58%	1.97%	3.32%	4.33%
CMI Cummins Inc.	1.45%	1.50%	2.01%	2.71%	2.49%	2.57%	2.33%	2.74%	3.32%	2.38%	2.93%	3.99%

Drawdowns

CAT vs. CMI - Drawdown Comparison

The maximum CAT drawdown since its inception was -73.43%, roughly equal to the maximum CMI drawdown of -75.66%. Use the drawdown chart below to compare losses from any high point for CAT and CMI.

Drawdown Indicators

	CAT	CMI	Difference
Max Drawdown Largest peak-to-trough decline	-73.43%	-75.66%	+2.23%
Max Drawdown (1Y) Largest decline over 1 year	-18.14%	-16.52%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-30.48%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-43.36%	-44.05%	+0.69%
Current Drawdown Current decline from peak	-8.59%	-10.86%	+2.27%
Average Drawdown Average peak-to-trough decline	-19.79%	-22.31%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	4.92%	+0.21%

Volatility

CAT vs. CMI - Volatility Comparison

Caterpillar Inc. (CAT) has a higher volatility of 12.02% compared to Cummins Inc. (CMI) at 11.07%. This indicates that CAT's price experiences larger fluctuations and is considered to be riskier than CMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAT	CMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.02%	11.07%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	26.33%	25.11%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	34.60%	34.02%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.76%	27.09%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.52%	27.88%	+2.64%

Financials

CAT vs. CMI - Profitability Comparison

The chart below illustrates the profitability comparison between Caterpillar Inc. and Cummins Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CAT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Caterpillar Inc. reported a gross profit of 5.48B and revenue of 19.13B. Therefore, the gross margin over that period was 28.6%.

CMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cummins Inc. reported a gross profit of 1.95B and revenue of 8.54B. Therefore, the gross margin over that period was 22.9%.

CAT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Caterpillar Inc. reported an operating income of 2.66B and revenue of 19.13B, resulting in an operating margin of 13.9%.

CMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cummins Inc. reported an operating income of 670.00M and revenue of 8.54B, resulting in an operating margin of 7.9%.

CAT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Caterpillar Inc. reported a net income of 2.40B and revenue of 19.13B, resulting in a net margin of 12.6%.

CMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cummins Inc. reported a net income of 593.00M and revenue of 8.54B, resulting in a net margin of 7.0%.