Industrials — Sector Analysis

Macro regime signal · XLI

Current: Inflationary BoomStrong buy★★★★★

Infrastructure, defence, and manufacturing boom. Pricing power.

Signal across all regimes

Goldilocks

Overweight

★★★★★

Inflationary Boom ←

Strong buy

★★★★★

Stagflation

Underweight

★★★★★

Deflationary Bust

Underweight

★★★★★

Liquidity Boom

Overweight

★★★★★

Rate Hike Cycle

Neutral

★★★★★

Rate Cut Anticipation

Neutral

★★★★★

Volatility Shock

Underweight

★★★★★

Companies

198

Total mkt cap

$7.53T

Sector P/E (ETF)

29.2×

Avg gross margin

36.5%

Strong / Positive

Caution / At Risk

Metrics comparison

Company	Mkt Cap (USD)↓	P/E (vs sector)	Gross Margin	Net Margin	D/E Ratio	Risks
CATCATERPILLAR INC	$366.0B	34.3×	—	13.1%	1.44	1
GEGENERAL ELECTRIC CO	$317.1B	36.0×	—	19.0%	1.10	2
RTXRTX CORPORATION	$248.4B	32.5×	—	7.6%	0.63	1
SIE.DESiemens Aktiengesellschaft	$226.7B	26.4×	38.5%	12.2%	0.68	—
DEDEERE & CO	$176.0B	36.3×	—	11.0%	—	3
ABBN.SWABB Ltd	$171.8B	36.7×	41.1%	14.3%	0.49	—
ABB.STABB Ltd	$171.1B	36.7×	41.1%	14.3%	0.49	—
AIR.DEAirbus SE	$166.1B	24.9×	14.9%	7.1%	0.27	2
UNPUNION PACIFIC CORP	$165.3B	22.5×	—	29.1%	1.72	2
ETNEATON CORPORATION plc	$164.8B	43.2×	—	14.9%	0.51	—
SU.PASchneider Electric S.E.	$164.8B	31.4×	42.1%	10.4%	0.62	1
6501.THitachi, Ltd.	$159.7B	32.3×	30.0%	7.6%	0.08	1
RR.LRolls-Royce Holdings plc	$148.8B	38.0×	29.1%	27.5%	0.65	1
BATHE BOEING COMPANY	$148.3B	67.1×	4.8%	2.5%	9.87	2
SAF.PASafran SA	$144.3B	33.4×	46.9%	23.0%	0.14	2
ENR.DESiemens Energy AG	$135.9B	46.0×	16.8%	3.6%	0.07	3
PHPARKER-HANNIFIN CORPORATION	$119.4B	33.4×	—	17.0%	0.49	—
LMTLOCKHEED MARTIN CORPORATION	$117.2B	18.4×	10.2%	6.7%	3.23	2
8058.TMitsubishi Corporation	$105.8B	22.2×	8.7%	4.2%	0.44	—
TTTRANE TECHNOLOGIES PLC	$103.4B	35.0×	—	13.7%	0.54	—
ATCO-A.STAtlas Copco AB (publ)	$100.4B	37.7×	42.9%	15.7%	0.21	—
8001.TITOCHU Corporation	$94.9B	17.0×	16.7%	6.1%	0.44	—
GDGENERAL DYNAMICS CORPORATION	$89.3B	20.1×	—	8.0%	0.32	—
EMREMERSON ELECTRIC CO.	$89.1B	34.8×	52.8%	12.7%	0.44	1
CSXCSX CORPORATION	$87.7B	27.5×	—	20.5%	—	2
8031.TMitsui & Co., Ltd.	$85.6B	16.9×	9.5%	6.0%	0.57	—
MMM3M CO	$84.4B	28.8×	—	13.0%	2.68	1
WMWASTE MANAGEMENT INC	$84.0B	29.8×	—	10.7%	—	2
CTASCintas Corporation	$80.4B	39.7×	50.7%	17.8%	0.28	—
UPSUNITED PARCEL SERVICE INC	$80.1B	17.5×	—	6.3%	1.45	—
7011.TMitsubishi Heavy Industries, Ltd.	$77.7B	54.2×	20.0%	5.6%	0.20	1
CP.TOCanadian Pacific Kansas City Limited	$74.0B	27.9×	37.2%	27.5%	0.43	1
NSCNORFOLK SOUTHERN CORP	$71.2B	27.0×	—	23.6%	—	1
BA.LBAE Systems plc	$71.1B	26.2×	65.2%	7.3%	0.61	1
CNR.TOCanadian National Railway Company	$70.5B	21.3×	42.4%	27.3%	0.94	1
FDXFEDEX CORP	$69.0B	15.7×	—	4.7%	0.74	—
DHL.DEDHL AG	$68.9B	16.9×	16.4%	4.2%	0.41	1
NOCNORTHROP GRUMMAN CORP /DE/	$68.8B	15.4×	—	10.0%	0.94	2
RSGREPUBLIC SERVICES, INC.	$66.4B	30.8×	—	11.2%	1.15	1
DG.PAVinci SA	$66.2B	11.8×	60.0%	6.5%	0.97	3
6503.TMitsubishi Electric Corporation	$65.7B	25.6×	32.1%	6.9%	—	—
HONHoneywell International Inc	$65.5B	7.6×	—	12.6%	2.09	—
VOLV-B.STAB Volvo (publ)	$63.0B	17.6×	24.4%	7.2%	0.73	4
TDGTransDigm Group Incorporated	$60.9B	33.0×	60.1%	23.5%	—	2
REL.LRELX PLC	$59.7B	20.8×	66.3%	21.5%	2.38	2
LT.NSLarsen & Toubro Limited	$52.3B	31.1×	32.1%	5.7%	0.58	—
8053.TSumitomo Corporation	$50.7B	13.1×	20.6%	8.2%	0.70	—
ROKRockwell Automation, Inc.	$48.2B	41.4×	48.1%	10.4%	0.72	1
0267.HKCITIC Limited	$46.8B	5.4×	34.2%	6.2%	3.35	3
CARRCARRIER GLOBAL CORPORATION	$46.4B	39.9×	—	6.8%	0.80	2
SAND.STSandvik AB (publ)	$44.2B	26.0×	40.6%	12.2%	0.30	1
LHXL3HARRIS TECHNOLOGIES, INC.	$44.1B	23.6×	—	7.5%	0.53	2
TRI.TOThomson Reuters Corporation	$43.9B	27.5×	75.8%	20.1%	0.11	1
WEGE3.SAWEG S.A.	$43.6B	34.5×	33.5%	15.6%	0.06	—
FERGFerguson Enterprises Inc. /DE/	$41.9B	21.3×	30.7%	6.0%	0.72	1
ADANIPORTS.NSAdani Ports and Special Economic Zone Limited	$41.7B	30.6×	60.5%	33.1%	0.52	—
HEIHEICO CORPORATION	$41.4B	49.3×	—	15.4%	—	—
AENA.MCAena S.M.E., S.A.	$41.3B	4.1×	70.4%	33.9%	0.70	—
PRY.MIPrysmian S.p.A.	$41.0B	26.0×	38.2%	6.5%	0.72	—
LR.PALegrand SA	$40.5B	27.8×	50.8%	13.1%	0.78	—
028260.KSSamsung C&T Corporation	$38.7B	—	18.9%	6.0%	0.03	—
6367.TDaikin Industries,Ltd.	$37.2B	22.5×	34.5%	5.5%	0.14	—
FER.MCFerrovial N.V.	$35.7B	28.4×	88.3%	9.2%	1.58	4
SGO.PACompagnie de Saint-Gobain S.A.	$35.4B	12.0×	27.8%	6.2%	0.49	2
6954.TFanuc Corporation	$35.4B	34.8×	38.3%	19.4%	—	—
006400.KSSamsung SDI Co., Ltd.	$33.4B	—	11.0%	-4.9%	0.26	5
KNIN.SWKuehne + Nagel International AG	$32.1B	30.8×	36.0%	3.6%	0.40	2
HAL.NSHindustan Aeronautics Limited	$32.1B	34.0×	37.3%	28.7%	—	1
IRIngersoll Rand Inc.	$30.3B	31.8×	43.6%	7.6%	—	—
6971.TKyocera Corporation	$30.0B	37.2×	29.4%	6.8%	0.06	—
EXPN.LExperian plc	$29.9B	21.1×	55.5%	17.8%	0.82	1
0669.HKTechtronic Industries Company Limited	$29.2B	23.1×	41.2%	7.9%	0.09	—
TCL.AXTransurban Group	$28.8B	109.9×	73.4%	9.4%	2.51	3
BEL.NSBharat Electronics Limited	$27.6B	44.7×	47.6%	22.6%	—	1
ACS.MCACS, Actividades de Construcción y Servicios, S.A.	$26.9B	20.1×	31.3%	1.9%	2.37	2
VIE.PAVeolia Environnement SA	$25.7B	18.0×	17.7%	2.7%	1.52	3
CPRTCOPART, INC.	$25.5B	17.7×	—	31.8%	—	1
OTISOTIS WORLDWIDE CORPORATION	$25.2B	16.9×	—	9.6%	—	3
0066.HKMTR Corporation Limited	$25.1B	8.7×	23.5%	27.6%	0.41	3
VACN.SWVAT Group AG	$24.3B	96.4×	64.4%	20.0%	—	1
IAG.MCInternational Consolidated Airlines Group S.A.	$24.2B	7.3×	25.2%	10.1%	0.74	2
9020.TEast Japan Railway Company	$24.1B	15.3×	36.7%	8.0%	1.50	1
ALFA.STAlfa Laval AB (publ)	$23.2B	28.0×	36.2%	11.9%	0.22	1
034730.KSSK Inc.	$22.6B	—	7.8%	1.3%	1.81	2
9022.TCentral Japan Railway Company	$21.8B	6.4×	52.2%	27.6%	0.82	1
MTX.DEMTU Aero Engines AG	$20.7B	19.9×	19.3%	11.6%	0.38	—
GEBN.SWGeberit AG	$20.4B	27.8×	73.6%	18.9%	0.72	—
INDIGO.NSInterGlobe Aviation Limited	$19.4B	—	17.2%	-2.9%	—	2
9101.TNippon Yusen Kabushiki Kaisha	$18.8B	14.6×	17.7%	8.7%	0.24	4
6326.TKubota Corporation	$18.7B	11.0×	29.3%	6.2%	0.53	—
BXB.AXBrambles Limited	$18.0B	18.8×	49.4%	13.5%	0.60	1
WKL.ASWolters Kluwer N.V.	$17.9B	12.4×	73.5%	21.4%	5.01	2
HLMA.LHalma plc	$17.5B	35.7×	49.8%	14.4%	0.35	—
J36.SIJardine Matheson Holdings Limited	$16.3B	14.5×	27.5%	3.2%	0.35	3
C6L.SISingapore Airlines Limited	$16.2B	22.7×	30.8%	5.8%	0.33	2
9735.TSECOM CO., LTD.	$16.0B	23.0×	31.7%	9.0%	0.01	—
BS6.SIYangzijiang Shipbuilding (Holdings) Ltd.	$15.5B	11.0×	34.2%	30.3%	0.07	—
BHEL.NSBharat Heavy Electricals Limited	$15.5B	61.5×	29.0%	4.9%	—	—
009540.KSHD Korea Shipbuilding & Offshore Engineering Co., Ltd.	$15.4B	—	17.8%	7.2%	0.06	2
WSP.TOWSP Global Inc.	$15.3B	23.0×	76.3%	5.3%	0.34	1
ABB.NSABB India Limited	$14.8B	92.1×	34.8%	12.8%	—	2
BN4.SIKeppel Ltd.	$14.7B	25.0×	29.2%	13.4%	0.87	—
011200.KSHMM Co.,Ltd	$14.6B	—	18.7%	17.2%	0.00	3
CUMMINSIND.NSCummins India Limited	$13.6B	57.3×	34.1%	19.8%	—	—
3407.TAsahi Kasei Corporation	$13.4B	13.7×	32.8%	5.2%	0.40	—
SIEMENS.NSSiemens Limited	$13.2B	84.5×	30.5%	12.1%	—	1
003670.KSPosco Future M Co., Ltd.	$12.8B	—	8.7%	1.1%	0.70	4
9107.TKawasaki Kisen Kaisha, Ltd.	$12.6B	15.8×	16.6%	13.1%	0.10	1
SKF-B.STAB SKF (publ)	$12.0B	26.0×	26.8%	4.3%	0.22	2
ITRK.LIntertek Group plc	$12.0B	28.7×	—	10.0%	1.07	1
RENT3.SALocaliza Rent a Car S.A.	$11.6B	16.6×	26.6%	4.5%	1.53	1
GMRAIRPORT.NSGMR Airports Limited	$9.9B	235.6×	36.5%	1.3%	—	3
QAN.AXQantas Airways Limited	$9.2B	10.5×	53.0%	5.1%	5.41	2
TKA.DEthyssenkrupp AG	$9.0B	27.9×	11.3%	1.4%	0.00	3
SW.PASodexo S.A.	$8.9B	17.9×	12.0%	0.7%	1.05	3
ASHOKLEY.NSAshok Leyland Limited	$8.9B	25.4×	39.4%	6.2%	3.23	2
NIBE-B.STNIBE Industrier AB (publ)	$8.8B	32.8×	31.5%	5.6%	0.46	—
WEIR.LWeir PLC	$8.7B	25.1×	40.0%	9.6%	0.80	—
3816.KLMISC Berhad	$8.3B	14.3×	33.5%	15.3%	0.31	3
AIA.AXAuckland International Airport Limited	$7.9B	39.1×	100.0%	34.7%	0.22	1
C07.SIJardine Matheson Southeast Asia Limited	$7.9B	8.2×	21.5%	4.7%	0.34	2
6506.TYASKAWA Electric Corporation	$7.8B	36.4×	35.3%	6.5%	0.13	—
CAE.TOCAE Inc.	$7.4B	37.0×	28.3%	6.4%	0.43	2
5398.KLGamuda Berhad	$7.4B	27.9×	11.2%	6.3%	0.64	—
ALQ.AXALS Limited	$7.3B	33.6×	89.7%	9.6%	0.70	—
047050.KSPosco International Corporation	$7.3B	—	6.0%	1.9%	0.47	1
5211.KLSunway Berhad	$7.2B	2.8×	23.7%	13.3%	0.38	2
6841.TYokogawa Electric Corporation	$7.2B	20.7×	45.7%	9.6%	0.00	—
AAONAAON, INC.	$7.1B	46.0×	26.7%	7.5%	—	1
RAIL3.SARumo S.A.	$6.9B	28.2×	45.4%	6.1%	1.61	1
SPX.LSpirax Group plc	$6.9B	26.2×	76.8%	9.6%	0.57	—
ASURB.MXGrupo Aeroportuario del Sureste, S. A. B. de C. V.	$6.8B	12.7×	46.6%	28.2%	0.68	2
RAND.ASRandstad N.V.	$6.8B	19.3×	18.7%	1.3%	0.31	1
HAVELLS.NSHavells India Limited	$6.7B	39.7×	29.8%	7.6%	—	1
JOBYJoby Aviation, Inc.	$5.7B	—	—	-1740.5%	—	5
5246.KLWestports Holdings Berhad	$5.7B	19.2×	54.5%	31.9%	0.18	2
2445.KLKuala Lumpur Kepong Berhad	$5.6B	—	15.3%	3.3%	0.45	—
LOG.MCLogista Integral, S.A.	$5.2B	16.6×	13.5%	2.4%	—	2
MYRGMYR GROUP INC.	$4.8B	29.7×	11.6%	3.2%	0.09	—
0392.HKBeijing Enterprises Holdings Limited	$4.7B	6.4×	13.7%	5.8%	0.51	2
RS1.LRS Group plc	$4.5B	21.4×	43.4%	5.6%	0.19	1
TIINDIA.NSTube Investments of India Limited	$4.5B	76.8×	30.7%	2.9%	0.01	1
AZJ.AXAurizon Holdings Limited	$4.3B	17.6×	83.1%	8.7%	1.30	1
S58.SISATS Ltd.	$4.3B	19.6×	17.4%	4.5%	0.77	1
OMAB.MXGrupo Aeroportuario del Centro Norte, S.A.B. de C.V.	$4.3B	14.6×	70.1%	33.5%	1.05	1
AC.TOAir Canada	$4.3B	16.7×	23.6%	2.9%	2.58	3
IP.MIInterpump Group S.p.A.	$4.1B	17.6×	35.3%	10.1%	0.18	1
RVNL.NSRail Vikas Nigam Limited	$4.1B	44.0×	6.0%	4.3%	0.44	2
9064.TYamato Holdings Co., Ltd.	$4.1B	48.5×	4.8%	0.7%	0.18	1
AIRAAR CORP	$4.1B	20.8×	18.8%	5.7%	0.52	—
ALX.AXAtlas Arteria Limited	$3.8B	47.4×	86.0%	163.3%	0.52	3
CONCOR.NSContainer Corporation of India Limited	$3.5B	26.9×	11.4%	14.8%	—	—
DOW.AXDowner EDI Limited	$3.1B	20.8×	87.7%	2.2%	0.50	3
ESCORTS.NSEscorts Kubota Limited	$3.1B	21.8×	28.6%	21.0%	—	—
DELHIVERY.NSDelhivery Limited	$3.1B	329.4×	8.7%	1.5%	0.00	1
SMRNUSCALE POWER Corp	$3.0B	—	36.3%	-1130.3%	—	6
HONAUT.NSHoneywell Automation India Limited	$3.0B	51.0×	38.5%	11.2%	—	—
DXPEDXP Enterprises, Inc.	$2.8B	31.4×	31.5%	4.4%	1.64	—
3336.KLIJM Corporation Berhad	$2.5B	281.0×	17.5%	0.8%	0.35	4
5263.KLSunway Construction Group Berhad	$2.5B	23.8×	15.4%	6.8%	0.18	2
GRINDWELL.NSGrindwell Norton Limited	$2.3B	51.0×	49.9%	13.6%	0.00	—
5292.KLUWC Berhad	$2.1B	99.1×	63.3%	10.5%	0.02	3
NBCC.NSNBCC (India) Limited	$2.1B	27.3×	7.8%	5.7%	—	3
KAJARIACER.NSKajaria Ceramics Limited	$2.0B	35.3×	54.2%	10.1%	0.02	—
HUSQ-B.STHusqvarna AB (publ)	$1.9B	13.7×	30.2%	3.8%	0.39	3
BCHN.SWBurckhardt Compression Holding AG	$1.9B	14.5×	28.8%	10.4%	—	—
LIGHT.ASSignify N.V.	$1.9B	11.2×	39.4%	4.4%	0.35	6
NS8U.SIHutchison Port Holdings Trust	$1.9B	21.5×	42.2%	6.4%	0.62	2
1899.KLBatu Kawan Berhad	$1.9B	—	15.7%	1.8%	0.92	—
0208.KLGreatech Technology Berhad	$1.7B	90.0×	28.5%	11.3%	0.01	2
3034.KLHap Seng Consolidated Berhad	$1.6B	14.1×	32.7%	9.8%	0.60	4
ZENTEC.NSZen Technologies Limited	$1.4B	78.4×	69.2%	28.1%	0.00	1
ARLOARLO TECHNOLOGIES, INC.	$1.3B	43.4×	44.0%	2.8%	—	—
VGUARD.NSV-Guard Industries Limited	$1.3B	34.9×	33.7%	5.2%	—	1
ASB.AXAustal Limited	$1.2B	—	1.9%	-2.6%	0.10	2
7160.KLPentamaster Corporation Berhad	$1.0B	59.0×	29.4%	10.6%	—	3
DRO.AXDroneShield Limited	$1.0B	—	60.9%	1.6%	—	2
KFRCKforce Inc	$938M	24.7×	27.2%	2.6%	—	2
CJT.TOCargojet Inc.	$910M	28.6×	20.0%	8.1%	1.09	—
OLECTRA.NSOlectra Greentech Limited	$896M	48.8×	22.0%	7.7%	0.14	—
APOGAPOGEE ENTERPRISES, INC.	$852M	13.0×	22.7%	3.9%	0.45	1
F9D.SIBoustead Singapore Limited	$707M	3.8×	34.5%	37.2%	0.00	2
SWBISmith & Wesson Brands, Inc.	$642M	27.0×	26.9%	3.5%	—	—
LATENTVIEW.NSLatent View Analytics Limited	$506M	25.1×	39.1%	18.7%	0.00	1
5099.KLCapital A Berhad	$241M	0.1×	46.6%	697.3%	0.58	3
FWD.AXFleetwood Limited	$144M	76.3×	71.1%	0.5%	—	4
7163.KLPJBumi Berhad	$85M	421.0×	55.4%	12.6%	—	3
AQZ.AXAlliance Aviation Services Limited	$76M	—	63.6%	-13.1%	1.29	4
7129.KLAsia File Corporation Bhd.	$60M	43.0×	35.0%	2.0%	—	3
7115.KLSKB Shutters Corporation Berhad	$42M	5.6×	—	22.3%	0.47	1
7117.KLCJ Century Logistics Holdings Berhad	$24M	8.3×	15.3%	1.8%	0.12	3
7165.KLVelocity Capital Partner Berhad	$22M	6.5×	52.6%	35.9%	—	5
5226.KLGabungan AQRS Berhad	$20M	15.0×	40.0%	3.6%	0.42	4
EGL.AXThe Environmental Group Limited	$18M	—	30.3%	-5.4%	0.00	3
7086.KLAbleGroup Berhad	$6M	—	40.5%	3.8%	—	3
5169.KLHo Hup Construction Company Berhad	$4M	—	32.5%	-324.7%	0.45	5
7161.KLKerjaya Prospek Group Berhad	—	—	—	—	—	1
QUB.AXQube Holdings Ltd	—	—	100.0%	1.3%	0.59	2