Companies to Watch in 2025
From AstraZeneca to Vodacom, keep an eye on these global stocks this year.
By Bloomberg Businessweek
Illustrations by Bryson Lee
Analysts at Bloomberg Intelligence—who track some 2,000 companies in industries ranging from apparel and autos to finance and food—have identified 50 worth watching carefully in the year ahead. The analysis combines possible catalysts for change such as new leadership, asset sales or acquisitions, and plans for new products and services. When building the list, BI focused on the potential effects of policies of the incoming US administration, ongoing geopolitical conflicts, and rapid changes that include the rise of artificial intelligence and electric vehicles. —Tim Craighead
All figures compiled or calculated based on the most recent company reports and Bloomberg consensus estimates. Market capitalization figures as of Dec. 1, 2024.
Industrials: HR and recruitment
Adecco
Market cap ($b)
4.5
Top executive
Denis Machuel
2025 estimated revenue change
+2
2025 estimated sales ($b)
25
Legal name
Adecco Group AG
The recruiter has seen earnings drop for the past three years as clients took in fewer temporary workers and low staff turnover kept a lid on replacement hiring. Election clarity, lower inflation and falling interest rates should help boost confidence and increase staffing demand, pointing to a return to earnings growth for Adecco, which generates 75% of its revenue from placing temporary workers. —Stuart Gordon
Communication: Telecommunications
Advanced Info Service
Market cap ($b)
24
Top executive
Somchai Lertsutiwong
2025 estimated revenue change
+3
2025 estimated sales ($b)
6.3
Legal name
Advanced Info Service Pcl
The Thai telecommunications carrier’s 2025 profit should surprise on the upside as mobile users move to higher-priced packages and the company cuts unprofitable low-end plans. Those changes could reverse a three-year slide in average revenue generated per user, and income from roaming charges is likely to jump with expected growth in Thail tourism. —Chris Muckensturm
Industrials: Aerospace
Airbus
Market cap ($b)
120
Top executive
Guillaume Faury
2025 estimated revenue change
+10
2025 estimated sales ($b)
80
Legal name
Airbus SE
The European aerospace bellwether aims to boost profits and cash flow in 2025 with increased production of the top-selling A320. The company’s drive for higher volume will be a litmus test for a supply chain that has struggled to return to pre-pandemic levels of output. The difficulties at rival Boeing offer Airbus a chance to tighten its ties to key suppliers, which could help reinforce its market-share lead. —George Ferguson
Health care: Pharmaceuticals
AstraZeneca
Market cap ($b)
210
Top executive
Pascal Soriot
2025 estimated revenue change
+8
2025 estimated sales ($b)
57
Legal name
AstraZeneca Plc
A slew of late-stage data points is due in 2025 from clinical trials for new cancer and respiratory treatments, which will focus attention on the drugmaker’s industry-leading sales growth potential. A possible slowing of AstraZeneca’s China business, caused by both the weakening economy and an investigation into medical-insurance fraud by its former China head, may contribute to conservative management guidance for 2025-26. Still, midteens earnings growth looks achievable given the company’s global exposure and pipeline of new drugs. —John Murphy
Financials: Banks
Bank OZK
Market cap ($b)
5.6
Top executive
George Gleason
2025 estimated revenue change
0
2025 estimated sales ($b)
1.7
Legal name
Bank OZK
With the Federal Reserve easing rates, the Arkansas bank faces declining margins and slower loan growth. Bank OZK’s portfolio has more floating-rate loans (which will reprice lower with any rate cuts) than many of its peers, and its costs are likely to be stickier because it relies on fixed-rate certificates of deposit to fund its balance sheet. —Herman Chan
Technology: Semiconductors
Broadcom
Market cap ($b)
777
Top executive
Hock Tan
2025 estimated revenue change
+16
2025 estimated sales ($b)
62
Legal name
Broadcom Inc.
Providing a unique combination of advanced semiconductors and infrastructure software, the chipmaker is positioned for accelerated growth through 2025. Broadcom is among the leading suppliers of semiconductors used in advanced networks that connect artificial intelligence computers and data centers, and it has a growing business selling custom AI chips to Google and Meta Platforms Inc. Its purchase last year of VMware significantly expanded its software business, which now accounts for 40% of total revenue. —Kunjan Sobhani
Technology: Software
Cadence Design
Market cap ($b)
85
Top executive
Anirudh Devgan
2025 estimated revenue change
+13
2025 estimated sales ($b)
5.3
Legal name
Cadence Design Systems Inc.
Sales at the provider of software and hardware used by chipmakers to create and analyze semiconductors are poised to climb as the company closes more deals for higher-priced artificial-intelligence-enabled tools. Its next-generation offerings help design innovative products such as high-bandwidth memory and three-dimensional chips. Cadence sells its current lineup to 19 of the 20 largest semiconductor companies, and since it began rolling out its latest tools in 2024, it’s gotten early orders from major players like Nvidia Corp. and Samsung Electronics Co. —Niraj Patel
Materials: Aluminum
China Hongqiao
Market cap ($b)
14
Top executive
Zhang Bo
2025 estimated revenue change
+3
2025 estimated sales ($b)
21
Legal name
China Hongqiao Group Ltd.
Costs of alumina, the primary feedstock for aluminum, should fall with new supplies coming online. China’s economic stimulus and green infrastructure push will also support demand for the relatively easily recycled metal. And Hongqiao is also diversifying with a project in Guinea that contains the world’s largest and highest-grade reserves of iron ore. —Michelle Leung
Financials: Capital markets
Citic Securities
Market cap ($b)
57
Top executive
Zhang Youjun
2025 estimated revenue change
+14
2025 estimated sales ($b)
10
Legal name
Citic Securities Co.
Revenue at China’s largest broker is poised to benefit from Beijing’s push to boost stock market liquidity, and it could be among the two or three firms prioritized by regulators to expand overseas. Citic Securities’ Hong Kong unit, CLSA, is positioned for accelerating demand in offshore wealth-management products through several regulator-approved systems. It’s also poised for a pickup in initial public offerings on the Hong Kong exchange. —Sharnie Wong
Staples: Household products
Colgate
Market cap ($b)
78
Top executive
Noel Wallace
2025 estimated revenue change
+3
2025 estimated sales ($b)
21
Legal name
Colgate-Palmolive Co.
Hitting management’s growth guidance looks increasingly challenging for the maker of toothpaste and other consumer products. In early 2024, Colgate posted strong results, but a sharp slowdown in third-quarter sales for its North America business bodes poorly for 2025. For now, this downward trend offsets the long-term expansion opportunity in its Hill’s premium pet food, which the company says has reached just 5% of its target market in the US. —Diana Gomes
Industrials: Electrical equipment
Emerson Electric
Market cap ($b)
76
Top executive
Lal Karsanbhai
2025 estimated revenue change
+5
2025 estimated sales ($b)
18
Legal name
Emerson Electric Co.
Completing the proposed takeover of Aspen Tech—Emerson currently owns 57%—will strengthen the industrial automation company’s software offerings and allow it to reduce costs. Management’s guidance for total sales growth of 3% to 5% for 2025 also looks too conservative, with upside coming from accelerating US spending on factories and infrastructure projects. Emerson’s potential sale of its tools business could support larger stock repurchases as well. —Karen Ubelhart and Mustafa Okur
Real Estate: REIT
Essex Property
Market cap ($b)
20
Top executive
Angela Kleiman
2025 estimated revenue change
+4
2025 estimated sales ($b)
1.8
Legal name
Essex Property Trust Inc.
The California REIT’s apartment properties are poised to produce stronger rental growth, leading to higher revenue than analysts and investors expect. Essex’s West Coast markets, which continue to benefit from tight housing supply and solid demand, should outperform Sun Belt growth through 2025. —Jeff Langbaum
Staples: Cosmetics
Estée Lauder
Market cap ($b)
26
Top executive
Stéphane de La Faverie
2025 estimated revenue change
+5
2025 estimated sales ($b)
15
Legal name
Estée Lauder Cos.
The skin-care company’s plan to rekindle profitability is running into delays. If new CEO Stephane de La Faverie, who moves into the corner office in January, decides to take more aggressive action, restructuring costs could exceed the $500 million to $700 million announced last February. A lack of a competitive edge from subsidiary brands such as Mac and Too Faced and an outsize dependence on troubled Asian duty-free shops for its Estée Lauder and La Mer lines will keep a lid on sales for 2025. —Deborah Aitken
Communication: Media
Fox
Market cap ($b)
20
Top executive
Lachlan Murdoch
2025 estimated revenue change
+3
2025 estimated sales ($b)
15
Legal name
Fox Corp.
Even as streaming threatens to upend traditional broadcast TV, Fox is poised to deliver $3.5 billion in operating profit for the year ending in June 2025. A potent mix of news and live sports channels keeps the company firmly entrenched in legacy TV’s sweet spot, with record spending on political ads, Super Bowl promotions and robust ratings at Fox News playing to its advantage. —Geetha Ranganathan
Financials: Banks
HSBC
Market cap ($b)
167
Top executive
Georges Elhedery
2025 estimated revenue change
-2
2025 estimated sales ($b)
65
Legal name
HSBC Holdings Plc
If HSBC’s new CEO successfully implements a planned streamlining effort, 2026 pretax profit could be about $2.4 billion higher than expected, with estimates rising through 2025. While the market appears focused on risks related to China’s slowing economy, the bank has taken provisions against property losses, and there’s room for it to aggressively cut costs. Revenue at its asset-management unit is also benefiting from growing wealth in Asia. —Tomasz Noetzel
Communication: Entertainment
Imax
Market cap ($b)
1.3
Top executive
Rich Gelfond
2025 estimated revenue change
+10
2025 estimated sales ($b)
416
Legal name
Imax Corp.
The entertainment technology company, known for its gargantuan screens, is likely to buck an uncertain outlook for traditional box-office demand based on soft consumer spending. Imax is positioned to see profit growth of about 16% annually through 2026, driven by share gains in both mature and emerging markets. Theater operators including AMC Entertainment Holdings Inc. and Wanda Film Holding Co. are installing its systems, and directors such as James Cameron are using its technology to produce their films. —Kevin Near
Health care: Medical devices
Insulet
Market cap ($b)
19
Top executive
Jim Hollingshead
2025 estimated revenue change
+18
2025 estimated sales ($b)
2.4
Legal name
Insulet Corp.
The medical device marker’s US approval for the Omnipod 5—the first wearable automated insulin delivery system—should propel sales growth by almost 20% in 2025 after a strong start in 2024. Insulet’s technology should help support market-share gains in the treatment of people with Type 1 diabetes, as it becomes the standard of care. The expected additional approval for the Omnipod 5 to support Type 2 patients should further bolster the company’s revenue. —Matt Henriksson
Communication: Media
ITV
Market cap ($b)
3.3
Top executive
Carolyn McCall
2025 estimated revenue change
-2
2025 estimated sales ($b)
4.4
Legal name
ITV Plc
With lackluster demand for both content and TV advertising, the operating profit of the independent UK broadcaster risks falling short of market expectations in 2025. Estimates predicting a rebound for ITV’s studio arm—which accounts for about half of its top-line growth—seem to ignore these challenges. And a temporary ad-sales boost from the broadcasting of European Championship soccer games last summer creates a high bar for growth comparisons in 2025. —Tom Ward
Technology: Semiconductor equipment
KLA
Market cap ($b)
89
Top executive
Rick Wallace
2025 estimated revenue change
+11
2025 estimated sales ($b)
12
Legal name
KLA Corp.
As semiconductor foundries take on advanced chips such as the high-bandwidth memory needed for high-performance artificial intelligence servers, sales of KLA’s tools for inspecting and measuring them for consistency and defects are poised to surge. The company is the market leader in such equipment, which chipmakers need to ensure quality and keep production flowing smoothly. —Masahiro Wakasugi
Financials: Banks
Kotak Mahindra Bank
Market cap ($b)
41
Top executive
Ashok Vaswani
2025 estimated revenue change
-11
2025 estimated sales ($b)
7.5
Legal name
Kotak Mahindra Bank Ltd.
With a central bank ban on its opening new credit card and online accounts, the Indian bank’s profit targets look difficult to meet. Kotak Mahindra, with its relatively small branch network, is more reliant on digital banking than its peers. That puts its growth in jeopardy, even as it seeks to bolster its technology systems and compliance following early 2024 digital outages that kept customers from accessing accounts. —Sarah Jane Mahmud
Technology: Semiconductors
Micron Technology
Market cap ($b)
109
Top executive
Sanjay Mehrotra
2025 estimated revenue change
+39
2025 estimated sales ($b)
42
Legal name
Micron Technology Inc.
The year looks promising for the chipmaker as demand for its high-bandwidth memory chips accelerates and sales of other AI-related products keep growing. In addition, as rival makers of memory limit production of lower-bandwidth products, supplies are likely to be constrained, lifting chip prices and supporting Micron’s profit margins in this segment as well. —Jake Silverman
Technology: Gaming
Nintendo
Market cap ($b)
77
Top executive
Shuntaro Furukawa
2025 estimated revenue change
+27
2025 estimated sales ($b)
11
Legal name
Nintendo Co.
The successor to the Switch console isn’t expected in the fiscal year ending in March, and the delayed rollout could weaken results. Heavier operating costs before the new gadget’s debut add to profit risks as Nintendo’s now-outdated consoles weigh on hardware and software sales. —Nathan Naidu
Financials: Banks
Nordea
Market cap ($b)
39
Top executive
Frank Vang-Jensen
2025 estimated revenue change
-2
2025 estimated sales ($b)
12
Legal name
Nordea Bank Abp
The Scandinavian bank’s €250 million ($264 million) share buyback announced last quarter should be seen as just a start, with such purchases and dividends combined to likely top €1 billion in coming years—far exceeding market expectations. Nordea’s profitable Nordic commercial and consumer businesses, strong asset quality and the buffer it’s created against bad loans all support the surprising returns to shareholders. —Mar’Yana Vartsaba
Industrials: Railroad
Norfolk Southern
Market cap ($b)
62
Top executive
Mark George
2025 estimated revenue change
+4
2025 estimated sales ($b)
13
Legal name
Norfolk Southern Corp.
After suffering a difficult two years—a devastating derailment, a contentious proxy battle and the termination of its CEO—the railroad can expect better prospects in 2025. A refocus on operating a safer and more efficient network, along with a recovering trucking market that helps its intermodal business, bodes well for Norfolk Southern’s volumes and profit margins. —Lee Klaskow
Technology: Software
Okta
Market cap ($b)
14
Top executive
Todd McKinnon
2025 estimated revenue change
+9
2025 estimated sales ($b)
2.8
Legal name
Okta Inc.
The continued threat of hacking has set the security software provider up for a sales resurgence in 2025, despite suffering some debilitating breaches itself in 2023. Okta’s customer retention rates are stabilizing, and the company is adding new clients. Identity security (where Okta is a leader) is also poised to grow, given the vast numbers of compromised passwords still in use. —Mandeep Singh
Energy: Oil
OMV
Market cap ($b)
13
Top executive
Alfred Stern
2025 estimated revenue change
-6
2025 estimated sales ($b)
35
Legal name
OMV AG
An improving political situation in Libya, which accounts for about 10% of the Austrian company’s capacity, should boost OMV’s oil production. And the profitability of its chemical business is recovering from 2023’s losses. These factors put OMV on track to beat earnings estimates in 2025 while sustaining its strong balance sheet and hefty dividend payout. —Salih Yilmaz
Technology: Software
Palantir
Market cap ($b)
151
Top executive
Alex Karp
2025 estimated revenue change
+25
2025 estimated sales ($b)
3.5
Legal name
Palantir Technologies Inc.
While the software company has benefited from sessions aimed at giving clients a better understanding of how artificial intelligence can help their businesses, the market’s revenue expectations appear overly optimistic. Palantir’s customer base remains relatively small, and it’s behind rivals such as OpenAI, Anthropic, Meta Platforms and Google in deploying its own large language model. —Mandeep Singh
Financials: Payment processing
PayPal
Market cap ($b)
87
Top executive
Alex Chriss
2025 estimated revenue change
+6
2025 estimated sales ($b)
33
Legal name
PayPal Holdings Inc.
New partnerships with Adyen and Amazon Prime as well as efforts to monetize undertapped assets like Venmo’s and Paypal’s services for small and medium-size businesses should support surprisingly strong revenue growth and operating margins. About $6 billion in share buybacks will further boost earnings per share. —Diksha Gera
Discretionary: Homebuilding
Persimmon
Market cap ($b)
5.1
Top executive
Dean Finch
2025 estimated revenue change
+10
2025 estimated sales ($b)
4
Legal name
Persimmon Plc
The UK builder is on track to complete at least 12,000 homes in 2025, versus market expectations of 11,500. Improving demand, lower mortgage rates, a wealth of new developments and a relaxation of government planning constraints augur greater building volumes and pretax profits that exceed expectations. —Iwona Honenko
Discretionary: Autos
Porsche
Market cap ($b)
57
Top executive
Oliver Blume
2025 estimated revenue change
+5
2025 estimated sales ($b)
43
Legal name
Dr. Ing. h.c. F. Porsche AG
The German automaker is raising prices—the average sticker on a 911 has jumped almost a third since 2019—and its super-wealthy clients don’t seem to mind. This will help lift operating margins to about 18% in 2025-26, narrowing the gap with industry leader Ferrari SpA and its 28% margins. Porsche’s five new models during 2024-25, including a 911 hybrid and refreshed versions of the Panamera and Cayenne, will help further boost volumes and prices. And flagging interest in less-profitable electric vehicles should also enhance profitability. —Michael Dean
Staples: Beverages
Rémy Cointreau
Market cap ($b)
3.1
Top executive
Éric Vallat
2025 estimated revenue change
+2
2025 estimated sales ($b)
1.1
Legal name
Rémy Cointreau
The French booze maker has been suffering as high interest rates make it too costly for wholesalers to hold inventories of pricey spirits such as cognac. Tariffs as high as 39% on brandy and cognac sales to China announced in October add to the pain. But with interest rates falling and consumer confidence stabilizing, a US sales rebound should be in the cards for 2025. —Duncan Fox
Energy: Electric utility
RWE
Market cap ($b)
25
Top executive
Markus Krebber
2025 estimated revenue change
-3
2025 estimated sales ($b)
26
Legal name
RWE AG
The German utility is on track to beat profit estimates as power prices stabilize and it expands solar and wind capacity. RWE’s 2023 acquisition of Con Edison Clean Energy has positioned it for accelerated expansion in the US, where it’s poised to jump to the No. 2 spot in renewable energy capacity by 2027. Rising demand for green power tied to artificial intelligence also points toward faster growth. —Patricio Alvarez
Discretionary: Airports
Shanghai Airport
Market cap ($b)
12
Top executive
Zhang Yongdong
2025 estimated revenue change
+12
2025 estimated sales ($b)
1.9
Legal name
Shanghai International Airport Co.
Despite Beijing’s efforts to goose the economy, Shanghai Airport’s profits are set to disappoint. While passenger traffic has recovered to pre-Covid levels and is likely to climb, rental revenue from concourse shops, which is linked to retail sales, is falling short. During the pandemic, consumers in China pivoted away from airport purchases and toward buying online and at local stores. —Denise Wong
Materials: Mining
Sibanye Stillwater
Market cap ($b)
2.9
Top executive
Neal Froneman
2025 estimated revenue change
+4
2025 estimated sales ($b)
6.3
Legal name
Sibanye Stillwater Ltd.
As Americans and Europeans cool on electric vehicles, combustion-engine and hybrid cars are accounting for a greater share of purchases, driving demand for platinum needed in their construction. That offers the prospect of higher earnings in 2025 for miner Sibanye Stillwater after three straight years of declines. The South African company could also see higher prices for palladium if additional sanctions are imposed on Russia, a major supplier of the metal. And with a quarter of the company’s revenue coming from gold mining, recent record prices offer an additional cushion. —Emmanuel Munjeri
Industrials: Lighting
Signify
Market cap ($b)
2.9
Top executive
Eric Rondolat
2025 estimated revenue change
+2
2025 estimated sales ($b)
6.6
Legal name
Signify NV
Homebuyers are usually keen to make the house their own, which often means switching out the light fixtures. That’s why the world’s largest lighting company can expect to see demand for its products strengthen, as falling interest rates in the US and Europe make mortgages more affordable, spurring property transactions. Signify is also proactively cutting costs of more than €200 million annually, helping to boost profit margins. —Bhawin Thakker
Energy: Oil services
SLB
Market cap ($b)
62
Top executive
Olivier Le Peuch
2025 estimated revenue change
+5
2025 estimated sales ($b)
38
Legal name
Schlumberger NV
After a stretch of soft oil and gas prices, energy investors are understandably fixated on data showing fewer drilling rigs being used for exploration, but expectations appear too pessimistic for the global oilfield services leader. About 30% of SLB’s business is centered on helping producers boost output from existing sites, and when the company closes its acquisition of production-chemicals maker ChampionX in early 2025, these businesses will approach 40% of revenue. —Scott Levine
Energy: Oil services
Subsea 7
Market cap ($b)
4.9
Top executive
John Evans
2025 estimated revenue change
+6
2025 estimated sales ($b)
7.2
Legal name
Subsea 7 SA
Growth in offshore energy projects augurs increased revenue and profit margins for the marine construction company. Strong orders for conventional oil and gas installations have been complemented by rising interest in offshore wind farms. The increased demand means Subsea 7 will likely benefit from higher-margin contracts across many regions. —Will Hares
Real Estate: Property developer
Sun Hung Kai
Market cap ($b)
29
Top executive
Raymond Kwok Ping-luen
2025 estimated revenue change
+2
2025 estimated sales ($b)
11
Legal name
Sun Hung Kai Properties Ltd.
The Hong Kong developer is poised for a rebound in revenue and earnings after suffering through a depressed housing market over the past two years. Falling interest rates will likely speed up sales of completed homes, and contracts for unbuilt properties could be more than 20% above their targets. An economic stimulus package from China has boosted interest from mainland buyers for new projects on Hong Kong Island and in Kowloon. —Patrick Wong
Discretionary: Apparel
Tapestry
Market cap ($b)
14
Top executive
Joanne Crevoiserat
2025 estimated revenue change
+3
2025 estimated sales ($b)
6.9
Legal name
Tapestry Inc.
The leather-goods maker is strengthening the lineup at its leading label, Coach, whose sales have managed to beat a recent slowdown in the purchase of midlevel luxury goods. With North America accounting for about two-thirds of those sales, a pickup in US consumer sentiment could lift its Kate Spade brand as well. After agreeing to terminate a merger with Capri Holdings Ltd., owner of the struggling Michael Kors label, Tapestry has the financial firepower to look for other deals and increase its share buybacks. —Deborah Aitken
Health care: Services
Teladoc
Market cap ($b)
1.9
Top executive
Chuck Divita
2025 estimated revenue change
-1
2025 estimated sales ($b)
2.5
Legal name
Teladoc Health Inc.
The virtual health-care provider is trying to heal itself after high marketing costs at its BetterHelp mental health unit sparked a significant disappointment in mid-2024. With new CEO Chuck Divita, who took over in June, Teladoc is pursuing international expansion and a deeper integration into insurance plans. But those efforts are moving ahead slowly, making the market’s expectations for the first half of 2025 appear overly optimistic. —Jonathan Palmer
Discretionary: Autos
Tesla
Market cap ($b)
1,146
Top executive
Elon Musk
2025 estimated revenue change
+17
2025 estimated sales ($b)
117
Legal name
Tesla Inc.
The electric-vehicle maker plans to introduce a slew of fresh models in 2025, which will help expand its reach to new buyers, boost profits and showcase advancements in its artificial intelligence and self-driving tech. Early in the year, Tesla is due to roll out a lower-priced car, followed by a major refresh for its bestselling Model Y. —Steve Man
Staples: Beverages
Thai Beverage
Market cap ($b)
11
Top executive
Thapana Sirivadhanabhakdi
2025 estimated revenue change
-10
2025 estimated sales ($b)
8.7
Legal name
Thai Beverage Pcl
The maker of Chang beer and a slew of whiskey and rum brands is in the midst of a restructuring that will increase its nonalcoholic-beverage offerings and offload a stake in a property company. These actions should boost earnings growth in 2025 more than the market expects, and a planned initial public offering of its beer operations should provide more visibility for this key business. —Lisa Lee
Energy: Utility
Tokyo Electric Power
Market cap ($b)
74
Top executive
Yoshimitsu Kobayashi
2025 estimated revenue change
0
2025 estimated sales ($b)
46
Legal name
Tokyo Electric Power Co. Holdings
The electric utility’s profit margin is poised to widen as the Japanese government encourages nuclear energy—a big shift from the hiatus following the partial meltdown of the Fukushima facility in 2011. Nuclear energy is Japan’s cheapest source of power, but almost half of Tepco’s capacity has been out of commission. Restarting plants should boost earnings expectations. —Kelvin Ng
Industrials: Logistics
UPS
Market cap ($b)
114
Top executive
Carol Tomé
2025 estimated revenue change
+4
2025 estimated sales ($b)
95
Legal name
United Parcel Service Inc.
The shipping company is poised for profit growth in the mid- to high teens in 2025 and beyond, thanks to productivity and restructuring programs. UPS divested its freight brokerage unit in September, and targeted price increases are fattening margins as freight demand improves. The ramp-up of its air cargo contract with the US Postal Service, which began in 2024, will also add to UPS’ core parcel business. —Lee Klaskow
Materials: Mining
Vale
Market cap ($b)
44
Top executive
Gustavo Pimenta
2025 estimated revenue change
+2
2025 estimated sales ($b)
38
Legal name
Vale SA
There are three reasons investors can expect a bright 2025 for the world’s No. 2 iron ore producer. The most important: China’s recently announced economic stimulus plans. A global recovery in steel mill margins should also give Vale’s higher-grade iron ore products a boost, and the company expects two new iron ore projects to be commissioned by mid-2025. —Grant Spoore
Industrials: Machinery
VAT Group
Market cap ($b)
12
Top executive
Urs Gantner
2025 estimated revenue change
+27
2025 estimated sales ($b)
1.4
Legal name
VAT Group AG
The Swiss equipment maker’s high-performance valves are used to create vacuums that are critical in chip manufacturing. Consensus profit estimates look too low given accelerated spending growth in leading-edge semiconductor facilities around the world along with China’s investment in older-generation chips as it contends with US trade restrictions. —Omid Vaziri
Communication: Telecommunications
Vodacom
Market cap ($b)
12
Top executive
Shameel Joosub
2025 estimated revenue change
+6
2025 estimated sales ($b)
8.7
Legal name
Vodacom Group Ltd.
As South Africa’s political turmoil eases and the new coalition government hits its stride, economic sentiment is improving. That makes current 2025 profit estimates for the country’s largest telecommunications operator look conservative. Vodacom’s revenue growth and profit margins should improve as unemployment falls and electric outages subside, boosting demand for its services. —John Davies
Industrials: Waste management
Waste Management
Market cap ($b)
90
Top executive
James Fish Jr.
2025 estimated revenue change
+11
2025 estimated sales ($b)
24
Legal name
Waste Management Holdings Inc.
The top US garbage hauler’s $7 billion acquisition of Stericycle in 2024 looks challenging for the year ahead, given the medical-waste disposal company’s history of earnings disappointments and restructurings. And with little overlap with WM’s core trash and landfill business, cost synergies will be limited. The purchase price will push WM’s debt burden well above historical norms, adding balance sheet risks. —Scott Levine
Materials: Palm oil
Wilmar
Market cap ($b)
15
Top executive
Kuok Khoon Hong
2025 estimated revenue change
+4
2025 estimated sales ($b)
71
Legal name
Wilmar International Ltd.
As China’s population ages, consumption of cooking oil there is headed for a fall, presenting a long-term growth challenge to the Singapore-based palm oil producer. People tend to cook with less oil after age 40, now the median age in the world’s second-most populous country, where Wilmar has a 38% market share of branded cooking oil and gets about half its sales. —Alvin Tai
Technology: Software
Workday
Market cap ($b)
67
Top executive
Carl Eschenbach
2025 estimated revenue change
+13
2025 estimated sales ($b)
9.4
Legal name
Workday Inc.
The software provider could see a notable boost in the number of new contracts in the second half of 2025, driven by midsize businesses buoyed by lower interest rates. A revival in bookings for Workday’s offerings should help it bring revenue growth back up to the high teens, allaying concerns that emerged among investors over the past two years. —