Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q4 2024 (31 Dec 2024), compared with Q4 2023.
The top 20 at Q4 2024
Q4 2024 vs Q4 2023: combined net profit $6.7B (+50%), median EPS +5% (13 of 19 up), market-cap-weighted price +2%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 19.6% | 3.16 → 3.60 | +14% | +1.5 pp | +2% |
| 2 | The Sherwin-Williams Company | 8.4% | 1.39 → 1.90 | +37% | +1.0 pp | +8% |
| 3 | Southern Copper Corporation | 6.9% | 0.58 → 1.01 | +74% | +2.8 pp | +9% |
| 4 | Ecolab Inc. | 6.6% | 1.41 → 1.66 | +18% | +0.5 pp | +18% |
| 5 | Air Products and Chemicals, Inc. | 6.4% | 2.73 → 2.77 | +1% | +0.1 pp | +6% |
| 6 | CRH plc | 6.2% | — → 1.02 | — | — | +34% |
| 7 | Freeport-McMoRan Inc. | 5.5% | 0.27 → 0.19 | −29% | −0.9 pp | −10% |
| 8 | Johnson Controls International plc | 5.2% | 0.55 → 0.63 | +15% | +0.4 pp | +34% |
| 9 | Newmont Corporation | 4.2% | −3.22 → 1.24 | turned profitable | +36.3 pp | −12% |
| 10 | DuPont de Nemours, Inc. | 4.0% | −0.15 → −0.84 | loss, bigger | −0.8 pp | −1% |
| 11 | Corteva, Inc. | 3.9% | −0.36 → −0.06 | loss, smaller | +1.7 pp | +18% |
| 12 | Vulcan Materials Company | 3.4% | 1.70 → 2.21 | +30% | +0.5 pp | +13% |
| 13 | Martin Marietta Materials, Inc. | 3.1% | 4.55 → 4.79 | +5% | +0.1 pp | +3% |
| 14 | Dow Inc. | 2.8% | −0.15 → −0.08 | loss, smaller | +0.4 pp | −27% |
| 15 | PPG Industries, Inc. | 2.7% | 0.38 → −1.20 | to loss | −3.0 pp | −22% |
| 16 | Nucor Corporation | 2.7% | 3.16 → 1.22 | −61% | −4.0 pp | −33% |
| 17 | LyondellBasell Industries N.V. | 2.4% | 0.55 → −1.87 | to loss | −6.2 pp | −22% |
| 18 | International Paper Company | 2.3% | −0.82 → −0.42 | loss, smaller | +1.1 pp | +88% |
| 19 | International Flavors & Fragrances Inc. | 2.1% | −10.24 → −0.18 | loss, smaller | +20.4 pp | +4% |
| 20 | Steel Dynamics, Inc. | 1.7% | 2.61 → 1.36 | −48% | −1.7 pp | −5% |
| Sector earnings growth | 100% | +50.2 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q3 2024, as market caps moved.
Joined the top 20 since Q3 2024
Left the top 20 since Q3 2024
- Builders FirstSource, Inc.
- Carlisle Companies Incorporated
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% |
| 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% |
| FCX | +12% | −45% | −30% | +79% | +16% | −29% | −25% | +26% | +31% | +47% | +154% | +28% |
| JCI | −27% | +224% | to loss | −5% | +19% | +15% | turned profitable | −26% | +181% | +35% | +39% | +14% |
| NEM | −26% | loss, bigger | −68% | +279% | +303% | turned profitable | +1,100% | +150% | +109% | −2% | +79% | +11% |
| 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% |
| 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% |
| DOW | −59% | to loss | turned profitable | −9% | −29% | loss, smaller | to loss | to loss | −72% | outside | loss, bigger | turned profitable |
| PPG | +29% | −62% | +52% | +9% | +12% | to loss | −4% | −12% | 0% | turned profitable | +4% | −2% |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| LYB | +32% | −49% | 0% | +29% | −24% | to loss | −63% | −88% | outside | outside | −26% | outside |
| IP | outside | outside | outside | outside | outside | loss, smaller | to loss | −90% | to loss | loss, bigger | outside | to loss |
| 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% |