Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q1 2026 (31 Mar 2026), compared with Q4 2025.
The top 20 at Q1 2026
Q1 2026 vs Q4 2025: combined net profit $13.6B (+52%), median EPS +23% (16 of 20 up), market-cap-weighted price +9%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 17.4% | 3.26 → 3.98 | +22% | +2.7 pp | +17% |
| 2 | Southern Copper Corporation | 10.7% | 1.56 → 1.92 | +23% one source | +2.3 pp | +23% |
| 3 | Newmont Corporation | 8.9% | 1.21 → 3.00 | +148% | +16.3 pp | +11% |
| 4 | Freeport-McMoRan Inc. | 6.4% | 0.28 → 0.61 | +118% one source | +3.9 pp | +16% |
| 5 | Johnson Controls International plc | 6.0% | 0.85 → 1.00 | +18% | +0.7 pp | +13% |
| 6 | The Sherwin-Williams Company | 6.0% | 1.92 → 2.15 | +12% | +0.5 pp | −1% |
| 7 | Ecolab Inc. | 5.7% | 1.98 → 1.52 | −23% | −1.1 pp | +2% |
| 8 | CRH plc | 5.3% | 1.52 → −0.27 | to loss | −10.0 pp | −15% |
| 9 | Air Products and Chemicals, Inc. | 4.9% | 3.04 → 3.19 | +5% | +0.3 pp | +18% |
| 10 | DuPont de Nemours, Inc. | 4.3% | −0.90 → 1.17 | turned profitable | +2.4 pp | +14% |
| 11 | Corteva, Inc. | 4.3% | −0.82 → 1.07 | turned profitable | +10.6 pp | +25% |
| 12 | Nucor Corporation | 2.9% | 1.64 → 3.23 | +97% | +3.0 pp | +4% |
| 13 | Vulcan Materials Company | 2.7% | 1.91 → 1.26 | −34% | −0.7 pp | −5% |
| 14 | Martin Marietta Materials, Inc. | 2.7% | 4.62 → 25.06 | +442% | +10.2 pp | −5% |
| 15 | Amrize Ltd | 2.3% | 0.54 → −0.21 | to loss | −3.4 pp | +4% |
| 16 | Dow Inc. | 2.3% | −2.15 → −0.74 | loss, smaller | +9.1 pp | +77% |
| 17 | Steel Dynamics, Inc. | 2.0% | 1.82 → 2.78 | +53% | +1.1 pp | +7% |
| 18 | LyondellBasell Industries N.V. | 2.0% | −0.45 → 0.39 | turned profitable one source | +2.2 pp | +85% |
| 19 | PPG Industries, Inc. | 1.8% | 1.33 → 1.70 | +28% | +0.7 pp | +5% |
| 20 | Royal Gold, Inc. | 1.6% | 1.16 → 3.30 | +184% | +1.6 pp | +9% |
| Sector earnings growth | 100% | +52.4 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 2025, as market caps moved.
Joined the top 20 since Q4 2025
Left the top 20 since Q4 2025
- International Paper Company
- International Flavors & Fragrances Inc.
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% |
| SCCO | +13% | −28% | +64% | +27% | −5% | −12% | +18% | 0% | +13% | +16% | +23% | +5% |
| NEM | +2% | to loss | turned profitable | +429% | +8% | +55% | +35% | +10% | −10% | −28% | +148% | −31% |
| FCX | +33% | −14% | +19% | +31% | −14% | −47% | +26% | +121% | −11% | −40% | +118% | +11% |
| JCI | −48% | −31% | to loss | turned profitable | −34% | −34% | +14% | +49% | +150% | −68% | +18% | +22% |
| SHW | −4% | −53% | +42% | +78% | −9% | −40% | +5% | +50% | +12% | −43% | +12% | +60% |
| ECL | +23% | 0% | +1% | +20% | +51% | −36% | −15% | +30% | +11% | −3% | −23% | +25% |
| CRH | sources disagree | — | — | +1,075% | +5% | −48% | to loss | turned profitable | +14% | −31% | to loss | turned profitable |
| APD | +16% | −12% | −6% | +22% | +180% | −68% | to loss | turned profitable | −99% | +13,718% | +5% | to loss |
| DD | turned profitable | to loss | turned profitable | −7% | +157% | to loss | loss, bigger | turned profitable | to loss | loss, bigger | turned profitable | outside |
| CTVA | to loss | loss, smaller | turned profitable | +152% | to loss | loss, smaller | turned profitable | +102% | to loss | loss, bigger | turned profitable | +62% |
| NUE | −21% | −31% | +9% | −23% | −61% | +16% | −45% | +288% | +1% | −38% | +97% | +56% |
| 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% |
| AMRZ | outside | outside | outside | outside | outside | outside | outside | turned profitable | +27% | −45% | to loss | turned profitable |
| DOW | −38% | to loss | turned profitable | −15% | −52% | to loss | loss, bigger | loss, bigger | turned profitable | outside | loss, smaller | turned profitable |
| STLD | −28% | −25% | +41% | −26% | outside | −34% | +6% | outside | +37% | −34% | +53% | +33% |
| LYB | +5% | −76% | +162% | +96% | −38% | to loss | turned profitable | −36% | outside | outside | turned profitable | outside |
| PPG | −13% | −79% | +345% | +33% | −11% | to loss | turned profitable | +21% | +1% | −34% | +28% | +15% |
| RGLD | outside | outside | outside | outside | outside | outside | outside | outside | −4% | −40% | +184% | outside |