{
  "title": "S&P 500 Fundamental Concentration Atlas: Revenue, Profits, Cash Flow, and Balance Sheets",
  "path": "/research/sp500-fundamental-concentration-atlas",
  "publishedAt": "2026-09-21",
  "updatedAt": null,
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          "sector": "Consumer Staples",
          "periodEnd": "2025-12-31",
          "valueUsd": -3502000000,
          "negativePoolSharePct": 3.42
        },
        {
          "name": "AutoZone",
          "symbols": [
            "AZO"
          ],
          "sector": "Consumer Discretionary",
          "periodEnd": "2025-08-30",
          "valueUsd": -3414313000,
          "negativePoolSharePct": 3.33
        },
        {
          "name": "AbbVie",
          "symbols": [
            "ABBV"
          ],
          "sector": "Health Care",
          "periodEnd": "2025-12-31",
          "valueUsd": -3270000000,
          "negativePoolSharePct": 3.19
        },
        {
          "name": "Cardinal Health",
          "symbols": [
            "CAH"
          ],
          "sector": "Health Care",
          "periodEnd": "2026-06-30",
          "valueUsd": -2883000000,
          "negativePoolSharePct": 2.82
        },
        {
          "name": "MSCI",
          "symbols": [
            "MSCI"
          ],
          "sector": "Financials",
          "periodEnd": "2025-12-31",
          "valueUsd": -2654540000,
          "negativePoolSharePct": 2.59
        },
        {
          "name": "Dell Technologies",
          "symbols": [
            "DELL"
          ],
          "sector": "Information Technology",
          "periodEnd": "2026-01-30",
          "valueUsd": -2470000000,
          "negativePoolSharePct": 2.41
        },
        {
          "name": "McKesson Corporation",
          "symbols": [
            "MCK"
          ],
          "sector": "Health Care",
          "periodEnd": "2026-03-31",
          "valueUsd": -2172000000,
          "negativePoolSharePct": 2.12
        },
        {
          "name": "Verisign",
          "symbols": [
            "VRSN"
          ],
          "sector": "Information Technology",
          "periodEnd": "2025-12-31",
          "valueUsd": -2154200000,
          "negativePoolSharePct": 2.1
        },
        {
          "name": "McDonald's",
          "symbols": [
            "MCD"
          ],
          "sector": "Consumer Discretionary",
          "periodEnd": "2025-12-31",
          "valueUsd": -1791000000,
          "negativePoolSharePct": 1.75
        },
        {
          "name": "Fair Isaac",
          "symbols": [
            "FICO"
          ],
          "sector": "Information Technology",
          "periodEnd": "2025-09-30",
          "valueUsd": -1745784000,
          "negativePoolSharePct": 1.71
        },
        {
          "name": "Iron Mountain",
          "symbols": [
            "IRM"
          ],
          "sector": "Real Estate",
          "periodEnd": "2025-12-31",
          "valueUsd": -981007000,
          "negativePoolSharePct": 0.96
        },
        {
          "name": "O'Reilly Automotive",
          "symbols": [
            "ORLY"
          ],
          "sector": "Consumer Discretionary",
          "periodEnd": "2025-12-31",
          "valueUsd": -763352000,
          "negativePoolSharePct": 0.75
        },
        {
          "name": "DaVita",
          "symbols": [
            "DVA"
          ],
          "sector": "Health Care",
          "periodEnd": "2025-12-31",
          "valueUsd": -651082000,
          "negativePoolSharePct": 0.64
        },
        {
          "name": "FedEx Freight",
          "symbols": [
            "FDXF"
          ],
          "sector": "Industrials",
          "periodEnd": "2026-05-31",
          "valueUsd": -497000000,
          "negativePoolSharePct": 0.49
        },
        {
          "name": "HP Inc.",
          "symbols": [
            "HPQ"
          ],
          "sector": "Information Technology",
          "periodEnd": "2025-10-31",
          "valueUsd": -346000000,
          "negativePoolSharePct": 0.34
        },
        {
          "name": "Wynn Resorts",
          "symbols": [
            "WYNN"
          ],
          "sector": "Consumer Discretionary",
          "periodEnd": "2025-12-31",
          "valueUsd": -275492000,
          "negativePoolSharePct": 0.27
        },
        {
          "name": "Masco",
          "symbols": [
            "MAS"
          ],
          "sector": "Industrials",
          "periodEnd": "2025-12-31",
          "valueUsd": -185000000,
          "negativePoolSharePct": 0.18
        },
        {
          "name": "Mettler Toledo",
          "symbols": [
            "MTD"
          ],
          "sector": "Health Care",
          "periodEnd": "2025-12-31",
          "valueUsd": -23636000,
          "negativePoolSharePct": 0.02
        }
      ]
    }
  ],
  "sources": {
    "secCompanyfactsUrl": "https://www.sec.gov/Archives/edgar/daily-index/xbrl/companyfacts.zip"
  },
  "methodology": {
    "constituentRule": "The September 21, 2026 S&P 500 snapshot contains 503 security rows representing 500 issuer CIKs. Multi-class issuers are counted once at the issuer level.",
    "periodRule": "Each issuer contributes one latest normalized annual period at or before the September 21, 2026 cutoff. Missing metrics are not backfilled from older fiscal years.",
    "paymentMagnitudeRule": "Capital expenditures, dividends paid, and stock repurchases are treated as payment magnitudes. Free cash flow is operating cash flow minus the absolute capital-expenditure amount.",
    "coverageBoundary": "Coverage is metric-specific. Concentration shares for partial metrics describe only the covered observation pool, not all 500 issuers.",
    "sectorBoundary": "Cash-flow, capital-spending, cash, current-asset/current-liability, and balance-sheet measures can have different economic meanings across financial and nonfinancial companies. The atlas is descriptive, not a sector-normalized quality ranking.",
    "unsupportedBoundary": "Honeywell Aerospace is the sole unsupported issuer in the frozen universe. ExxonMobil uses documented predecessor-registrant continuity for its pre-succession annual period."
  }
}
