Cheapest on Free Cash Flow: Energy
Energy 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 Energy names are cheap against their own peers’ price? The sector’s median multiple is 15.8× — 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 | APAAPA CorporationOil & Gas Exploration & Production | 7.7× | 13.0% | $2.1B |
| Oil & Gas Exploration & Production — 7.7× free cash flow against a Energy median of 15.8×, a 13.0% cash yield on $2.1B generated. | ||||
| 2 | EXEExpand Energy CorporationOil & Gas Exploration & Production | 8.3× | 12.1% | $2.5B |
| Oil & Gas Exploration & Production — 8.3× free cash flow against a Energy median of 15.8×, a 12.1% cash yield on $2.5B generated. | ||||
| 3 | COPConocoPhillipsOil & Gas Exploration & Production | 8.3× | 12.0% | $19.6B |
| Oil & Gas Exploration & Production — 8.3× free cash flow against a Energy median of 15.8×, a 12.0% cash yield on $19.6B generated. | ||||
| 4 | FANGDiamondback Energy, Inc.Oil & Gas Exploration & Production | 8.3× | 12.0% | $6.5B |
| Oil & Gas Exploration & Production — 8.3× free cash flow against a Energy median of 15.8×, a 12.0% cash yield on $6.5B generated. | ||||
| 5 | EQTEQT CorporationOil & Gas Exploration & Production | 8.8× | 11.4% | $3.8B |
| Oil & Gas Exploration & Production — 8.8× free cash flow against a Energy median of 15.8×, a 11.4% cash yield on $3.8B generated. | ||||
| 6 | MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing | 10.3× | 9.7% | $12.9B |
| Oil & Gas Refining & Marketing — 10.3× free cash flow against a Energy median of 15.8×, a 9.7% cash yield on $12.9B generated. | ||||
| 7 | OXYOccidental Petroleum CorporationOil & Gas Exploration & Production | 11.5× | 8.7% | $5.3B |
| Oil & Gas Exploration & Production — 11.5× free cash flow against a Energy median of 15.8×, a 8.7% cash yield on $5.3B generated. | ||||
| 8 | EOGEOG Resources, Inc.Oil & Gas Exploration & Production | 11.7× | 8.6% | $6.7B |
| Oil & Gas Exploration & Production — 11.7× free cash flow against a Energy median of 15.8×, a 8.6% cash yield on $6.7B generated. | ||||
| 9 | CVXChevron CorporationOil & Gas Integrated | 11.9× | 8.4% | $35.2B |
| Oil & Gas Integrated — 11.9× free cash flow against a Energy median of 15.8×, a 8.4% cash yield on $35.2B generated. | ||||
| 10 | VLOValero Energy CorporationOil & Gas Refining & Marketing | 12.6× | 7.9% | $10.1B |
| Oil & Gas Refining & Marketing — 12.6× free cash flow against a Energy median of 15.8×, a 7.9% cash yield on $10.1B generated. | ||||
| 11 | HALHalliburton CompanyOil & Gas Equipment & Services | 15.8× | 6.3% | $1.7B |
| Oil & Gas Equipment & Services — 15.8× free cash flow against a Energy median of 15.8×, a 6.3% cash yield on $1.7B generated. | ||||
| 12 | FSLRFirst Solar, Inc.Solar | 16.4× | 6.1% | $1.2B |
| Solar — 16.4× free cash flow against a Energy median of 15.8×, a 6.1% cash yield on $1.2B generated. | ||||
| 13 | PSXPhillips 66Oil & Gas Refining & Marketing | 17.5× | 5.7% | $6.4B |
| Oil & Gas Refining & Marketing — 17.5× free cash flow against a Energy median of 15.8×, a 5.7% cash yield on $6.4B generated. | ||||
| 14 | BKRBaker Hughes CompanyOil & Gas Equipment & Services | 18.1× | 5.5% | $3.1B |
| Oil & Gas Equipment & Services — 18.1× free cash flow against a Energy median of 15.8×, a 5.5% cash yield on $3.1B generated. | ||||
| 15 | KMIKinder Morgan, Inc.Oil & Gas Midstream | 18.7× | 5.3% | $3.9B |
| Oil & Gas Midstream — 18.7× free cash flow against a Energy median of 15.8×, a 5.3% cash yield on $3.9B generated. | ||||
| 16 | SLBSLB N.V.Oil & Gas Equipment & Services | 19.2× | 5.2% | $3.9B |
| Oil & Gas Equipment & Services — 19.2× free cash flow against a Energy median of 15.8×, a 5.2% cash yield on $3.9B generated. | ||||
| 17 | OKEONEOK, Inc.Oil & Gas Midstream | 19.5× | 5.1% | $2.9B |
| Oil & Gas Midstream — 19.5× free cash flow against a Energy median of 15.8×, a 5.1% cash yield on $2.9B generated. | ||||
| 18 | XOMExxon Mobil CorporationOil & Gas Integrated | 23.1× | 4.3% | $30.6B |
| Oil & Gas Integrated — 23.1× free cash flow against a Energy median of 15.8×, a 4.3% cash yield on $30.6B generated. | ||||
| 19 | DVNDevon Energy CorporationOil & Gas Exploration & Production | 27.1× | 3.7% | $1.7B |
| Oil & Gas Exploration & Production — 27.1× free cash flow against a Energy median of 15.8×, a 3.7% cash yield on $1.7B generated. | ||||
| 20 | TPLTexas Pacific Land CorporationOil & Gas Exploration & Production | 47.3× | 2.1% | $527M |
| Oil & Gas Exploration & Production — 47.3× free cash flow against a Energy median of 15.8×, a 2.1% cash yield on $527M generated. | ||||
| 21 | TRGPTarga Resources Corp.Oil & Gas Midstream | 83.2× | 1.2% | $741M |
| Oil & Gas Midstream — 83.2× free cash flow against a Energy median of 15.8×, a 1.2% cash yield on $741M generated. | ||||