Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q1 2025 (31 Mar 2025), compared with Q4 2024.
The top 20 at Q1 2025
Q1 2025 vs Q4 2024: combined net profit $4.2B (−27%), median EPS −3% (10 of 20 up), market-cap-weighted price +4%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 21.0% | 3.60 → 3.51 | −3% | −0.6 pp | +11% |
| 2 | The Sherwin-Williams Company | 8.3% | 1.90 → 2.00 | +5% | +0.3 pp | +3% |
| 3 | Southern Copper Corporation | 7.0% | 1.01 → 1.19 | +18% | +1.6 pp | +5% |
| 4 | Ecolab Inc. | 6.9% | 1.66 → 1.41 | −15% | −0.8 pp | +8% |
| 5 | Air Products and Chemicals, Inc. | 6.3% | 2.77 → −7.77 | to loss | −25.4 pp | +2% |
| 6 | CRH plc | 5.7% | 1.02 → −0.15 | to loss | −8.6 pp | −4% |
| 7 | Freeport-McMoRan Inc. | 5.2% | 0.19 → 0.24 | +26% | +0.8 pp | −1% |
| 8 | Newmont Corporation | 5.2% | 1.24 → 1.68 | +35% | +5.3 pp | +32% |
| 9 | Johnson Controls International plc | 5.0% | 0.63 → 0.72 | +14% | +0.6 pp | +3% |
| 10 | Corteva, Inc. | 4.1% | −0.06 → 0.95 | turned profitable | +7.5 pp | +10% |
| 11 | DuPont de Nemours, Inc. | 3.8% | −0.84 → −4.23 | loss, bigger | −5.1 pp | −2% |
| 12 | Vulcan Materials Company | 2.9% | 2.21 → 0.97 | −56% | −1.8 pp | −9% |
| 13 | Martin Marietta Materials, Inc. | 2.8% | 4.79 → 1.90 | −60% | −1.9 pp | −8% |
| 14 | International Paper Company | 2.7% | −0.42 → −0.24 | loss, smaller | +0.5 pp | −5% |
| 15 | Nucor Corporation | 2.7% | 1.22 → 0.67 | −45% | −1.4 pp | +4% |
| 16 | PPG Industries, Inc. | 2.4% | −1.20 → 1.63 | turned profitable | +7.1 pp | −7% |
| 17 | Dow Inc. | 2.3% | −0.08 → −0.44 | loss, bigger | −2.7 pp | −14% |
| 18 | LyondellBasell Industries N.V. | 2.2% | −1.87 → 0.53 | turned profitable | +8.4 pp | −5% |
| 19 | International Flavors & Fragrances Inc. | 1.9% | −0.18 → −3.98 | loss, bigger | −10.5 pp | −8% |
| 20 | Steel Dynamics, Inc. | 1.8% | 1.36 → 1.44 | +6% | +0.1 pp | +11% |
| Sector earnings growth | 100% | −26.7 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q4 2024, as market caps moved.
Joined the top 20 since Q4 2024
Left the top 20 since Q4 2024
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIN | 0% | −1% | +6% | +3% | −6% | +12% | −3% | +6% | +10% | −20% | +22% | +4% |
| SHW | −4% | −53% | +42% | +78% | −9% | −40% | +5% | +50% | +12% | −43% | +12% | +60% |
| SCCO | +13% | −28% | +64% | +27% | −5% | −12% | +18% | 0% | +13% | +16% | +23% | +5% |
| ECL | +23% | 0% | +1% | +20% | +51% | −36% | −15% | +30% | +11% | −3% | −23% | +25% |
| APD | +16% | −12% | −6% | +22% | +180% | −68% | to loss | turned profitable | −99% | +13,718% | +5% | to loss |
| CRH | sources disagree | — | — | +1,075% | +5% | −48% | to loss | turned profitable | +14% | −31% | to loss | turned profitable |
| FCX | +33% | −14% | +19% | +31% | −14% | −47% | +26% | +121% | −11% | −40% | +118% | +11% |
| NEM | +2% | to loss | turned profitable | +429% | +8% | +55% | +35% | +10% | −10% | −28% | +148% | −31% |
| JCI | −48% | −31% | to loss | turned profitable | −34% | −34% | +14% | +49% | +150% | −68% | +18% | +22% |
| CTVA | to loss | loss, smaller | turned profitable | +152% | to loss | loss, smaller | turned profitable | +102% | to loss | loss, bigger | turned profitable | +62% |
| DD | turned profitable | to loss | turned profitable | −7% | +157% | to loss | loss, bigger | turned profitable | to loss | loss, bigger | turned profitable | outside |
| VMC | −10% | −18% | −55% | +200% | −32% | +42% | −56% | +148% | +17% | −33% | −34% | +97% |
| MLM | +20% | −32% | +271% | −72% | +24% | −19% | −60% | +186% | +26% | −33% | +442% | −83% |
| IP | outside | outside | outside | outside | outside | to loss | loss, smaller | turned profitable | to loss | loss, bigger | outside | to loss |
| NUE | −21% | −31% | +9% | −23% | −61% | +16% | −45% | +288% | +1% | −38% | +97% | +56% |
| PPG | −13% | −79% | +345% | +33% | −11% | to loss | turned profitable | +21% | +1% | −34% | +28% | +15% |
| DOW | −38% | to loss | turned profitable | −15% | −52% | to loss | loss, bigger | loss, bigger | turned profitable | outside | loss, smaller | turned profitable |
| LYB | +5% | −76% | +162% | +96% | −38% | to loss | turned profitable | −36% | outside | outside | turned profitable | outside |
| IFF | −11% | to loss | turned profitable | +187% | −65% | to loss | loss, bigger | turned profitable | outside | −56% | outside | −71% |
| STLD | −28% | −25% | +41% | −26% | outside | −34% | +6% | outside | +37% | −34% | +53% | +33% |