Despite macroeconomic uncertainty and geopolitical instability, the S&P 500 rallied to new all-time highs in 2024. Unfortunately, there were plenty of stocks that missed out on the bull market rally.
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Some of these underperforming stocks may provide investors with an opportunity to buy the dip for 2025 and beyond. Many, however, are simply struggling with stiff competition, broken business models, bloated balance sheets or other company-specific challenges. Here are the 10 worst-performing stocks of 2024 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion:
| Stock | 2024 return |
| Cosan SA (ticker: CSAN) | -64.0% |
| Evotec SE (EVO) | -64.5% |
| Hertz Global Holdings Inc. (HTZ) | -64.8% |
| Evolent Health Inc. (EVH) | -65.9% |
| Lotus Technology Inc. (LOT) | -66.5% |
| Sendas Distribuidora SA (ASAI) | -67.7% |
| Flagstar Financial Inc. (FLG) | -69.1% |
| ViaSat Inc. (VSAT) | -69.6% |
| 10X Genomics Inc. (TXG) | -74.3% |
| QXO Inc. (QXO) | -86% |
10. Cosan SA (CSAN)
Cosan is a Brazil-based conglomerate that invests in companies that operate in several major areas, including renewable energy, gas, agribusiness and mining. Its Raizen joint venture with Shell PLC (SHEL), which produces sugar, ethanol and bioenergy, is one of the four largest companies in Brazil by revenue. In its third-quarter earnings release, Cosan noted tough Brazilian macroeconomic conditions that include high future interest rates and “significant volatility in key economic indicators.” Until the Brazilian economy stabilizes, investors seemingly want nothing to do with one of its largest diversified energy companies. Cosan shares declined 64% in 2024.
9. Evotec SE (EVO)
Evotec is a drug discovery partnership company that has an innovative drug development program focused on client collaborations. The company also has a contract development and manufacturing organization business. Evotec’s clients include both large and midsize pharmaceutical and biotechnology companies. Evotec shares plummeted 32% in late April after the company reported disappointing full-year 2023 revenue and issued 2024 guidance that fell short of expectations. Negative revenue growth and net losses aren’t exactly a recipe for stock market gains. In mid-2024, the company announced a “priority reset,” including a renewed focus on profitability. Evotec shares declined 64.5% in 2024.
8. Hertz Global Holdings Inc. (HTZ)
Hertz Global is a global vehicle rental company. The company filed for bankruptcy in 2020 after the combination of its massive debt load and COVID-19 pandemic travel shutdowns became too much for Hertz to overcome. In the past five years, Hertz management has made multiple major missteps, including a mistimed share buyback program and an overly aggressive push into electric vehicles (EV). Elevated interest rates have further compounded Hertz’s problems. In the most recent quarter, Hertz reported a $1.3 billion net loss, so it’s no wonder the stock dropped 64.8% in 2024.
7. Evolent Health Inc. (EVH)
Evolent Health provides health care payment and delivery services. The company’s True Health segment provides a physician-led health plan for employer-sponsored health coverage. Its services segment includes administrative and clinical solutions such as comprehensive health plan administrative services, total cost of care management and specialty care management. Evolent shares sold off sharply in November when the company reported larger-than-expected losses in the third quarter thanks in part to a spike in oncology costs. Health care investors are also uncertain about the impact the incoming Donald Trump administration could have on profits, particularly if Robert F. Kennedy Jr. is confirmed to lead the Department of Health and Human Services. Evolent shares dropped 65.9% in 2024.
6. Lotus Technology Inc. (LOT)
Lotus Technology is a luxury EV maker headquartered in China. The company went public in the U.S. via a merger with a special-purpose acquisition company last February. The company aims to be the first legacy luxury vehicle brand to transition to a 100% EV portfolio by 2027. On Lotus’ first day of trading following the merger in February, the stock closed at $13.80, but negative investor sentiment surrounding EV stocks dragged LOT shares below $4 to close out 2024. Lotus shares finished down 66.5% overall in 2024.
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5. Sendas Distribuidora SA (ASAI)
Sendas Distribuidora SA, also known as Assaí Atacadista, is one of Brazil’s largest food retailers, focused on the fast-growing cash-and-carry segment. The cash-and-carry model excludes credit transactions and requires up-front cash payment for goods and services. Assaí Atacadista’s customers include both individuals and businesses within and outside of the food service industry. The Brazilian economy struggled in 2024, culminating with a sell-off in Brazilian stocks in December as the real tumbled to historically low levels. Brazil’s nominal deficit is 9.5% of its gross domestic product, suggesting a fiscal crisis could be just around the corner. As a result, ASAI stock dropped 67.7% in 2024.
4. Flagstar Financial Inc. (FLG)
Flagstar Financial, formerly known as New York Community Bancorp, is a U.S. regional bank focused on rent-regulated, non-luxury, multifamily lending, primarily in the Northeast and Midwest regions. After trading above $31 in early 2024, NYCB shares plummeted as low as $5.10 in March after the bank disclosed “material weaknesses” in its internal loan review process. Ultimately, the bank raised enough capital to keep the business afloat, and it changed its name and stock ticker as part of an understandable rebranding effort. After all the dust settled, NYCB/FLG shares dropped 69.1% overall in 2024.
3. ViaSat Inc. (VSAT)
ViaSat provides satellite and digital communication products to governments, businesses and consumers. It didn’t give investors much to get excited about in 2024. In November, the company reported an 8% drop in revenue and a net loss of $138 million in the fiscal second quarter. Revenue for the firm’s defense and advanced technologies unit was down 22%, and communication services revenue decreased 2%. Despite a 25% increase in awards during the quarter, ViaSat hasn’t inspired investors to buy the dip any time soon. The company has guided for full-year fiscal 2025 revenue of “flat to slightly up.” The stock dropped 69.6% in 2024.
2. 10X Genomics Inc. (TXG)
10X Genomics is a life sciences technology company that produces instruments, consumables and software used to analyze biological systems, including genetic sequencing and analysis. The company’s Chromium, Visium and Xenium platforms help scientists conduct single-cell and spatial genomic research. Unfortunately, 10X’s financial performance in 2024 fell well short of expectations. In August, it reported a second-quarter revenue miss and cut its full-year guidance. Even after the guidance reset, 10X missed expectations again with its third-quarter revenue reported in October, once again cutting its full-year sales projections. Understandably, the stock fell 74.3% in 2024.
1. QXO Inc. (QXO)
QXO is a business technology provider focused on the manufacturing, service and distribution sectors. The company provides professional services, consulting, training, specialized programing and technical support. In addition to developing and selling proprietary software, it resells third-party application software. QXO is targeting tens of billions of dollars in annual revenue in the next decade. However, it reported just $13.1 million in revenue in the third quarter. In July, the stock plummeted 80% after a filing showed QXO’s available share count skyrocketed following a $620 million private placement. The stock plunged by 86% in 2024.
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2024’s 10 Worst-Performing Stocks originally appeared on usnews.com
Update 01/02/25: This story was previously published at an earlier date and has been updated with new information.
