Non-Energy Materials
Other Materials
8 investable US stocks · data to Saturday, October 24, 2026
Is it cheap because returns are depressed?
The industry is dear against its own past, and even though returns on assets are depressed (lower than in 98% of quarters). Free cash flow yield is low (lower than in 76% of quarters), so the cash doesn't support the premium. A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.
Over- or under-earning?
Under-earningReturn on assets ranks at the 38th percentile of investable US stocks, against a median of the 63rd and a low of the 29th since 1999. That is well below its usual level, so it may be under-earning, and today's multiple is likely too high on a normalized basis. If earnings normalize, the multiple would likely stay about where it is: from the 36th percentile today (cheaper than 64% of investable US stocks), around the 33rd, judging by where it sat in past quarters when returns were at their usual level. If returns fell to their low, it would be around the 40th (cheaper than 60% of investable US stocks).
| Percentile | Today | Returns normal | Returns at low |
|---|---|---|---|
| Return on assets (higher is better) | 38th | 63rd (median) | 29th (low) |
| Acquirer's Multiple (lower is cheaper) | 36th | 33rd | 40th |
Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (73 quarters) and of their low (4). The past, not a forecast.
Against its own history
Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.
Other Materials stocks in the screens today
In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.
| Stock | Screen | Acquirer's Multiple | FCF yield | Shareholder yield |
|---|
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Other Non-Energy Materials industries
Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.