Checking the market today, January 13, 2026, you'll see Caterpillar stock price today per share is hovering around $636.64. Honestly, it's been a bit of a wild ride lately. The stock opened at $633.20 and actually managed to hit an intraday high of $644.59. People are talking about this because it represents a pretty decent 1.09% jump from yesterday's close.
If you’ve been following CAT for a while, you know it isn't just a "tractor company." It's basically a massive barometer for the global economy. When things are getting built, CAT goes up. When the world slows down, CAT usually feels it first. Right now, it's trading at a price-to-earnings (P/E) ratio of about 32.66. Some folks think that's getting a bit rich, while others look at that $300 billion market cap and see a behemoth that isn't stopping.
Why the Caterpillar stock price today per share keeps climbing
Basically, the "why" comes down to a few big buckets. First, there's the massive $40 billion backlog in power generation. That's a huge number. We aren't just talking about backup generators for hospitals; we’re talking about massive energy-optimization solutions for data centers. With the AI boom still eating up electricity like crazy, Caterpillar’s partnership with Vertiv has put them in a sweet spot that most people didn't see coming three years ago.
Then there's the infrastructure side. You've probably seen the orange machines everywhere. Even though North American construction unit sales have seen some soft spots—some analysts noted an 11% dip in certain equipment types—the overall "sales to users" metric is still up. Revenue for the last reported quarter was roughly $17.6 billion. That's a 10% increase year-over-year.
The Dividend Aristocrat factor
Investors love consistency. Caterpillar is a Dividend Aristocrat, meaning they've been raising that payout for decades. The current yield is about 0.95%, with the last dividend per share sitting at $1.51. It’s not a "get rich quick" yield, but it’s the kind of stability that keeps pension funds and long-term retirees glued to the stock.
- Recent profit per share: $4.88 (GAAP)
- Adjusted profit per share: $4.95
- Free cash flow: Exceeding $3 billion in recent quarters
- Current 52-week range: $267.30 to $644.59
It’s kinda wild to think that just a year ago, this stock was trading in the high 200s. If you bought then, you’re feeling pretty smart today.
What Wall Street is actually saying (The Split)
Not everyone is a bull. If you look at the analyst ratings, it’s a bit of a mixed bag. Out of 15 or 16 major analysts tracking the stock, about 60% are screaming "Buy" or "Strong Buy." J.P. Morgan, for instance, has a price target way up at $730. They’re looking at the Energy & Transportation segment, which saw 25% growth recently.
But then you have the bears. Morgan Stanley has been notably skeptical, maintaining a "Sell" rating with a target as low as $395. Why the gap? Tariffs.
Manufacturing costs have been creeping up due to trade tensions and rising tariff costs on steel and imported components. This squeezed the operating profit margin down to 17.3%, compared to nearly 20% a year prior. If you’re a bear, you look at those shrinking margins and worry that the price is way ahead of the fundamentals.
Breaking down the segments
To understand the Caterpillar stock price today per share, you have to look at what's actually moving the needle in the different divisions. It's not a monolith.
- Construction Industries: This is the core, but it's been a bit of a laggard lately. Profit in this segment dropped about 29% in late 2025 because of those manufacturing costs I mentioned.
- Resource Industries: Think mining. As the world hunts for lithium, copper, and cobalt for batteries, this segment stays relevant, though it's also sensitive to global commodity prices.
- Energy & Transportation: This is the current superstar. It’s basically carrying the team right now.
Is CAT overvalued right now?
Honestly, it depends on who you ask. If you compare it to a competitor like Komatsu, CAT looks expensive. Komatsu’s P/E ratio is often down in the 11-12 range, while CAT is sitting at 32+. That’s a huge "premium" people are paying for the American brand and its massive dealer network.
But Caterpillar’s Return on Equity (ROE) is a staggering 47.9%. That’s nearly four times what some of its peers are doing. Basically, they are incredibly efficient at turning shareholder money into more money. That’s why the Caterpillar stock price today per share stays so high even when the "valuation" looks scary on paper.
Insider activity to watch
One little detail most people miss: insider selling. On January 12, Bob De Lange, a Group President, had about 473 shares withheld for taxes as RSU units vested. It’s a routine thing, but he still holds nearly 80,000 shares directly. When the big bosses keep their skin in the game, it usually signals they aren't worried about a cliff-dive anytime soon.
Practical steps for investors
If you're looking at that $636 price tag and wondering if you missed the boat, here's the reality. CAT is a cyclical stock. It's at or near its 52-week high right now.
Watch the $620 support level. If the stock dips below that, it might signal a cooling-off period.
Check the January 29 earnings call. The market is expecting an EPS of about $4.61. If they beat that and give a strong 2026 outlook, $700 isn't out of the question.
Diversify via ETFs. If $600+ is too much for a single share, remember that CAT is a top holding in the Dow Jones Industrial Average (DIA) and several industrial-focused ETFs like XLI.
The long-term play here isn't about tomorrow's price; it's about whether you believe the global build-out of data centers and green energy infrastructure will continue through 2027 and 2028. If the answer is yes, then CAT is likely still a foundational piece of an industrial portfolio.
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Check your brokerage for real-time updates as the day progresses, as the $636.64 figure will fluctuate until the closing bell.