Top Industrials Stocks by EBITDA
Top industrials companies ranked by EBITDA, latest annual filings.
What EBITDA Means for Industrials Companies
EBITDA removes interest, taxes, depreciation, and amortization from earnings to show operating profit before capital structure and accounting choices. In industrials the add-back of depreciation is especially large because the sector is capital-heavy: factories, machine tools, transportation fleets, and distribution networks all generate substantial D&A. That makes EBITDA meaningfully higher than operating income for most firms here, and it shapes how buyers and lenders frame deals across the industry.
Why It Matters Less in Industrials
EBITDA can flatter industrial businesses because the depreciation it ignores reflects real capital that must be replaced to keep plants and fleets running. A firm whose EBITDA looks robust may still generate modest free cash flow after sustaining capex. Operating leverage on volume also cuts both ways: EBITDA margins expand sharply when orders rise, then compress just as quickly through a downturn, so single-period figures can misrepresent cross-cycle economics.
What to Read Alongside
Pair EBITDA with Capex to size the sustaining reinvestment gap the metric ignores, Free Cash Flow for the cash that actually remains after that spending, and Operating Margin for the fully-costed view.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | RTX | RTX Corporation | Industrials | $13.68B | $255.76B |
| 2 | CAT | Caterpillar Inc. | Industrials | $13.41B | $255.63B |
| 3 | UNP | Union Pacific Corporation | Industrials | $12.34B | $172.38B |
| 4 | UPS | United Parcel Service, Inc. | Industrials | $10.87B | $92.21B |
| 5 | FDX | FedEx Corporation | Industrials | $9.83B | $72.17B |
| 6 | HON | Honeywell International Inc. | Industrials | $9.52B | $69.74B |
| 7 | LMT | Lockheed Martin Corporation | Industrials | $9.42B | $131.00B |
| 8 | DAL | Delta Air Lines, Inc. | Industrials | $8.27B | $57.37B |
| 9 | UAL | United Airlines Holdings, Inc. | Industrials | $7.65B | $36.63B |
| 10 | WM | Waste Management, Inc. | Industrials | $7.17B | $93.95B |
| 11 | GD | General Dynamics Corporation | Industrials | $6.28B | $95.68B |
| 12 | BA | The Boeing Company | Industrials | $6.23B | $137.41B |
| 13 | CNI | Canadian National Railway Company | Industrials | $6.22B | $74.40B |
| 14 | CSX | CSX Corporation | Industrials | $6.20B | $90.99B |
| 15 | PH | Parker-Hannifin Corporation | Industrials | $6.01B | $115.73B |
| 16 | NOC | Northrop Grumman Corporation | Industrials | $5.98B | $74.59B |
| 17 | MMM | 3M Company | Industrials | $5.94B | $95.49B |
| 18 | NSC | Norfolk Southern Corporation | Industrials | $5.75B | $71.86B |
| 19 | CP | Canadian Pacific Kansas City Limited | Industrials | $5.56B | $80.15B |
| 20 | CMI | Cummins Inc. | Industrials | $5.13B | $62.02B |
| 21 | RSG | Republic Services, Inc. | Industrials | $5.12B | $75.20B |
| 22 | ITW | Illinois Tool Works Inc. | Industrials | $4.53B | $79.85B |
| 23 | TDG | TransDigm Group Incorporated | Industrials | $4.53B | $66.17B |
| 24 | SUNB | Sunbelt Rentals Holdings, Inc. | Industrials | $4.49B | $31.57B |
| 25 | URI | United Rentals, Inc. | Industrials | $4.41B | $65.36B |
| 26 | TT | Trane Technologies plc | Industrials | $4.34B | $87.94B |
| 27 | AAL | American Airlines Group Inc. | Industrials | $3.67B | $8.72B |
| 28 | CARR | Carrier Global Corporation | Industrials | $3.45B | $42.86B |
| 29 | LHX | L3Harris Technologies, Inc. | Industrials | $3.33B | $48.39B |
| 30 | CTAS | Cintas Corporation | Industrials | $3.12B | $88.29B |
| 31 | GPN | Global Payments Inc. | Industrials | $2.98B | $25.78B |
| 32 | FERG | Ferguson Enterprises Inc. | Industrials | $2.98B | $45.21B |
| 33 | WCN | Waste Connections, Inc. | Industrials | $2.94B | $47.31B |
| 34 | GWW | W.W. Grainger, Inc. | Industrials | $2.83B | $67.45B |
| 35 | ADT | ADT Inc. | Industrials | $2.68B | $7.20B |
| 36 | PWR | Quanta Services, Inc. | Industrials | $2.53B | $81.50B |
| 37 | AME | AMETEK, Inc. | Industrials | $2.33B | $52.44B |
| 38 | HWM | Howmet Aerospace Inc. | Industrials | $2.33B | $81.84B |
| 39 | OTIS | Otis Worldwide Corporation | Industrials | $2.31B | $30.06B |
| 40 | ZIM | ZIM Integrated Shipping Services Ltd. | Industrials | $2.30B | $3.37B |
| 41 | WAB | Westinghouse Air Brake Technologies Corporation | Industrials | $2.29B | $47.59B |
| 42 | GEV | GE Vernova Inc. | Industrials | $2.24B | $204.89B |
| 43 | VRT | Vertiv Holdings Co | Industrials | $2.14B | $70.41B |
| 44 | ROK | Rockwell Automation, Inc. | Industrials | $2.03B | $41.74B |
| 45 | LUV | Southwest Airlines Co. | Industrials | $1.99B | $21.76B |
| 46 | ZTO | ZTO Express (Cayman) Inc. | Industrials | $1.98B | $15.53B |
| 47 | EME | EMCOR Group, Inc. | Industrials | $1.90B | $26.64B |
| 48 | CPRT | Copart, Inc. | Industrials | $1.88B | $29.60B |
| 49 | FAST | Fastenal Company | Industrials | $1.83B | $60.80B |
| 50 | EFX | Equifax Inc. | Industrials | $1.82B | $22.27B |
| 51 | XYL | Xylem Inc. | Industrials | $1.80B | $22.44B |
| 52 | DOV | Dover Corporation | Industrials | $1.75B | $27.11B |
| 53 | ODFL | Old Dominion Freight Line, Inc. | Industrials | $1.73B | $33.98B |
| 54 | AERO | Grupo Aeromexico, S.A.B. de C.V. | Industrials | $1.66B | $2.55B |
| 55 | IR | Ingersoll Rand Inc. | Industrials | $1.65B | $31.87B |
| 56 | UHAL | U-Haul Holding Company | Industrials | $1.62B | $11.01B |
| 57 | VRSK | Verisk Analytics, Inc. | Industrials | $1.60B | $26.25B |
| 58 | JBHT | J.B. Hunt Transport Services, Inc. | Industrials | $1.58B | $20.28B |
| 59 | WCC | WESCO International, Inc. | Industrials | $1.43B | $14.24B |
| 60 | SNA | Snap-on Incorporated | Industrials | $1.43B | $18.94B |
| 61 | HUBB | Hubbell Incorporated | Industrials | $1.41B | $22.69B |
| 62 | MAS | Masco Corporation | Industrials | $1.40B | $15.85B |
| 63 | BLDR | Builders FirstSource, Inc. | Industrials | $1.38B | $6.73B |
| 64 | FIX | Comfort Systems USA, Inc. | Industrials | $1.38B | $35.81B |
| 65 | VLTO | Veralto Corporation | Industrials | $1.35B | $28.47B |
| 66 | AZUL | Azul S.A. | Industrials | $1.34B | $873.81M |
| 67 | ARMK | Aramark | Industrials | $1.27B | $13.85B |
| 68 | HEI | HEICO Corporation | Industrials | $1.22B | $46.49B |
| 69 | ACM | AECOM | Industrials | $1.20B | $8.59B |
| 70 | CSL | Carlisle Companies Incorporated | Industrials | $1.20B | $14.52B |
| 71 | RBA | RB Global, Inc. | Industrials | $1.20B | $17.32B |
| 72 | BAH | Booz Allen Hamilton Holding Corporation | Industrials | $1.20B | $10.16B |
| 73 | RRX | Regal Rexnord Corporation | Industrials | $1.19B | $11.26B |
| 74 | PAC | Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | Industrials | $1.18B | $14.79B |
| 75 | CPA | Copa Holdings, S.A. | Industrials | $1.18B | $5.83B |
| 76 | OSK | Oshkosh Corporation | Industrials | $1.16B | $8.19B |
| 77 | LII | Lennox International Inc. | Industrials | $1.15B | $11.70B |
| 78 | ASR | Grupo Aeroportuario del Sureste, S. A. B. de C. V. | Industrials | $1.12B | $7.91B |
| 79 | XPO | XPO, Inc. | Industrials | $1.12B | $20.62B |
| 80 | CLH | Clean Harbors, Inc. | Industrials | $1.12B | $14.98B |
| 81 | RTO | Rentokil Initial plc | Industrials | $1.11B | $11.87B |
| 82 | EXPD | Expeditors International of Washington, Inc. | Industrials | $1.11B | $23.84B |
| 83 | ALK | Alaska Air Group, Inc. | Industrials | $1.10B | $4.35B |
| 84 | OC | Owens Corning | Industrials | $1.05B | $9.36B |
| 85 | FDXF | FedEx Freight Holding Company, Inc. | Industrials | $1.05B | $18.47B |
| 86 | MLI | Mueller Industries, Inc. | Industrials | $1.03B | $11.54B |
| 87 | KNX | Knight-Swift Transportation Holdings Inc. | Industrials | $1.00B | $9.51B |
| 88 | AMTM | Amentum Holdings, Inc. | Industrials | $999.00M | $5.20B |
| 89 | ALLE | Allegion plc | Industrials | $989.20M | $15.76B |
| 90 | HII | Huntington Ingalls Industries, Inc. | Industrials | $986.00M | $11.38B |
| 91 | SKYW | SkyWest, Inc. | Industrials | $982.34M | $3.02B |
| 92 | PNR | Pentair plc | Industrials | $975.20M | $10.88B |
| 93 | TRN | Trinity Industries, Inc. | Industrials | $954.30M | $2.30B |
| 94 | KBR | KBR, Inc. | Industrials | $947.00M | $4.69B |
| 95 | J | Jacobs Solutions Inc. | Industrials | $945.69M | $17.43B |
| 96 | AGCO | AGCO Corporation | Industrials | $923.70M | $7.61B |
| 97 | PAM | Pampa Energía S.A. | Industrials | $917.00M | $3.41B |
| 98 | CNM | Core & Main, Inc. | Industrials | $914.00M | $8.48B |
| 99 | IEX | IDEX Corporation | Industrials | $905.80M | $16.67B |
| 100 | CHRW | C.H. Robinson Worldwide, Inc. | Industrials | $897.78M | $14.53B |
No companies match this search.
How this ranking is built
Companies are ranked by EBITDA as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
Why is EBITDA often criticized for industrial and manufacturing firms?
Critics point out that the depreciation being added back reflects real wear on plants, machinery, and transportation assets. Those assets must eventually be replaced, often at higher nominal cost than when first acquired, so treating D&A as ignorable tends to overstate sustainable earnings. For capital-intensive industrials, EBITDA minus capex, sometimes called EBITDA after maintenance capex, is usually a more honest view of what the operating business actually generates for owners.
How does cyclicality affect EBITDA in the industrials sector?
Industrial demand tracks broader economic cycles, and fixed cost bases mean operating leverage is high in both directions. During expansions incremental volume flows through to EBITDA with little added cost, making margins look strong. In contractions the same fixed costs compress margins quickly, and EBITDA can swing from attractive to weak within a few quarters. Comparing EBITDA across a full cycle, rather than at a single point, tends to give a more representative picture.