Cheapest on Free Cash Flow: Industrials
Industrials 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 Industrials names are cheap against their own peers’ price? The sector’s median multiple is 25.2× — 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 | BLDRBuilders FirstSource, Inc.Construction | 9.0× | 11.1% | $639M |
| Construction — 9.0× free cash flow against a Industrials median of 25.2×, a 11.1% cash yield on $639M generated. | ||||
| 2 | POOLPool CorporationIndustrial - Distribution | 9.5× | 10.6% | $611M |
| Industrial - Distribution — 9.5× free cash flow against a Industrials median of 25.2×, a 10.6% cash yield on $611M generated. | ||||
| 3 | DALDelta Air Lines, Inc.Airlines, Airports & Air Services | 9.5× | 10.5% | $5.7B |
| Airlines, Airports & Air Services — 9.5× free cash flow against a Industrials median of 25.2×, a 10.5% cash yield on $5.7B generated. | ||||
| 4 | ITGartner, Inc.Consulting Services | 9.9× | 10.1% | $1.3B |
| Consulting Services — 9.9× free cash flow against a Industrials median of 25.2×, a 10.1% cash yield on $1.3B generated. | ||||
| 5 | SWKStanley Black & Decker, Inc.Manufacturing - Tools & Accessories | 10.5× | 9.6% | $1.3B |
| Manufacturing - Tools & Accessories — 10.5× free cash flow against a Industrials median of 25.2×, a 9.6% cash yield on $1.3B generated. | ||||
| 6 | AOSA. O. Smith CorporationIndustrial - Machinery | 12.2× | 8.2% | $639M |
| Industrial - Machinery — 12.2× free cash flow against a Industrials median of 25.2×, a 8.2% cash yield on $639M generated. | ||||
| 7 | PNRPentair plcIndustrial - Machinery | 12.7× | 7.9% | $673M |
| Industrial - Machinery — 12.7× free cash flow against a Industrials median of 25.2×, a 7.9% cash yield on $673M generated. | ||||
| 8 | LMTLockheed Martin CorporationAerospace & Defense | 13.5× | 7.4% | $8.7B |
| Aerospace & Defense — 13.5× free cash flow against a Industrials median of 25.2×, a 7.4% cash yield on $8.7B generated. | ||||
| 9 | FDXFedEx CorporationIntegrated Freight & Logistics | 13.7× | 7.3% | $5.1B |
| Integrated Freight & Logistics — 13.7× free cash flow against a Industrials median of 25.2×, a 7.3% cash yield on $5.1B generated. | ||||
| 10 | UALUnited Airlines Holdings, Inc.Airlines, Airports & Air Services | 13.8× | 7.2% | $2.5B |
| Airlines, Airports & Air Services — 13.8× free cash flow against a Industrials median of 25.2×, a 7.2% cash yield on $2.5B generated. | ||||
| 11 | GDGeneral Dynamics CorporationAerospace & Defense | 14.1× | 7.1% | $6.4B |
| Aerospace & Defense — 14.1× free cash flow against a Industrials median of 25.2×, a 7.1% cash yield on $6.4B generated. | ||||
| 12 | UPSUnited Parcel Service, Inc.Integrated Freight & Logistics | 14.7× | 6.8% | $5.5B |
| Integrated Freight & Logistics — 14.7× free cash flow against a Industrials median of 25.2×, a 6.8% cash yield on $5.5B generated. | ||||
| 13 | OTISOtis Worldwide CorporationIndustrial - Machinery | 14.9× | 6.7% | $1.7B |
| Industrial - Machinery — 14.9× free cash flow against a Industrials median of 25.2×, a 6.7% cash yield on $1.7B generated. | ||||
| 14 | EFXEquifax Inc.Consulting Services | 15.7× | 6.4% | $1.1B |
| Consulting Services — 15.7× free cash flow against a Industrials median of 25.2×, a 6.4% cash yield on $1.1B generated. | ||||
| 15 | HONHoneywell International Inc.Conglomerates | 16.1× | 6.2% | $4.1B |
| Conglomerates — 16.1× free cash flow against a Industrials median of 25.2×, a 6.2% cash yield on $4.1B generated. | ||||
| 16 | LIILennox International Inc.Construction | 16.8× | 6.0% | $739M |
| Construction — 16.8× free cash flow against a Industrials median of 25.2×, a 6.0% cash yield on $739M generated. | ||||
| 17 | LHXL3Harris Technologies, Inc.Aerospace & Defense | 17.2× | 5.8% | $2.6B |
| Aerospace & Defense — 17.2× free cash flow against a Industrials median of 25.2×, a 5.8% cash yield on $2.6B generated. | ||||
| 18 | CSXCSX CorporationRailroads | 17.5× | 5.7% | $5.0B |
| Railroads — 17.5× free cash flow against a Industrials median of 25.2×, a 5.7% cash yield on $5.0B generated. | ||||
| 19 | SNASnap-on IncorporatedManufacturing - Tools & Accessories | 18.1× | 5.5% | $1.0B |
| Manufacturing - Tools & Accessories — 18.1× free cash flow against a Industrials median of 25.2×, a 5.5% cash yield on $1.0B generated. | ||||
| 20 | PCARPACCAR IncIndustrial - Machinery | 18.2× | 5.5% | $3.1B |
| Industrial - Machinery — 18.2× free cash flow against a Industrials median of 25.2×, a 5.5% cash yield on $3.1B generated. | ||||
| 21 | PAYXPaychex, Inc.Staffing & Employment Services | 18.4× | 5.4% | $2.0B |
| Staffing & Employment Services — 18.4× free cash flow against a Industrials median of 25.2×, a 5.4% cash yield on $2.0B generated. | ||||
| 22 | FTVFortive CorporationIndustrial - Machinery | 18.4× | 5.4% | $955M |
| Industrial - Machinery — 18.4× free cash flow against a Industrials median of 25.2×, a 5.4% cash yield on $955M generated. | ||||
| 23 | NSCNorfolk Southern CorporationRailroads | 18.7× | 5.4% | $3.8B |
| Railroads — 18.7× free cash flow against a Industrials median of 25.2×, a 5.4% cash yield on $3.8B generated. | ||||
| 24 | NOCNorthrop Grumman CorporationAerospace & Defense | 18.8× | 5.3% | $3.6B |
| Aerospace & Defense — 18.8× free cash flow against a Industrials median of 25.2×, a 5.3% cash yield on $3.6B generated. | ||||
| 25 | ALLEAllegion plcSecurity & Protection Services | 19.0× | 5.3% | $682M |
| Security & Protection Services — 19.0× free cash flow against a Industrials median of 25.2×, a 5.3% cash yield on $682M generated. | ||||