Free cash flow margin above 20% in each of the last five fiscal years
67 of the 500 S&P 500 names on this site meet the rule today: free cash flow (operating cash flow less capital expenditure) over revenue exceeded 20% in every one of the last five fiscal years as filed. By market capitalisation. The figures are the same arithmetic on the same filings as each company's page, as of 23 September 2026.
| Company | FCF margin | Sales growth, TTM | Market cap | Stock P/E | Market cap / sales |
|---|---|---|---|---|---|
| Apple Inc. AAPL | 29.3% | 14.2% | $4.95 trillion | 38.92 | 10.61 |
| Microsoft Corp. MSFT | 20.2% | 17.8% | $3.73 trillion | 27.94 | 11.23 |
| Broadcom Inc. AVGO | 44.2% | 48.7% | $1.73 trillion | 46.26 | 19.43 |
| Johnson & Johnson JNJ | 22.7% | 8.1% | $649.4 billion | 31.30 | 6.63 |
| Mastercard Inc. MA | 47.6% | 16.0% | $501.2 billion | 31.22 | 14.29 |
| ABBVIE Inc. ABBV | 28.3% | 10.4% | $467.4 billion | 74.71 | 7.26 |
| Palo Alto Networks Inc. PANW | 35.8% | 24.5% | $303.0 billion | 929.40 | 26.39 |
| Philip Morris International Inc. PM | 29.9% | 8.9% | $292.2 billion | 26.98 | 6.87 |
| CrowdStrike Holdings, Inc. CRWD | 29.8% | 24.3% | $255.3 billion | n/a | 47.31 |
| KLA Corp. KLAC | 27.7% | 11.7% | $240.4 billion | 50.32 | 17.71 |
| Amgen Inc. AMGN | 26.7% | 9.1% | $212.5 billion | 24.44 | 5.58 |
| American Express Co. AXP | 34.9% | 8.8% | $211.7 billion | 19.04 | 4.91 |
| Gilead Sciences, Inc. GILD | 42.5% | 5.5% | $186.8 billion | n/a | 6.13 |
| Analog Devices Inc. ADI | 35.6% | 33.6% | $185.6 billion | 45.43 | 13.37 |
| McDonald's Corp. MCD | 28.0% | 6.3% | $175.4 billion | 20.14 | 6.33 |
| Danaher Corp. DHR | 21.8% | 4.6% | $151.7 billion | 38.27 | 6.04 |
| ServiceNow, Inc. NOW | 31.1% | 22.2% | $142.3 billion | 85.86 | 9.66 |
| Fortinet, Inc. FTNT | 41.4% | 18.8% | $128.5 billion | 61.92 | 17.08 |
| Bristol-Myers Squibb Co. BMY | 23.3% | 3.1% | $127.9 billion | 13.76 | 2.60 |
| Booking Holdings Inc. BKNG | 33.8% | 12.9% | $126.6 billion | 18.41 | 4.48 |
| Capital One Financial Corp. COF | 47.9% | 45.3% | $125.7 billion | 11.89 | 2.03 |
| S&P Global Inc. SPGI | 35.3% | 8.5% | $119.7 billion | 25.58 | 7.61 |
| Altria Group, Inc. MO | 38.8% | -0.6% | $114.4 billion | 14.43 | 4.88 |
| CME Group Inc. CME | 62.2% | 5.1% | $99.5 billion | 23.37 | 14.70 |
| Adobe Inc. ADBE | 40.8% | 12.0% | $97.6 billion | 13.93 | 3.76 |
| Datadog, Inc. DDOG | 29.8% | 31.5% | $90.9 billion | 490.10 | 22.92 |
| Intercontinental Exchange, Inc. ICE | 37.8% | 6.9% | $87.2 billion | 21.94 | 6.49 |
| Regeneron Pharmaceuticals, Inc. REGN | 24.2% | 9.3% | $84.6 billion | 19.77 | 5.45 |
| Intuit Inc. INTU | 40.4% | 13.9% | $81.6 billion | 18.48 | 3.81 |
| Cadence Design Systems Inc. CDNS | 25.9% | 13.4% | $81.3 billion | 68.74 | 14.71 |
| Moodys Corp. MCO | 36.4% | 11.7% | $80.9 billion | 29.65 | 9.92 |
| EOG Resources Inc. EOG | 47.3% | 19.1% | $74.2 billion | 10.99 | 2.74 |
| Simon Property Group Inc. SPG | 46.4% | 15.0% | $66.4 billion | 14.46 | 9.57 |
| Realty Income Corp. O | 66.1% | 10.9% | $53.6 billion | 41.35 | 8.85 |
| Public Storage PSA | 59.1% | 3.0% | $52.1 billion | 28.34 | 10.65 |
| Fifth Third Bancorp FITB | 26.7% | 49.0% | $48.3 billion | 18.26 | 4.27 |
| Ameriprise Financial Inc. AMP | 40.6% | 9.1% | $47.3 billion | 12.95 | 2.39 |
| Autodesk, Inc. ADSK | 36.4% | 17.9% | $45.7 billion | 28.35 | 5.87 |
| Interactive Brokers Group, Inc. IBKR | 580.2% | 22.1% | $42.0 billion | 37.14 | 15.37 |
| Paychex Inc. PAYX | 35.7% | 16.9% | $40.9 billion | 23.52 | 6.28 |
| MSCI Inc. MSCI | 47.9% | 11.6% | $40.6 billion | 30.58 | 12.19 |
| M&T Bank Corp. MTB | 211.1% | 6.4% | $32.8 billion | 12.01 | 19.25 |
| Arch Capital Group Ltd. ACGL | 31.5% | 0.4% | $32.7 billion | 7.50 | 1.70 |
| Huntington Bancshares Inc. /Md/ HBAN | 128.1% | 13.5% | $32.5 billion | 12.34 | 19.32 |
| Crown Castle Inc. CCI | n/a | n/a | $31.2 billion | n/a | n/a |
| Citizens Financial Group Inc/Ri CFG | 27.0% | 11.0% | $28.5 billion | 14.64 | 3.26 |
| Verisign Inc/Ca VRSN | 62.4% | 6.9% | $27.9 billion | 33.55 | 16.31 |
| Vici Properties Inc. VICI | 64.4% | 4.4% | $26.5 billion | 9.32 | 6.46 |
| Cincinnati Financial Corp. CINF | 24.4% | 19.6% | $25.6 billion | 7.87 | 1.84 |
| Vivmark Residential VMRK | 48.9% | 4.3% | $22.8 billion | 19.48 | 8.39 |
| Verisk Analytics, Inc. VRSK | 36.3% | 5.9% | $22.5 billion | 26.22 | 7.26 |
| Fair Isaac Corp. FICO | 41.6% | 24.1% | $20.0 billion | 26.71 | 8.34 |
| SBA Communications Corp. SBAC | 36.1% | 5.4% | $18.7 billion | 19.00 | 6.51 |
| CF Industries Holdings, Inc. CF | 24.7% | 20.0% | $18.7 billion | 9.16 | 2.41 |
| Gen Digital Inc. GEN | 30.5% | 20.2% | $17.5 billion | 17.05 | 3.44 |
| Essex Property Trust, Inc. ESS | 53.6% | 4.7% | $17.4 billion | 42.27 | 9.05 |
| Akamai Technologies Inc. AKAM | 22.1% | 5.9% | $16.9 billion | 42.39 | 3.90 |
| Invitation Homes Inc. INVH | n/a | 6.7% | $16.0 billion | 24.84 | 5.60 |
| Globe Life Inc. GL | 19.9% | 5.2% | $15.9 billion | 11.44 | 2.56 |
| MID America Apartment Communities Inc. MAA | 31.0% | 0.8% | $13.8 billion | 36.02 | 6.25 |
| Regency Centers Corp. REG | 24.0% | 7.8% | $13.4 billion | n/a | 8.42 |
| GoDaddy Inc. GDDY | 33.4% | 7.4% | $13.3 billion | 15.57 | 2.60 |
| Udr, Inc. UDR | 36.8% | 2.1% | $11.0 billion | 23.05 | 6.44 |
| Bxp, Inc. BXP | 32.4% | 1.9% | $10.2 billion | 34.48 | 2.91 |
| Factset Research Systems Inc. FDS | 29.0% | 6.6% | $10.2 billion | 18.72 | 4.17 |
| Camden Property Trust CPT | 3,440.0% | 56.8% | $9.9 billion | 32.72 | 756.91 |
| Visa Inc. V | 49.2% | 14.4% | n/a | n/a | n/a |
Free cash flow margin, trailing twelve months: free cash flow over revenue, four quarters. Revenue growth, trailing twelve months: last four quarters over the four before, less one. Market capitalisation: price times shares outstanding (the latest filed count, or the diluted weighted count where a company with several share classes tags no single count; India from the shareholding pattern). Price to earnings: price over the last four quarters' EPS as filed (net income over diluted shares for a quarter whose EPS is not filed), put on the current share count where a split or bonus fell inside them. Market capitalisation to sales: market capitalisation over revenue of the last four quarters. A rule in words over filed numbers; the list says which names meet it and nothing about what to do. Write your own.