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Caterpillar Stock: The 43x P/E Data Center Trap (NYSE:CAT)

2026-04-26 10:30:54

Caterpillar’s operating margins contracted in 2025 despite revenue growth, which the author suggests could signal a peak-cycle. The company returned more cash to shareholders than it generated in free cash flow, funding buybacks. With a high trailing P/E of 43.0x, the author believes the stock is overvalued and predicts a significant downside to a fair value near $350 based on mean-reversion models.

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