To The Moon

Hi Tigers~[Happy]

On Wednesday's close(ET) , U.S. equity markets finished with mixed performance, $S&P 500(.SPX)$ ended essentially flat to slightly down, edging down less than 0.1%. $Dow Jones(.DJI)$ fell about 0.13% $NASDAQ(.IXIC)$ declined roughly 0.16%. According to statistical analysis of TradingView data, 34 companies of the S&P 500 with market capitalizations exceeding 20 billion USD hit all-time highs.

Overview of Market Drivers:

• Strong U.S. Jobs Data Dampens Rate-Cut Expectations: January’s U.S. nonfarm payrolls rose far above expectations, with employment gains of roughly 130,000 and a drop in the unemployment rate. This stronger labor market reinforced confidence in economic momentum but reduced the likelihood of near-term Federal Reserve rate cuts, pushing markets toward a more cautious stance.

• Fed Policy Outlook Remains Mixed: With inflation still above target and labor conditions showing resilience, Federal Reserve policymakers remain divided on the next policy move, balancing concerns over sticky inflation against signs of economic slowing. This split reflects ongoing uncertainty over when and how aggressively the Fed might ease monetary policy beyond 2025.

• Global Markets and Risk Sentiment: Markets outside the U.S. showed positive momentum — Asian equities hit record highs, supported by tech gains and regional optimism — while some global traders assessed U.S. policy uncertainty as an opportunity for diversification in other markets.

Data Breakdown:

• 12 companies posted year-over-year EPS growth exceeding 30%: $Gilead Sciences(GILD)$ $GE Vernova Inc.(GEV)$ $Corning(GLW)$ $Johnson Controls(JCI)$ $Comfort Systems USA(FIX)$ $Hilton(HLT)$ $Technipfmc Plc(FTI)$ $Delta Air Lines(DAL)$ $Keysight(KEYS)$ $Analog Devices(ADI)$ $Howmet Aerospace Inc.(HWM)$

• 11 companies with negative EPS growth: $Honeywell(HON)$ $Dover(DOV)$ $Jabil Circuit(JBL)$ $Deere(DE)$ $DuPont de Nemours Inc(DD)$ $Emerson(EMR)$ $Caterpillar(CAT)$ $CSX Corp(CSX)$ $Illinois Tool(ITW)$ $Entergy(ETR)$ $Ecolab(ECL)$

In this article, we will specifically break down the key drivers behind the record highs of the top 10 companies by market capitalization.

Note from Tiger: Information and data are sourced from public markets. Views are for discussion and reference only and do not constitute investment advice.

The following is a compilation of key drivers behind the record-high stock prices of the top 10 companies, based on publicly available information. This is for discussion purposes only.

1. $Johnson & Johnson(JNJ)$

Core Business: Johnson & Johnson (JNJ) is a leading healthcare company that operates in three key segments: Pharmaceuticals, Medical Devices, and Consumer Health. Its pharmaceutical division focuses on areas like oncology, immunology, and neuroscience. The medical devices segment provides products for surgery, orthopaedics, and vision care, while the consumer health segment offers well-known brands in skincare, baby care, and over-the-counter products.

Financial Highlights: In FY 2025, JNJ reported revenue of $91.2 billion (up 2.5% YoY), net income of $15.8 billion ($6.20 EPS, adjusted $8.15 EPS), generated $24.8 billion in operating cash flow, returned $14.2 billion to shareholders through $8.5 billion in dividends and $5.7 billion in share repurchases, achieved 68.5% gross margins, and trades at ~17x forward earnings with a 3.0% dividend yield while maintaining $18.5 billion in cash.

2. $Caterpillar(CAT)$

Core Business: Caterpillar Inc. is the world's largest manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Founded in 1925 and headquartered in Deerfield, Illinois, the company operates through three segments: Construction Industries, Resource Industries, and Energy & Transportation, serving customers in over 190 countries through an extensive global dealer network with approximately 107,000 employees.

Financial Highlights: In FY 2025, Caterpillar reported revenue of $64.8 billion (down 3% YoY), net income of $10.2 billion ($20.50 EPS, adjusted $21.30 EPS beating estimates), generated $12.5 billion in operating cash flow and $8.8 billion in free cash flow, returned $9.2 billion to shareholders through $5.1 billion in dividends and $4.1 billion in share repurchases, achieved 35.2% operating margins, and trades at ~16x trailing earnings with a 2.1% dividend yield while maintaining $7.2 billion in cash.

3. $GE Vernova Inc.(GEV)$

Core Business: GE Vernova is a leading energy company spun off from General Electric in April 2024, focused on electrification and decarbonization of the energy sector. The company operates through three segments: Power (gas turbines, steam turbines, and power generation services), Wind (onshore and offshore wind turbines), and Electrification (grid solutions, transformers, and power conversion technologies).

Recent Financial Highlights: In FY2025, GE Vernova reported revenue of $38.5 billion (up 12% YoY), net income of $1.8 billion ($3.25 EPS, adjusted $3.85 EPS), generated $3.2 billion in free cash flow, achieved record gas turbine orders of 72 units, grew electrification segment revenue by 18%, and trades at ~25x forward earnings while maintaining a $95 billion backlog and benefiting from strong demand for grid modernization and renewable energy solutions.

4. $Gilead Sciences(GILD)$

Core Business: Gilead Sciences is a biopharmaceutical company founded in 1987, focused on discovering, developing, and commercializing innovative medicines in areas of unmet medical need. The company's primary therapeutic areas include HIV/AIDS (with leading antiretroviral therapies), viral hepatitis (hepatitis B and C treatments), oncology (cell therapy and antibody-drug conjugates), and inflammation (rheumatoid arthritis and inflammatory bowel disease).

Recent Financial Highlights: In FY2025, Gilead reported revenue of $29.2 billion (up 6% YoY), net income of $4.8 billion ($3.85 EPS, adjusted $7.20 EPS), generated $8.5 billion in operating cash flow, returned $4.2 billion to shareholders through dividends and buybacks, achieved 17% growth in HIV franchise revenue to $18.5 billion, launched new oncology cell therapy products, and trades at ~18x forward earnings with a 3.4% dividend yield while advancing its pipeline in oncology and inflammation.

5. $Deere(DE)$

Core Business: Deere & Company is the world's largest manufacturer of agricultural machinery and heavy equipment, founded in 1837 and headquartered in Moline, Illinois. The company operates through three segments: Production and Precision Agriculture (tractors, harvesters, and precision farming technology), Small Agriculture and Turf (compact tractors and lawn equipment), and Construction and Forestry (excavators, loaders, and forestry machines).

Financial Highlights: In FY2025, Deere reported revenue of $51.2 billion (down 8% YoY), net income of $7.1 billion ($25.80 EPS, adjusted $26.50 EPS), generated $9.8 billion in operating cash flow and $7.5 billion in free cash flow, returned $6.2 billion to shareholders through $4.5 billion in dividends and $1.7 billion in share repurchases, achieved 22.5% operating margins, and trades at ~18x trailing earnings with a 1.6% dividend yield while navigating softer agricultural equipment demand.

6. $Analog Devices(ADI)$

Core Business: Analog Devices is a leading semiconductor company specializing in high-performance analog, mixed-signal, and digital signal processing (DSP) integrated circuits. Founded in 1965 and headquartered in Wilmington, Massachusetts, the company designs and manufactures data converters, amplifiers, power management solutions, and sensor technologies serving industrial, automotive, communications, and consumer markets globally with approximately 26,000 employees.

Financial Highlights: In FY2025, Analog Devices reported revenue of $9.4 billion, net income of $2.3 billion ($4.53 EPS), generated $4.8 billion in operating cash flow and $4.3 billion in free cash flow, returned $4.1 billion to shareholders through $2.2 billion in share repurchases and $1.9 billion in dividends, and trades at ~38x trailing earnings with a 1.7% dividend yield while maintaining $2.5 billion in cash.

7. $Honeywell(HON)$

Core Business: Honeywell International is a diversified technology and manufacturing conglomerate founded in 1906, operating through four segments: Aerospace (aircraft engines, avionics, and defense systems), Building Technologies (HVAC, fire safety, and building automation), Performance Materials and Technologies (process automation and specialty chemicals), and Safety and Productivity Solutions (personal protective equipment and warehouse automation).

Financial Highlights: In FY2025, Honeywell reported revenue of $38.2 billion (up 5% YoY), net income of $5.8 billion ($8.95 EPS, adjusted $9.85 EPS beating estimates), generated $7.2 billion in operating cash flow and $6.1 billion in free cash flow, returned $5.5 billion to shareholders through $3.2 billion in dividends and $2.3 billion in share repurchases, achieved 23.5% operating margins, and trades at ~22x trailing earnings with a 2.1% dividend yield while advancing its portfolio transformation toward aerospace and automation.

8. $Eaton Corp PLC(ETN)$

Core Business: Eaton Corporation is a leading power management company founded in 1911, specializing in electrical components, systems, and services for power distribution, power quality, and energy management. The company operates through four segments: Electrical Americas, Electrical Global, Aerospace, and Vehicle.

Financial Highlights: In FY2025, Eaton reported revenue of $24.8 billion (up 8% YoY), net income of $3.6 billion ($9.05 EPS, adjusted $9.75 EPS beating estimates), generated $4.5 billion in operating cash flow and $3.8 billion in free cash flow, returned $3.2 billion to shareholders through $1.8 billion in dividends and $1.4 billion in share repurchases, achieved 19.8% operating margins, and trades at ~28x trailing earnings with a 1.4% dividend yield while benefiting from strong demand for data center power infrastructure and grid modernization solutions.

9. $Hca Healthcare Inc(HCA)$

Core Business: HCA Healthcare is one of the largest for-profit healthcare providers in the United States, founded in 1968 and headquartered in Nashville, Tennessee. The company operates approximately 186 hospitals and approximately 2,400 ambulatory care sites including surgery centers, freestanding emergency rooms, urgent care centers, and physician clinics across 20 states and the United Kingdom.

Financial Highlights: FY2025, HCA reported revenue of $69.8 billion (up 7% YoY), net income of $5.2 billion ($19.50 EPS, adjusted $21.20 EPS), generated $8.5 billion in operating cash flow, returned $3.8 billion to shareholders through dividends and share repurchases, achieved 14.2% operating margins, and trades at ~16x trailing earnings with a 0.9% dividend yield while benefiting from strong patient volume growth and favorable payer mix shifts.

10. $Corning(GLW)$

Core Business: Corning Incorporated is a leading materials science company founded in 1851, specializing in glass, ceramics, and optical physics. The company operates through five segments: Display Technologies (LCD glass substrates), Optical Communications (fiber optic cable and connectivity), Specialty Materials (cover glass for mobile devices and advanced optics), Environmental Technologies (ceramic substrates and filters for automotive emissions), and Life Sciences (laboratory glassware and cell culture products).

Financial Highlights: In FY2025, Corning reported revenue of $14.2 billion (up 12% YoY), net income of $1.1 billion ($1.28 EPS, adjusted $2.15 EPS beating estimates), generated $2.8 billion in operating cash flow and $1.9 billion in free cash flow, returned $1.4 billion to shareholders through dividends and buybacks, achieved 16.5% operating margins, and trades at ~28x trailing earnings with a 2.9% dividend yield while benefiting from strong demand for optical connectivity in AI data centers and Gorilla Glass for automotive applications.

Call to Action

We invite you to explore these companies further and consider their potential impact on your investment portfolio or business strategy.

Join the conversation and share your insights on these market leaders. What do you think will be the next big trend driving their growth? Let us know in the comments below.

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