Yes, no, maybe. How long is a piece of string?
A question like this has to many variables to answer quickly. Depending on a companies debt ratio and business philosophy some can. I personally like smaller well run independent companies. When a company runs intelligently and lean utilizing the best current technology, keeps debt down all the time then yes. They can be profitable through down cycles. The challenge is to remain that way through up cycles. It's very easy for a company to incur to much debt during an up cycle attempting to increase growth to take advantage of high prices. The trick as an investor in this industry is to know who makes good choices and invest in them. Not chase after the flash in the pans. It's possible to get caught up in the exciting big growth over leveraged players. It's all good until the bottom falls out. I've lost a time or two and learned the hard way.
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