Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q3 2025 (30 Sep 2025), compared with Q3 2024.
The top 20 at Q3 2025
Q3 2025 vs Q3 2024: combined net profit $11.6B (−2%), median EPS +16% (14 of 20 up), market-cap-weighted price 0%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 19.0% | 3.22 → 4.09 | +27% | +2.9 pp | 0% |
| 2 | Southern Copper Corporation | 8.6% | 1.15 → 1.34 | +17% | +1.6 pp | +9% |
| 3 | Newmont Corporation | 8.0% | 0.80 → 1.67 | +109% | +7.0 pp | +59% |
| 4 | The Sherwin-Williams Company | 7.3% | 3.18 → 3.35 | +5% | +0.2 pp | −10% |
| 5 | CRH plc | 6.9% | 1.97 → 2.21 | +12% | +1.0 pp | +29% |
| 6 | Ecolab Inc. | 6.6% | 2.58 → 2.05 | −21% | −1.2 pp | +6% |
| 7 | Johnson Controls International plc | 5.9% | 0.95 → 2.67 | +181% | +8.2 pp | +40% |
| 8 | Air Products and Chemicals, Inc. | 5.2% | 8.75 → 0.02 | −100% | −15.0 pp | −8% |
| 9 | Freeport-McMoRan Inc. | 4.8% | 0.36 → 0.47 | +31% | +1.2 pp | −21% |
| 10 | Corteva, Inc. | 3.9% | −0.76 → −0.47 | loss, smaller | +1.6 pp | +15% |
| 11 | Vulcan Materials Company | 3.5% | 1.56 → 2.83 | +81% | +1.3 pp | +23% |
| 12 | DuPont de Nemours, Inc. | 3.5% | 3.24 → −0.87 | to loss | −4.5 pp | −14% |
| 13 | Martin Marietta Materials, Inc. | 3.3% | 5.91 → 6.85 | +16% | +0.4 pp | +17% |
| 14 | Nucor Corporation | 2.7% | 1.05 → 2.63 | +150% | +2.8 pp | −9% |
| 15 | Amrize Ltd | 2.3% | 0.96 → 0.99 | +3% | +0.1 pp | — |
| 16 | International Paper Company | 2.1% | 0.42 → −2.09 | to loss | −9.7 pp | −4% |
| 17 | PPG Industries, Inc. | 2.0% | 2.00 → 2.00 | 0% | −0.1 pp | −21% |
| 18 | Steel Dynamics, Inc. | 1.7% | 2.05 → 2.74 | +34% | +0.7 pp | +12% |
| 19 | Dow Inc. | 1.4% | 0.30 → 0.08 | −72% | −1.2 pp | −58% |
| 20 | Royal Gold, Inc. | 1.4% | 1.46 → 1.92 | +32% | +0.2 pp | — |
| Sector earnings growth | 100% | −2.4 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q2 2025, as market caps moved.
Joined the top 20 since Q2 2025
Left the top 20 since Q2 2025
- LyondellBasell Industries N.V.
- International Flavors & Fragrances 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% |
| NEM | −26% | loss, bigger | −68% | +279% | +303% | turned profitable | +1,100% | +150% | +109% | −2% | +79% | +11% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| CRH | — | — | — | sources disagree | +15% | — | to loss | +3% | +12% | +49% | loss, bigger | +14% |
| ECL | +17% | +52% | +74% | +49% | +83% | +18% | −1% | +8% | −21% | +19% | +8% | +3% |
| JCI | −27% | +224% | to loss | −5% | +19% | +15% | turned profitable | −26% | +181% | +35% | +39% | +14% |
| APD | +19% | +6% | +30% | +17% | +181% | +1% | to loss | +2% | −100% | +10% | turned profitable | to loss |
| FCX | +12% | −45% | −30% | +79% | +16% | −29% | −25% | +26% | +31% | +47% | +154% | +28% |
| 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% |
| DD | −4% | to loss | −20% | turned profitable | +54% | loss, bigger | to loss | −67% | to loss | loss, bigger | turned profitable | outside |
| MLM | +42% | +54% | +765% | −15% | −12% | +5% | −89% | +14% | +16% | −4% | +1,219% | −23% |
| NUE | −30% | −36% | −22% | −54% | −77% | −61% | −81% | −3% | +150% | +34% | +382% | +94% |
| AMRZ | outside | outside | outside | outside | outside | outside | outside | −9% | +3% | sources disagree | loss, bigger | +10% |
| IP | outside | outside | outside | outside | outside | loss, smaller | to loss | −90% | to loss | loss, bigger | outside | to loss |
| PPG | +29% | −62% | +52% | +9% | +12% | to loss | −4% | −12% | 0% | turned profitable | +4% | −2% |
| STLD | −31% | −28% | −1% | −43% | outside | −48% | −61% | outside | +34% | +34% | +93% | +85% |
| DOW | −59% | to loss | turned profitable | −9% | −29% | loss, smaller | to loss | to loss | −72% | outside | loss, bigger | turned profitable |
| RGLD | outside | outside | outside | outside | outside | outside | outside | outside | +32% | −29% | +92% | outside |