Top Industrials Stocks by Share Buybacks
Top industrials companies ranked by share buybacks, latest annual filings.
What Share Buybacks Mean for Industrials Companies
Share buybacks in industrials follow the cycle. Programs tend to peak in mid to late expansion when backlogs are strong and cash generation is robust, and they pause or slow sharply during downturns as management preserves liquidity against demand uncertainty. Aerospace, defense, and diversified industrials with visible long-cycle backlogs run more stable programs than pure-play cyclicals whose cash flow swings more dramatically with end-market demand.
Why It Matters in Industrials
Sustained buybacks in an industrial name signal through-cycle cash discipline and confidence in backlog conversion. But the timing risk is real: peak-cycle buybacks often look poor in hindsight because valuations are highest just as earnings are peaking. Pairing the buyback figure with inventory trends and backlog disclosures helps separate genuine capital return from pro-cyclical share repurchase programs that destroy value at the top of a cycle.
What to Read Alongside
Read buybacks alongside Free Cash Flow to confirm self-funding through the cycle, Net Income for earnings context, and Capex since industrials must fund plant and equipment renewal before any capital return.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | GE | GE Aerospace | Industrials | $7.55B | $299.26B |
| 2 | JCI | Johnson Controls International plc | Industrials | $5.99B | $89.35B |
| 3 | CAT | Caterpillar Inc. | Industrials | $5.19B | $318.15B |
| 4 | HON | Honeywell International Inc. | Industrials | $3.80B | $69.50B |
| 5 | GEV | GE Vernova Inc. | Industrials | $3.32B | $227.75B |
| 6 | MMM | 3M Company | Industrials | $3.25B | $89.11B |
| 7 | LMT | Lockheed Martin Corporation | Industrials | $3.00B | $146.73B |
| 8 | CARR | Carrier Global Corporation | Industrials | $2.89B | $46.52B |
| 9 | CP | Canadian Pacific Kansas City Limited | Industrials | $2.87B | $78.96B |
| 10 | UNP | Union Pacific Corporation | Industrials | $2.68B | $176.42B |
| 11 | LUV | Southwest Airlines Co. | Industrials | $2.55B | $20.96B |
| 12 | URI | United Rentals, Inc. | Industrials | $1.97B | $69.83B |
| 13 | ETN | Eaton Corporation plc | Industrials | $1.86B | $144.45B |
| 14 | CPRT | Copart, Inc. | Industrials | $1.63B | $27.00B |
| 15 | NOC | Northrop Grumman Corporation | Industrials | $1.62B | $80.32B |
| 16 | RYAAY | Ryanair Holdings plc | Industrials | $1.60B | $27.45B |
| 17 | CNI | Canadian National Railway Company | Industrials | $1.50B | $74.47B |
| 18 | ITW | Illinois Tool Works Inc. | Industrials | $1.50B | $78.67B |
| 19 | TT | Trane Technologies plc | Industrials | $1.48B | $100.12B |
| 20 | SUNB | Sunbelt Rentals Holdings, Inc. | Industrials | $1.41B | $32.54B |
| 21 | CSX | CSX Corporation | Industrials | $1.40B | $95.05B |
| 22 | CSL | Carlisle Companies Incorporated | Industrials | $1.30B | $13.74B |
| 23 | PH | Parker-Hannifin Corporation | Industrials | $1.26B | $114.06B |
| 24 | GPN | Global Payments Inc. | Industrials | $1.19B | $21.66B |
| 25 | EMR | Emerson Electric Co. | Industrials | $1.17B | $90.20B |
| 26 | LHX | L3Harris Technologies, Inc. | Industrials | $1.15B | $48.46B |
| 27 | DE | Deere & Company | Industrials | $1.14B | $172.90B |
| 28 | GWW | W.W. Grainger, Inc. | Industrials | $1.04B | $63.94B |
| 29 | IR | Ingersoll Rand Inc. | Industrials | $1.02B | $28.91B |
| 30 | UPS | United Parcel Service, Inc. | Industrials | $1.00B | $85.35B |
| 31 | CTAS | Cintas Corporation | Industrials | $952.10M | $89.71B |
| 32 | FERG | Ferguson Enterprises Inc. | Industrials | $948.00M | $44.40B |
| 33 | EFX | Equifax Inc. | Industrials | $927.50M | $20.98B |
| 34 | JBHT | J.B. Hunt Transport Services, Inc. | Industrials | $923.29M | $21.08B |
| 35 | RSG | Republic Services, Inc. | Industrials | $870.00M | $73.89B |
| 36 | FCN | FTI Consulting, Inc. | Industrials | $858.68M | $4.46B |
| 37 | TXT | Textron Inc. | Industrials | $822.00M | $13.43B |
| 38 | OC | Owens Corning | Industrials | $815.00M | $9.03B |
| 39 | OTIS | Otis Worldwide Corporation | Industrials | $809.00M | $28.65B |
| 40 | FDX | FedEx Corporation | Industrials | $796.00M | $71.14B |
| 41 | J | Jacobs Solutions Inc. | Industrials | $754.13M | $17.22B |
| 42 | FLR | Fluor Corporation | Industrials | $754.00M | $6.00B |
| 43 | ODFL | Old Dominion Freight Line, Inc. | Industrials | $730.34M | $37.95B |
| 44 | MIDD | The Middleby Corporation | Industrials | $723.61M | $5.18B |
| 45 | HWM | Howmet Aerospace Inc. | Industrials | $700.00M | $77.51B |
| 46 | EXPD | Expeditors International of Washington, Inc. | Industrials | $667.31M | $25.53B |
| 47 | GD | General Dynamics Corporation | Industrials | $637.00M | $96.60B |
| 48 | UAL | United Airlines Holdings, Inc. | Industrials | $637.00M | $32.71B |
| 49 | VRSK | Verisk Analytics, Inc. | Industrials | $624.00M | $25.54B |
| 50 | ADT | ADT Inc. | Industrials | $606.77M | $5.03B |
| 51 | BAH | Booz Allen Hamilton Holding Corporation | Industrials | $598.00M | $9.93B |
| 52 | EME | EMCOR Group, Inc. | Industrials | $586.26M | $29.37B |
| 53 | MAS | Masco Corporation | Industrials | $571.00M | $14.89B |
| 54 | ALK | Alaska Air Group, Inc. | Industrials | $570.00M | $3.90B |
| 55 | DOV | Dover Corporation | Industrials | $540.70M | $27.27B |
| 56 | NSC | Norfolk Southern Corporation | Industrials | $534.00M | $75.02B |
| 57 | ITT | ITT Inc. | Industrials | $521.00M | $17.00B |
| 58 | R | Ryder System, Inc. | Industrials | $519.00M | $10.78B |
| 59 | WCN | Waste Connections, Inc. | Industrials | $505.52M | $46.73B |
| 60 | TDG | TransDigm Group Incorporated | Industrials | $500.00M | $62.45B |
| 61 | LII | Lennox International Inc. | Industrials | $482.30M | $12.64B |
| 62 | ATI | ATI Inc. | Industrials | $470.00M | $22.41B |
| 63 | CW | Curtiss-Wright Corporation | Industrials | $464.95M | $17.60B |
| 64 | HXL | Hexcel Corporation | Industrials | $454.30M | $6.04B |
| 65 | MMS | Maximus, Inc. | Industrials | $447.48M | $3.32B |
| 66 | AME | AMETEK, Inc. | Industrials | $434.05M | $55.67B |
| 67 | ROK | Rockwell Automation, Inc. | Industrials | $425.00M | $47.84B |
| 68 | GGG | Graco Inc. | Industrials | $423.11M | $10.60B |
| 69 | BLDR | Builders FirstSource, Inc. | Industrials | $413.96M | $6.05B |
| 70 | AOS | A. O. Smith Corporation | Industrials | $400.80M | $8.41B |
| 71 | ACM | AECOM | Industrials | $388.38M | $7.81B |
| 72 | PBI | Pitney Bowes Inc. | Industrials | $378.36M | $2.37B |
| 73 | ENS | EnerSys | Industrials | $370.69M | $6.11B |
| 74 | CHRW | C.H. Robinson Worldwide, Inc. | Industrials | $354.65M | $16.18B |
| 75 | KEX | Kirby Corporation | Industrials | $354.20M | $7.11B |
| 76 | POOL | Pool Corporation | Industrials | $346.29M | $7.09B |
| 77 | LECO | Lincoln Electric Holdings, Inc. | Industrials | $338.31M | $14.10B |
| 78 | KBR | KBR, Inc. | Industrials | $329.00M | $5.05B |
| 79 | SNA | Snap-on Incorporated | Industrials | $328.60M | $18.51B |
| 80 | AIT | Applied Industrial Technologies, Inc. | Industrials | $317.22M | $11.93B |
| 81 | NDSN | Nordson Corporation | Industrials | $306.37M | $17.93B |
| 82 | MATX | Matson, Inc. | Industrials | $303.30M | $6.84B |
| 83 | TTC | The Toro Company | Industrials | $290.00M | $9.98B |
| 84 | AYI | Acuity Inc. | Industrials | $287.20M | $9.54B |
| 85 | OSK | Oshkosh Corporation | Industrials | $278.00M | $8.23B |
| 86 | FLS | Flowserve Corporation | Industrials | $254.86M | $8.84B |
| 87 | NVT | nVent Electric plc | Industrials | $253.10M | $20.91B |
| 88 | CLH | Clean Harbors, Inc. | Industrials | $250.00M | $16.74B |
| 89 | AGCO | AGCO Corporation | Industrials | $250.00M | $7.30B |
| 90 | TTEK | Tetra Tech, Inc. | Industrials | $249.98M | $9.51B |
| 91 | FBIN | Fortune Brands Innovations, Inc. | Industrials | $247.80M | $5.13B |
| 92 | IEX | IDEX Corporation | Industrials | $247.80M | $17.03B |
| 93 | MLI | Mueller Industries, Inc. | Industrials | $243.62M | $11.85B |
| 94 | CXW | CoreCivic, Inc. | Industrials | $228.99M | $2.95B |
| 95 | HUBB | Hubbell Incorporated | Industrials | $225.00M | $24.27B |
| 96 | PNR | Pentair plc | Industrials | $225.00M | $8.81B |
| 97 | WAB | Westinghouse Air Brake Technologies Corporation | Industrials | $223.00M | $46.90B |
| 98 | FIX | Comfort Systems USA, Inc. | Industrials | $216.00M | $43.79B |
| 99 | BCO | The Brink's Company | Industrials | $209.40M | $4.57B |
| 100 | GXO | GXO Logistics, Inc. | Industrials | $200.00M | $5.66B |
No companies match this search.
How this ranking is built
Companies are ranked by share buybacks 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.
- 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 do industrial buybacks track the business cycle so closely?
Industrial cash flow is cyclical, and management teams prioritize defending the balance sheet when demand turns. Discretionary capital return is the easiest line to trim, because pausing a buyback does not carry the signalling cost of cutting a dividend. In recovery, rebuilding programs lags the turn in cash flow by a few quarters as management confirms that the recovery is durable. The pattern is structural to the sector rather than a failure of capital allocation in any particular firm.
How do buybacks differ between pure-play cyclicals and long-cycle industrials?
Long-cycle businesses such as aerospace and defense run steadier buyback programs because backlog provides revenue visibility that damps the cyclical swing. Pure-play industrials tied to housing, autos, or capital equipment see sharper cash flow oscillations and therefore run more episodic programs, with repurchases concentrated in peak years. Reading the buyback pattern over a full cycle, alongside backlog disclosures, reveals more about capital discipline than any single year's dollar figure.
Does a large industrial buyback at peak cycle always destroy value?
Not always, but the risk is elevated. Buying stock at peak earnings and peak multiples is arithmetically unfavorable, and history shows many industrials concentrated repurchases at exactly those points. The mitigating factors are whether management is disciplined about price, whether programs are structured opportunistically rather than on fixed schedules, and whether the underlying business is genuinely higher-quality than the cycle suggests. Without those elements, pro-cyclical buybacks tend to leave shareholders worse off than a more patient approach would.