U.S. Capital Goods Healthy potentially undervalued

Douglas Dynamics

Market Cap: US$1.1b

Operates as a manufacturer and upfitter of commercial vehicle attachments and equipment in North America.

Atmus Filtration Technologies

Market Cap: US$4.1b

Designs, manufactures, and sells filtration products under the Fleetguard brand in the United States and internationally.

Flowserve

Market Cap: US$8.5b

Designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific.

L3Harris Technologies

Market Cap: US$52.3b

Provides mission-critical solutions for government and commercial customers worldwide.

Titan International

Market Cap: US$486.7m

Manufactures and sells wheels, tires, and undercarriage systems and components for off-highway industry in North America, Europe, CIS, Latin America, Asia, and internationally.

EMCOR Group

Market Cap: US$33.1b

Provides electrical and mechanical construction and facilities, building, and industrial services in the United States and the United Kingdom.

A. O. Smith

Market Cap: US$8.1b

Manufactures and markets residential and commercial gas and electric water heaters, boilers, heat pumps, tanks, and water treatment products in North America, China, Europe, and India.

Granite Construction

Market Cap: US$5.3b

Provides infrastructure solutions for public and private clients in the United States.

Armstrong World Industries

Market Cap: US$6.5b

Engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas.

Huntington Ingalls Industries

Market Cap: US$10.6b

Designs, builds, overhauls, and repairs military ships in the United States.

Mueller Water Products

Market Cap: US$3.9b

Manufactures and markets products and services for the transmission, distribution, and measurement of water used by municipalities, and the residential and non-residential construction industries in the United States, Canada, and internationally.

Middleby

Market Cap: US$5.9b

Operates in the foodservice industry worldwide.

Carlisle Companies

Market Cap: US$13.2b

Operates as a manufacturer and supplier of building envelope products and solutions in the United States, Europe, North America, and internationally.

Acuity

Market Cap: US$9.7b

Provides lighting, lighting controls, building management system, and an audio, video, and control platform in the United States and internationally.

Limbach Holdings

Market Cap: US$880.1m

Operates as a building systems solution company in the United States.

Array Technologies

Market Cap: US$915.3m

Engages in the manufacture and sale of solar tracking technology products in the United States, Spain, Brazil, Australia, and internationally.

Oshkosh

Market Cap: US$8.9b

Provides purpose-built vehicles and equipment worldwide.

Allegion

Market Cap: US$11.9b

Engages in the provision of security products and solutions worldwide.

BETA Technologies

Market Cap: US$4.5b

An electric aerospace company, designs, manufactures, and sells electric aircraft, electric propulsion systems, components, and charging systems worldwide.

Blue Bird

Market Cap: US$2.6b

Designs, engineers, manufactures, and sells school buses in the United States, Canada, and internationally.

StandardAero

Market Cap: US$8.9b

Provides aerospace engine aftermarket services for fixed and rotary wing aircraft in the United States, Canada, the United Kingdom, Rest of Europe, Asia, and internationally.

Lincoln Electric Holdings

Market Cap: US$13.4b

Through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products in the United States and internationally.

Worthington Enterprises

Market Cap: US$2.7b

Operates as an industrial manufacturing company.

Pentair

Market Cap: US$9.9b

Provides various water solutions in the United States, Western Europe, China, Latin America, the Middle East, Southeast Asia, Australia, and Canada.

SOLV Energy

Market Cap: US$5.7b

Provides infrastructure services to the power industry in the United States.

Allison Transmission Holdings

Market Cap: US$9.4b

Designs, manufactures, and sells fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S.

APi Group

Market Cap: US$17.1b

Provides fire and life safety, security, elevator and escalator, and specialty services worldwide.

Textron

Market Cap: US$15.8b

Operates in the aircraft, defense, industrial, and finance businesses worldwide.

Rush Enterprises

Market Cap: US$5.8b

Through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States and Canada.

Legence

Market Cap: US$7.4b

Provides engineering, installation, and maintenance services for mission-critical systems in buildings in the United States.

American Superconductor

Market Cap: US$1.6b

Provides megawatt-scale power resiliency solutions worldwide.

Hayward Holdings

Market Cap: US$3.1b

Designs, manufactures, and markets a portfolio of pool equipment and associated automation systems in North America, Europe, and internationally.

DNOW

Market Cap: US$2.5b

Distributes pipe, valves, fittings, and pumps in the United States, Canada, and internationally.

Primoris Services

Market Cap: US$4.7b

Provides infrastructure services primarily in the United States and Canada.

AGCO

Market Cap: US$8.1b

Manufactures and distributes agricultural equipment and replacement parts worldwide.

Lockheed Martin

Market Cap: US$117.5b

An aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally.