Materials

Chemicals, metals, mining, and construction materials

Sector classifications follow the GICS industry standard.

Companies Analyzed19 / 19in this sector

Avg FCF Margin7.1%

Top PerformerNEM31.8%

Avg Debt/FCF9.5xacross 15 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Grade Distribution

Health grades across the sector

A8 (42%)

B2 (11%)

F9 (47%)

All Companies

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	NEM	A	31.8%	145.9%	improving	0.8x	$22.7B	$7.3B
2	CF	A	24.8%	189.1%	improving	2.1x	$7.1B	$1.8B
3	CTVA	A	16.2%	—	stable	0.9x	$17.4B	$2.8B
4	MLM	A	15.2%	157.0%	stable	6.1x	$6.2B	$978.0M
5	LIN	A	14.5%	150.0%	stable	5.7x	$34.0B	$5.1B
6	VMC	A	13.5%	168.4%	declining	4.6x	$7.9B	$1.1B
7	ALB	A	12.7%	-251.1%	improving	5.1x	$5.1B	$692.5M
8	ECL	A	11.0%	142.3%	improving	5.1x	$16.1B	$1.9B
9	SHW	B	10.7%	134.4%	improving	5.1x	$23.6B	$2.7B
10	CE	F	8.2%	-98.4%	declining	16.6x	$9.5B	$803.0M
11	PPG	B	7.0%	123.2%	improving	7.1x	$15.9B	$1.2B
12	FCX	F	3.8%	254.5%	declining	10.5x	$25.9B	$1.1B
13	STLD	F	2.4%	122.3%	improving	9.7x	$18.2B	$501.5M
14	DD	F	2.0%	-71.9%	declining	23.8x	$6.8B	$172.0M
15	IFF	F	1.5%	-235.5%	declining	39.9x	$10.9B	$254.0M
16	NUE	F	-1.0%	185.4%	improving	N/A	$32.5B	-$188.0M
17	DOW	F	-3.6%	-39.3%	improving	N/A	$40.0B	-$1.4B
18	MOS	F	-4.7%	152.5%	declining	N/A	$12.1B	-$534.6M
19	APD	F	-31.9%	—	improving	N/A	$12.0B	-$3.8B

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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