Cats also comes with Eval datatype that controls evaluation.
sealed abstract class Eval[+A] extends Serializable { self =>
  /**
   * Evaluate the computation and return an A value.
   *
   * For lazy instances (Later, Always), any necessary computation
   * will be performed at this point. For eager instances (Now), a
   * value will be immediately returned.
   */
  def value: A
  /**
   * Ensure that the result of the computation (if any) will be
   * memoized.
   *
   * Practically, this means that when called on an Always[A] a
   * Later[A] with an equivalent computation will be returned.
   */
  def memoize: Eval[A]
}
There are several ways to create an Eval value:
object Eval extends EvalInstances {
  /**
   * Construct an eager Eval[A] value (i.e. Now[A]).
   */
  def now[A](a: A): Eval[A] = Now(a)
  /**
   * Construct a lazy Eval[A] value with caching (i.e. Later[A]).
   */
  def later[A](a: => A): Eval[A] = new Later(a _)
  /**
   * Construct a lazy Eval[A] value without caching (i.e. Always[A]).
   */
  def always[A](a: => A): Eval[A] = new Always(a _)
  /**
   * Defer a computation which produces an Eval[A] value.
   *
   * This is useful when you want to delay execution of an expression
   * which produces an Eval[A] value. Like .flatMap, it is stack-safe.
   */
  def defer[A](a: => Eval[A]): Eval[A] =
    new Eval.Call[A](a _) {}
  /**
   * Static Eval instances for some common values.
   *
   * These can be useful in cases where the same values may be needed
   * many times.
   */
  val Unit: Eval[Unit] = Now(())
  val True: Eval[Boolean] = Now(true)
  val False: Eval[Boolean] = Now(false)
  val Zero: Eval[Int] = Now(0)
  val One: Eval[Int] = Now(1)
  ....
}
The most useful one is Eval.later, which captures a by-name parameter in a lazy val.
import cats._, cats.data._, cats.syntax.all._
var g: Int = 0
// g: Int = 0
val x = Eval.later {
  g = g + 1
  g
}
// x: Eval[Int] = cats.Later@3de72742
g = 2
x.value
// res1: Int = 3
x.value
// res2: Int = 3
The value is cached, so the second evaluation doesn’t happen.
Eval.now evaluates eagerly, and then captures the result in a field, so the second evaluation doesn’t happen.
val y = Eval.now {
  g = g + 1
  g
}
// y: Eval[Int] = Now(value = 4)
y.value
// res3: Int = 4
y.value
// res4: Int = 4
Eval.always doesn’t cache.
val z = Eval.always {
  g = g + 1
  g
}
// z: Eval[Int] = cats.Always@56362dbb
z.value
// res5: Int = 5
z.value
// res6: Int = 6
One useful feature of Eval is that it supports stack-safe lazy computation via map and flatMap methods,
which use an internal trampoline to avoid stack overflow.
You can also defer a computation which produces Eval[A] value using Eval.defer. Here’s how foldRight is implemented for List for example:
def foldRight[A, B](fa: List[A], lb: Eval[B])(f: (A, Eval[B]) => Eval[B]): Eval[B] = {
  def loop(as: List[A]): Eval[B] =
    as match {
      case Nil => lb
      case h :: t => f(h, Eval.defer(loop(t)))
    }
  Eval.defer(loop(fa))
}
Let’s try blowing up the stack on purpose:
scala> :paste
object OddEven0 {
  def odd(n: Int): String = even(n - 1)
  def even(n: Int): String = if (n <= 0) "done" else odd(n - 1)
}
// Exiting paste mode, now interpreting.
defined object OddEven0
scala> OddEven0.even(200000)
java.lang.StackOverflowError
  at OddEven0$.even(<console>:15)
  at OddEven0$.odd(<console>:14)
  at OddEven0$.even(<console>:15)
  at OddEven0$.odd(<console>:14)
  at OddEven0$.even(<console>:15)
  ....
Here’s my attempt at making a safer version:
object OddEven1 {
  def odd(n: Int): Eval[String] = Eval.defer {even(n - 1)}
  def even(n: Int): Eval[String] =
    Eval.now { n <= 0 } flatMap {
      case true => Eval.now {"done"}
      case _    => Eval.defer { odd(n - 1) }
    }
}
OddEven1.even(200000).value
// res7: String = "done"
In the earlier versions of Cats the above caused stack overflow, but as BryanM let me know in the comment, David Gregory fixed it in #769, so it works now.