The Idiot Index

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Sector
MarkupApplied to chemicals, industrial gases, mining, metals, and packaging companies. COGS captures raw material extraction, refining, and primary processing — this sector is the "stuff that becomes other stuff" layer of the economy. Markup ratios are cyclical with commodity input…
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Markup in Materials & Chemicals · FY 2023

32 of 38 companies · highest first
  1. 1
    FMCFMC
    $1 of cost becomes $1.75 of revenue
    sector median 1.4054Top 2%
    1.7494
    × revenue / cost
  2. 2
    SHWSherwin-Williams
    $1 of cost becomes $1.75 of revenue
    sector median 1.4054Top 5%
    1.7492
    × revenue / cost
  3. 3
    CTVACorteva
    $1 of cost becomes $1.70 of revenue
    sector median 1.4054Top 8%
    1.6979
    × revenue / cost
  4. 4
    ECLEcolab
    $1 of cost becomes $1.67 of revenue
    sector median 1.4054Top 11%
    1.6719
    × revenue / cost
  5. 5
    PPGPPG
    $1 of cost becomes $1.63 of revenue
    sector median 1.4054Top 14%
    1.6335
    × revenue / cost
  6. 6
    CFCF Industries
    $1 of cost becomes $1.58 of revenue
    sector median 1.4054Top 17%
    1.5750
    × revenue / cost
  7. 7
    FCXFreeport-McMoRan
    $1 of cost becomes $1.54 of revenue
    sector median 1.4054Top 20%
    1.5422
    × revenue / cost
  8. 8
    AXTAAxalta
    $1 of cost becomes $1.48 of revenue
    sector median 1.4054Top 23%
    1.4783
    × revenue / cost
  9. 9
    IFFIFF
    $1 of cost becomes $1.47 of revenue
    sector median 1.4054Median range
    1.4715
    × revenue / cost
  10. 10
    CECelanese
    $1 of cost becomes $1.46 of revenue
    sector median 1.4054Median range
    1.4581
    × revenue / cost

Not yet covered (6)

These companies are in the Materials & Chemicals cohort but don't have a Markup computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

How much revenue per dollar of cost.

Ratio
Markup
Sector
Materials & Chemicals
Methodology version
v1.0.0
Formula
Revenue / COGS
Sector context

Applied to chemicals, industrial gases, mining, metals, and packaging companies. COGS captures raw material extraction, refining, and primary processing — this sector is the "stuff that becomes other stuff" layer of the economy. Markup ratios are cyclical with commodity input costs; sector medians are the right comparison. Shareholder Extraction is informative because materials companies face structural choices between buybacks and reinvestment in capacity.

Captures gross extraction per dollar of input. A markup ratio of 5.0 means the company collects $5 in revenue for every $1 of cost-of-goods.

Source data: Revenues (us-gaap:Revenues / ifrs-full:Revenue) and CostOfGoodsAndServicesSold (us-gaap) or CostOfSales (ifrs-full).