Best Free-Cash-Flow Margins: Energy
The Energy 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 Energy company clears a market-wide bar; it’s who converts best inside the sector, where everyone faces roughly the same capital demands. The Energy median free-cash-flow margin is 17%; these are the names furthest above it.
| # | Stock | FCF margin | Free cash flow (TTM) | Revenue (TTM) |
|---|---|---|---|---|
| 1 | TPLTexas Pacific Land CorporationOil & Gas Exploration & Production | 59% | $527M | $898M |
| Oil & Gas Exploration & Production — converts 59% of revenue to free cash ($527M on $898M in sales), against a Energy median of 17%. | ||||
| 2 | EQTEQT CorporationOil & Gas Exploration & Production | 41% | $3.8B | $9.3B |
| Oil & Gas Exploration & Production — converts 41% of revenue to free cash ($3.8B on $9.3B in sales), against a Energy median of 17%. | ||||
| 3 | FANGDiamondback Energy, Inc.Oil & Gas Exploration & Production | 38% | $6.5B | $17.1B |
| Oil & Gas Exploration & Production — converts 38% of revenue to free cash ($6.5B on $17.1B in sales), against a Energy median of 17%. | ||||
| 4 | COPConocoPhillipsOil & Gas Exploration & Production | 31% | $19.6B | $63.3B |
| Oil & Gas Exploration & Production — converts 31% of revenue to free cash ($19.6B on $63.3B in sales), against a Energy median of 17%. | ||||
| 5 | EOGEOG Resources, Inc.Oil & Gas Exploration & Production | 25% | $6.7B | $26.7B |
| Oil & Gas Exploration & Production — converts 25% of revenue to free cash ($6.7B on $26.7B in sales), against a Energy median of 17%. | ||||
| 6 | APAAPA CorporationOil & Gas Exploration & Production | 24% | $2.1B | $8.8B |
| Oil & Gas Exploration & Production — converts 24% of revenue to free cash ($2.1B on $8.8B in sales), against a Energy median of 17%. | ||||
| 7 | FSLRFirst Solar, Inc.Solar | 22% | $1.2B | $5.4B |
| Solar — converts 22% of revenue to free cash ($1.2B on $5.4B in sales), against a Energy median of 17%. | ||||
| 8 | KMIKinder Morgan, Inc.Oil & Gas Midstream | 22% | $3.9B | $18.0B |
| Oil & Gas Midstream — converts 22% of revenue to free cash ($3.9B on $18.0B in sales), against a Energy median of 17%. | ||||
| 9 | OXYOccidental Petroleum CorporationOil & Gas Exploration & Production | 21% | $5.3B | $25.2B |
| Oil & Gas Exploration & Production — converts 21% of revenue to free cash ($5.3B on $25.2B in sales), against a Energy median of 17%. | ||||
| 10 | EXEExpand Energy CorporationOil & Gas Exploration & Production | 19% | $2.5B | $13.4B |
| Oil & Gas Exploration & Production — converts 19% of revenue to free cash ($2.5B on $13.4B in sales), against a Energy median of 17%. | ||||
| 11 | CVXChevron CorporationOil & Gas Integrated | 17% | $35.2B | $208.7B |
| Oil & Gas Integrated — converts 17% of revenue to free cash ($35.2B on $208.7B in sales), against a Energy median of 17%. | ||||
| 12 | BKRBaker Hughes CompanyOil & Gas Equipment & Services | 11% | $3.1B | $27.7B |
| Oil & Gas Equipment & Services — converts 11% of revenue to free cash ($3.1B on $27.7B in sales), against a Energy median of 17%. | ||||
| 13 | SLBSLB N.V.Oil & Gas Equipment & Services | 11% | $3.9B | $36.4B |
| Oil & Gas Equipment & Services — converts 11% of revenue to free cash ($3.9B on $36.4B in sales), against a Energy median of 17%. | ||||
| 14 | DVNDevon Energy CorporationOil & Gas Exploration & Production | 9% | $1.7B | $19.7B |
| Oil & Gas Exploration & Production — converts 9% of revenue to free cash ($1.7B on $19.7B in sales), against a Energy median of 17%. | ||||
| 15 | XOMExxon Mobil CorporationOil & Gas Integrated | 8% | $30.6B | $361.1B |
| Oil & Gas Integrated — converts 8% of revenue to free cash ($30.6B on $361.1B in sales), against a Energy median of 17%. | ||||
| 16 | MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing | 8% | $12.9B | $153.9B |
| Oil & Gas Refining & Marketing — converts 8% of revenue to free cash ($12.9B on $153.9B in sales), against a Energy median of 17%. | ||||
| 17 | HALHalliburton CompanyOil & Gas Equipment & Services | 8% | $1.7B | $22.4B |
| Oil & Gas Equipment & Services — converts 8% of revenue to free cash ($1.7B on $22.4B in sales), against a Energy median of 17%. | ||||
| 18 | VLOValero Energy CorporationOil & Gas Refining & Marketing | 8% | $10.1B | $132.9B |
| Oil & Gas Refining & Marketing — converts 8% of revenue to free cash ($10.1B on $132.9B in sales), against a Energy median of 17%. | ||||
| 19 | OKEONEOK, Inc.Oil & Gas Midstream | 7% | $2.9B | $39.4B |
| Oil & Gas Midstream — converts 7% of revenue to free cash ($2.9B on $39.4B in sales), against a Energy median of 17%. | ||||
| 20 | TRGPTarga Resources Corp.Oil & Gas Midstream | 4% | $741M | $16.8B |
| Oil & Gas Midstream — converts 4% of revenue to free cash ($741M on $16.8B in sales), against a Energy median of 17%. | ||||
| 21 | PSXPhillips 66Oil & Gas Refining & Marketing | 4% | $6.4B | $153.6B |
| Oil & Gas Refining & Marketing — converts 4% of revenue to free cash ($6.4B on $153.6B in sales), against a Energy median of 17%. | ||||