Cheapest on Free Cash Flow
Value without the accounting games of P/E
Updated August 16, 2026
Price-to-earnings can be massaged — depreciation schedules, one-time charges, and non-cash items all bend reported profit. Free cash flow is harder to fake: it’s the actual money left after a company runs and reinvests in itself. Price-to-FCF asks the cleanest value question there is — how many years of real cash generation are you paying for?
A low multiple here is the inverse of a high free-cash-flow yield: these names throw off a lot of cash relative to their price. Some are cheap for good reason — cyclicals at a peak, businesses in decline — so the multiple is a starting point, not a verdict. But it’s where cash-flow value hunting begins. (Banks, insurers, and REITs are left out — free cash flow doesn’t mean the same thing for a balance-sheet business.)
| # | Stock | P / FCF | FCF yield | Free cash flow (TTM) |
|---|---|---|---|---|
| 1 | CNCCentene CorporationMedical - Healthcare Plans | 3.3× | 30.2% | $9.0B |
| Medical - Healthcare Plans — priced at 3.3× its free cash flow, a 30.2% free-cash-flow yield on $9.0B of cash generated. | ||||
| 2 | CHTRCharter Communications, Inc.Telecommunications Services | 4.0× | 25.0% | $4.4B |
| Telecommunications Services — priced at 4.0× its free cash flow, a 25.0% free-cash-flow yield on $4.4B of cash generated. | ||||
| 3 | CMCSAComcast CorporationTelecommunications Services | 4.3× | 23.0% | $20.4B |
| Telecommunications Services — priced at 4.3× its free cash flow, a 23.0% free-cash-flow yield on $20.4B of cash generated. | ||||
| 4 | GMGeneral Motors CompanyAuto - Manufacturers | 4.6× | 21.6% | $16.5B |
| Auto - Manufacturers — priced at 4.6× its free cash flow, a 21.6% free-cash-flow yield on $16.5B of cash generated. | ||||
| 5 | LYBLyondellBasell Industries N.V.Chemicals | 5.4× | 18.6% | $4.0B |
| Chemicals — priced at 5.4× its free cash flow, a 18.6% free-cash-flow yield on $4.0B of cash generated. | ||||
| 6 | EXPEExpedia Group, Inc.Travel Services | 5.9× | 17.0% | $4.7B |
| Travel Services — priced at 5.9× its free cash flow, a 17.0% free-cash-flow yield on $4.7B of cash generated. | ||||
| 7 | OMCOmnicom Group Inc.Advertising Agencies | 6.2× | 16.0% | $2.4B |
| Advertising Agencies — priced at 6.2× its free cash flow, a 16.0% free-cash-flow yield on $2.4B of cash generated. | ||||
| 8 | TAPMolson Coors Beverage CompanyBeverages - Alcoholic | 6.4× | 15.6% | $1.2B |
| Beverages - Alcoholic — priced at 6.4× its free cash flow, a 15.6% free-cash-flow yield on $1.2B of cash generated. | ||||
| 9 | CAGConagra Brands, Inc.Packaged Foods | 6.5× | 15.4% | $979M |
| Packaged Foods — priced at 6.5× its free cash flow, a 15.4% free-cash-flow yield on $979M of cash generated. | ||||
| 10 | GDDYGoDaddy Inc.Software - Infrastructure | 6.6× | 15.1% | $1.7B |
| Software - Infrastructure — priced at 6.6× its free cash flow, a 15.1% free-cash-flow yield on $1.7B of cash generated. | ||||
| 11 | MGMMGM Resorts InternationalGambling, Resorts & Casinos | 6.7× | 14.9% | $1.7B |
| Gambling, Resorts & Casinos — priced at 6.7× its free cash flow, a 14.9% free-cash-flow yield on $1.7B of cash generated. | ||||
| 12 | CPBCampbell Soup CompanyPackaged Foods | 6.9× | 14.6% | $919M |
| Packaged Foods — priced at 6.9× its free cash flow, a 14.6% free-cash-flow yield on $919M of cash generated. | ||||
| 13 | VLOValero Energy CorporationOil & Gas Refining & Marketing | 7.1× | 14.0% | $10.1B |
| Oil & Gas Refining & Marketing — priced at 7.1× its free cash flow, a 14.0% free-cash-flow yield on $10.1B of cash generated. | ||||
| 14 | KHCThe Kraft Heinz CompanyPackaged Foods | 7.2× | 13.8% | $3.9B |
| Packaged Foods — priced at 7.2× its free cash flow, a 13.8% free-cash-flow yield on $3.9B of cash generated. | ||||
| 15 | FISVFiserv, Inc.Information Technology Services | 7.3× | 13.7% | $4.2B |
| Information Technology Services — priced at 7.3× its free cash flow, a 13.7% free-cash-flow yield on $4.2B of cash generated. | ||||
| 16 | COPConocoPhillipsOil & Gas Exploration & Production | 7.6× | 13.1% | $18.3B |
| Oil & Gas Exploration & Production — priced at 7.6× its free cash flow, a 13.1% free-cash-flow yield on $18.3B of cash generated. | ||||
| 17 | AEPAmerican Electric Power Company, Inc.Regulated Electric | 7.8× | 12.8% | $9.0B |
| Regulated Electric — priced at 7.8× its free cash flow, a 12.8% free-cash-flow yield on $9.0B of cash generated. | ||||
| 18 | DGDollar General CorporationDiscount Stores | 7.9× | 12.6% | $3.1B |
| Discount Stores — priced at 7.9× its free cash flow, a 12.6% free-cash-flow yield on $3.1B of cash generated. | ||||
| 19 | FISFidelity National Information Services, Inc.Information Technology Services | 8.0× | 12.5% | $2.8B |
| Information Technology Services — priced at 8.0× its free cash flow, a 12.5% free-cash-flow yield on $2.8B of cash generated. | ||||
| 20 | CICigna CorporationMedical - Healthcare Plans | 8.0× | 12.4% | $9.1B |
| Medical - Healthcare Plans — priced at 8.0× its free cash flow, a 12.4% free-cash-flow yield on $9.1B of cash generated. | ||||
| 21 | ADMArcher-Daniels-Midland CompanyAgricultural Farm Products | 8.1× | 12.4% | $4.8B |
| Agricultural Farm Products — priced at 8.1× its free cash flow, a 12.4% free-cash-flow yield on $4.8B of cash generated. | ||||
| 22 | APAAPA CorporationOil & Gas Exploration & Production | 8.7× | 11.5% | $1.5B |
| Oil & Gas Exploration & Production — priced at 8.7× its free cash flow, a 11.5% free-cash-flow yield on $1.5B of cash generated. | ||||
| 23 | EXEExpand Energy CorporationOil & Gas Exploration & Production | 8.7× | 11.5% | $2.5B |
| Oil & Gas Exploration & Production — priced at 8.7× its free cash flow, a 11.5% free-cash-flow yield on $2.5B of cash generated. | ||||
| 24 | HPQHP Inc.Computer Hardware | 8.8× | 11.4% | $2.9B |
| Computer Hardware — priced at 8.8× its free cash flow, a 11.4% free-cash-flow yield on $2.9B of cash generated. | ||||
| 25 | ZBHZimmer Biomet Holdings, Inc.Medical - Devices | 8.8× | 11.4% | $1.8B |
| Medical - Devices — priced at 8.8× its free cash flow, a 11.4% free-cash-flow yield on $1.8B of cash generated. | ||||