Best Free-Cash-Flow Margins: Energy
The Energy 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 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 15%; 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% | $493M | $839M |
| Oil & Gas Exploration & Production — converts 59% of revenue to free cash ($493M on $839M in sales), against a Energy median of 15%. | ||||
| 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 15%. | ||||
| 3 | COPConocoPhillipsOil & Gas Exploration & Production | 31% | $18.3B | $58.3B |
| Oil & Gas Exploration & Production — converts 31% of revenue to free cash ($18.3B on $58.3B in sales), against a Energy median of 15%. | ||||
| 4 | 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 15%. | ||||
| 5 | 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 15%. | ||||
| 6 | 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 15%. | ||||
| 7 | EOGEOG Resources, Inc.Oil & Gas Exploration & Production | 18% | $4.2B | $23.5B |
| Oil & Gas Exploration & Production — converts 18% of revenue to free cash ($4.2B on $23.5B in sales), against a Energy median of 15%. | ||||
| 8 | APAAPA CorporationOil & Gas Exploration & Production | 17% | $1.5B | $8.6B |
| Oil & Gas Exploration & Production — converts 17% of revenue to free cash ($1.5B on $8.6B in sales), against a Energy median of 15%. | ||||
| 9 | 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 15%. | ||||
| 10 | DVNDevon Energy CorporationOil & Gas Exploration & Production | 16% | $2.7B | $16.5B |
| Oil & Gas Exploration & Production — converts 16% of revenue to free cash ($2.7B on $16.5B in sales), against a Energy median of 15%. | ||||
| 11 | OXYOccidental Petroleum CorporationOil & Gas Exploration & Production | 15% | $3.6B | $23.2B |
| Oil & Gas Exploration & Production — converts 15% of revenue to free cash ($3.6B on $23.2B in sales), against a Energy median of 15%. | ||||
| 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 15%. | ||||
| 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 15%. | ||||
| 14 | FANGDiamondback Energy, Inc.Oil & Gas Exploration & Production | 10% | $1.6B | $15.2B |
| Oil & Gas Exploration & Production — converts 10% of revenue to free cash ($1.6B on $15.2B in sales), against a Energy median of 15%. | ||||
| 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 15%. | ||||
| 16 | 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 15%. | ||||
| 17 | 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 15%. | ||||
| 18 | OKEONEOK, Inc.Oil & Gas Midstream | 6% | $2.2B | $35.2B |
| Oil & Gas Midstream — converts 6% of revenue to free cash ($2.2B on $35.2B in sales), against a Energy median of 15%. | ||||
| 19 | WMBThe Williams Companies, Inc.Oil & Gas Midstream | 6% | $722M | $11.9B |
| Oil & Gas Midstream — converts 6% of revenue to free cash ($722M on $11.9B in sales), against a Energy median of 15%. | ||||
| 20 | MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing | 4% | $5.7B | $135.8B |
| Oil & Gas Refining & Marketing — converts 4% of revenue to free cash ($5.7B on $135.8B in sales), against a Energy median of 15%. | ||||
| 21 | TRGPTarga Resources Corp.Oil & Gas Midstream | 2% | $262M | $16.4B |
| Oil & Gas Midstream — converts 2% of revenue to free cash ($262M on $16.4B in sales), against a Energy median of 15%. | ||||
| 22 | PSXPhillips 66Oil & Gas Refining & Marketing | 0% | $119M | $135.8B |
| Oil & Gas Refining & Marketing — converts 0% of revenue to free cash ($119M on $135.8B in sales), against a Energy median of 15%. | ||||