Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: NKLA stock price vs CAT: inconclusive Relative valuation is incomplete for this pair. Review the available filing metrics before drawing a conclusion.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at CAT's multiple
Needs Revenue / share, CAT P/S.
Implied fair value · at NKLA's multiple
Needs Revenue / share, NKLA P/S.
Price unavailable
Metric by metric
Where each company leads, and how wide the gap is.
Higher is better
Reported gross margin
Operating income + D&A
Lower is better
Not comparable
Lower leverage
Statements
Annual statements in reported currencies, with calculations and source evidence.
Values retain reported currencies and share bases. Select a figure to inspect its period, calculation and filing inputs. Differences require compatible units and periods.
Explore enterprise value and market valuation multiples in the valuation sections.
Trendline
Eight period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
USD market cap plus reported borrowing debt, less cash and equivalents. This EV proxy excludes investments, preferred stock and noncontrolling-interest adjustments.
Complete market value, debt and cash evidence is required for enterprise value.
Complete market value, debt and cash evidence is required for enterprise value.
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
Nikola Corporation · implied price per share
Five annual free-cash-flow observations are required for the filing-backed baseline.
CATERPILLAR INC · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Inspect reported liquidity and leverage alongside historical financial-health checks.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Not enough data to score either balance sheet.
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
Tesla, Inc.
NKLA vs TSLA
FORD MOTOR CO
NKLA vs F
General Motors Co
NKLA vs GM
Rivian Automotive, Inc. / DE
NKLA vs RIVN
Lucid Group, Inc.
NKLA vs LCID
PACCAR INC
NKLA vs PCAR
DEERE & CO
NKLA vs DE
CUMMINS INC
NKLA vs CMI
Parker-Hannifin Corp
NKLA vs PH
TEREX CORP
NKLA vs TEX
AGCO CORP /DE
NKLA vs AGCO
CNH Industrial N.V.
NKLA vs CNHI
Cash excludes investments. EBITDA is an operating-income-plus-D&A proxy. Missing borrowing categories remain unavailable; select a value to inspect its inputs.
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe NKLA can rapidly convert its extraordinary revenue growth into sustained positive gross and operating margins, then consider the implied $2.44 valuation; otherwise, the current profile argues against paying up because profitability, ROIC, and quality remain far below CAT.
NKLA is being valued off an implied P/S price of $2.44, but the comparison set only provides CAT's P/S of 5.7x and CAT's stronger earnings profile, making the relative valuation framework heavily dependent on future execution. The gap is driven less by current revenue scale and more by NKLA's deeply negative margins and losses versus CAT's profitable industrial model.
Supporting Metrics
