Materials

Chemicals, metals, mining, and construction materials

Sector classifications follow the GICS industry standard.

Companies Analyzed17 / 19in this sector

Avg FCF Margin7.5%

Top PerformerCF29.5%

Avg Debt/FCF13.3xacross 15 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Grade Distribution

Health grades across the sector

A7 (41%)

B3 (18%)

D1 (6%)

F6 (35%)

All Companies

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	CF	A	29.5%	186.5%	stable	1.9x	$5.9B	$1.8B
2	CTVA	A	16.2%	—	stable	0.9x	$17.4B	$2.8B
3	NEM	A	15.8%	190.1%	improving	3.0x	$18.7B	$3.0B
4	LIN	A	14.9%	143.5%	stable	4.6x	$33.0B	$4.9B
5	ALB	A	13.5%	-251.1%	improving	4.8x	$5.1B	$692.5M
6	ECL	A	11.6%	133.2%	stable	4.6x	$15.7B	$1.8B
7	DD	A	11.5%	—	improving	5.0x	$12.4B	$1.4B
8	VMC	B	10.9%	154.6%	stable	7.2x	$7.4B	$806.1M
9	MLM	B	9.2%	73.1%	improving	9.6x	$6.5B	$604.0M
10	SHW	B	9.0%	117.6%	improving	5.7x	$23.1B	$2.1B
11	IFF	F	5.2%	—	declining	15.9x	$11.5B	$602.0M
12	CE	D	5.2%	-63.5%	improving	24.4x	$10.3B	$531.0M
13	PPG	F	4.4%	127.2%	declining	9.1x	$15.8B	$699.0M
14	FCX	F	4.3%	254.5%	declining	9.4x	$25.9B	$1.1B
15	MOS	F	0.4%	—	declining	93.9x	$11.1B	$47.4M
16	DOW	F	-3.6%	-39.3%	declining	N/A	$40.0B	-$1.4B
17	APD	F	-31.3%	—	improving	N/A	$12.0B	-$3.8B

Not Yet Analyzed

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Sector Research

All research →

Sector Report5 min read

Materials: Six A-Grades and Six Total Failures

The materials sector splits cleanly in half: six companies generating real cash, six burning through it. CF's 29.5% margin sits 1,800 basis points above the sector median.

Feb 13, 2026

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