The market has ripped higher through the first few months of 2024, but (NYSE: CAT) stock's start is even more impressive. The heavy equipment specialist recently reported impressive fourth-quarter 2023 financial results that included company records for annual revenue and adjusted earnings per share.

But while there's no argument that 2023 was a success, there's debate about whether now's the best time to buy Caterpillar stock. To provide insight on the different perspectives, two fool.com contributors discuss the different arguments.

Scott Levine: Soaring nearly 15% higher since the start of the year, Caterpillar stock has notably outperformed the market. The S 500 has risen about 7% during the same period. For prospective investors, now might not seem like the best time to build a better portfolio with shares of Caterpillar. The stock is currently trading around 13.7 times operating cash flow, a premium to its five-year average valuation of 10.9. But the stock's recent climb and its valuation should hardly be deterrents to buying shares right now. 

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Source Fool.com