CAT Stock Price Driven by Data Center Demand, Not Autonomy
Caterpillar's autonomous trucks have been deployed at two new quarries in Virginia. The milestone has sparked interest, but it may not be the most significant factor driving Caterpillar's stock price.
The company's self-driving haul trucks are moving large tonnage at Luck Stone quarry and will expand to Boscobel and Bealeton quarries. However, autonomy is still an investment line in the earnings mix, with no standalone revenue figure mentioned.
Power & Energy segment sales rose 17% to $8.2 billion, driven by large gensets and turbines for data centers. Gas prime orders are expected to continue through 2028 and 2029.
The stock trades at a trailing PE of 34x and a forward PE of about 25x on 2026 consensus EPS of $27.1866. Analysts have posted 23 upward revisions to fiscal 2026 EPS in the past 30 days, with no downward revisions.