Through the late 1990s and again after the financial crisis, the miners spent more on new capacity than their operations produced in cash, holding above the 100% line for years at a stretch.
There are currently 27 of these companies inside the S&P 500, a count consistent with past bear market lows. The difference is that the index sits within roughly two percent of its record close. Something is happening underneath the surface of this market, and it has less to do with price than with valuation. The count is down from a peak near 90 in 2021.
Source: Matt Cerminaro, data via Bloomberg Finance L.P.
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