Best Free-Cash-Flow Margins: Consumer Cyclical
The Consumer Cyclical 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 Consumer Cyclical company clears a market-wide bar; it’s who converts best inside the sector, where everyone faces roughly the same capital demands. The Consumer Cyclical median free-cash-flow margin is 11%; these are the names furthest above it.
| # | Stock | FCF margin | Free cash flow (TTM) | Revenue (TTM) |
|---|---|---|---|---|
| 1 | ABNBAirbnb, Inc.Travel Services | 37% | $4.9B | $13.2B |
| Travel Services — converts 37% of revenue to free cash ($4.9B on $13.2B in sales), against a Consumer Cyclical median of 11%. | ||||
| 2 | BKNGBooking Holdings Inc.Travel Services | 34% | $9.5B | $28.2B |
| Travel Services — converts 34% of revenue to free cash ($9.5B on $28.2B in sales), against a Consumer Cyclical median of 11%. | ||||
| 3 | EXPEExpedia Group, Inc.Travel Services | 32% | $5.0B | $15.7B |
| Travel Services — converts 32% of revenue to free cash ($5.0B on $15.7B in sales), against a Consumer Cyclical median of 11%. | ||||
| 4 | MCDMcDonald's CorporationRestaurants | 28% | $7.8B | $27.7B |
| Restaurants — converts 28% of revenue to free cash ($7.8B on $27.7B in sales), against a Consumer Cyclical median of 11%. | ||||
| 5 | HASHasbro, Inc.Leisure | 24% | $1.2B | $5.0B |
| Leisure — converts 24% of revenue to free cash ($1.2B on $5.0B in sales), against a Consumer Cyclical median of 11%. | ||||
| 6 | TPRTapestry, Inc.Luxury Goods | 23% | $1.8B | $8.0B |
| Luxury Goods — converts 23% of revenue to free cash ($1.8B on $8.0B in sales), against a Consumer Cyclical median of 11%. | ||||
| 7 | DECKDeckers Outdoor CorporationApparel - Footwear & Accessories | 21% | $1.2B | $5.5B |
| Apparel - Footwear & Accessories — converts 21% of revenue to free cash ($1.2B on $5.5B in sales), against a Consumer Cyclical median of 11%. | ||||
| 8 | LVSLas Vegas Sands Corp.Gambling, Resorts & Casinos | 20% | $2.8B | $13.7B |
| Gambling, Resorts & Casinos — converts 20% of revenue to free cash ($2.8B on $13.7B in sales), against a Consumer Cyclical median of 11%. | ||||
| 9 | EBAYeBay Inc.Specialty Retail | 20% | $2.4B | $12.0B |
| Specialty Retail — converts 20% of revenue to free cash ($2.4B on $12.0B in sales), against a Consumer Cyclical median of 11%. | ||||
| 10 | YUMYum! Brands, Inc.Restaurants | 19% | $1.7B | $8.7B |
| Restaurants — converts 19% of revenue to free cash ($1.7B on $8.7B in sales), against a Consumer Cyclical median of 11%. | ||||
| 11 | MASMasco CorporationFurnishings, Fixtures & Appliances | 19% | $1.5B | $7.6B |
| Furnishings, Fixtures & Appliances — converts 19% of revenue to free cash ($1.5B on $7.6B in sales), against a Consumer Cyclical median of 11%. | ||||
| 12 | WSMWilliams-Sonoma, Inc.Specialty Retail | 17% | $1.3B | $8.0B |
| Specialty Retail — converts 17% of revenue to free cash ($1.3B on $8.0B in sales), against a Consumer Cyclical median of 11%. | ||||
| 13 | HLTHilton Worldwide Holdings Inc.Travel Lodging | 16% | $2.0B | $12.5B |
| Travel Lodging — converts 16% of revenue to free cash ($2.0B on $12.5B in sales), against a Consumer Cyclical median of 11%. | ||||
| 14 | ROLRollins, Inc.Personal Products & Services | 16% | $619M | $3.9B |
| Personal Products & Services — converts 16% of revenue to free cash ($619M on $3.9B in sales), against a Consumer Cyclical median of 11%. | ||||
| 15 | NVRNVR, Inc.Residential Construction | 13% | $1.2B | $8.9B |
| Residential Construction — converts 13% of revenue to free cash ($1.2B on $8.9B in sales), against a Consumer Cyclical median of 11%. | ||||
| 16 | SBUXStarbucks CorporationRestaurants | 13% | $5.0B | $38.3B |
| Restaurants — converts 13% of revenue to free cash ($5.0B on $38.3B in sales), against a Consumer Cyclical median of 11%. | ||||
| 17 | DPZDomino's Pizza, Inc.Restaurants | 13% | $653M | $5.0B |
| Restaurants — converts 13% of revenue to free cash ($653M on $5.0B in sales), against a Consumer Cyclical median of 11%. | ||||
| 18 | CMGChipotle Mexican Grill, Inc.Restaurants | 13% | $1.6B | $12.4B |
| Restaurants — converts 13% of revenue to free cash ($1.6B on $12.4B in sales), against a Consumer Cyclical median of 11%. | ||||
| 19 | RLRalph Lauren CorporationApparel - Manufacturers | 12% | $1.0B | $8.4B |
| Apparel - Manufacturers — converts 12% of revenue to free cash ($1.0B on $8.4B in sales), against a Consumer Cyclical median of 11%. | ||||
| 20 | LULULululemon Athletica Inc.Apparel - Retail | 12% | $1.4B | $11.1B |
| Apparel - Retail — converts 12% of revenue to free cash ($1.4B on $11.1B in sales), against a Consumer Cyclical median of 11%. | ||||
| 21 | MARMarriott International, Inc.Travel Lodging | 12% | $3.1B | $26.9B |
| Travel Lodging — converts 12% of revenue to free cash ($3.1B on $26.9B in sales), against a Consumer Cyclical median of 11%. | ||||
| 22 | ORLYO'Reilly Automotive, Inc.Specialty Retail | 12% | $2.2B | $18.6B |
| Specialty Retail — converts 12% of revenue to free cash ($2.2B on $18.6B in sales), against a Consumer Cyclical median of 11%. | ||||
| 23 | CCLCarnival Corporation & plcLeisure | 12% | $3.2B | $27.6B |
| Leisure — converts 12% of revenue to free cash ($3.2B on $27.6B in sales), against a Consumer Cyclical median of 11%. | ||||
| 24 | AVYAvery Dennison CorporationPackaging & Containers | 11% | $1.1B | $9.2B |
| Packaging & Containers — converts 11% of revenue to free cash ($1.1B on $9.2B in sales), against a Consumer Cyclical median of 11%. | ||||
| 25 | ROSTRoss Stores, Inc.Apparel - Retail | 11% | $2.8B | $24.5B |
| Apparel - Retail — converts 11% of revenue to free cash ($2.8B on $24.5B in sales), against a Consumer Cyclical median of 11%. | ||||