Caterpillar Inc. CAT

Caterpillar is an industrial juggernaut with a real moat—a century-old brand, unmatched dealer network and a services flywheel that spits cash. The booming data-center power craze and fat backlog look tasty, and management keeps sweetening the pot with dividends and buybacks. The hitch? You’re paying mid-cycle champagne prices for a beer-cycle business, right as tariffs bite and rates stay high. Great company, but the sticker shock means tread carefully—those yellow machines can still run you over if the economy stalls.