US manufacturing stocks across five layers

Open the US Manufacturing theme to inspect the companies behind the manufacturing and reshoring thesis. Its 20 members cover materials, equipment, distribution, factory construction and US semiconductor fabrication. MADE is the performance benchmark.

Five layers, different exposures

Manufacturing layer	Median member EV/Sales percentile	Ranked / members
Steel and metals	89th	5 / 7
Machinery and automation	86th	5 / 5
Industrial distributors	94th	3 / 3
Factory and fab builders	79th	2 / 2
US fabs	93rd	2 / 3

These are medians of the members' own-history percentiles. They are not the percentile of an aggregate industry multiple. Each stock is compared with its own available weekly readings from the last five years; the table then takes the middle member rank in each layer.

EV/Sales divides enterprise value, which includes debt and subtracts cash, by trailing twelve-month revenue. A high historical rank says where today's ratio sits in the past distribution. It does not decide whether the company's future cash flows justify it.

Four examples from the theme

Company	EV/Sales	Five-year percentile
NUE	1.8x	97th
CMC	1.0x	84th
FIX	4.2x	84th
INTC	8.7x	92nd

Nucor and Commercial Metals share a materials layer, but their absolute ratios and historical positions differ. Comfort Systems sits in factory construction; Intel sits in US fabs. A common policy theme does not give these businesses identical earnings cycles or balance sheets.

The manufacturing valuation screen lets you change the measure and inspect covered members together. Follow the theme to keep it in your research list. Email delivery is not enabled at launch.

Missing ranks stay missing

Seventeen of the 20 members have ranked EV/Sales in this snapshot. Steel Dynamics and Reliance are under review; GlobalFoundries has a snapshot without qualifying history. Keeping them in the membership list preserves the thesis without pretending every data point passes the same checks.

That distinction is also why this release does not announce complete Russell coverage or new Infrastructure and Nuclear themes. Those remain dependent on their coverage gates.

Screens and guides for the next question

The new steel screen, copper screen, uranium screen and power-grid screen are covered-stock subsets, not complete industry directories. The government equity agreements screen currently contains Intel alone; an agreement tag is context, not a valuation endorsement.

The guides address the cases where a simple multiple needs more care:

• Why a stock has no valuation percentile: missing history and a financial base too small to rank.
• When EV/Sales and EV/EBITDA disagree: revenue, profitability and the denominator.
• What a government stake means for valuation: inspect the agreement before reading it as support for shareholders.
• Steel and copper P/E through the cycle: strong current earnings can make a cyclical multiple look low.
• Valuation for spin-offs and new listings: a short record is not a five-year history.

Numbers are from StockResearch's SEC-filings and weekly-price dataset read Oct 22, 2026, with the latest weekly observation beginning Oct 19. Multiples and ranks are rounded for display. The US Manufacturing member table shows the current coverage and readings.