MC doesn't really correlate to revenue, profits or losses......

MC doesn't really correlate to revenue, profits or losses... Case in point BNPL stocks.

Also some extra information I want to put in to my comment above.

1. Share price for rebalacing is calculated on the last day of quarter on 30/60 days weighted average not the closing price of quarter
2. Companies above A2M could have share prices fallen off even more as well.
3. Index do this to minimise wholesale changes and build in some stability, as no index wants companies in 80th to 120th positions swapping around every rebalance.
4. Index managers has sole discretion to deny entry or deletion even if it fails or passes all requisites. (This is rare, almost unheard of until the exception given to Tesla in SP500 - was denied a few times)

Due to all these rules it is hard to predict additions and deletions unless calculating a lot of stocks, so it is not something many investors track themself.

However before any rebalance of major indexes big funds/banks release opionion pieces indicating what is likely to happen. (They have the resources ie interns to calculate all the numbers so its easier)