Ann: 1H FY24 Results Presentation, page-15

For the first time cat are making $.
But to service 4100 TEAMS cat made $341 per team.

some nice easy numbers to get a picture.

cat need to make many more millions before the stock looks nice.

So say they can't charge the teams more $
they have failed to do that for years.

they only have costs to reduce.

or have a tad of both.

imo cat is still years off making meaningful profit that could rerate the stock.

of course it is a sitting duck to be bought out. Just their current exposure to the 4100 teams is gold imo and probably worth more than the market cap is presently.