Cheapest on Free Cash Flow: Consumer Defensive
Consumer Defensive value, measured in real cash
Updated August 30, 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 17.6× — 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 | 6.4× | 15.6% | $1.2B |
| Beverages - Alcoholic — 6.4× free cash flow against a Consumer Defensive median of 17.6×, a 15.6% cash yield on $1.2B generated. | ||||
| 2 | CAGConagra Brands, Inc.Packaged Foods | 6.5× | 15.4% | $979M |
| Packaged Foods — 6.5× free cash flow against a Consumer Defensive median of 17.6×, a 15.4% cash yield on $979M generated. | ||||
| 3 | CPBCampbell Soup CompanyPackaged Foods | 6.9× | 14.6% | $919M |
| Packaged Foods — 6.9× free cash flow against a Consumer Defensive median of 17.6×, a 14.6% cash yield on $919M generated. | ||||
| 4 | KHCThe Kraft Heinz CompanyPackaged Foods | 7.2× | 13.8% | $3.9B |
| Packaged Foods — 7.2× free cash flow against a Consumer Defensive median of 17.6×, a 13.8% cash yield on $3.9B generated. | ||||
| 5 | DGDollar General CorporationDiscount Stores | 7.9× | 12.6% | $3.1B |
| Discount Stores — 7.9× free cash flow against a Consumer Defensive median of 17.6×, a 12.6% cash yield on $3.1B generated. | ||||
| 6 | ADMArcher-Daniels-Midland CompanyAgricultural Farm Products | 8.1× | 12.4% | $4.8B |
| Agricultural Farm Products — 8.1× free cash flow against a Consumer Defensive median of 17.6×, a 12.4% cash yield on $4.8B generated. | ||||
| 7 | MKCMcCormick & Company, IncorporatedPackaged Foods | 11.0× | 9.1% | $1.2B |
| Packaged Foods — 11.0× free cash flow against a Consumer Defensive median of 17.6×, a 9.1% cash yield on $1.2B generated. | ||||
| 8 | GISGeneral Mills, Inc.Packaged Foods | 11.1× | 9.0% | $1.7B |
| Packaged Foods — 11.1× free cash flow against a Consumer Defensive median of 17.6×, a 9.0% cash yield on $1.7B generated. | ||||
| 9 | SJMThe J. M. Smucker CompanyPackaged Foods | 11.3× | 8.8% | $971M |
| Packaged Foods — 11.3× free cash flow against a Consumer Defensive median of 17.6×, a 8.8% cash yield on $971M generated. | ||||
| 10 | KMBKimberly-Clark CorporationHousehold & Personal Products | 12.6× | 7.9% | $2.6B |
| Household & Personal Products — 12.6× free cash flow against a Consumer Defensive median of 17.6×, a 7.9% cash yield on $2.6B generated. | ||||
| 11 | TGTTarget CorporationDiscount Stores | 12.7× | 7.8% | $4.6B |
| Discount Stores — 12.7× free cash flow against a Consumer Defensive median of 17.6×, a 7.8% cash yield on $4.6B generated. | ||||
| 12 | KRThe Kroger Co.Grocery Stores | 13.2× | 7.6% | $2.9B |
| Grocery Stores — 13.2× free cash flow against a Consumer Defensive median of 17.6×, a 7.6% cash yield on $2.9B generated. | ||||
| 13 | STZConstellation Brands, Inc.Beverages - Wineries & Distilleries | 13.4× | 7.4% | $1.8B |
| Beverages - Wineries & Distilleries — 13.4× free cash flow against a Consumer Defensive median of 17.6×, a 7.4% cash yield on $1.8B generated. | ||||
| 14 | MOAltria Group, Inc.Tobacco | 14.0× | 7.1% | $8.3B |
| Tobacco — 14.0× free cash flow against a Consumer Defensive median of 17.6×, a 7.1% cash yield on $8.3B generated. | ||||
| 15 | HSYThe Hershey CompanyFood Confectioners | 15.6× | 6.4% | $2.5B |
| Food Confectioners — 15.6× free cash flow against a Consumer Defensive median of 17.6×, a 6.4% cash yield on $2.5B generated. | ||||
| 16 | DLTRDollar Tree, Inc.Discount Stores | 16.6× | 6.0% | $1.4B |
| Discount Stores — 16.6× free cash flow against a Consumer Defensive median of 17.6×, a 6.0% cash yield on $1.4B generated. | ||||
| 17 | TSNTyson Foods, Inc.Agricultural Farm Products | 17.6× | 5.7% | $1.2B |
| Agricultural Farm Products — 17.6× free cash flow against a Consumer Defensive median of 17.6×, a 5.7% cash yield on $1.2B generated. | ||||
| 18 | KVUEKenvue Inc.Household & Personal Products | 18.2× | 5.5% | $1.8B |
| Household & Personal Products — 18.2× free cash flow against a Consumer Defensive median of 17.6×, a 5.5% cash yield on $1.8B generated. | ||||
| 19 | SYYSysco CorporationFood Distribution | 18.3× | 5.5% | $2.0B |
| Food Distribution — 18.3× free cash flow against a Consumer Defensive median of 17.6×, a 5.5% cash yield on $2.0B generated. | ||||
| 20 | CLColgate-Palmolive CompanyHousehold & Personal Products | 18.8× | 5.3% | $3.9B |
| Household & Personal Products — 18.8× free cash flow against a Consumer Defensive median of 17.6×, a 5.3% cash yield on $3.9B generated. | ||||
| 21 | CHDChurch & Dwight Co., Inc.Household & Personal Products | 20.4× | 4.9% | $1.1B |
| Household & Personal Products — 20.4× free cash flow against a Consumer Defensive median of 17.6×, a 4.9% cash yield on $1.1B generated. | ||||
| 22 | PEPPepsiCo, Inc.Beverages - Non-Alcoholic | 21.3× | 4.7% | $9.3B |
| Beverages - Non-Alcoholic — 21.3× free cash flow against a Consumer Defensive median of 17.6×, a 4.7% cash yield on $9.3B generated. | ||||
| 23 | PMPhilip Morris International Inc.Tobacco | 21.8× | 4.6% | $12.7B |
| Tobacco — 21.8× free cash flow against a Consumer Defensive median of 17.6×, a 4.6% cash yield on $12.7B generated. | ||||
| 24 | PGThe Procter & Gamble CompanyHousehold & Personal Products | 21.9× | 4.6% | $15.9B |
| Household & Personal Products — 21.9× free cash flow against a Consumer Defensive median of 17.6×, a 4.6% cash yield on $15.9B generated. | ||||
| 25 | HRLHormel Foods CorporationPackaged Foods | 22.2× | 4.5% | $578M |
| Packaged Foods — 22.2× free cash flow against a Consumer Defensive median of 17.6×, a 4.5% cash yield on $578M generated. | ||||