Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q2 2024 (30 Jun 2024), compared with Q2 2023.
The top 20 at Q2 2024
Q2 2024 vs Q2 2023: combined net profit $14.1B (+18%), median EPS +16% (13 of 19 up), market-cap-weighted price +12%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 20.0% | 3.19 → 3.44 | +8% | +0.8 pp | +16% |
| 2 | Southern Copper Corporation | 7.6% | 0.71 → 1.21 | +70% | +3.6 pp | +52% |
| 3 | The Sherwin-Williams Company | 7.1% | 3.07 → 3.50 | +14% | +0.9 pp | +13% |
| 4 | Freeport-McMoRan Inc. | 6.6% | 0.23 → 0.42 | +79% | +2.5 pp | +21% |
| 5 | Ecolab Inc. | 6.4% | 1.15 → 1.71 | +49% | +1.5 pp | +27% |
| 6 | Air Products and Chemicals, Inc. | 5.5% | 2.67 → 3.13 | +17% | +0.9 pp | −14% |
| 7 | CRH plc | 4.9% | — → 1.88 | sources disagree | — | +35% |
| 8 | Newmont Corporation | 4.6% | 0.20 → 0.74 | +279% | +6.3 pp | −2% |
| 9 | Johnson Controls International plc | 4.3% | 1.53 → 1.45 | −5% | −0.7 pp | −2% |
| 10 | DuPont de Nemours, Inc. | 4.0% | −0.84 → 1.26 | turned profitable | +2.8 pp | +14% |
| 11 | Nucor Corporation | 3.6% | 5.81 → 2.68 | −54% | −7.4 pp | −4% |
| 12 | Corteva, Inc. | 3.6% | 1.00 → 1.51 | +51% | +3.1 pp | −5% |
| 13 | Dow Inc. | 3.6% | 0.68 → 0.62 | −9% | −0.4 pp | 0% |
| 14 | Martin Marietta Materials, Inc. | 3.2% | 5.61 → 4.76 | −15% | −0.5 pp | +18% |
| 15 | Vulcan Materials Company | 3.1% | 2.31 → 2.31 | 0% | 0.0 pp | +10% |
| 16 | LyondellBasell Industries N.V. | 3.0% | 2.18 → 2.82 | +29% | +1.9 pp | +5% |
| 17 | PPG Industries, Inc. | 2.8% | 2.06 → 2.24 | +9% | +0.3 pp | −15% |
| 18 | International Flavors & Fragrances Inc. | 2.3% | 0.11 → 0.66 | +500% | +1.3 pp | +19% |
| 19 | Steel Dynamics, Inc. | 1.9% | 4.81 → 2.72 | −43% | −3.5 pp | +21% |
| 20 | Carlisle Companies Incorporated | 1.8% | 3.79 → 14.84 | +292% | +4.7 pp | +61% |
| Sector earnings growth | 100% | +18.1 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 2024, as market caps moved.
Joined the top 20 since Q1 2024
Left the top 20 since Q1 2024
- Builders FirstSource, Inc.
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% |
| SCCO | +19% | −50% | −10% | +70% | +44% | +74% | +25% | −2% | +17% | +54% | +61% | +69% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| 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% |
| APD | +19% | +6% | +30% | +17% | +181% | +1% | to loss | +2% | −100% | +10% | turned profitable | to loss |
| CRH | — | — | — | sources disagree | +15% | — | to loss | +3% | +12% | +49% | loss, bigger | +14% |
| NEM | −26% | loss, bigger | −68% | +279% | +303% | turned profitable | +1,100% | +150% | +109% | −2% | +79% | +11% |
| JCI | −27% | +224% | to loss | −5% | +19% | +15% | turned profitable | −26% | +181% | +35% | +39% | +14% |
| DD | −4% | to loss | −20% | turned profitable | +54% | loss, bigger | to loss | −67% | to loss | loss, bigger | turned profitable | outside |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| CTVA | loss, smaller | loss, bigger | −28% | +51% | loss, bigger | loss, smaller | +58% | +27% | loss, smaller | loss, bigger | +13% | −10% |
| DOW | −59% | to loss | turned profitable | −9% | −29% | loss, smaller | to loss | to loss | −72% | outside | loss, bigger | turned profitable |
| MLM | +42% | +54% | +765% | −15% | −12% | +5% | −89% | +14% | +16% | −4% | +1,219% | −23% |
| VMC | +56% | +91% | −14% | 0% | −25% | +30% | +26% | +4% | +81% | −14% | +30% | +3% |
| 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% |
| IFF | turned profitable | loss, bigger | turned profitable | +500% | +135% | loss, smaller | to loss | +261% | outside | turned profitable | outside | −92% |
| STLD | −31% | −28% | −1% | −43% | outside | −48% | −61% | outside | +34% | +34% | +93% | +85% |
| CSL | outside | outside | outside | +292% | 0% | outside | outside | outside | outside | outside | outside | outside |