Best Free-Cash-Flow Margins: Technology
The Technology 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 Technology company clears a market-wide bar; it’s who converts best inside the sector, where everyone faces roughly the same capital demands. The Technology median free-cash-flow margin is 22%; these are the names furthest above it.
| # | Stock | FCF margin | Free cash flow (TTM) | Revenue (TTM) |
|---|---|---|---|---|
| 1 | APPAppLovin CorporationSoftware - Application | 66% | $4.5B | $6.8B |
| Software - Application — converts 66% of revenue to free cash ($4.5B on $6.8B in sales), against a Technology median of 22%. | ||||
| 2 | VRSNVeriSign, Inc.Software - Infrastructure | 62% | $1.1B | $1.7B |
| Software - Infrastructure — converts 62% of revenue to free cash ($1.1B on $1.7B in sales), against a Technology median of 22%. | ||||
| 3 | SNDKSandisk CorporationHardware, Equipment & Parts | 57% | $11.5B | $20.2B |
| Hardware, Equipment & Parts — converts 57% of revenue to free cash ($11.5B on $20.2B in sales), against a Technology median of 22%. | ||||
| 4 | FTNTFortinet, Inc.Software - Infrastructure | 55% | $4.1B | $7.5B |
| Software - Infrastructure — converts 55% of revenue to free cash ($4.1B on $7.5B in sales), against a Technology median of 22%. | ||||
| 5 | PLTRPalantir Technologies Inc.Software - Infrastructure | 55% | $3.4B | $6.2B |
| Software - Infrastructure — converts 55% of revenue to free cash ($3.4B on $6.2B in sales), against a Technology median of 22%. | ||||
| 6 | ANETArista Networks, Inc.Computer Hardware | 49% | $5.2B | $10.5B |
| Computer Hardware — converts 49% of revenue to free cash ($5.2B on $10.5B in sales), against a Technology median of 22%. | ||||
| 7 | AVGOBroadcom Inc.Semiconductors | 44% | $39.4B | $89.1B |
| Semiconductors — converts 44% of revenue to free cash ($39.4B on $89.1B in sales), against a Technology median of 22%. | ||||
| 8 | ADBEAdobe Inc.Software - Application | 42% | $10.9B | $26.0B |
| Software - Application — converts 42% of revenue to free cash ($10.9B on $26.0B in sales), against a Technology median of 22%. | ||||
| 9 | NVDANVIDIA CorporationSemiconductors | 42% | $127.0B | $303.0B |
| Semiconductors — converts 42% of revenue to free cash ($127.0B on $303.0B in sales), against a Technology median of 22%. | ||||
| 10 | FICOFair Isaac CorporationSoftware - Application | 42% | $996M | $2.4B |
| Software - Application — converts 42% of revenue to free cash ($996M on $2.4B in sales), against a Technology median of 22%. | ||||
| 11 | INTUIntuit Inc.Software - Application | 40% | $8.6B | $21.4B |
| Software - Application — converts 40% of revenue to free cash ($8.6B on $21.4B in sales), against a Technology median of 22%. | ||||
| 12 | MUMicron Technology, Inc.Semiconductors | 40% | $52.9B | $133.2B |
| Semiconductors — converts 40% of revenue to free cash ($52.9B on $133.2B in sales), against a Technology median of 22%. | ||||
| 13 | VRSKVerisk Analytics, Inc.Software - Services | 39% | $1.2B | $3.1B |
| Software - Services — converts 39% of revenue to free cash ($1.2B on $3.1B in sales), against a Technology median of 22%. | ||||
| 14 | PANWPalo Alto Networks, Inc.Software - Infrastructure | 38% | $4.4B | $11.5B |
| Software - Infrastructure — converts 38% of revenue to free cash ($4.4B on $11.5B in sales), against a Technology median of 22%. | ||||
| 15 | ADSKAutodesk, Inc.Software - Application | 36% | $2.8B | $7.8B |
| Software - Application — converts 36% of revenue to free cash ($2.8B on $7.8B in sales), against a Technology median of 22%. | ||||
| 16 | ADIAnalog Devices, Inc.Semiconductors | 36% | $4.9B | $13.9B |
| Semiconductors — converts 36% of revenue to free cash ($4.9B on $13.9B in sales), against a Technology median of 22%. | ||||
| 17 | CRMSalesforce, Inc.Software - Application | 34% | $15.2B | $43.9B |
| Software - Application — converts 34% of revenue to free cash ($15.2B on $43.9B in sales), against a Technology median of 22%. | ||||
| 18 | GDDYGoDaddy Inc.Software - Infrastructure | 33% | $1.7B | $5.1B |
| Software - Infrastructure — converts 33% of revenue to free cash ($1.7B on $5.1B in sales), against a Technology median of 22%. | ||||
| 19 | CPAYCorpay, Inc.Software - Infrastructure | 33% | $1.6B | $5.0B |
| Software - Infrastructure — converts 33% of revenue to free cash ($1.6B on $5.0B in sales), against a Technology median of 22%. | ||||
| 20 | ROPRoper Technologies, Inc.Software - Application | 32% | $2.6B | $8.3B |
| Software - Application — converts 32% of revenue to free cash ($2.6B on $8.3B in sales), against a Technology median of 22%. | ||||
| 21 | PTCPTC Inc.Software - Application | 32% | $935M | $3.0B |
| Software - Application — converts 32% of revenue to free cash ($935M on $3.0B in sales), against a Technology median of 22%. | ||||
| 22 | NOWServiceNow, Inc.Software - Application | 31% | $4.6B | $14.7B |
| Software - Application — converts 31% of revenue to free cash ($4.6B on $14.7B in sales), against a Technology median of 22%. | ||||
| 23 | AAPLApple Inc.Consumer Electronics | 31% | $143.5B | $466.8B |
| Consumer Electronics — converts 31% of revenue to free cash ($143.5B on $466.8B in sales), against a Technology median of 22%. | ||||
| 24 | GENGen Digital Inc.Software - Infrastructure | 30% | $1.5B | $5.1B |
| Software - Infrastructure — converts 30% of revenue to free cash ($1.5B on $5.1B in sales), against a Technology median of 22%. | ||||
| 25 | SNPSSynopsys, Inc.Software - Infrastructure | 30% | $2.8B | $9.4B |
| Software - Infrastructure — converts 30% of revenue to free cash ($2.8B on $9.4B in sales), against a Technology median of 22%. | ||||