Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q3 2023 (30 Sep 2023), compared with Q3 2022.
The top 20 at Q3 2023
Q3 2023 vs Q3 2022: combined net profit $10.6B (+9%), median EPS +13% (12 of 19 up), market-cap-weighted price +23%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 20.3% | 2.54 → 3.19 | +26% | +2.2 pp | +39% |
| 2 | The Sherwin-Williams Company | 7.3% | 2.62 → 2.95 | +13% | +0.6 pp | +25% |
| 3 | Air Products and Chemicals, Inc. | 7.1% | 2.62 → 3.11 | +19% | +0.8 pp | +22% |
| 4 | Southern Copper Corporation | 6.1% | 0.67 → 0.80 | +19% | +0.8 pp | +65% |
| 5 | Freeport-McMoRan Inc. | 6.0% | 0.28 → 0.31 | +12% | +0.4 pp | +37% |
| 6 | Ecolab Inc. | 5.4% | 1.21 → 1.41 | +17% | +0.4 pp | +17% |
| 7 | DuPont de Nemours, Inc. | 4.7% | 2.19 → 2.10 | −4% | −0.4 pp | +55% |
| 8 | CRH plc | 4.4% | — → 1.71 | — | — | +70% |
| 9 | Nucor Corporation | 4.3% | 6.50 → 4.58 | −30% | −4.1 pp | +46% |
| 10 | Dow Inc. | 4.1% | 1.03 → 0.42 | −59% | −3.3 pp | +18% |
| 11 | Corteva, Inc. | 4.1% | −0.46 → −0.45 | loss, smaller | +0.1 pp | −10% |
| 12 | Johnson Controls International plc | 4.0% | 1.10 → 0.80 | −27% | −1.6 pp | +8% |
| 13 | LyondellBasell Industries N.V. | 3.4% | 1.74 → 2.29 | +32% | +1.3 pp | +26% |
| 14 | PPG Industries, Inc. | 3.4% | 1.39 → 1.79 | +29% | +0.7 pp | +17% |
| 15 | Newmont Corporation | 3.3% | 0.27 → 0.20 | −26% | −0.4 pp | −12% |
| 16 | Vulcan Materials Company | 3.0% | 1.33 → 2.07 | +56% | +0.7 pp | +28% |
| 17 | Martin Marietta Materials, Inc. | 2.8% | 4.73 → 6.72 | +42% | +0.9 pp | +28% |
| 18 | Albemarle Corporation | 2.2% | 7.61 → 2.57 | −66% | −4.5 pp | −36% |
| 19 | Steel Dynamics, Inc. | 2.0% | 5.03 → 3.47 | −31% | −2.5 pp | +56% |
| 20 | International Flavors & Fragrances Inc. | 1.9% | −8.61 → 0.10 | turned profitable | +16.7 pp | −25% |
| Sector earnings growth | 100% | +8.9 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, 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 | +26% | +18% | +10% | +8% | +1% | +14% | +5% | +8% | +27% | −9% | +13% | +11% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| APD | +19% | +6% | +30% | +17% | +181% | +1% | to loss | +2% | −100% | +10% | turned profitable | to loss |
| SCCO | +19% | −50% | −10% | +70% | +44% | +74% | +25% | −2% | +17% | +54% | +61% | +69% |
| FCX | +12% | −45% | −30% | +79% | +16% | −29% | −25% | +26% | +31% | +47% | +154% | +28% |
| ECL | +17% | +52% | +74% | +49% | +83% | +18% | −1% | +8% | −21% | +19% | +8% | +3% |
| DD | −4% | to loss | −20% | turned profitable | +54% | loss, bigger | to loss | −67% | to loss | loss, bigger | turned profitable | outside |
| CRH | — | — | — | sources disagree | +15% | — | to loss | +3% | +12% | +49% | loss, bigger | +14% |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| DOW | −59% | to loss | turned profitable | −9% | −29% | loss, smaller | to loss | to loss | −72% | outside | loss, bigger | turned profitable |
| CTVA | loss, smaller | loss, bigger | −28% | +51% | loss, bigger | loss, smaller | +58% | +27% | loss, smaller | loss, bigger | +13% | −10% |
| JCI | −27% | +224% | to loss | −5% | +19% | +15% | turned profitable | −26% | +181% | +35% | +39% | +14% |
| LYB | +32% | −49% | 0% | +29% | −24% | to loss | −63% | −88% | outside | outside | −26% | outside |
| PPG | +29% | −62% | +52% | +9% | +12% | to loss | −4% | −12% | 0% | turned profitable | +4% | −2% |
| NEM | −26% | loss, bigger | −68% | +279% | +303% | turned profitable | +1,100% | +150% | +109% | −2% | +79% | +11% |
| VMC | +56% | +91% | −14% | 0% | −25% | +30% | +26% | +4% | +81% | −14% | +30% | +3% |
| MLM | +42% | +54% | +765% | −15% | −12% | +5% | −89% | +14% | +16% | −4% | +1,219% | −23% |
| ALB | −66% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |
| STLD | −31% | −28% | −1% | −43% | outside | −48% | −61% | outside | +34% | +34% | +93% | +85% |
| IFF | turned profitable | loss, bigger | turned profitable | +500% | +135% | loss, smaller | to loss | +261% | outside | turned profitable | outside | −92% |