When markets tumble and fear grips investors, most portfolios retreat into red territory. Yet a rare group of companies has consistently defied those odds, not only weathering the last three bear markets but emerging stronger each time.
During the Global Financial Crisis (2008–09), they protected earnings while many peers slashed payouts. In the COVID-19 crash (2020), their brands and balance sheets kept cash flowing when demand collapsed. And through the 2022 rate-driven downturn, they maintained pricing power and expanded margins even as inflation surged.
These firms have built reputations for financial resilience, steady dividend growth, and disciplined capital allocation. For investors seeking durability through any market cycle, they stand as proof that consistency compounds over time.
Here are 7 of the top stocks that outperformed in the last 3 bear markets that are positioned to continue growing:
| Company Name (Ticker) | Analyst Upside | P/E Ratio |
| The Coca-Cola Company (KO) | 17.2% | 21.46 |
| Walmart (WMT) | 11.0% | 36.83 |
| McDonald’s (MCD) | 13.1% | 22.84 |
| The Procter & Gamble Company (PG) | 12.7% | 21.58 |
| Johnson & Johnson (JNJ) | -1.9% | 17.46 |
| PepsiCo (PEP) | 5.0% | 17.05 |
| Berkshire Hathaway (BRK.B) | 4.9% | 23.00 |
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Here are three of analysts’ favorites from this list today:
Walmart (WMT)
Walmart has consistently demonstrated resilience during economic downturns, making it a standout performer in bear markets. During the 2000–2002 dot-com bust, while the S&P 500 experienced significant declines, Walmart’s stock price exhibited relative stability. This resilience can be attributed to its position as a low-cost retailer, which attracts budget-conscious consumers during economic challenges.
In the 2008–2009 financial crisis, Walmart’s performance was notably strong. The company reported robust earnings, driven by increased consumer spending on essentials. Its ability to maintain profitability during this period reinforced its status as a defensive stock.
Similarly, during the 2022 market downturn, Walmart’s stock demonstrated relative strength. The company’s focus on e-commerce expansion and cost leadership allowed it to navigate the challenges posed by the pandemic and inflationary pressures effectively.
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The Procter & Gamble Company (PG)
Procter & Gamble (PG) has long been recognized for its defensive qualities, particularly during market downturns. In the 2000–2002 bear market, while many companies struggled, PG’s strong brand portfolio and essential product offerings provided a buffer against the economic headwinds.
The 2008–2009 financial crisis further underscored PG’s resilience. As a consumer staples company, it benefited from steady demand for its products, even as discretionary spending declined. This stability was reflected in its stock performance, which outpaced many of its peers during the period.
In the 2022 market downturn, PG continued its tradition of outperformance. The company’s consistent dividend payouts and focus on innovation helped maintain investor confidence, leading to stock performance that surpassed many other blue-chip companies.
McDonald’s (MCD)
McDonald’s has proven to be a resilient performer during bear markets, driven by its global presence and affordable menu offerings. In the 2000–2002 bear market, McDonald’s stock exhibited relative stability, benefiting from its position as a low-cost dining option during economic challenges.
The 2008–2009 financial crisis presented further opportunities for McDonald’s to showcase its defensive characteristics. The company’s value-oriented menu attracted cost-conscious consumers, leading to increased traffic and sales. This translated into strong financial performance, with McDonald’s stock outperforming many of its peers during the period.
During the 2022 market downturn, McDonald’s continued its trend of resilience. The company’s global footprint and emphasis on affordability allowed it to navigate the economic challenges effectively, resulting in stock performance that surpassed many other fast-food chains.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
