U.S. mid-cap cash-flow screen · October 9, 2026 close

50 U.S. Mid-Cap Stocks With FCF Margins Above 20%, Ranked by One-Year Performance

Strong reported cash conversion, weak recent share performance: 50 common stocks ranked by one-year adjusted returns, with five-year context, regular dividend yields and market capitalization.

Strong reported cash conversion, very different stock outcomes

Cash generation and shareholder returns can move in different directions. These 50 U.S. mid-cap common stocks have reported trailing free-cash-flow-to-sales margins above 20%, with market values above $2 billion and below $10 billion. The table places the largest one-year declines first and adds five-year performance, regular dividend yields and company equity values.

The Trade Desk, Inc. leads this selection with a 77.67% decline, followed by StubHub Holdings, Inc. at 67.89%. Their reported cash-flow margins are 28.38% and 30.89%, respectively. 48 recorded a negative one-year adjusted return; 2 gainers complete the 50-name selection. A high cash-flow margin and a weak share price invite further research; they do not establish that a stock is undervalued.

Selections

50 common stocks

48 decliners · 2 gainers

Largest one-year decline

-77.67%

The Trade Desk, Inc.

Cash-flow threshold

Above 20%

Reported trailing FCF / revenue

The 50-stock screen

Ranked from the weakest to the strongest one-year adjusted return within this selection. Scroll horizontally to see every column. SEC filing links appear in the financial figures below.

#	FCF/Sales	1 Year	5Yr Rtn	Reg Div	Cap	Article
1	28.38%	-77.7%	-83.0%	0.00%	$5.71B	Read
2	30.89%	-67.9%	N/A	0.00%	$2.34B	—
3	45.31%	-58.0%	-60.1%	0.00%	$5.44B	Read
4	34.72%	-55.5%	-10.0%	0.00%	$7.01B	Read
5	187.82%	-52.5%	-18.5%	0.00%	$2.25B	—
6	36.25%	-46.1%	-52.9%	2.60%	$3.45B	—
7	28.36%	-36.2%	-41.9%	0.34%	$5.86B	Read
8	71.29%	-32.6%	N/A	5.19%	$2.52B	Read
9	57.97%	-32.4%	+531.1%	0.00%	$2.13B	Read
10	22.74%	-29.7%	+825.0%	0.00%	$2.32B	Read
11	50.14%	-29.1%	+106.9%	0.27%	$7.68B	—
12	20.42%	-28.7%	N/A	0.00%	$5.12B	—
13	22.13%	-28.7%	-10.3%	1.49%	$2.96B	—
14	24.09%	-27.4%	-38.1%	0.00%	$2.03B	Read
15	21.09%	-27.2%	-73.8%	0.00%	$7.03B	Read
16	42.74%	-26.2%	+4.4%	2.66%	$4.72B	—
17	27.65%	-24.7%	-30.6%	0.00%	$4.13B	—
18	21.30%	-23.2%	-16.9%	0.00%	$2.28B	Read
19	31.25%	-23.1%	-12.7%	3.42%	$4.70B	—
20	21.23%	-22.8%	+83.2%	0.00%	$4.11B	—
21	21.24%	-22.6%	-71.9%	0.00%	$2.09B	Read
22	20.46%	-22.1%	-4.4%	5.44%	$3.58B	—
23	25.72%	-21.5%	-47.0%	0.00%	$3.05B	Read
24	35.08%	-19.9%	+74.3%	0.73%	$5.62B	—
25	20.76%	-15.9%	-46.1%	0.00%	$3.99B	—
26	20.78%	-15.4%	+1.9%	10.34%	$2.71B	—
27	30.11%	-15.1%	-16.8%	0.00%	$2.57B	—
28	27.91%	-14.4%	+32.7%	0.00%	$5.36B	—
29	28.99%	-14.3%	-28.3%	2.45%	$5.50B	—
30	33.93%	-12.9%	+84.1%	1.87%	$3.57B	—
31	25.51%	-12.4%	+57.2%	0.00%	$7.16B	Read
32	21.45%	-12.2%	-83.7%	0.00%	$3.82B	Read
33	24.36%	-11.0%	+370.2%	0.22%	$3.11B	—
34	21.26%	-10.9%	+113.3%	0.00%	$6.52B	Read
35	20.10%	-9.9%	+242.6%	0.00%	$4.40B	—
36	25.79%	-9.7%	-12.4%	0.00%	$4.37B	—
37	28.57%	-8.1%	+27.9%	1.56%	$2.63B	—
38	34.18%	-7.5%	-9.5%	3.14%	$5.56B	—
39	22.34%	-7.5%	-23.2%	0.00%	$3.65B	—
40	48.87%	-6.4%	-27.9%	2.66%	$4.38B	—
41	26.19%	-4.9%	+35.3%	1.22%	$5.11B	—
42	24.35%	-4.6%	+101.2%	0.00%	$2.96B	Read
43	62.98%	-4.2%	+427.0%	0.63%	$8.55B	Read
44	21.29%	-3.6%	+68.2%	0.00%	$3.10B	—
45	22.78%	-2.2%	-2.3%	2.30%	$5.50B	—
46	25.39%	-1.2%	+220.2%	1.84%	$2.11B	Read
47	65.06%	-0.4%	N/A	2.00%	$7.80B	—
48	32.08%	-0.2%	+43.2%	0.00%	$7.66B	Read
49	33.80%	+0.3%	+21.7%	6.15%	$6.20B	Read
50	21.19%	+0.5%	+33.6%	0.94%	$7.72B	—

One year: October 9, 2025–October 9, 2026. Five years: October 8, 2021–October 9, 2026. Returns use dividend- and split-adjusted prices. Regular yield uses trailing ex-dividend dates and the unadjusted closing price; identifiable special distributions are excluded. Financial margins use each issuer’s latest available trailing period.

Rates still matter for valuation

In its September 16 decision, the Federal Reserve increased its target range by 25 basis points to 3.75%–4.00%.

A higher discount rate can weigh on the value assigned to future cash generation. For mid-cap companies, it also changes the comparison between equity returns, cash yields and financing costs. This is a valuation lens, not proof that the rate decision caused the individual moves in the table. Operating results, starting valuations and balance-sheet strength still matter.

The Trade Desk, StubHub and Doximity lead the declines

The Trade Desk’s 77.67% decline is the largest in this selection, despite a 28.38% reported cash-flow margin. Its filing provides the context for advertising revenue, customer receivables and investment in property and software. A cash-generating advertising platform can still be repriced when investors change their expectations for its future growth.

StubHub follows with a 67.89% decline and a 30.89% margin. Buyer receipts and amounts owed to sellers affect ticket-marketplace cash flows, as shown in its quarterly statement. Cash held ahead of settlement is not the same as cash that can be distributed without meeting those obligations. Its 2025 listing also means there is no comparable five-year listed return.

Doximity’s 45.31% cash-flow margin accompanies a 57.97% one-year decline. Its filing shows a business with limited physical capital spending and separately capitalized software. The next question is whether demand, customer relationships and growth can support the valuation, rather than whether cash conversion alone is strong.

Capital needs and financial cash flows change the comparison

ADT owns installed subscriber equipment as well as ordinary operating assets. Clearway funds generating equipment and repowering work. Those are different reinvestment profiles from an asset-light software platform, even when all three pass a cash-margin threshold. Their ADT and Clearway filings help distinguish cash available after operating investment from cash temporarily supported by the investment cycle.

Banks, insurers, lenders and asset managers also require separate judgment. Policyholder movements, loan activity, client balances and provisions can produce high reported cash ratios without implying equally high operating profit margins. Trump Media’s unusually high ratio likewise should not be interpreted as a sustainable operating profit percentage. Review the sources and the recurring economics before comparing these businesses with industrial companies.

Regular income is different from a special distribution

The regular-dividend column measures cash dividends associated with ex-dividend dates in the trailing year, using the October 9 closing price. It is not a forward annualized yield. A dividend announced recently can be absent if its ex-dividend date falls after the snapshot, while a dividend already ex-dividend can qualify before the payment arrives.

Identifiable special payments are excluded, including the special portions of Artisan Partners and RLI distributions and Pegasystems’ special payment. Their regular payments remain in the yield calculation. This keeps a one-time distribution from being presented as recurring income.

About the figures

The selection contains 50 U.S.-domiciled mid-cap common stocks with reported trailing free-cash-flow-to-sales margins above 20% and market values above $2 billion and below $10 billion at the October 9, 2026 snapshot. 48 recorded a negative one-year adjusted return; 2 gainers complete the 50-name selection. REITs, mortgage REITs, BDCs, preferred stocks, funds and partnership units are excluded. The ranking covers the companies presented and is not a complete list of every qualifying U.S. stock.

FCF/Sales is reported operating cash flow less cash operating-capital investment, divided by reported revenue for the same trailing period. Operating-capital investment includes property, equipment, productive assets and separately reported software, internally created patents or content, operating-asset setup costs and equipment deposits. Business acquisitions, purchased intangible portfolios and equity-method investments are excluded. Each financial period-end date appears below.

Banks use net interest income before credit-loss provisions plus noninterest income; other financial firms use their reported revenue or net revenue, as appropriate. These are cash-flow ratios, not operating profit margins. Loan activity, policyholder balances, working capital, one-time receipts and stock-based compensation can affect the result. The figures are reported trailing results, not calendar-year 2026 forecasts or estimates of recurring cash generation.

One-year returns cover October 9, 2025–October 9, 2026. Five-year returns cover October 8, 2021–October 9, 2026. They are cumulative adjusted-price changes, using dividend and split adjustments, rather than annualized returns or maximum peak-to-trough drawdowns. N/A means that a sufficiently comparable five-year figure is unavailable; listings, mergers, business combinations or stock distributions can affect historical comparability.

Regular trailing dividend yield uses regular cash dividends with ex-dividend dates from October 10, 2025 through October 9, 2026, divided by the unadjusted October 9 close. Amounts before actual share splits or stock dividends are expressed per current share. Identifiable special cash distributions and distributions of another company’s stock are excluded. Zero means no regular dividend identified for that period.

Market capitalization is an approximate company equity value in U.S. dollars. For corporations with exchangeable operating-company units, the value includes common equity on a fully exchanged basis and can exceed the value of listed Class A shares alone. Available share counts can lag the trading date. The table contains corporate common shares, rather than partnership units.

Financial figures and SEC filings

The figures below show trailing revenue, operating cash flow and capital expenditures for each company, with links to the relevant SEC filings.

TTD — trailing period ended 2026-06-30: operating cash flow $1,081,674,000, capital expenditure $233,037,000, reported revenue $2,990,138,000; ($1,081,674,000 − $233,037,000) / $2,990,138,000 = 28.38%. SEC filing. Annual filing.
STUB — trailing period ended 2026-06-30: operating cash flow $635,203,000, capital expenditure $37,051,000, reported revenue $1,936,399,000; ($635,203,000 − $37,051,000) / $1,936,399,000 = 30.89%. SEC filing. Annual filing.
DOCS — trailing period ended 2026-06-30: operating cash flow $306,344,000, capital expenditure $9,319,000, reported revenue $655,568,000; ($306,344,000 − $9,319,000) / $655,568,000 = 45.31%. SEC filing. Annual filing.
DUOL — trailing period ended 2026-06-30: operating cash flow $430,548,000, capital expenditure $33,044,000, reported revenue $1,145,002,000; ($430,548,000 − $33,044,000) / $1,145,002,000 = 34.72%. SEC filing. Annual filing.
DJT — trailing period ended 2026-06-30: operating cash flow $8,515,900, capital expenditure $28,200, reported revenue $4,519,000; ($8,515,900 − $28,200) / $4,519,000 = 187.82%. SEC filing. Annual filing.
OLED — trailing period ended 2026-06-30: operating cash flow $262,187,000, capital expenditure $42,171,000, reported revenue $606,908,000; ($262,187,000 − $42,171,000) / $606,908,000 = 36.25%. SEC filing. Annual filing.
PEGA — trailing period ended 2026-06-30: operating cash flow $512,956,000, capital expenditure $20,456,000, reported revenue $1,736,356,000; ($512,956,000 − $20,456,000) / $1,736,356,000 = 28.36%. SEC filing. Annual filing.
FG — trailing period ended 2026-06-30: operating cash flow $4,335,000,000, capital expenditure $10,000,000, reported revenue $6,067,000,000; ($4,335,000,000 − $10,000,000) / $6,067,000,000 = 71.29%. SEC filing. Annual filing.
INOD — trailing period ended 2026-06-30: operating cash flow $196,203,000, capital expenditure $12,355,000, reported revenue $317,164,000; ($196,203,000 − $12,355,000) / $317,164,000 = 57.97%. SEC filing. Annual filing.
ADMA — trailing period ended 2026-06-30: operating cash flow $136,720,000, capital expenditure $20,251,000, reported revenue $512,275,000; ($136,720,000 − $20,251,000) / $512,275,000 = 22.74%. SEC filing. Annual filing.
KNSL — trailing period ended 2026-06-30: operating cash flow $1,035,644,000, capital expenditure $34,873,000, reported revenue $1,996,004,000; ($1,035,644,000 − $34,873,000) / $1,996,004,000 = 50.14%. SEC filing. Annual filing.
WAY — trailing period ended 2026-06-30: operating cash flow $292,988,000, capital expenditure $46,728,000, reported revenue $1,205,737,000; ($292,988,000 − $46,728,000) / $1,205,737,000 = 20.42%. SEC filing. Annual filing.
NMRK — trailing period ended 2026-06-30: operating cash flow $846,016,000, capital expenditure $48,423,000, reported revenue $3,604,357,000; ($846,016,000 − $48,423,000) / $3,604,357,000 = 22.13%. SEC filing. Annual filing.
BLKB — trailing period ended 2026-06-30: operating cash flow $339,734,000, capital expenditure $63,149,000, reported revenue $1,148,136,000; ($339,734,000 − $63,149,000) / $1,148,136,000 = 24.09%. SEC filing. Annual filing.
PATH — trailing period ended 2026-07-31: operating cash flow $373,246,000, capital expenditure $10,289,000, reported revenue $1,720,858,000; ($373,246,000 − $10,289,000) / $1,720,858,000 = 21.09%. SEC filing. Annual filing.
HLNE — trailing period ended 2026-06-30: operating cash flow $373,135,000, capital expenditure $6,301,000, reported revenue $858,366,000; ($373,135,000 − $6,301,000) / $858,366,000 = 42.74%. SEC filing. Annual filing.
CCC — trailing period ended 2026-06-30: operating cash flow $372,966,000, capital expenditure $65,424,000, reported revenue $1,112,190,000; ($372,966,000 − $65,424,000) / $1,112,190,000 = 27.65%. SEC filing. Annual filing.
PBH — trailing period ended 2026-06-30: operating cash flow $249,402,000, capital expenditure $14,043,000, reported revenue $1,104,885,000; ($249,402,000 − $14,043,000) / $1,104,885,000 = 21.30%. SEC filing. Annual filing.
ADT — trailing period ended 2026-06-30: operating cash flow $2,158,092,000, capital expenditure $544,292,000, reported revenue $5,164,895,000; ($2,158,092,000 − $544,292,000) / $5,164,895,000 = 31.25%. SEC filing. Annual filing.
LOPE — trailing period ended 2026-06-30: operating cash flow $278,707,000, capital expenditure $36,221,000, reported revenue $1,142,066,000; ($278,707,000 − $36,221,000) / $1,142,066,000 = 21.23%. SEC filing. Annual filing.
NCNO — trailing period ended 2026-07-31: operating cash flow $133,613,000, capital expenditure $1,444,000, reported revenue $622,244,000; ($133,613,000 − $1,444,000) / $622,244,000 = 21.24%. SEC filing. Annual filing.
LAZ — trailing period ended 2026-06-30: operating cash flow $671,306,000, capital expenditure $12,546,000, reported revenue $3,219,050,000; ($671,306,000 − $12,546,000) / $3,219,050,000 = 20.46%. SEC filing. Annual filing.
SPSC — trailing period ended 2026-06-30: operating cash flow $228,143,000, capital expenditure $29,447,000, reported revenue $772,492,000; ($228,143,000 − $29,447,000) / $772,492,000 = 25.72%. SEC filing. Annual filing.
PJT — trailing period ended 2026-06-30: operating cash flow $713,017,000, capital expenditure $51,192,000, reported revenue $1,886,750,000; ($713,017,000 − $51,192,000) / $1,886,750,000 = 35.08%. SEC filing. Annual filing.
WK — trailing period ended 2026-06-30: operating cash flow $201,901,000, capital expenditure $1,377,000, reported revenue $965,697,000; ($201,901,000 − $1,377,000) / $965,697,000 = 20.76%. SEC filing. Annual filing.
APAM — trailing period ended 2026-06-30: operating cash flow $260,730,000, capital expenditure $1,413,000, reported revenue $1,247,713,000; ($260,730,000 − $1,413,000) / $1,247,713,000 = 20.78%. SEC filing. Annual filing.
CARG — trailing period ended 2026-06-30: operating cash flow $318,722,000, capital expenditure $27,442,000, reported revenue $967,273,000; ($318,722,000 − $27,442,000) / $967,273,000 = 30.11%. SEC filing. Annual filing.
CRUS — trailing period ended 2026-06-27: operating cash flow $598,595,000, capital expenditure $26,493,000, reported revenue $2,049,830,000; ($598,595,000 − $26,493,000) / $2,049,830,000 = 27.91%. SEC filing. Annual filing.
DLB — trailing period ended 2026-06-26: operating cash flow $437,598,000, capital expenditure $44,925,000, reported revenue $1,354,355,000; ($437,598,000 − $44,925,000) / $1,354,355,000 = 28.99%. SEC filing. Annual filing.
BANF — trailing period ended 2026-06-30: operating cash flow $289,131,000, capital expenditure $43,846,000, reported revenue $722,962,000; ($289,131,000 − $43,846,000) / $722,962,000 = 33.93%. SEC filing. Annual filing.
APPF — trailing period ended 2026-06-30: operating cash flow $272,899,000, capital expenditure $7,394,000, reported revenue $1,040,883,000; ($272,899,000 − $7,394,000) / $1,040,883,000 = 25.51%. SEC filing. Annual filing.
BILL — trailing period ended 2026-06-30: operating cash flow $415,832,000, capital expenditure $61,156,000, reported revenue $1,653,160,000; ($415,832,000 − $61,156,000) / $1,653,160,000 = 21.45%. SEC filing.
USLM — trailing period ended 2026-06-30: operating cash flow $162,632,000, capital expenditure $70,819,000, reported revenue $376,915,000; ($162,632,000 − $70,819,000) / $376,915,000 = 24.36%. SEC filing. Annual filing.
CVLT — trailing period ended 2026-06-30: operating cash flow $264,669,000, capital expenditure $6,219,000, reported revenue $1,215,843,000; ($264,669,000 − $6,219,000) / $1,215,843,000 = 21.26%. SEC filing. Annual filing.
CVSA — trailing period ended 2026-06-30: operating cash flow $470,422,000, capital expenditure $77,696,000, reported revenue $1,954,085,000; ($470,422,000 − $77,696,000) / $1,954,085,000 = 20.10%. SEC filing.
HHH — trailing period ended 2026-06-30: operating cash flow $787,152,000, capital expenditure $175,145,000, reported revenue $2,372,928,000; ($787,152,000 − $175,145,000) / $2,372,928,000 = 25.79%. SEC filing. Annual filing.
FBK — trailing period ended 2026-06-30: operating cash flow $207,047,000, capital expenditure $7,181,000, reported revenue $699,566,000; ($207,047,000 − $7,181,000) / $699,566,000 = 28.57%. SEC filing. Annual filing.
GBCI — trailing period ended 2026-06-30: operating cash flow $444,551,000, capital expenditure $37,281,000, reported revenue $1,191,532,000; ($444,551,000 − $37,281,000) / $1,191,532,000 = 34.18%. SEC filing. Annual filing.
QTWO — trailing period ended 2026-06-30: operating cash flow $226,264,000, capital expenditure $37,229,000, reported revenue $846,197,000; ($226,264,000 − $37,229,000) / $846,197,000 = 22.34%. SEC filing. Annual filing.
FFIN — trailing period ended 2026-06-30: operating cash flow $346,718,000, capital expenditure $21,432,000, reported revenue $665,626,000; ($346,718,000 − $21,432,000) / $665,626,000 = 48.87%. SEC filing. Annual filing.
RLI — trailing period ended 2026-06-30: operating cash flow $524,037,000, capital expenditure $7,021,000, reported revenue $1,974,396,000; ($524,037,000 − $7,021,000) / $1,974,396,000 = 26.19%. SEC filing. Annual filing.
AGYS — trailing period ended 2026-06-30: operating cash flow $82,176,000, capital expenditure $1,735,000, reported revenue $330,314,000; ($82,176,000 − $1,735,000) / $330,314,000 = 24.35%. SEC filing. Annual filing.
IDCC — trailing period ended 2026-06-30: operating cash flow $557,938,000, capital expenditure $61,323,000, reported revenue $788,498,000; ($557,938,000 − $61,323,000) / $788,498,000 = 62.98%. SEC filing. Annual filing.
AVPT — trailing period ended 2026-06-30: operating cash flow $104,694,000, capital expenditure $5,465,000, reported revenue $466,152,000; ($104,694,000 − $5,465,000) / $466,152,000 = 21.29%. SEC filing. Annual filing.
WH — trailing period ended 2026-06-30: operating cash flow $371,000,000, capital expenditure $48,000,000, reported revenue $1,418,000,000; ($371,000,000 − $48,000,000) / $1,418,000,000 = 22.78%. SEC filing. Annual filing.
PRDO — trailing period ended 2026-06-30: operating cash flow $225,353,000, capital expenditure $7,373,000, reported revenue $858,609,000; ($225,353,000 − $7,373,000) / $858,609,000 = 25.39%. SEC filing. Annual filing.
CBSH — trailing period ended 2026-06-30: operating cash flow $1,261,995,000, capital expenditure $48,617,000, reported revenue $1,864,932,000; ($1,261,995,000 − $48,617,000) / $1,864,932,000 = 65.06%. SEC filing. Annual filing.
HQY — trailing period ended 2026-07-31: operating cash flow $490,175,000, capital expenditure $53,221,000, reported revenue $1,362,123,000; ($490,175,000 − $53,221,000) / $1,362,123,000 = 32.08%. SEC filing. Annual filing.
CWEN — trailing period ended 2026-06-30: operating cash flow $1,017,000,000, capital expenditure $485,000,000, reported revenue $1,574,000,000; ($1,017,000,000 − $485,000,000) / $1,574,000,000 = 33.80%. SEC filing. Annual filing.
ZWS — trailing period ended 2026-06-30: operating cash flow $401,400,000, capital expenditure $22,900,000, reported revenue $1,786,600,000; ($401,400,000 − $22,900,000) / $1,786,600,000 = 21.19%. SEC filing. Annual filing.

Turn the screen into company research

Start with the business behind each row. Test recurring cash conversion, reinvestment needs, debt, dilution and growth; then compare those findings with valuation. A high reported cash-flow margin combined with a price decline is a research question, not a buy signal.

This article is informational research, not personalized investment advice. Historical returns do not imply future performance. Figures reflect the stated snapshot and information available at that time.

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