Best Free-Cash-Flow Margins: Basic Materials
The Basic Materials cash machines of the S&P 500
Updated October 11, 2026
Cash conversion is structural before it’s managerial — an asset-light business model throws off more of each sales dollar than a capital-hungry one, whoever runs it. So the fair question isn’t whether a Basic Materials company clears a market-wide bar; it’s who converts best inside the sector, where everyone faces roughly the same capital demands. The Basic Materials median free-cash-flow margin is 13%; these are the names furthest above it.
| # | Stock | FCF margin | Free cash flow (TTM) | Revenue (TTM) |
|---|---|---|---|---|
| 1 | NEMNewmont CorporationGold | 57% | $12.8B | $22.6B |
| Gold — converts 57% of revenue to free cash ($12.8B on $22.6B in sales), against a Basic Materials median of 13%. | ||||
| 2 | CFCF Industries Holdings, Inc.Agricultural Inputs | 25% | $1.9B | $7.7B |
| Agricultural Inputs — converts 25% of revenue to free cash ($1.9B on $7.7B in sales), against a Basic Materials median of 13%. | ||||
| 3 | FCXFreeport-McMoRan Inc.Copper | 23% | $5.9B | $25.9B |
| Copper — converts 23% of revenue to free cash ($5.9B on $25.9B in sales), against a Basic Materials median of 13%. | ||||
| 4 | ALBAlbemarle CorporationChemicals - Specialty | 23% | $1.3B | $5.9B |
| Chemicals - Specialty — converts 23% of revenue to free cash ($1.3B on $5.9B in sales), against a Basic Materials median of 13%. | ||||
| 5 | APDAir Products and Chemicals, Inc.Chemicals - Specialty | 16% | $2.1B | $12.6B |
| Chemicals - Specialty — converts 16% of revenue to free cash ($2.1B on $12.6B in sales), against a Basic Materials median of 13%. | ||||
| 6 | LINLinde plcChemicals - Specialty | 14% | $5.0B | $35.4B |
| Chemicals - Specialty — converts 14% of revenue to free cash ($5.0B on $35.4B in sales), against a Basic Materials median of 13%. | ||||
| 7 | DDDuPont de Nemours, Inc.Chemicals - Specialty | 14% | $1.1B | $8.3B |
| Chemicals - Specialty — converts 14% of revenue to free cash ($1.1B on $8.3B in sales), against a Basic Materials median of 13%. | ||||
| 8 | SHWThe Sherwin-Williams CompanyChemicals - Specialty | 13% | $3.2B | $24.4B |
| Chemicals - Specialty — converts 13% of revenue to free cash ($3.2B on $24.4B in sales), against a Basic Materials median of 13%. | ||||
| 9 | LYBLyondellBasell Industries N.V.Chemicals | 13% | $4.0B | $31.2B |
| Chemicals — converts 13% of revenue to free cash ($4.0B on $31.2B in sales), against a Basic Materials median of 13%. | ||||
| 10 | VMCVulcan Materials CompanyConstruction Materials | 13% | $1.0B | $8.1B |
| Construction Materials — converts 13% of revenue to free cash ($1.0B on $8.1B in sales), against a Basic Materials median of 13%. | ||||
| 11 | MLMMartin Marietta Materials, Inc.Construction Materials | 12% | $810M | $6.7B |
| Construction Materials — converts 12% of revenue to free cash ($810M on $6.7B in sales), against a Basic Materials median of 13%. | ||||
| 12 | PPGPPG Industries, Inc.Chemicals - Specialty | 9% | $1.4B | $16.4B |
| Chemicals - Specialty — converts 9% of revenue to free cash ($1.4B on $16.4B in sales), against a Basic Materials median of 13%. | ||||
| 13 | ECLEcolab Inc.Chemicals - Specialty | 8% | $1.4B | $16.8B |
| Chemicals - Specialty — converts 8% of revenue to free cash ($1.4B on $16.8B in sales), against a Basic Materials median of 13%. | ||||
| 14 | IFFInternational Flavors & Fragrances Inc.Chemicals - Specialty | 5% | $536M | $10.0B |
| Chemicals - Specialty — converts 5% of revenue to free cash ($536M on $10.0B in sales), against a Basic Materials median of 13%. | ||||
| 15 | CRHCRH plcConstruction Materials | 5% | $2.8B | $58.0B |
| Construction Materials — converts 5% of revenue to free cash ($2.8B on $58.0B in sales), against a Basic Materials median of 13%. | ||||
| 16 | STLDSteel Dynamics, Inc.Steel | 5% | $956M | $20.5B |
| Steel — converts 5% of revenue to free cash ($956M on $20.5B in sales), against a Basic Materials median of 13%. | ||||
| 17 | NUENucor CorporationSteel | 4% | $1.6B | $36.1B |
| Steel — converts 4% of revenue to free cash ($1.6B on $36.1B in sales), against a Basic Materials median of 13%. | ||||
| 18 | DOWDow Inc.Chemicals | 1% | $436M | $41.3B |
| Chemicals — converts 1% of revenue to free cash ($436M on $41.3B in sales), against a Basic Materials median of 13%. | ||||