Best Free-Cash-Flow Margins: Consumer Defensive
The Consumer Defensive cash machines of the S&P 500
Updated August 30, 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 Defensive company clears a market-wide bar; it’s who converts best inside the sector, where everyone faces roughly the same capital demands. The Consumer Defensive median free-cash-flow margin is 10%; these are the names furthest above it.
| # | Stock | FCF margin | Free cash flow (TTM) | Revenue (TTM) |
|---|---|---|---|---|
| 1 | MOAltria Group, Inc.Tobacco | 38% | $8.3B | $21.9B |
| Tobacco — converts 38% of revenue to free cash ($8.3B on $21.9B in sales), against a Consumer Defensive median of 10%. | ||||
| 2 | PMPhilip Morris International Inc.Tobacco | 30% | $12.7B | $42.5B |
| Tobacco — converts 30% of revenue to free cash ($12.7B on $42.5B in sales), against a Consumer Defensive median of 10%. | ||||
| 3 | KOThe Coca-Cola CompanyBeverages - Non-Alcoholic | 29% | $14.3B | $50.1B |
| Beverages - Non-Alcoholic — converts 29% of revenue to free cash ($14.3B on $50.1B in sales), against a Consumer Defensive median of 10%. | ||||
| 4 | MNSTMonster Beverage CorporationBeverages - Non-Alcoholic | 24% | $2.1B | $8.8B |
| Beverages - Non-Alcoholic — converts 24% of revenue to free cash ($2.1B on $8.8B in sales), against a Consumer Defensive median of 10%. | ||||
| 5 | HSYThe Hershey CompanyFood Confectioners | 21% | $2.5B | $12.2B |
| Food Confectioners — converts 21% of revenue to free cash ($2.5B on $12.2B in sales), against a Consumer Defensive median of 10%. | ||||
| 6 | STZConstellation Brands, Inc.Beverages - Wineries & Distilleries | 20% | $1.8B | $9.1B |
| Beverages - Wineries & Distilleries — converts 20% of revenue to free cash ($1.8B on $9.1B in sales), against a Consumer Defensive median of 10%. | ||||
| 7 | BF.BBrown-Forman CorporationBeverages - Wineries & Distilleries | 19% | $730M | $3.9B |
| Beverages - Wineries & Distilleries — converts 19% of revenue to free cash ($730M on $3.9B in sales), against a Consumer Defensive median of 10%. | ||||
| 8 | CLColgate-Palmolive CompanyHousehold & Personal Products | 18% | $3.9B | $21.0B |
| Household & Personal Products — converts 18% of revenue to free cash ($3.9B on $21.0B in sales), against a Consumer Defensive median of 10%. | ||||
| 9 | PGThe Procter & Gamble CompanyHousehold & Personal Products | 18% | $15.9B | $87.0B |
| Household & Personal Products — converts 18% of revenue to free cash ($15.9B on $87.0B in sales), against a Consumer Defensive median of 10%. | ||||
| 10 | CHDChurch & Dwight Co., Inc.Household & Personal Products | 18% | $1.1B | $6.2B |
| Household & Personal Products — converts 18% of revenue to free cash ($1.1B on $6.2B in sales), against a Consumer Defensive median of 10%. | ||||
| 11 | KHCThe Kraft Heinz CompanyPackaged Foods | 16% | $3.9B | $25.0B |
| Packaged Foods — converts 16% of revenue to free cash ($3.9B on $25.0B in sales), against a Consumer Defensive median of 10%. | ||||
| 12 | MKCMcCormick & Company, IncorporatedPackaged Foods | 16% | $1.2B | $7.4B |
| Packaged Foods — converts 16% of revenue to free cash ($1.2B on $7.4B in sales), against a Consumer Defensive median of 10%. | ||||
| 13 | KMBKimberly-Clark CorporationHousehold & Personal Products | 16% | $2.6B | $16.5B |
| Household & Personal Products — converts 16% of revenue to free cash ($2.6B on $16.5B in sales), against a Consumer Defensive median of 10%. | ||||
| 14 | KVUEKenvue Inc.Household & Personal Products | 12% | $1.8B | $15.3B |
| Household & Personal Products — converts 12% of revenue to free cash ($1.8B on $15.3B in sales), against a Consumer Defensive median of 10%. | ||||
| 15 | SJMThe J. M. Smucker CompanyPackaged Foods | 11% | $971M | $8.9B |
| Packaged Foods — converts 11% of revenue to free cash ($971M on $8.9B in sales), against a Consumer Defensive median of 10%. | ||||
| 16 | TAPMolson Coors Beverage CompanyBeverages - Alcoholic | 10% | $1.2B | $11.2B |
| Beverages - Alcoholic — converts 10% of revenue to free cash ($1.2B on $11.2B in sales), against a Consumer Defensive median of 10%. | ||||
| 17 | PEPPepsiCo, Inc.Beverages - Non-Alcoholic | 10% | $9.3B | $96.9B |
| Beverages - Non-Alcoholic — converts 10% of revenue to free cash ($9.3B on $96.9B in sales), against a Consumer Defensive median of 10%. | ||||
| 18 | KDPKeurig Dr Pepper Inc.Beverages - Non-Alcoholic | 9% | $1.6B | $16.9B |
| Beverages - Non-Alcoholic — converts 9% of revenue to free cash ($1.6B on $16.9B in sales), against a Consumer Defensive median of 10%. | ||||
| 19 | CPBCampbell Soup CompanyPackaged Foods | 9% | $919M | $10.0B |
| Packaged Foods — converts 9% of revenue to free cash ($919M on $10.0B in sales), against a Consumer Defensive median of 10%. | ||||
| 20 | GISGeneral Mills, Inc.Packaged Foods | 9% | $1.7B | $18.4B |
| Packaged Foods — converts 9% of revenue to free cash ($1.7B on $18.4B in sales), against a Consumer Defensive median of 10%. | ||||
| 21 | ELThe Estée Lauder Companies Inc.Household & Personal Products | 9% | $1.3B | $15.0B |
| Household & Personal Products — converts 9% of revenue to free cash ($1.3B on $15.0B in sales), against a Consumer Defensive median of 10%. | ||||
| 22 | CAGConagra Brands, Inc.Packaged Foods | 9% | $979M | $11.3B |
| Packaged Foods — converts 9% of revenue to free cash ($979M on $11.3B in sales), against a Consumer Defensive median of 10%. | ||||
| 23 | MDLZMondelez International, Inc.Food Confectioners | 8% | $3.1B | $39.7B |
| Food Confectioners — converts 8% of revenue to free cash ($3.1B on $39.7B in sales), against a Consumer Defensive median of 10%. | ||||
| 24 | DLTRDollar Tree, Inc.Discount Stores | 7% | $1.4B | $19.4B |
| Discount Stores — converts 7% of revenue to free cash ($1.4B on $19.4B in sales), against a Consumer Defensive median of 10%. | ||||
| 25 | DGDollar General CorporationDiscount Stores | 7% | $3.1B | $42.7B |
| Discount Stores — converts 7% of revenue to free cash ($3.1B on $42.7B in sales), against a Consumer Defensive median of 10%. | ||||