Research library · Industrials & Energy
Industrials & Energy: the moats, the numbers, the verdicts.
49 companies covered. Every report re-run after the latest earnings.
AES is a global power producer running 32+ gigawatts of generation across the US, Latin America, and Asia, transformed during the 2020s into one of the largest pure-play renewables
Allegion is a high-quality lock-and-door-hardware compounder priced at 18x earnings after a 26% drawdown from the $183 high, with the market pricing in non-residential construction
You're paying ≈$3.0B equity (≈$4.1B EV) for a specialty-chemicals roll-up that just took an $800M+ goodwill write-down on a business doing ≈$1.82B revenue and ≈$370M run-rate EBITD
Axon has $15.1B of future contracted bookings against $904M of quarterly revenue, and customers spend 126% of what they spent a year ago.
Boeing's share count has risen 27.8% in under two years, from 619 million to 791 million.
Booz Allen Hamilton Holding Corporation BAH
At $62.83 Booz Allen has fallen about 48% from its $120.05 high, back near where it traded in 2021, even as total backlog hit a record $38B and trailing book-to-bill held at 1.1x.
You are paying $78B of market cap, 129x forward earnings, and 32x trailing sales for a solid-oxide fuel cell maker that printed its strongest quarter ever in Q1 2026 ($751M revenue
Caterpillar's operating income went minus 27%, minus 18%, minus 3%, minus 9%, plus 20%, plus 50% across six quarters.
At $87.58 you're paying about $38.1B of market cap and $53.3B of enterprise value for a Tier-1 uranium producer that is still underearning against a strategic-metal cycle the react
C.H. Robinson Worldwide, Inc. CHRW
C.H. Robinson is North America's largest freight brokerage, matching shippers with truckload, less-than-truckload, and intermodal capacity, with a global forwarding business on top
Copart's revenue fell 3.6% in the January quarter, the first decline this business has printed in a very long time, and recovered to 2.1% growth in the quarter after.
Chevron earned $12.07B in the June quarter against $2.49B a year earlier, and $6.11 a share against $1.45.
HF Sinclair is a five-segment Western US refiner priced at 7.6x forward earnings and roughly 5.3x EV to EBITDA, where the refining engine threw off a $648M net-income quarter in Q1
Devon issued 532 million shares in May to merge with Coterra, nearly doubling the company, and production went from 833 to 1,359 thousand barrels of oil equivalent a day.
The Work Number was supposed to be the growth engine. Last quarter it grew 7% while the ordinary credit bureau next to it grew 17%.
Enterprise Products Partners L.P. EPD
Enterprise's revenue rose 61% last quarter and its operating income rose 25%, because most of that revenue is commodity it buys and resells at almost no margin.
EQT's realised gas price went from $5.08 to $2.65 per thousand cubic feet equivalent in one quarter, and earnings per share went from $2.36 to $0.34.
You are paying about 6x forward adjusted earnings (or roughly 9x GAAP) for the dominant payments processor in Puerto Rico and the Caribbean, with a 39% drawdown from highs after a
You are paying about 9.9x forward earnings and roughly 3x forward EV/EBITDA for the largest natural gas producer in North America, a balance sheet carrying net debt of just 0.4x EB
Diamondback was paid $96.82 a barrel for its oil last quarter and paid $2.15 to get rid of every thousand cubic feet of its gas.
Fastenal sits at ≈41x trailing earnings for a 5-6% organic growth distributor whose entire structural moat lives in on-site vending machines bolted to factory floors.
Flywire's gross margin fell from 57.0% to 53.4% over the past year, with the adjusted measure down about 450 basis points.
GE Vernova booked $24.2B of orders in a quarter, orders up 88%, against $11.1B of revenue, and its gas-turbine production is effectively sold out into the next decade.
You are paying about 11.9x trailing earnings and a 6.6% distribution for a Northeast convenience-store and downstream petroleum LP that just printed a Q1 2026 with net income of $7
You are paying about 5x earnings and a 12% free-cash-flow yield for a post-bankruptcy Appalachia and SCOOP natural gas pure-play that has retired roughly a third of its float since
Everyone reads Warrior Met as a bet on steelmaking coal prices. Coal prices went up 6% over the last year. Warrior's tonnage went up 65%.
H2O America (formerly SJW Group) is a 58-year Dividend King regulated water utility trading at ≈19x to 20x forward adjusted earnings, near its 52-week high, with a $2.7B 2026-30 ca
IES Holdings' backlog nearly doubled in nine months, from $2.37B to $4.53B, and the company says data centres did it.
Innovative Industrial Properties, Inc. IIPR
Innovative Industrial Properties is a single-tenant cannabis triple-net REIT trading at 0.91× book and a 12.3% dividend yield because the market is pricing rent collection as broke
JELD-WEN manufactures doors and windows for residential and commercial construction in North America and Europe, with a market cap of $120M against $1.4B of net debt, an adjusted E
Marathon Petroleum Corporation MPC
Marathon's refining margin went from $17.58 a barrel to $36.33 in twelve months, and diluted earnings per share went from $3.96 to $17.73.
MasTec's backlog reached $21.4B, up 30% in a year, and in July it paid about $1.6B for an electrical contractor it describes as a leader in building data centre infrastructure.
NextEra's renewables backlog grew from about 30 gigawatts to 35.1 over four quarters, adding three to four every quarter.
You are paying about 35 times 2026 earnings and 26 times 2026 EBITDA for an electrical-connection-and-protection company that has re-rated roughly 2.3 times off its low because one
Olin is the largest US producer of chlor-alkali (chlorine plus caustic soda plus EDC/PVC value chain) plus epoxy resins and Winchester branded ammunition, running the integrated sa
PagBank's payment volume is essentially unchanged over five quarters, from R$129.6B to R$133.4B.
Paychex has described its client retention rate as being in the range of 82% to 83% in each of the last four annual reports, word for word.
You are paying about 17x forward earnings for the highest-quality information-analytics franchise outside the US tech megacaps, a business that compounded revenue and margin every
Transocean's contract backlog has fallen from $9.0B to $6.7B over two years, during what everyone describes as an offshore drilling recovery.
You are paying about $39.5B for a rocket company that will do roughly $955M of revenue this year and lose money on every dollar of it, which is 41 times sales for a business that h
You are paying roughly 15x EV/EBITDA and about 30x forward earnings for Republic Services, and the premium buys one of the most reliable pricing machines in the market: core price
SLB's pretax margin fell from 15.0% to 9.7% in two quarters and has recovered only to 11.4%.
Space Exploration Technologies Corp. SPCX
SpaceX's first public financials show an $18.7B-revenue business (FY2025) growing 33%, carried by a Starlink engine that alone did $11.4B of sales at roughly $4.4B of segment opera
Trane bought a data centre cooling company in February and the rest of the market has not repriced the shares for it.
Valero closed the Benicia refinery in April, a year after writing down $1.13B on it and Wilmington, and then earned $12.62 a share in the following quarter.
Viper Energy is the largest public oil-and-gas minerals owner, collecting a no-capex royalty on mostly Diamondback-operated Permian wells it never has to pay to drill, at roughly 8
Vertiv's deferred revenue doubled to $3.6B in six months, customers paying in advance for power and cooling gear they cannot get elsewhere fast enough, and the company just raised
Vistra has signed twenty-year contracts to sell 3,809 megawatts of nuclear power to Amazon and Meta.
Essential Utilities, Inc. WTRG
Essential Utilities is no longer a standalone story; it is a regulated water-and-gas utility wrapped inside an all-stock takeout by American Water (AWK) at a fixed 0.305 exchange r