Sector analysis · US
Materials: which companies drove growth
The 20 largest Materials companies by market cap at the end of Q4 2025 (31 Dec 2025), compared with Q4 2024.
The top 20 at Q4 2025
Q4 2025 vs Q4 2024: combined net profit $6.6B (−13%), median EPS +15% (11 of 19 up), market-cap-weighted price +18%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Linde plc | 16.5% | 3.60 → 3.26 | −9% | −2.2 pp | +2% |
| 2 | Southern Copper Corporation | 9.7% | 1.01 → 1.56 | +54% | +5.9 pp | +58% |
| 3 | Newmont Corporation | 9.0% | 1.24 → 1.21 | −2% | −1.2 pp | +168% |
| 4 | CRH plc | 6.9% | 1.02 → 1.52 | +49% | +3.7 pp | +35% |
| 5 | The Sherwin-Williams Company | 6.6% | 1.90 → 1.92 | +1% | 0.0 pp | −4% |
| 6 | Ecolab Inc. | 6.2% | 1.66 → 1.98 | +19% | +1.0 pp | +12% |
| 7 | Freeport-McMoRan Inc. | 6.1% | 0.19 → 0.28 | +47% | +1.5 pp | +34% |
| 8 | Johnson Controls International plc | 6.0% | 0.63 → 0.85 | +35% | +1.2 pp | +49% |
| 9 | Air Products and Chemicals, Inc. | 4.6% | 2.77 → 3.04 | +10% | +0.7 pp | −15% |
| 10 | DuPont de Nemours, Inc. | 4.1% | −0.84 → −0.90 | loss, bigger | −0.1 pp | +25% |
| 11 | Corteva, Inc. | 3.7% | −0.06 → −0.82 | loss, bigger | −5.9 pp | +18% |
| 12 | Vulcan Materials Company | 3.1% | 2.21 → 1.91 | −14% | −0.5 pp | +11% |
| 13 | Martin Marietta Materials, Inc. | 3.1% | 4.79 → 4.62 | −4% | −0.2 pp | +21% |
| 14 | Nucor Corporation | 3.1% | 1.22 → 1.64 | +34% | +1.0 pp | +40% |
| 15 | Amrize Ltd | 2.5% | — → 0.54 | sources disagree | — | — |
| 16 | Steel Dynamics, Inc. | 2.0% | 1.36 → 1.82 | +34% | +0.7 pp | +50% |
| 17 | PPG Industries, Inc. | 1.9% | −1.20 → 1.33 | turned profitable | +6.7 pp | −12% |
| 18 | International Paper Company | 1.8% | −0.42 → −4.52 | loss, bigger | −25.7 pp | −40% |
| 19 | Royal Gold, Inc. | 1.6% | 1.63 → 1.16 | −29% | −0.2 pp | — |
| 20 | International Flavors & Fragrances Inc. | 1.4% | −0.18 → 0.07 | turned profitable | +0.9 pp | −21% |
| Sector earnings growth | 100% | −12.6 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 2025, as market caps moved.
Joined the top 20 since Q3 2025
Left the top 20 since Q3 2025
- Dow 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% |
| CRH | — | — | — | sources disagree | +15% | — | to loss | +3% | +12% | +49% | loss, bigger | +14% |
| SHW | +13% | −6% | +7% | +14% | +8% | +37% | +2% | −14% | +5% | +1% | +7% | +14% |
| 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% |
| 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 |
| 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% |
| 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% |
| STLD | −31% | −28% | −1% | −43% | outside | −48% | −61% | outside | +34% | +34% | +93% | +85% |
| PPG | +29% | −62% | +52% | +9% | +12% | to loss | −4% | −12% | 0% | turned profitable | +4% | −2% |
| IP | outside | outside | outside | outside | outside | loss, smaller | to loss | −90% | to loss | loss, bigger | outside | to loss |
| RGLD | outside | outside | outside | outside | outside | outside | outside | outside | +32% | −29% | +92% | outside |
| IFF | turned profitable | loss, bigger | turned profitable | +500% | +135% | loss, smaller | to loss | +261% | outside | turned profitable | outside | −92% |