Most Durable Businesses, by Sector

Which companies are built to take a punch — graded against their true peers

Updated June 25, 2026

Most screens reward what a business did lately — fast growth, a rising price. Durability asks something different: can it take a hard year and keep standing? It’s a financial-statement property, not a price one, built from three things measured over the last five years — margin durability (margins that are both high and steady, not thin or swinging), cash generation (free cash flow that shows up year after year, not just in the good years), and a fortress balance sheet (cash against debt). The three combine into one 0–100 score.

Crucially, it’s graded within each sector. A regulated utility and an asset-light software company are durable in completely different ways, so a single all-market ranking would just float the software names to the top and bury the best-run utility. Here every company is scored against its true peers — which is why a utility can read a 79 even while it looks ordinary on an all-market basis. Each row shows the three components behind the score, plus how the stock has actually traded (1-month and 1-year). High durability historically meant a much shallower worst-case drawdown — it’s a measure of resilience, not of return.

Materialstop 20 of 26

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	CTVACortevaAgricultural Inputs	89	95	71	100	+3.2%	+11.4%
	Margin durability 95 · cash generation 71 · balance sheet 100 — 5/5 years of positive free cash flow.
2	CFCF IndustriesAgricultural Inputs	78	81	71	81	−11.5%	+11.4%
	Margin durability 81 · cash generation 71 · balance sheet 81 — 5/5 years of positive free cash flow.
3	PPGPPG IndustriesChemicals - Specialty	73	86	71	62	+11.7%	+7.5%
	Margin durability 86 · cash generation 71 · balance sheet 62 — 5/5 years of positive free cash flow.
4	CRHCRH plcConstruction Materials	67	76	71	52	+10.7%	+23.5%
	Margin durability 76 · cash generation 71 · balance sheet 52 — 5/5 years of positive free cash flow.
5	FCXFreeport-McMoRanCopper	67	52	71	76	−2.4%	+49.5%
	Margin durability 52 · cash generation 71 · balance sheet 76 — 5/5 years of positive free cash flow.
6	SHWSherwin-WilliamsChemicals - Specialty	67	100	71	29	+8.9%	−1.9%
	Margin durability 100 · cash generation 71 · balance sheet 29 — 5/5 years of positive free cash flow.
7	ECLEcolabChemicals - Specialty	65	90	71	33	+10.6%	+5.4%
	Margin durability 90 · cash generation 71 · balance sheet 33 — 5/5 years of positive free cash flow.
8	NEMNewmontGold	62	19	71	95	−14.6%	+64.1%
	Margin durability 19 · cash generation 71 · balance sheet 95 — 5/5 years of positive free cash flow.
9	DDDuPontChemicals - Specialty	51	67	29	57	−3.6%	+61.5%
	Margin durability 67 · cash generation 29 · balance sheet 57 — 4/5 years of positive free cash flow.
10	LINLinde plcChemicals - Specialty	51	62	71	19	+1.4%	+12.8%
	Margin durability 62 · cash generation 71 · balance sheet 19 — 5/5 years of positive free cash flow.
11	NUENucorSteel	51	33	29	90	+3.6%	+94.1%
	Margin durability 33 · cash generation 29 · balance sheet 90 — 4/5 years of positive free cash flow.
12	STLDSteel DynamicsSteel	51	38	29	86	+0.2%	+95.8%
	Margin durability 38 · cash generation 29 · balance sheet 86 — 4/5 years of positive free cash flow.
13	AVYAvery DennisonPackaging & Containers	46	43	59	35	+3.0%	−8.1%
	Margin durability 43 · cash generation 59 · balance sheet 35 — 5/5 years of positive free cash flow.
14	IFFInternational Flavors & FragrancesChemicals - Specialty	46	71	29	38	−1.0%	+0.5%
	Margin durability 71 · cash generation 29 · balance sheet 38 — 4/5 years of positive free cash flow.
15	VMCVulcan Materials CompanyConstruction Materials	46	43	71	24	+16.4%	+18.3%
	Margin durability 43 · cash generation 71 · balance sheet 24 — 5/5 years of positive free cash flow.
16	LYBLyondellBasellChemicals	44	14	71	48	−19.1%	−4.3%
	Margin durability 14 · cash generation 71 · balance sheet 48 — 5/5 years of positive free cash flow.
17	MLMMartin Marietta MaterialsConstruction Materials	43	48	71	10	+12.1%	+13.9%
	Margin durability 48 · cash generation 71 · balance sheet 10 — 5/5 years of positive free cash flow.
18	PKGPackaging Corporation of AmericaPackaging & Containers	41	26	59	39	+10.4%	+27.3%
	Margin durability 26 · cash generation 59 · balance sheet 39 — 5/5 years of positive free cash flow.
19	SWSmurfit WestrockPackaging & Containers	35	19	59	26	+19.5%	+7.7%
	Margin durability 19 · cash generation 59 · balance sheet 26 — 5/5 years of positive free cash flow.
20	MOSMosaic Company (The)Agricultural Inputs	33	29	29	43	−3.9%	−38.9%
	Margin durability 29 · cash generation 29 · balance sheet 43 — 4/5 years of positive free cash flow.

Information Technologytop 20 of 77

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	ARMArm HoldingsSemiconductors	86	100	58	99	+8.2%	+122.3%
	Margin durability 100 · cash generation 58 · balance sheet 99 — 5/5 years of positive free cash flow.
2	FFIVF5, Inc.Software - Infrastructure	83	94	58	97	−2.8%	+30.5%
	Margin durability 94 · cash generation 58 · balance sheet 97 — 5/5 years of positive free cash flow.
3	PLTRPalantir TechnologiesSoftware - Infrastructure	81	91	58	95	−21.5%	−25.1%
	Margin durability 91 · cash generation 58 · balance sheet 95 — 5/5 years of positive free cash flow.
4	CRWDCrowdStrikeSoftware - Infrastructure	80	81	58	100	+1.1%	+39.8%
	Margin durability 81 · cash generation 58 · balance sheet 100 — 5/5 years of positive free cash flow.
5	CDNSCadence Design SystemsSoftware - Application	79	97	58	83	−3.5%	+24.1%
	Margin durability 97 · cash generation 58 · balance sheet 83 — 5/5 years of positive free cash flow.
6	ZSZscalerSoftware - Infrastructure	79	86	58	92	−32.9%	−59.9%
	Margin durability 86 · cash generation 58 · balance sheet 92 — 5/5 years of positive free cash flow.
7	FTNTFortinetSoftware - Infrastructure	77	83	58	90	+11.9%	+43.6%
	Margin durability 83 · cash generation 58 · balance sheet 90 — 5/5 years of positive free cash flow.
8	NOWServiceNowSoftware - Application	76	87	58	84	−10.4%	−55.1%
	Margin durability 87 · cash generation 58 · balance sheet 84 — 5/5 years of positive free cash flow.
9	ADBEAdobe Inc.Software - Application	75	98	58	70	−19.6%	−49.4%
	Margin durability 98 · cash generation 58 · balance sheet 70 — 5/5 years of positive free cash flow.
10	ADSKAutodeskSoftware - Application	75	99	58	69	−20.4%	−37.6%
	Margin durability 99 · cash generation 58 · balance sheet 69 — 5/5 years of positive free cash flow.
11	PANWPalo Alto NetworksSoftware - Infrastructure	74	74	58	91	+14.2%	+45.3%
	Margin durability 74 · cash generation 58 · balance sheet 91 — 5/5 years of positive free cash flow.
12	ANETArista NetworksComputer Hardware	70	64	58	88	+4.7%	+74.2%
	Margin durability 64 · cash generation 58 · balance sheet 88 — 5/5 years of positive free cash flow.
13	ITGartnerConsulting Services	70	99	56	55	−19.8%	−68.4%
	Margin durability 99 · cash generation 56 · balance sheet 55 — 5/5 years of positive free cash flow.
14	INTUIntuitSoftware - Application	69	92	58	57	−16.2%	−66.4%
	Margin durability 92 · cash generation 58 · balance sheet 57 — 5/5 years of positive free cash flow.
15	MPWRMonolithic Power SystemsSemiconductors	69	50	58	98	−13.5%	+100.7%
	Margin durability 50 · cash generation 58 · balance sheet 98 — 5/5 years of positive free cash flow.
16	MSFTMicrosoftSoftware - Infrastructure	66	72	58	67	−15.2%	−28.0%
	Margin durability 72 · cash generation 58 · balance sheet 67 — 5/5 years of positive free cash flow.
17	ASMLASML HoldingSemiconductors	66	45	58	94	+12.8%	+126.4%
	Margin durability 45 · cash generation 58 · balance sheet 94 — 5/5 years of positive free cash flow.
18	NVDANvidiaSemiconductors	65	63	58	73	−8.9%	+32.3%
	Margin durability 63 · cash generation 58 · balance sheet 73 — 5/5 years of positive free cash flow.
19	CRMSalesforceSoftware - Application	64	80	58	55	−16.1%	−44.6%
	Margin durability 80 · cash generation 58 · balance sheet 55 — 5/5 years of positive free cash flow.
20	DDOGDatadogSoftware - Application	64	90	58	43	−1.2%	+68.9%
	Margin durability 90 · cash generation 58 · balance sheet 43 — 5/5 years of positive free cash flow.

Consumer Discretionarytop 20 of 48

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	ABNBAirbnbTravel Services	85	96	59	98	+6.9%	+7.4%
	Margin durability 96 · cash generation 59 · balance sheet 98 — 5/5 years of positive free cash flow.
2	PDDPDD HoldingsSoftware - Services	83	89	59	100	−24.2%	−31.6%
	Margin durability 89 · cash generation 59 · balance sheet 100 — 5/5 years of positive free cash flow.
3	LULULululemon AthleticaApparel - Retail	80	85	59	94	−12.0%	−51.9%
	Margin durability 85 · cash generation 59 · balance sheet 94 — 5/5 years of positive free cash flow.
4	EXPEExpedia GroupTravel Services	79	98	59	80	+12.5%	+48.3%
	Margin durability 98 · cash generation 59 · balance sheet 80 — 5/5 years of positive free cash flow.
5	DECKDeckers BrandsApparel - Footwear & Accessories	78	78	59	96	−7.9%	+0.4%
	Margin durability 78 · cash generation 59 · balance sheet 96 — 5/5 years of positive free cash flow.
6	RLRalph Lauren CorporationApparel - Manufacturers	78	91	59	83	+7.4%	+49.8%
	Margin durability 91 · cash generation 59 · balance sheet 83 — 5/5 years of positive free cash flow.
7	BKNGBooking HoldingsTravel Services	76	100	59	69	+8.4%	−19.3%
	Margin durability 100 · cash generation 59 · balance sheet 69 — 5/5 years of positive free cash flow.
8	WSMWilliams-Sonoma, Inc.Specialty Retail	72	65	59	91	+21.0%	+52.1%
	Margin durability 65 · cash generation 59 · balance sheet 91 — 5/5 years of positive free cash flow.
9	TPRTapestry, Inc.Luxury Goods	70	93	59	57	+3.8%	+67.3%
	Margin durability 93 · cash generation 59 · balance sheet 57 — 5/5 years of positive free cash flow.
10	GRMNGarminHardware, Equipment & Parts	69	57	58	93	−1.3%	+14.8%
	Margin durability 57 · cash generation 58 · balance sheet 93 — 5/5 years of positive free cash flow.
11	DASHDoorDashInternet Content & Information	67	50	59	91	+14.9%	−25.1%
	Margin durability 50 · cash generation 59 · balance sheet 91 — 5/5 years of positive free cash flow.
12	NKENike, Inc.Apparel - Footwear & Accessories	67	69	59	72	−9.0%	−33.4%
	Margin durability 69 · cash generation 59 · balance sheet 72 — 5/5 years of positive free cash flow.
13	ULTAUlta BeautySpecialty Retail	65	61	59	76	−5.9%	+4.5%
	Margin durability 61 · cash generation 59 · balance sheet 76 — 5/5 years of positive free cash flow.
14	POOLPool CorporationIndustrial - Distribution	64	50	56	85	+13.7%	−31.0%
	Margin durability 50 · cash generation 56 · balance sheet 85 — 5/5 years of positive free cash flow.
15	ROSTRoss StoresApparel - Retail	64	41	59	93	−8.3%	+67.6%
	Margin durability 41 · cash generation 59 · balance sheet 93 — 5/5 years of positive free cash flow.
16	ORLYO’Reilly AutomotiveSpecialty Retail	62	80	59	48	−3.3%	−2.6%
	Margin durability 80 · cash generation 59 · balance sheet 48 — 5/5 years of positive free cash flow.
17	TJXTJX CompaniesApparel - Retail	62	46	59	81	−2.3%	+24.7%
	Margin durability 46 · cash generation 59 · balance sheet 81 — 5/5 years of positive free cash flow.
18	MELIMercadoLibreSpecialty Retail	62	70	59	56	−1.7%	−36.0%
	Margin durability 70 · cash generation 59 · balance sheet 56 — 5/5 years of positive free cash flow.
19	EBAYeBay Inc.Specialty Retail	60	94	59	28	−6.3%	+45.3%
	Margin durability 94 · cash generation 59 · balance sheet 28 — 5/5 years of positive free cash flow.
20	NVRNVR, Inc.Residential Construction	60	33	59	89	+13.0%	−6.4%
	Margin durability 33 · cash generation 59 · balance sheet 89 — 5/5 years of positive free cash flow.

Health Caretop 20 of 61

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	INCYIncyteBiotechnology	85	100	57	98	+10.7%	+55.8%
	Margin durability 100 · cash generation 57 · balance sheet 98 — 5/5 years of positive free cash flow.
2	EWEdwards LifesciencesMedical - Devices	81	92	57	95	+3.7%	+16.6%
	Margin durability 92 · cash generation 57 · balance sheet 95 — 5/5 years of positive free cash flow.
3	REGNRegeneron PharmaceuticalsBiotechnology	79	95	57	84	−2.3%	+18.7%
	Margin durability 95 · cash generation 57 · balance sheet 84 — 5/5 years of positive free cash flow.
4	VEEVVeeva SystemsMedical - Healthcare Information Services	79	84	57	97	−0.3%	−43.9%
	Margin durability 84 · cash generation 57 · balance sheet 97 — 5/5 years of positive free cash flow.
5	ALGNAlign TechnologyMedical - Devices	76	80	57	90	+7.4%	−5.8%
	Margin durability 80 · cash generation 57 · balance sheet 90 — 5/5 years of positive free cash flow.
6	ISRGIntuitive SurgicalMedical - Devices	75	75	57	93	−8.5%	−23.6%
	Margin durability 75 · cash generation 57 · balance sheet 93 — 5/5 years of positive free cash flow.
7	UHSUniversal Health ServicesMedical - Care Facilities	69	98	57	51	−7.8%	−17.5%
	Margin durability 98 · cash generation 57 · balance sheet 51 — 5/5 years of positive free cash flow.
8	VRTXVertex PharmaceuticalsBiotechnology	66	97	11	92	+10.2%	+6.6%
	Margin durability 97 · cash generation 11 · balance sheet 92 — 4/5 years of positive free cash flow.
9	TECHBio-TechneBiotechnology	65	74	57	64	+47.4%	+41.4%
	Margin durability 74 · cash generation 57 · balance sheet 64 — 5/5 years of positive free cash flow.
10	DXCMDexcomMedical - Devices	64	61	57	74	−4.7%	−21.6%
	Margin durability 61 · cash generation 57 · balance sheet 74 — 5/5 years of positive free cash flow.
11	RMDResMedMedical - Devices	64	51	57	85	−4.5%	−22.4%
	Margin durability 51 · cash generation 57 · balance sheet 85 — 5/5 years of positive free cash flow.
12	BIIBBiogenDrug Manufacturers - General	63	85	57	46	+4.6%	+59.9%
	Margin durability 85 · cash generation 57 · balance sheet 46 — 5/5 years of positive free cash flow.
13	JNJJohnson & JohnsonDrug Manufacturers - General	62	79	57	49	+6.4%	+60.9%
	Margin durability 79 · cash generation 57 · balance sheet 49 — 5/5 years of positive free cash flow.
14	ALNYAlnylam PharmaceuticalsBiotechnology	62	93	4	89	−0.8%	−9.8%
	Margin durability 93 · cash generation 4 · balance sheet 89 — 2/5 years of positive free cash flow.
15	MRKMerck & Co.Drug Manufacturers - General	59	82	57	38	+4.8%	+56.2%
	Margin durability 82 · cash generation 57 · balance sheet 38 — 5/5 years of positive free cash flow.
16	GILDGilead SciencesDrug Manufacturers - General	58	89	57	30	−7.4%	+15.5%
	Margin durability 89 · cash generation 57 · balance sheet 30 — 5/5 years of positive free cash flow.
17	IDXXIdexx LaboratoriesMedical - Diagnostics & Research	58	56	57	61	−0.4%	+4.6%
	Margin durability 56 · cash generation 57 · balance sheet 61 — 5/5 years of positive free cash flow.
18	WSTWest Pharmaceutical ServicesMedical - Instruments & Supplies	58	30	57	87	+9.6%	+55.6%
	Margin durability 30 · cash generation 57 · balance sheet 87 — 5/5 years of positive free cash flow.
19	ABTAbbott LaboratoriesMedical - Devices	55	43	57	66	+7.6%	−32.5%
	Margin durability 43 · cash generation 57 · balance sheet 66 — 5/5 years of positive free cash flow.
20	WATWaters CorporationMedical - Diagnostics & Research	55	54	57	54	+11.3%	+8.7%
	Margin durability 54 · cash generation 57 · balance sheet 54 — 5/5 years of positive free cash flow.

Energytop 20 of 21

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	TPLTexas Pacific Land CorporationOil & Gas Exploration & Production	85	100	59	95	−2.3%	+10.7%
	Margin durability 100 · cash generation 59 · balance sheet 95 — 5/5 years of positive free cash flow.
2	EOGEOG ResourcesOil & Gas Exploration & Production	73	95	59	64	−1.9%	+10.7%
	Margin durability 95 · cash generation 59 · balance sheet 64 — 5/5 years of positive free cash flow.
3	CVXChevron CorporationOil & Gas Integrated	65	64	59	73	−6.8%	+20.0%
	Margin durability 64 · cash generation 59 · balance sheet 73 — 5/5 years of positive free cash flow.
4	BKRBaker HughesOil & Gas Equipment & Services	64	50	59	82	−14.7%	+50.0%
	Margin durability 50 · cash generation 59 · balance sheet 82 — 5/5 years of positive free cash flow.
5	XOMExxonMobilOil & Gas Integrated	64	45	59	86	−8.2%	+27.0%
	Margin durability 45 · cash generation 59 · balance sheet 86 — 5/5 years of positive free cash flow.
6	APAAPA CorporationOil & Gas Exploration & Production	59	82	59	36	−10.9%	+83.8%
	Margin durability 82 · cash generation 59 · balance sheet 36 — 5/5 years of positive free cash flow.
7	EXEExpand EnergyOil & Gas Exploration & Production	58	68	59	45	−6.5%	−27.8%
	Margin durability 68 · cash generation 59 · balance sheet 45 — 5/5 years of positive free cash flow.
8	COPConocoPhillipsOil & Gas Exploration & Production	56	59	59	50	−8.7%	+19.0%
	Margin durability 59 · cash generation 59 · balance sheet 50 — 5/5 years of positive free cash flow.
9	OXYOccidental PetroleumOil & Gas Exploration & Production	53	73	59	27	−10.9%	+20.6%
	Margin durability 73 · cash generation 59 · balance sheet 27 — 5/5 years of positive free cash flow.
10	SLBSchlumbergerOil & Gas Equipment & Services	52	41	59	55	−18.2%	+41.6%
	Margin durability 41 · cash generation 59 · balance sheet 55 — 5/5 years of positive free cash flow.
11	VLOValero EnergyOil & Gas Refining & Marketing	52	7	59	91	+5.6%	+87.8%
	Margin durability 7 · cash generation 59 · balance sheet 91 — 5/5 years of positive free cash flow.
12	WMBWilliams CompaniesOil & Gas Midstream	52	91	59	7	+1.6%	+26.8%
	Margin durability 91 · cash generation 59 · balance sheet 7 — 5/5 years of positive free cash flow.
13	HALHalliburtonOil & Gas Equipment & Services	48	27	59	59	−15.6%	+66.8%
	Margin durability 27 · cash generation 59 · balance sheet 59 — 5/5 years of positive free cash flow.
14	KMIKinder MorganOil & Gas Midstream	48	77	59	7	+0.4%	+15.7%
	Margin durability 77 · cash generation 59 · balance sheet 7 — 5/5 years of positive free cash flow.
15	PSXPhillips 66Oil & Gas Refining & Marketing	48	7	59	77	−1.2%	+43.8%
	Margin durability 7 · cash generation 59 · balance sheet 77 — 5/5 years of positive free cash flow.
16	MPCMarathon PetroleumOil & Gas Refining & Marketing	47	14	59	68	+2.2%	+53.4%
	Margin durability 14 · cash generation 59 · balance sheet 68 — 5/5 years of positive free cash flow.
17	EQTEQT CorporationOil & Gas Exploration & Production	42	36	59	32	−8.1%	−14.4%
	Margin durability 36 · cash generation 59 · balance sheet 32 — 5/5 years of positive free cash flow.
18	FANGDiamondback EnergyOil & Gas Exploration & Production	40	86	11	23	−6.4%	+31.0%
	Margin durability 86 · cash generation 11 · balance sheet 23 — 4/5 years of positive free cash flow.
19	DVNDevon EnergyOil & Gas Exploration & Production	36	55	11	41	−5.6%	+31.7%
	Margin durability 55 · cash generation 11 · balance sheet 41 — 4/5 years of positive free cash flow.
20	OKEOneokOil & Gas Midstream	36	32	59	18	−1.0%	+11.1%
	Margin durability 32 · cash generation 59 · balance sheet 18 — 5/5 years of positive free cash flow.

Communication Servicestop 19 of 19

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	TTDTrade Desk (The)Advertising Agencies	85	95	59	100	−21.9%	−75.9%
	Margin durability 95 · cash generation 59 · balance sheet 100 — 5/5 years of positive free cash flow.
2	NWSANews Corp (Class A)Entertainment	81	100	59	84	−4.5%	−14.4%
	Margin durability 100 · cash generation 59 · balance sheet 84 — 5/5 years of positive free cash flow.
3	EAElectronic ArtsElectronic Gaming & Multimedia	80	86	59	95	+1.8%	+29.6%
	Margin durability 86 · cash generation 59 · balance sheet 95 — 5/5 years of positive free cash flow.
4	METAMeta PlatformsInternet Content & Information	70	91	59	59	−11.3%	−23.8%
	Margin durability 91 · cash generation 59 · balance sheet 59 — 5/5 years of positive free cash flow.
5	FOXAFox Corporation (Class A)Entertainment	67	75	59	66	−24.8%	−12.6%
	Margin durability 75 · cash generation 59 · balance sheet 66 — 5/5 years of positive free cash flow.
6	GOOGLAlphabet Inc. (Class A)Internet Content & Information	67	66	59	75	−11.6%	+106.1%
	Margin durability 66 · cash generation 59 · balance sheet 75 — 5/5 years of positive free cash flow.
7	CMCSAComcastTelecommunications Services	55	82	59	23	−9.8%	−35.6%
	Margin durability 82 · cash generation 59 · balance sheet 23 — 5/5 years of positive free cash flow.
8	TKOTKO Group HoldingsEntertainment	44	41	59	32	+8.4%	+15.2%
	Margin durability 41 · cash generation 59 · balance sheet 32 — 5/5 years of positive free cash flow.
9	LYVLive Nation EntertainmentEntertainment	39	9	59	50	+5.2%	+18.5%
	Margin durability 9 · cash generation 59 · balance sheet 50 — 5/5 years of positive free cash flow.
10	DISWalt Disney Company (The)Entertainment	38	18	59	36	−5.1%	−17.4%
	Margin durability 18 · cash generation 59 · balance sheet 36 — 5/5 years of positive free cash flow.
11	VZVerizonTelecommunications Services	38	45	59	9	−5.0%	+8.1%
	Margin durability 45 · cash generation 59 · balance sheet 9 — 5/5 years of positive free cash flow.
12	OMCOmnicom GroupAdvertising Agencies	35	5	59	41	−1.3%	+1.3%
	Margin durability 5 · cash generation 59 · balance sheet 41 — 5/5 years of positive free cash flow.
13	TAT&TTelecommunications Services	33	32	59	9	−10.4%	−20.7%
	Margin durability 32 · cash generation 59 · balance sheet 9 — 5/5 years of positive free cash flow.
14	WBDWarner Bros. DiscoveryEntertainment	33	14	59	27	−0.1%	+147.5%
	Margin durability 14 · cash generation 59 · balance sheet 27 — 5/5 years of positive free cash flow.
15	NFLXNetflixEntertainment	32	27	14	55	−19.1%	−44.6%
	Margin durability 27 · cash generation 14 · balance sheet 55 — 4/5 years of positive free cash flow.
16	CHTRCharter CommunicationsTelecommunications Services	30	23	59	9	−10.0%	−67.9%
	Margin durability 23 · cash generation 59 · balance sheet 9 — 5/5 years of positive free cash flow.
17	TMUST-Mobile USTelecommunications Services	29	59	9	18	−5.0%	−21.0%
	Margin durability 59 · cash generation 9 · balance sheet 18 — 3/5 years of positive free cash flow.
18	TTWOTake-Two InteractiveElectronic Gaming & Multimedia	29	36	5	45	+8.2%	−1.8%
	Margin durability 36 · cash generation 5 · balance sheet 45 — 2/5 years of positive free cash flow.
19	SATSEchoStarCommunication Equipment	8	14	4	7	−21.5%	+282.8%
	Margin durability 14 · cash generation 4 · balance sheet 7 — 2/5 years of positive free cash flow.

Financialstop 20 of 75

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	IBKRInteractive BrokersInvestment - Banking & Investment Services	82	93	61	92	+11.2%	+78.5%
	Margin durability 93 · cash generation 61 · balance sheet 92 — 5/5 years of positive free cash flow.
2	APOApollo Global ManagementAsset Management	81	99	61	85	−6.5%	−13.2%
	Margin durability 99 · cash generation 61 · balance sheet 85 — 5/5 years of positive free cash flow.
3	SCHWCharles Schwab CorporationFinancial - Capital Markets	81	87	61	94	+0.0%	+0.1%
	Margin durability 87 · cash generation 61 · balance sheet 94 — 5/5 years of positive free cash flow.
4	CMECME GroupFinancial - Data & Stock Exchanges	80	96	61	83	−20.4%	−17.1%
	Margin durability 96 · cash generation 61 · balance sheet 83 — 5/5 years of positive free cash flow.
5	RFRegions Financial CorporationBanks - Regional	80	85	61	96	+6.1%	+31.0%
	Margin durability 85 · cash generation 61 · balance sheet 96 — 5/5 years of positive free cash flow.
6	MTBM&T BankBanks - Regional	77	80	61	90	+10.0%	+24.5%
	Margin durability 80 · cash generation 61 · balance sheet 90 — 5/5 years of positive free cash flow.
7	CFGCitizens Financial GroupBanks - Regional	71	72	61	80	+11.0%	+64.6%
	Margin durability 72 · cash generation 61 · balance sheet 80 — 5/5 years of positive free cash flow.
8	AXPAmerican ExpressFinancial - Credit Services	69	90	61	58	+9.6%	+11.0%
	Margin durability 90 · cash generation 61 · balance sheet 58 — 5/5 years of positive free cash flow.
9	VVisa Inc.Financial - Credit Services	69	89	61	56	+1.2%	−6.0%
	Margin durability 89 · cash generation 61 · balance sheet 56 — 5/5 years of positive free cash flow.
10	TROWT. Rowe PriceAsset Management	68	56	61	87	+2.4%	+11.8%
	Margin durability 56 · cash generation 61 · balance sheet 87 — 5/5 years of positive free cash flow.
11	AMPAmeriprise FinancialInvestment - Banking & Investment Services	67	55	61	86	−0.5%	−13.1%
	Margin durability 55 · cash generation 61 · balance sheet 86 — 5/5 years of positive free cash flow.
12	RJFRaymond James FinancialFinancial - Capital Markets	66	97	13	89	−1.1%	−0.2%
	Margin durability 97 · cash generation 13 · balance sheet 89 — 3/5 years of positive free cash flow.
13	AIZAssurantInsurance - Specialty	65	65	61	69	+1.9%	+31.7%
	Margin durability 65 · cash generation 61 · balance sheet 69 — 5/5 years of positive free cash flow.
14	COINCoinbaseFinancial - Data & Stock Exchanges	65	83	18	93	−20.8%	−58.7%
	Margin durability 83 · cash generation 18 · balance sheet 93 — 4/5 years of positive free cash flow.
15	MAMastercardFinancial - Credit Services	65	86	61	49	−0.8%	−12.3%
	Margin durability 86 · cash generation 61 · balance sheet 49 — 5/5 years of positive free cash flow.
16	BXBlackstone Inc.Asset Management	64	100	61	32	−3.3%	−20.7%
	Margin durability 100 · cash generation 61 · balance sheet 32 — 5/5 years of positive free cash flow.
17	CBOECboe Global MarketsFinancial - Data & Stock Exchanges	62	44	61	82	−30.9%	+6.9%
	Margin durability 44 · cash generation 61 · balance sheet 82 — 5/5 years of positive free cash flow.
18	COFCapital OneFinancial - Credit Services	61	42	61	79	+9.9%	−0.7%
	Margin durability 42 · cash generation 61 · balance sheet 79 — 5/5 years of positive free cash flow.
19	CPAYCorpaySoftware - Infrastructure	61	79	58	47	−6.8%	−1.1%
	Margin durability 79 · cash generation 58 · balance sheet 47 — 5/5 years of positive free cash flow.
20	BENFranklin ResourcesAsset Management	59	92	61	24	+3.1%	+40.6%
	Margin durability 92 · cash generation 61 · balance sheet 24 — 5/5 years of positive free cash flow.

Industrialstop 20 of 79

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	SNASnap-onManufacturing - Tools & Accessories	81	91	56	96	+7.8%	+30.0%
	Margin durability 91 · cash generation 56 · balance sheet 96 — 5/5 years of positive free cash flow.
2	CPRTCopartSpecialty Business Services	79	81	56	100	−9.6%	−38.2%
	Margin durability 81 · cash generation 56 · balance sheet 100 — 5/5 years of positive free cash flow.
3	FASTFastenalIndustrial - Distribution	77	84	56	92	+5.6%	+13.0%
	Margin durability 84 · cash generation 56 · balance sheet 92 — 5/5 years of positive free cash flow.
4	VLTOVeraltoIndustrial - Pollution & Treatment Controls	76	95	56	77	+2.3%	−12.3%
	Margin durability 95 · cash generation 56 · balance sheet 77 — 5/5 years of positive free cash flow.
5	AOSA. O. SmithIndustrial - Machinery	71	68	56	89	+4.8%	−5.9%
	Margin durability 68 · cash generation 56 · balance sheet 89 — 5/5 years of positive free cash flow.
6	GEVGE VernovaRenewable Utilities	71	19	95	100	+1.4%	+112.5%
	Margin durability 19 · cash generation 95 · balance sheet 100 — 3/5 years of positive free cash flow.
7	XYLXylem Inc.Industrial - Machinery	70	70	56	84	+5.3%	−8.0%
	Margin durability 70 · cash generation 56 · balance sheet 84 — 5/5 years of positive free cash flow.
8	AXONAxon EnterpriseAerospace & Defense	69	97	56	54	+15.4%	−44.0%
	Margin durability 97 · cash generation 56 · balance sheet 54 — 5/5 years of positive free cash flow.
9	CTASCintasSpecialty Business Services	68	86	56	62	−1.2%	−24.2%
	Margin durability 86 · cash generation 56 · balance sheet 62 — 5/5 years of positive free cash flow.
10	GWWW. W. GraingerIndustrial - Distribution	68	72	56	76	+10.1%	+32.0%
	Margin durability 72 · cash generation 56 · balance sheet 76 — 5/5 years of positive free cash flow.
11	ODFLOld DominionTrucking	68	57	56	91	+1.6%	+35.9%
	Margin durability 57 · cash generation 56 · balance sheet 91 — 5/5 years of positive free cash flow.
12	ADPAutomatic Data ProcessingStaffing & Employment Services	65	88	56	51	−0.9%	−30.5%
	Margin durability 88 · cash generation 56 · balance sheet 51 — 5/5 years of positive free cash flow.
13	ROLRollins, Inc.Personal Products & Services	62	76	59	52	−19.5%	−25.6%
	Margin durability 76 · cash generation 59 · balance sheet 52 — 5/5 years of positive free cash flow.
14	DOVDover CorporationIndustrial - Machinery	61	69	56	59	+7.1%	+28.2%
	Margin durability 69 · cash generation 56 · balance sheet 59 — 5/5 years of positive free cash flow.
15	TTTrane TechnologiesIndustrial - Machinery	61	53	56	73	+9.1%	+17.4%
	Margin durability 53 · cash generation 56 · balance sheet 73 — 5/5 years of positive free cash flow.
16	IEXIDEX CorporationIndustrial - Machinery	60	85	56	38	+8.0%	+30.4%
	Margin durability 85 · cash generation 56 · balance sheet 38 — 5/5 years of positive free cash flow.
17	MMM3MConglomerates	60	74	56	49	+9.1%	+12.1%
	Margin durability 74 · cash generation 56 · balance sheet 49 — 5/5 years of positive free cash flow.
18	RSGRepublic ServicesWaste Management	60	36	56	86	+3.8%	−12.5%
	Margin durability 36 · cash generation 56 · balance sheet 86 — 5/5 years of positive free cash flow.
19	AMEAmetekElectrical Equipment & Parts	58	62	56	57	+5.0%	+34.4%
	Margin durability 62 · cash generation 56 · balance sheet 57 — 5/5 years of positive free cash flow.
20	PCARPaccarIndustrial - Machinery	58	19	56	99	+8.6%	+29.4%
	Margin durability 19 · cash generation 56 · balance sheet 99 — 5/5 years of positive free cash flow.

Utilitiestop 20 of 31

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	DUKDuke EnergyRegulated Electric	79	75	67	94	+1.7%	+8.7%
	Margin durability 75 · cash generation 67 · balance sheet 94 — 1/5 years of positive free cash flow.
2	NEENextEra EnergyRegulated Electric	78	94	95	45	+0.1%	+24.7%
	Margin durability 94 · cash generation 95 · balance sheet 45 — 3/5 years of positive free cash flow.
3	EDConsolidated EdisonRegulated Electric	71	100	67	45	+2.5%	+13.0%
	Margin durability 100 · cash generation 67 · balance sheet 45 — 1/5 years of positive free cash flow.
4	FEFirstEnergyRegulated Electric	70	97	67	45	+2.9%	+18.5%
	Margin durability 97 · cash generation 67 · balance sheet 45 — 1/5 years of positive free cash flow.
5	ATOAtmos EnergyRegulated Gas	66	84	67	45	−2.3%	+11.0%
	Margin durability 84 · cash generation 67 · balance sheet 45 — 1/5 years of positive free cash flow.
6	NRGNRG EnergyIndependent Power Producers	66	12	95	91	+4.8%	−4.3%
	Margin durability 12 · cash generation 95 · balance sheet 91 — 3/5 years of positive free cash flow.
7	WECWEC Energy GroupRegulated Electric	65	66	84	45	+3.6%	+11.1%
	Margin durability 66 · cash generation 84 · balance sheet 45 — 2/5 years of positive free cash flow.
8	PPLPPL CorporationRegulated Electric	61	72	67	45	+2.4%	+8.2%
	Margin durability 72 · cash generation 67 · balance sheet 45 — 1/5 years of positive free cash flow.
9	CEGConstellation EnergyRenewable Utilities	56	3	67	97	−10.9%	−16.2%
	Margin durability 3 · cash generation 67 · balance sheet 97 — 1/5 years of positive free cash flow.
10	SOSouthern CompanyRegulated Electric	56	56	67	45	+1.9%	+5.5%
	Margin durability 56 · cash generation 67 · balance sheet 45 — 1/5 years of positive free cash flow.
11	AWKAmerican Water WorksRegulated Water	55	91	28	45	+5.0%	−8.6%
	Margin durability 91 · cash generation 28 · balance sheet 45 — 0/5 years of positive free cash flow.
12	AEPAmerican Electric PowerRegulated Electric	54	31	84	45	+4.7%	+32.6%
	Margin durability 31 · cash generation 84 · balance sheet 45 — 2/5 years of positive free cash flow.
13	DDominion EnergyRegulated Electric	54	88	28	45	+3.3%	+24.2%
	Margin durability 88 · cash generation 28 · balance sheet 45 — 0/5 years of positive free cash flow.
14	LNTAlliant EnergyRegulated Electric	52	81	28	45	+3.4%	+24.6%
	Margin durability 81 · cash generation 28 · balance sheet 45 — 0/5 years of positive free cash flow.
15	PEGPublic Service Enterprise GroupRegulated Electric	52	25	84	45	+3.2%	−0.6%
	Margin durability 25 · cash generation 84 · balance sheet 45 — 2/5 years of positive free cash flow.
16	NINiSourceRegulated Gas	51	78	28	45	+0.0%	+18.0%
	Margin durability 78 · cash generation 28 · balance sheet 45 — 0/5 years of positive free cash flow.
17	XELXcel EnergyRegulated Electric	50	38	67	45	+1.2%	+19.8%
	Margin durability 38 · cash generation 67 · balance sheet 45 — 1/5 years of positive free cash flow.
18	VSTVistra Corp.Independent Power Producers	49	6	95	45	+2.0%	−9.9%
	Margin durability 6 · cash generation 95 · balance sheet 45 — 3/5 years of positive free cash flow.
19	AEEAmerenRegulated Electric	47	69	28	45	+3.2%	+18.8%
	Margin durability 69 · cash generation 28 · balance sheet 45 — 0/5 years of positive free cash flow.
20	EIXEdison InternationalRegulated Electric	45	62	28	45	+4.9%	+45.5%
	Margin durability 62 · cash generation 28 · balance sheet 45 — 0/5 years of positive free cash flow.

Consumer Staplestop 20 of 35

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	MNSTMonster BeverageBeverages - Non-Alcoholic	77	74	57	100	+9.6%	+50.7%
	Margin durability 74 · cash generation 57 · balance sheet 100 — 5/5 years of positive free cash flow.
2	CLColgate-PalmoliveHousehold & Personal Products	66	86	57	54	+1.3%	+3.3%
	Margin durability 86 · cash generation 57 · balance sheet 54 — 5/5 years of positive free cash flow.
3	CHDChurch & DwightHousehold & Personal Products	63	66	57	66	+1.5%	+2.2%
	Margin durability 66 · cash generation 57 · balance sheet 66 — 5/5 years of positive free cash flow.
4	PGProcter & GambleHousehold & Personal Products	63	69	57	63	+3.9%	−7.4%
	Margin durability 69 · cash generation 57 · balance sheet 63 — 5/5 years of positive free cash flow.
5	PEPPepsiCoBeverages - Non-Alcoholic	61	80	57	46	−4.2%	+6.5%
	Margin durability 80 · cash generation 57 · balance sheet 46 — 5/5 years of positive free cash flow.
6	KVUEKenvueHousehold & Personal Products	60	83	57	40	+8.4%	−10.5%
	Margin durability 83 · cash generation 57 · balance sheet 40 — 5/5 years of positive free cash flow.
7	CLXCloroxHousehold & Personal Products	59	63	57	57	−1.0%	−21.9%
	Margin durability 63 · cash generation 57 · balance sheet 57 — 5/5 years of positive free cash flow.
8	DLTRDollar TreeDiscount Stores	58	46	57	71	+26.2%	+19.8%
	Margin durability 46 · cash generation 57 · balance sheet 71 — 5/5 years of positive free cash flow.
9	WMTWalmartDiscount Stores	58	23	57	94	−2.4%	+18.1%
	Margin durability 23 · cash generation 57 · balance sheet 94 — 5/5 years of positive free cash flow.
10	DGDollar GeneralDiscount Stores	57	31	57	83	+13.5%	+3.8%
	Margin durability 31 · cash generation 57 · balance sheet 83 — 5/5 years of positive free cash flow.
11	ELEstée Lauder Companies (The)Household & Personal Products	56	100	9	60	−5.9%	+5.8%
	Margin durability 100 · cash generation 9 · balance sheet 60 — 4/5 years of positive free cash flow.
12	KOCoca-Cola Company (The)Beverages - Non-Alcoholic	56	89	57	23	−0.0%	+14.5%
	Margin durability 89 · cash generation 57 · balance sheet 23 — 5/5 years of positive free cash flow.
13	COSTCostcoDiscount Stores	55	11	57	97	−6.1%	−6.0%
	Margin durability 11 · cash generation 57 · balance sheet 97 — 5/5 years of positive free cash flow.
14	HSYHershey Company (The)Food Confectioners	55	60	57	49	−7.6%	+2.7%
	Margin durability 60 · cash generation 57 · balance sheet 49 — 5/5 years of positive free cash flow.
15	KRKrogerGrocery Stores	55	20	57	89	−10.5%	−21.3%
	Margin durability 20 · cash generation 57 · balance sheet 89 — 5/5 years of positive free cash flow.
16	MOAltriaTobacco	53	97	57	6	+1.2%	+22.2%
	Margin durability 97 · cash generation 57 · balance sheet 6 — 5/5 years of positive free cash flow.
17	ADMArcher Daniels MidlandAgricultural Farm Products	52	9	57	91	−1.9%	+44.6%
	Margin durability 9 · cash generation 57 · balance sheet 91 — 5/5 years of positive free cash flow.
18	PMPhilip Morris InternationalTobacco	52	94	57	6	−1.7%	−0.4%
	Margin durability 94 · cash generation 57 · balance sheet 6 — 5/5 years of positive free cash flow.
19	TAPMolson Coors Beverage CompanyBeverages - Alcoholic	51	54	57	43	−3.2%	−14.2%
	Margin durability 54 · cash generation 57 · balance sheet 43 — 5/5 years of positive free cash flow.
20	MKCMcCormick & CompanyPackaged Foods	50	57	57	34	+3.3%	−35.3%
	Margin durability 57 · cash generation 57 · balance sheet 34 — 5/5 years of positive free cash flow.

Real Estatetop 20 of 31

#	Stock	Durability	Margin	Cash gen	Balance	1M	1Y
1	CSGPCoStar GroupReal Estate - Services	69	90	17	100	−11.9%	−64.6%
	Margin durability 90 · cash generation 17 · balance sheet 100 — 4/5 years of positive free cash flow.
2	ORealty IncomeREIT - Retail	69	98	62	47	−0.2%	+8.7%
	Margin durability 98 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
3	VICIVici PropertiesREIT - Specialty	69	98	62	47	−7.3%	−19.1%
	Margin durability 98 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
4	SPGSimon Property GroupREIT - Retail	67	93	62	47	+9.0%	+40.8%
	Margin durability 93 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
5	AMTAmerican TowerREIT - Specialty	65	87	62	47	−8.8%	−24.6%
	Margin durability 87 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
6	CCICrown CastleREIT - Specialty	63	80	62	47	−12.3%	−22.9%
	Margin durability 80 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
7	PLDPrologisREIT - Industrial	62	77	62	47	−4.4%	+30.0%
	Margin durability 77 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
8	ESSEssex Property TrustREIT - Residential	61	73	62	47	+3.0%	−0.2%
	Margin durability 73 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
9	AVBAvalonBay CommunitiesREIT - Residential	59	70	62	47	+0.6%	−9.7%
	Margin durability 70 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
10	BXPBXP, Inc.REIT - Office	58	67	62	47	+8.3%	−6.6%
	Margin durability 67 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
11	CPTCamden Property TrustREIT - Residential	57	63	62	47	+5.4%	−1.7%
	Margin durability 63 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
12	KIMKimco RealtyREIT - Retail	56	60	62	47	+4.0%	+20.2%
	Margin durability 60 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
13	CBRECBRE GroupReal Estate - Services	55	7	62	97	+3.7%	−3.3%
	Margin durability 7 · cash generation 62 · balance sheet 97 — 5/5 years of positive free cash flow.
14	REGRegency CentersREIT - Retail	55	57	62	47	+1.6%	+12.0%
	Margin durability 57 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
15	SBACSBA CommunicationsREIT - Specialty	54	53	62	47	−10.3%	−23.5%
	Margin durability 53 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
16	EQREquity ResidentialREIT - Residential	52	47	62	47	+1.6%	−0.5%
	Margin durability 47 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
17	AREAlexandria Real Estate EquitiesREIT - Office	49	83	17	47	+9.9%	−29.3%
	Margin durability 83 · cash generation 17 · balance sheet 47 — 4/5 years of positive free cash flow.
18	EXRExtra Space StorageREIT - Industrial	49	40	62	47	+2.2%	−0.9%
	Margin durability 40 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
19	PSAPublic StorageREIT - Industrial	48	37	62	47	+5.3%	+8.5%
	Margin durability 37 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.
20	WELLWelltowerREIT - Healthcare Facilities	47	33	62	47	+2.6%	+45.0%
	Margin durability 33 · cash generation 62 · balance sheet 47 — 5/5 years of positive free cash flow.