Cheapest on Free Cash Flow: Consumer Defensive
Consumer Defensive value, measured in real cash
Updated October 11, 2026
Every sector trades at its own going rate for a dollar of free cash flow, so a market-wide “cheap” list mostly ranks sectors, not stocks. This slice asks the sharper question: which Consumer Defensive names are cheap against their own peers’ price? The sector’s median multiple is 16.1× — everything here trades meaningfully below it. As on the main board, cheap can be earned (cyclical peaks, secular decline), so the multiple is where the work starts, not where it ends.
| # | Stock | P / FCF | FCF yield | Free cash flow (TTM) |
|---|---|---|---|---|
| 1 | TAPMolson Coors Beverage CompanyBeverages - Alcoholic | 5.3× | 19.0% | $1.3B |
| Beverages - Alcoholic — 5.3× free cash flow against a Consumer Defensive median of 16.1×, a 19.0% cash yield on $1.3B generated. | ||||
| 2 | KHCThe Kraft Heinz CompanyPackaged Foods | 6.9× | 14.4% | $3.8B |
| Packaged Foods — 6.9× free cash flow against a Consumer Defensive median of 16.1×, a 14.4% cash yield on $3.8B generated. | ||||
| 3 | CAGConagra Brands, Inc.Packaged Foods | 7.4× | 13.5% | $877M |
| Packaged Foods — 7.4× free cash flow against a Consumer Defensive median of 16.1×, a 13.5% cash yield on $877M generated. | ||||
| 4 | SJMThe J. M. Smucker CompanyPackaged Foods | 8.1× | 12.4% | $1.6B |
| Packaged Foods — 8.1× free cash flow against a Consumer Defensive median of 16.1×, a 12.4% cash yield on $1.6B generated. | ||||
| 5 | CPBCampbell Soup CompanyPackaged Foods | 8.5× | 11.8% | $678M |
| Packaged Foods — 8.5× free cash flow against a Consumer Defensive median of 16.1×, a 11.8% cash yield on $678M generated. | ||||
| 6 | DGDollar General CorporationDiscount Stores | 10.4× | 9.6% | $2.7B |
| Discount Stores — 10.4× free cash flow against a Consumer Defensive median of 16.1×, a 9.6% cash yield on $2.7B generated. | ||||
| 7 | GISGeneral Mills, Inc.Packaged Foods | 11.2× | 8.9% | $1.5B |
| Packaged Foods — 11.2× free cash flow against a Consumer Defensive median of 16.1×, a 8.9% cash yield on $1.5B generated. | ||||
| 8 | DLTRDollar Tree, Inc.Discount Stores | 12.2× | 8.2% | $1.9B |
| Discount Stores — 12.2× free cash flow against a Consumer Defensive median of 16.1×, a 8.2% cash yield on $1.9B generated. | ||||
| 9 | KMBKimberly-Clark CorporationHousehold & Personal Products | 12.7× | 7.9% | $2.6B |
| Household & Personal Products — 12.7× free cash flow against a Consumer Defensive median of 16.1×, a 7.9% cash yield on $2.6B generated. | ||||
| 10 | MKCMcCormick & Company, IncorporatedPackaged Foods | 13.0× | 7.7% | $926M |
| Packaged Foods — 13.0× free cash flow against a Consumer Defensive median of 16.1×, a 7.7% cash yield on $926M generated. | ||||
| 11 | HSYThe Hershey CompanyFood Confectioners | 13.1× | 7.7% | $2.5B |
| Food Confectioners — 13.1× free cash flow against a Consumer Defensive median of 16.1×, a 7.7% cash yield on $2.5B generated. | ||||
| 12 | BF.BBrown-Forman CorporationBeverages - Wineries & Distilleries | 13.1× | 7.6% | $925M |
| Beverages - Wineries & Distilleries — 13.1× free cash flow against a Consumer Defensive median of 16.1×, a 7.6% cash yield on $925M generated. | ||||
| 13 | HRLHormel Foods CorporationPackaged Foods | 13.5× | 7.4% | $781M |
| Packaged Foods — 13.5× free cash flow against a Consumer Defensive median of 16.1×, a 7.4% cash yield on $781M generated. | ||||
| 14 | PEPPepsiCo, Inc.Beverages - Non-Alcoholic | 13.6× | 7.3% | $12.7B |
| Beverages - Non-Alcoholic — 13.6× free cash flow against a Consumer Defensive median of 16.1×, a 7.3% cash yield on $12.7B generated. | ||||
| 15 | MOAltria Group, Inc.Tobacco | 14.4× | 6.9% | $8.3B |
| Tobacco — 14.4× free cash flow against a Consumer Defensive median of 16.1×, a 6.9% cash yield on $8.3B generated. | ||||
| 16 | TGTTarget CorporationDiscount Stores | 15.4× | 6.5% | $4.6B |
| Discount Stores — 15.4× free cash flow against a Consumer Defensive median of 16.1×, a 6.5% cash yield on $4.6B generated. | ||||
| 17 | KVUEKenvue Inc.Household & Personal Products | 16.1× | 6.2% | $2.1B |
| Household & Personal Products — 16.1× free cash flow against a Consumer Defensive median of 16.1×, a 6.2% cash yield on $2.1B generated. | ||||
| 18 | TSNTyson Foods, Inc.Agricultural Farm Products | 16.1× | 6.2% | $1.2B |
| Agricultural Farm Products — 16.1× free cash flow against a Consumer Defensive median of 16.1×, a 6.2% cash yield on $1.2B generated. | ||||
| 19 | KRThe Kroger Co.Grocery Stores | 16.5× | 6.1% | $2.3B |
| Grocery Stores — 16.5× free cash flow against a Consumer Defensive median of 16.1×, a 6.1% cash yield on $2.3B generated. | ||||
| 20 | CLColgate-Palmolive CompanyHousehold & Personal Products | 18.4× | 5.4% | $3.9B |
| Household & Personal Products — 18.4× free cash flow against a Consumer Defensive median of 16.1×, a 5.4% cash yield on $3.9B generated. | ||||
| 21 | SYYSysco CorporationFood Distribution | 19.4× | 5.2% | $1.9B |
| Food Distribution — 19.4× free cash flow against a Consumer Defensive median of 16.1×, a 5.2% cash yield on $1.9B generated. | ||||
| 22 | CHDChurch & Dwight Co., Inc.Household & Personal Products | 21.0× | 4.8% | $1.1B |
| Household & Personal Products — 21.0× free cash flow against a Consumer Defensive median of 16.1×, a 4.8% cash yield on $1.1B generated. | ||||
| 23 | KDPKeurig Dr Pepper Inc.Beverages - Non-Alcoholic | 22.0× | 4.6% | $2.0B |
| Beverages - Non-Alcoholic — 22.0× free cash flow against a Consumer Defensive median of 16.1×, a 4.6% cash yield on $2.0B generated. | ||||
| 24 | PGThe Procter & Gamble CompanyHousehold & Personal Products | 23.0× | 4.3% | $15.9B |
| Household & Personal Products — 23.0× free cash flow against a Consumer Defensive median of 16.1×, a 4.3% cash yield on $15.9B generated. | ||||
| 25 | ADMArcher-Daniels-Midland CompanyAgricultural Farm Products | 23.1× | 4.3% | $1.7B |
| Agricultural Farm Products — 23.1× free cash flow against a Consumer Defensive median of 16.1×, a 4.3% cash yield on $1.7B generated. | ||||