Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q3 2024 (30 Sep 2024), compared with Q3 2023.
The top 20 at Q3 2024
Q3 2024 vs Q3 2023: combined net profit $12.0B (+14%), median EPS +12% (13 of 20 up), market-cap-weighted price +30%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 19.6% | 3.19 → 3.22 | +1% | −0.1 pp | +28% |
| 2 | The Sherwin-Williams Company | 8.3% | 2.95 → 3.18 | +8% | +0.4 pp | +51% |
| 3 | Southern Copper Corporation | 7.5% | 0.80 → 1.15 | +44% | +2.5 pp | +58% |
| 4 | Ecolab Inc. | 6.3% | 1.41 → 2.58 | +83% | +3.0 pp | +52% |
| 5 | Freeport-McMoRan Inc. | 6.2% | 0.31 → 0.36 | +16% | +0.6 pp | +34% |
| 6 | Air Products and Chemicals, Inc. | 5.7% | 3.11 → 8.75 | +181% | +11.3 pp | +5% |
| 7 | CRH plc | 5.4% | 1.71 → 1.97 | +15% | +1.3 pp | +68% |
| 8 | Newmont Corporation | 5.3% | 0.20 → 0.80 | +303% | +6.9 pp | +45% |
| 9 | Johnson Controls International plc | 4.5% | 0.80 → 0.95 | +19% | +0.8 pp | +47% |
| 10 | DuPont de Nemours, Inc. | 4.0% | 2.10 → 3.24 | +54% | +1.2 pp | +20% |
| 11 | Corteva, Inc. | 3.5% | −0.45 → −0.76 | loss, bigger | −1.8 pp | +14% |
| 12 | Dow Inc. | 3.3% | 0.42 → 0.30 | −29% | −0.8 pp | +7% |
| 13 | Nucor Corporation | 3.0% | 4.58 → 1.05 | −77% | −8.0 pp | −5% |
| 14 | Vulcan Materials Company | 2.9% | 2.07 → 1.56 | −25% | −0.6 pp | +24% |
| 15 | Martin Marietta Materials, Inc. | 2.8% | 6.72 → 5.91 | −12% | −0.5 pp | +31% |
| 16 | LyondellBasell Industries N.V. | 2.7% | 2.29 → 1.75 | −24% | −1.6 pp | +1% |
| 17 | PPG Industries, Inc. | 2.7% | 1.79 → 2.00 | +12% | +0.4 pp | +2% |
| 18 | International Flavors & Fragrances Inc. | 2.3% | 0.10 → 0.23 | +135% | +0.3 pp | +54% |
| 19 | Builders FirstSource, Inc. | 1.9% | 3.59 → 2.44 | −32% | −1.5 pp | +54% |
| 20 | Carlisle Companies Incorporated | 1.8% | 5.29 → 5.30 | 0% | −0.2 pp | +76% |
| Sector earnings growth | 100% | +13.5 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 2024, as market caps moved.
Joined the top 20 since Q2 2024
Left the top 20 since Q2 2024
- Steel Dynamics, 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% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| SCCO | +19% | −50% | −10% | +70% | +44% | +74% | +25% | −2% | +17% | +54% | +61% | +69% |
| ECL | +17% | +52% | +74% | +49% | +83% | +18% | −1% | +8% | −21% | +19% | +8% | +3% |
| FCX | +12% | −45% | −30% | +79% | +16% | −29% | −25% | +26% | +31% | +47% | +154% | +28% |
| 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 |
| 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 |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| 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% |
| 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% |
| BLDR | outside | +11% | −13% | outside | −32% | outside | outside | outside | outside | outside | outside | outside |
| CSL | outside | outside | outside | +292% | 0% | outside | outside | outside | outside | outside | outside | outside |