The Idiot Index

← Back to dashboard
Sector
Operational 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…
OrderHighest first

Operational Markup in Materials & Chemicals · FY 2023

25 of 38 companies · highest first
  1. 1
    CFCF Industries
    $1 of cost+opex becomes $1.48 of revenue
    sector median 1.1719Top 2%
    1.4815
    × revenue / (cost + opex)
  2. 2
    FCXFreeport-McMoRan
    $1 of cost+opex becomes $1.48 of revenue
    sector median 1.1719Top 6%
    1.4782
    × revenue / (cost + opex)
  3. 3
    MOSMosaic
    $1 of cost+opex becomes $1.31 of revenue
    sector median 1.1719Top 10%
    1.3084
    × revenue / (cost + opex)
  4. 4
    CECelanese
    $1 of cost+opex becomes $1.30 of revenue
    sector median 1.1719Top 14%
    1.2986
    × revenue / (cost + opex)
  5. 5
    APDAir Products
    $1 of cost+opex becomes $1.27 of revenue
    sector median 1.1719Top 18%
    1.2732
    × revenue / (cost + opex)
  6. 6
    FMCFMC
    $1 of cost+opex becomes $1.26 of revenue
    sector median 1.1719Top 22%
    1.2579
    × revenue / (cost + opex)
  7. 7
    CLFCleveland-Cliffs
    $1 of cost+opex becomes $1.24 of revenue
    sector median 1.1719Median range
    1.2442
    × revenue / (cost + opex)
  8. 8
    MLMMartin Marietta
    $1 of cost+opex becomes $1.22 of revenue
    sector median 1.1719Median range
    1.2164
    × revenue / (cost + opex)
  9. 9
    PKGPackaging Corp
    $1 of cost+opex becomes $1.20 of revenue
    sector median 1.1719Median range
    1.2039
    × revenue / (cost + opex)
  10. 10
    TROXTronox
    $1 of cost+opex becomes $1.19 of revenue
    sector median 1.1719Median range
    1.1875
    × revenue / (cost + opex)

Not yet covered (13)

These companies are in the Materials & Chemicals cohort but don't have a Operational 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 →

Revenue per dollar of cost + operating expenses. The multiplier after legitimate operations.

Ratio
Operational Markup
Sector
Materials & Chemicals
Methodology version
v1.0.0
Formula
Revenue / (COGS + OperatingExpenses)
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.

The multiplier after legitimate operations. A high Markup combined with a low Operational Markup tells a specific story: surplus is being reinvested in the business. A high Markup combined with a high Operational Markup tells the opposite story: surplus is going to shareholders.

Source data: Revenues, CostOfGoodsAndServicesSold, OperatingExpenses (us-gaap) or equivalents in IFRS.