Best Free-Cash-Flow Margins
The real cash machines — FCF as a share of revenue
Updated October 11, 2026
Profit is an accounting opinion; free cash flow is the cash that’s actually left over after a company pays its bills and reinvests in the equipment, stores, or software it needs to keep running. The free-cash-flow margin — that cash as a share of revenue — is the cleanest measure of how much of each sale becomes money the business can return to you, pay down debt with, or compound.
A high FCF margin is hard to fake. It means a business is genuinely cash-generative, not just profitable on paper. These are the S&P 500 names that convert the most of every dollar they sell into spendable cash.
| # | Stock | FCF margin | Free cash flow (TTM) | Revenue (TTM) |
|---|---|---|---|---|
| 1 | APPAppLovin CorporationSoftware - Application | 66% | $4.5B | $6.8B |
| Software - Application — turns 66% of revenue into free cash ($4.5B on $6.8B in sales). | ||||
| 2 | VRSNVeriSign, Inc.Software - Infrastructure | 62% | $1.1B | $1.7B |
| Software - Infrastructure — turns 62% of revenue into free cash ($1.1B on $1.7B in sales). | ||||
| 3 | TPLTexas Pacific Land CorporationOil & Gas Exploration & Production | 59% | $527M | $898M |
| Oil & Gas Exploration & Production — turns 59% of revenue into free cash ($527M on $898M in sales). | ||||
| 4 | SNDKSandisk CorporationHardware, Equipment & Parts | 57% | $11.5B | $20.2B |
| Hardware, Equipment & Parts — turns 57% of revenue into free cash ($11.5B on $20.2B in sales). | ||||
| 5 | NEMNewmont CorporationGold | 57% | $12.8B | $22.6B |
| Gold — turns 57% of revenue into free cash ($12.8B on $22.6B in sales). | ||||
| 6 | FTNTFortinet, Inc.Software - Infrastructure | 55% | $4.1B | $7.5B |
| Software - Infrastructure — turns 55% of revenue into free cash ($4.1B on $7.5B in sales). | ||||
| 7 | PLTRPalantir Technologies Inc.Software - Infrastructure | 55% | $3.4B | $6.2B |
| Software - Infrastructure — turns 55% of revenue into free cash ($3.4B on $6.2B in sales). | ||||
| 8 | RMDResMed Inc.Medical - Devices | 51% | $2.9B | $5.7B |
| Medical - Devices — turns 51% of revenue into free cash ($2.9B on $5.7B in sales). | ||||
| 9 | ANETArista Networks, Inc.Computer Hardware | 49% | $5.2B | $10.5B |
| Computer Hardware — turns 49% of revenue into free cash ($5.2B on $10.5B in sales). | ||||
| 10 | VEEVVeeva Systems Inc.Medical - Healthcare Information Services | 47% | $1.6B | $3.5B |
| Medical - Healthcare Information Services — turns 47% of revenue into free cash ($1.6B on $3.5B in sales). | ||||
| 11 | AVGOBroadcom Inc.Semiconductors | 44% | $39.4B | $89.1B |
| Semiconductors — turns 44% of revenue into free cash ($39.4B on $89.1B in sales). | ||||
| 12 | GILDGilead Sciences, Inc.Drug Manufacturers - General | 43% | $13.2B | $30.5B |
| Drug Manufacturers - General — turns 43% of revenue into free cash ($13.2B on $30.5B in sales). | ||||
| 13 | ADBEAdobe Inc.Software - Application | 42% | $10.9B | $26.0B |
| Software - Application — turns 42% of revenue into free cash ($10.9B on $26.0B in sales). | ||||
| 14 | NVDANVIDIA CorporationSemiconductors | 42% | $127.0B | $303.0B |
| Semiconductors — turns 42% of revenue into free cash ($127.0B on $303.0B in sales). | ||||
| 15 | FICOFair Isaac CorporationSoftware - Application | 42% | $996M | $2.4B |
| Software - Application — turns 42% of revenue into free cash ($996M on $2.4B in sales). | ||||
| 16 | EQTEQT CorporationOil & Gas Exploration & Production | 41% | $3.8B | $9.3B |
| Oil & Gas Exploration & Production — turns 41% of revenue into free cash ($3.8B on $9.3B in sales). | ||||
| 17 | INTUIntuit Inc.Software - Application | 40% | $8.6B | $21.4B |
| Software - Application — turns 40% of revenue into free cash ($8.6B on $21.4B in sales). | ||||
| 18 | AEPAmerican Electric Power Company, Inc.Regulated Electric | 40% | $9.0B | $22.5B |
| Regulated Electric — turns 40% of revenue into free cash ($9.0B on $22.5B in sales). | ||||
| 19 | MUMicron Technology, Inc.Semiconductors | 40% | $52.9B | $133.2B |
| Semiconductors — turns 40% of revenue into free cash ($52.9B on $133.2B in sales). | ||||
| 20 | VRSKVerisk Analytics, Inc.Software - Services | 39% | $1.2B | $3.1B |
| Software - Services — turns 39% of revenue into free cash ($1.2B on $3.1B in sales). | ||||
| 21 | PANWPalo Alto Networks, Inc.Software - Infrastructure | 38% | $4.4B | $11.5B |
| Software - Infrastructure — turns 38% of revenue into free cash ($4.4B on $11.5B in sales). | ||||
| 22 | FANGDiamondback Energy, Inc.Oil & Gas Exploration & Production | 38% | $6.5B | $17.1B |
| Oil & Gas Exploration & Production — turns 38% of revenue into free cash ($6.5B on $17.1B in sales). | ||||
| 23 | MOAltria Group, Inc.Tobacco | 38% | $8.3B | $21.9B |
| Tobacco — turns 38% of revenue into free cash ($8.3B on $21.9B in sales). | ||||
| 24 | ABNBAirbnb, Inc.Travel Services | 37% | $4.9B | $13.2B |
| Travel Services — turns 37% of revenue into free cash ($4.9B on $13.2B in sales). | ||||
| 25 | ADSKAutodesk, Inc.Software - Application | 36% | $2.8B | $7.8B |
| Software - Application — turns 36% of revenue into free cash ($2.8B on $7.8B in sales). | ||||