Cheapest on Free Cash Flow: Industrials
Industrials 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 Industrials names are cheap against their own peers’ price? The sector’s median multiple is 24.4× — 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 | DALDelta Air Lines, Inc.Airlines, Airports & Air Services | 8.9× | 11.2% | $6.1B |
| Airlines, Airports & Air Services — 8.9× free cash flow against a Industrials median of 24.4×, a 11.2% cash yield on $6.1B generated. | ||||
| 2 | ITGartner, Inc.Consulting Services | 9.0× | 11.1% | $1.3B |
| Consulting Services — 9.0× free cash flow against a Industrials median of 24.4×, a 11.1% cash yield on $1.3B generated. | ||||
| 3 | SWKStanley Black & Decker, Inc.Manufacturing - Tools & Accessories | 9.4× | 10.7% | $1.3B |
| Manufacturing - Tools & Accessories — 9.4× free cash flow against a Industrials median of 24.4×, a 10.7% cash yield on $1.3B generated. | ||||
| 4 | POOLPool CorporationIndustrial - Distribution | 10.8× | 9.3% | $611M |
| Industrial - Distribution — 10.8× free cash flow against a Industrials median of 24.4×, a 9.3% cash yield on $611M generated. | ||||
| 5 | AOSA. O. Smith CorporationIndustrial - Machinery | 12.3× | 8.1% | $639M |
| Industrial - Machinery — 12.3× free cash flow against a Industrials median of 24.4×, a 8.1% cash yield on $639M generated. | ||||
| 6 | BLDRBuilders FirstSource, Inc.Construction | 13.0× | 7.7% | $639M |
| Construction — 13.0× free cash flow against a Industrials median of 24.4×, a 7.7% cash yield on $639M generated. | ||||
| 7 | LMTLockheed Martin CorporationAerospace & Defense | 14.0× | 7.1% | $8.7B |
| Aerospace & Defense — 14.0× free cash flow against a Industrials median of 24.4×, a 7.1% cash yield on $8.7B generated. | ||||
| 8 | GDGeneral Dynamics CorporationAerospace & Defense | 14.7× | 6.8% | $6.4B |
| Aerospace & Defense — 14.7× free cash flow against a Industrials median of 24.4×, a 6.8% cash yield on $6.4B generated. | ||||
| 9 | UALUnited Airlines Holdings, Inc.Airlines, Airports & Air Services | 14.7× | 6.8% | $2.5B |
| Airlines, Airports & Air Services — 14.7× free cash flow against a Industrials median of 24.4×, a 6.8% cash yield on $2.5B generated. | ||||
| 10 | PAYXPaychex, Inc.Staffing & Employment Services | 15.0× | 6.7% | $2.3B |
| Staffing & Employment Services — 15.0× free cash flow against a Industrials median of 24.4×, a 6.7% cash yield on $2.3B generated. | ||||
| 11 | OTISOtis Worldwide CorporationIndustrial - Machinery | 16.0× | 6.3% | $1.7B |
| Industrial - Machinery — 16.0× free cash flow against a Industrials median of 24.4×, a 6.3% cash yield on $1.7B generated. | ||||
| 12 | ALLEAllegion plcSecurity & Protection Services | 16.4× | 6.1% | $682M |
| Security & Protection Services — 16.4× free cash flow against a Industrials median of 24.4×, a 6.1% cash yield on $682M generated. | ||||
| 13 | UPSUnited Parcel Service, Inc.Integrated Freight & Logistics | 16.6× | 6.0% | $5.5B |
| Integrated Freight & Logistics — 16.6× free cash flow against a Industrials median of 24.4×, a 6.0% cash yield on $5.5B generated. | ||||
| 14 | CSXCSX CorporationRailroads | 16.8× | 6.0% | $5.0B |
| Railroads — 16.8× free cash flow against a Industrials median of 24.4×, a 6.0% cash yield on $5.0B generated. | ||||
| 15 | PNRPentair plcIndustrial - Machinery | 17.1× | 5.8% | $673M |
| Industrial - Machinery — 17.1× free cash flow against a Industrials median of 24.4×, a 5.8% cash yield on $673M generated. | ||||
| 16 | ADPAutomatic Data Processing, Inc.Staffing & Employment Services | 17.8× | 5.6% | $5.0B |
| Staffing & Employment Services — 17.8× free cash flow against a Industrials median of 24.4×, a 5.6% cash yield on $5.0B generated. | ||||
| 17 | EFXEquifax Inc.Consulting Services | 17.9× | 5.6% | $1.1B |
| Consulting Services — 17.9× free cash flow against a Industrials median of 24.4×, a 5.6% cash yield on $1.1B generated. | ||||
| 18 | NSCNorfolk Southern CorporationRailroads | 17.9× | 5.6% | $3.8B |
| Railroads — 17.9× free cash flow against a Industrials median of 24.4×, a 5.6% cash yield on $3.8B generated. | ||||
| 19 | HONHoneywell International Inc.Conglomerates | 18.4× | 5.4% | $4.1B |
| Conglomerates — 18.4× free cash flow against a Industrials median of 24.4×, a 5.4% cash yield on $4.1B generated. | ||||
| 20 | PCARPACCAR IncIndustrial - Machinery | 18.6× | 5.4% | $3.1B |
| Industrial - Machinery — 18.6× free cash flow against a Industrials median of 24.4×, a 5.4% cash yield on $3.1B generated. | ||||
| 21 | SNASnap-on IncorporatedManufacturing - Tools & Accessories | 18.6× | 5.4% | $1.0B |
| Manufacturing - Tools & Accessories — 18.6× free cash flow against a Industrials median of 24.4×, a 5.4% cash yield on $1.0B generated. | ||||
| 22 | FTVFortive CorporationIndustrial - Machinery | 18.8× | 5.3% | $955M |
| Industrial - Machinery — 18.8× free cash flow against a Industrials median of 24.4×, a 5.3% cash yield on $955M generated. | ||||
| 23 | VLTOVeralto CorporationIndustrial - Pollution & Treatment Controls | 19.3× | 5.2% | $1.0B |
| Industrial - Pollution & Treatment Controls — 19.3× free cash flow against a Industrials median of 24.4×, a 5.2% cash yield on $1.0B generated. | ||||
| 24 | FDXFedEx CorporationIntegrated Freight & Logistics | 19.4× | 5.2% | $5.1B |
| Integrated Freight & Logistics — 19.4× free cash flow against a Industrials median of 24.4×, a 5.2% cash yield on $5.1B generated. | ||||
| 25 | MMM3M CompanyConglomerates | 20.3× | 4.9% | $4.0B |
| Conglomerates — 20.3× free cash flow against a Industrials median of 24.4×, a 4.9% cash yield on $4.0B generated. | ||||