Cash generation has not protected these stocks from falling prices
A business can convert more than one-fifth of its revenue into free cash flow and still disappoint shareholders. This selection brings together 50 U.S. mid- and large-cap common stocks with reported trailing free-cash-flow-to-sales margins above 20% and negative six-month adjusted returns. Each margin has been recomputed from company filings; the table is ordered from the largest six-month decline to the smallest.
The Trade Desk leads this verified selection with a 41.39% decline, followed by Albemarle at 40.89%, Fair Isaac at 37.75% and Zoetis at 36.95%. Their cash-flow margins range from 22.72% to 40.14%. The gap between current cash generation and stock performance is a reason to investigate valuation, durability and future investment needs; it does not establish that a stock is cheap.
Verified selections
50 common stocks
26 large caps · 24 mid caps
Largest six-month decline
−41.39%
The Trade Desk
Cash-flow threshold
Above 20%
Reported trailing FCF / revenue
The 50-stock screen
Ranked from the most negative to the least negative six-month adjusted return. Scroll horizontally to see every column. SEC filing links appear in the financial figures below.
Six months: April 9–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.
The September rate increase changes the valuation backdrop
In its September 16 statement, the Federal Reserve raised its target range by 25 basis points to 3.75%–4.00%. It described inflation as elevated and economic activity as expanding at a solid pace, while acknowledging uncertainty around the outlook and geopolitical developments.
Higher discount rates can reduce the present value of distant earnings and cash flows. That mechanism is especially relevant when valuations depend on years of expected growth. It is an economic interpretation of the backdrop, rather than evidence that the Fed decision caused every decline in this table. Company results, capital allocation and changes in expectations still need to be evaluated separately.
Albemarle shows why a trailing margin needs a cash-quality check
Albemarle's 22.72% reported trailing margin sits beside a 40.89% six-month decline. Its second-quarter release reported $710 million of operating cash flow and $638 million of free cash flow for the quarter. Management identified Talison joint-venture dividend timing and nonrecurring working-capital benefits among the contributors to that strong cash result.
Those items matter when deciding how much of the cash flow can recur. Lithium prices, production economics and the investment cycle may change the next twelve months materially. The same normalization question applies to the screen's oil, gas and precious-metals producers: compare current cash generation with sustaining investment, development commitments and a range of commodity prices.
Liquidia's growth comes with a concentrated legal exposure
Liquidia combines a 33.42% reported trailing margin with a 32.09% six-month decline. Its second-quarter update reported YUTREPIA net product sales of $170.4 million, up 31% from the preceding quarter, after the product's June 2025 commercial launch.
The company also disclosed ongoing litigation with United Therapeutics and a requested injunction that could affect YUTREPIA sales. Rapid commercialization and substantial cash conversion can therefore coexist with a specific legal and product-concentration risk. The trailing margin measures cash already generated; it does not price the possible outcomes of that dispute.
AppLovin, Netflix and Intuit illustrate different cash-flow stories
AppLovin combines a 66.27% reported trailing cash-flow margin with a 26.93% six-month decline. Its June 2026 SEC filing reports rapid advertising revenue growth. For this table, trailing operating cash flow of $4.528 billion less $2.133 million of property-and-equipment purchases is divided by $6.829 billion of reported revenue. AppLovin's own non-GAAP free-cash-flow definition also deducts finance-lease principal payments, so its management-defined margin differs from this standardized screen.
Netflix's reported margin is 23.06%, while its six-month adjusted return is −31.11%. Its June 2026 quarterly filing says operating cash flow included a $2.8 billion termination fee related to the abandoned Warner Bros. Discovery transaction. That receipt remains in the reported screen. The table does not present this margin as a recurring or normalized margin, and simply subtracting the gross fee would ignore associated taxes and other cash effects.
Intuit's 40.18% reported margin accompanies a 15.53% six-month decline. Its fiscal 2026 results reported revenue of $21.4 billion, up 14%. Growth in the business and falling shares can occur together because the market values future growth relative to the price investors previously paid. This screen alone cannot distinguish a change in expectations from a durable impairment.
A six-month decline can follow years of exceptional gains
Powell Industries fell 16.78% over six months but gained approximately 2,302% over the five-year comparison. Vertiv fell 15.56% over six months while its five-year adjusted return remained near 988%. Argan's corresponding figures are −35.46% and approximately +880%. These are endpoint returns, not measures of maximum peak-to-trough drawdown.
The long-term column provides context for the starting valuation and the size of the prior advance. It does not establish that the recent decline is temporary. Conversely, a weak five-year return does not guarantee a recovery merely because the latest reported cash-flow margin exceeds 20%.
Financial firms require a different interpretation
F&G, Fidelity National Financial and the banks satisfy the arithmetic screen for their reported periods. Their operating cash flows reflect insurance and banking balance-sheet movements; subtracting physical and software investment does not measure unrestricted cash available to shareholders. Evaluate regulatory capital, insurance reserves, funding, credit losses and permitted subsidiary distributions separately.
Fidelity National Financial continues to consolidate F&G, so these two listed issuers share economic exposure. Their rows should not be treated as independent sources of diversification.
Regular dividend yield excludes identifiable special distributions
McDonald's regular trailing yield is 3.16%, compared with 2.79% for Zoetis and 1.64% for Intuit. Yield here uses regular dividends with ex-dividend dates in the trailing twelve months, divided by the October 9 unadjusted closing price. It is neither the forward indicated yield nor a forecast of the next year's income.
Piper Sandler's March distribution included a $1.25 special dividend and a $0.175 regular dividend on a split-adjusted basis. Only the regular amount enters its trailing yield. Pegasystems' identifiable special distribution is also excluded. Dividend-adjusted performance, however, incorporates cash distributions, including special distributions, through the historical adjusted-price series.
About the figures
This selection features 50 U.S.-domiciled common stocks with trailing free-cash-flow margins above 20% and negative six-month adjusted returns. It includes 24 mid caps and 26 large caps as of October 9, 2026. Mid caps have market values above $2 billion and below $10 billion; large caps have market values above $10 billion. REITs, mortgage REITs, BDCs, preferred stocks, funds and partnership units are excluded. The ranking applies to the companies presented and is not an exhaustive list of all eligible U.S. stocks.
FCF/Sales is operating cash flow less cash capital expenditures, divided by reported revenue for the same trailing period. Capital expenditures include operating property, equipment and productive assets, plus separately reported capitalized software. Business acquisitions, purchased intangible portfolios and equity-method investments are excluded. Banks use net interest income before credit-loss provisions plus noninterest income; brokers use reported net revenue. Each company’s financial period-end date appears below.
These are reported trailing margins, not forecasts for calendar-year 2026 or estimates of recurring cash generation. One-time receipts, working-capital movements and stock-based compensation can affect operating cash flow. Banking and insurance cash-flow ratios require particular care because balance-sheet and policyholder movements make them less comparable with industrial businesses.
Six-month returns cover April 9–October 9, 2026; five-year returns cover October 8, 2021–October 9, 2026. Returns use dividend- and split-adjusted prices and are cumulative, not annualized. They measure the change between two dates, rather than maximum peak-to-trough drawdown. N/A indicates that a comparable five-year return is unavailable, including where listings, separations, mergers or stock distributions complicate the historical comparison.
Regular trailing dividend yield is the sum of regular dividends with ex-dividend dates from October 10, 2025 through October 9, 2026, divided by the October 9 closing price. Identifiable special distributions are excluded. This differs from a forward dividend yield, and a dividend may qualify before its payment date. Zero indicates no identified regular dividend during that period.
Market capitalization is an approximate company equity value in U.S. dollars. For corporations with exchangeable operating-company units, it includes the equity value on a fully exchanged basis, which can exceed the value of listed Class A shares alone. 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.
- ALB — trailing period ended 2026-06-30: operating cash flow $1,800,328,000, capital expenditure $457,956,000, reported revenue $5,907,904,000; ($1,800,328,000 − $457,956,000) / $5,907,904,000 = 22.72%. SEC filing.
- FICO — trailing period ended 2026-06-30: operating cash flow $1,001,549,000, capital expenditure $40,671,000, reported revenue $2,393,575,000; ($1,001,549,000 − $40,671,000) / $2,393,575,000 = 40.14%. SEC filing.
- ZTS — trailing period ended 2026-06-30: operating cash flow $2,840,000,000, capital expenditure $524,000,000, reported revenue $9,525,000,000; ($2,840,000,000 − $524,000,000) / $9,525,000,000 = 24.31%. SEC filing.
- AGX — trailing period ended 2026-07-31: operating cash flow $555,177,000, capital expenditure $9,476,000, reported revenue $1,188,133,000; ($555,177,000 − $9,476,000) / $1,188,133,000 = 45.93%. SEC 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.
- LQDA — trailing period ended 2026-06-30: operating cash flow $167,708,000, capital expenditure $17,014,000, reported revenue $450,907,000; ($167,708,000 − $17,014,000) / $450,907,000 = 33.42%. SEC filing.
- NFLX — trailing period ended 2026-06-30: operating cash flow $11,970,833,000, capital expenditure $818,828,000, reported revenue $48,370,764,000; ($11,970,833,000 − $818,828,000) / $48,370,764,000 = 23.06%. SEC filing.
- UI — trailing period ended 2026-06-30: operating cash flow $928,682,000, capital expenditure $19,738,000, reported revenue $3,274,162,000; ($928,682,000 − $19,738,000) / $3,274,162,000 = 27.76%. SEC filing.
- APP — trailing period ended 2026-06-30: operating cash flow $4,527,589,000, capital expenditure $2,133,000, reported revenue $6,829,124,000; ($4,527,589,000 − $2,133,000) / $6,829,124,000 = 66.27%. SEC filing.
- DECK — trailing period ended 2026-06-30: operating cash flow $1,193,713,000, capital expenditure $75,905,000, reported revenue $5,527,289,000; ($1,193,713,000 − $75,905,000) / $5,527,289,000 = 20.22%. SEC filing.
- CWEN — trailing period ended 2026-06-30: operating cash flow $1,017,000,000, capital expenditure $346,000,000, reported revenue $1,574,000,000; ($1,017,000,000 − $346,000,000) / $1,574,000,000 = 42.63%. SEC filing.
- TPR — trailing period ended 2026-06-27: operating cash flow $1,978,500,000, capital expenditure $166,000,000, reported revenue $8,004,200,000; ($1,978,500,000 − $166,000,000) / $8,004,200,000 = 22.64%. SEC filing.
- MCD — trailing period ended 2026-06-30: operating cash flow $11,347,000,000, capital expenditure $3,586,000,000, reported revenue $27,702,000,000; ($11,347,000,000 − $3,586,000,000) / $27,702,000,000 = 28.02%. SEC 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.
- PIPR — trailing period ended 2026-06-30: operating cash flow $506,243,000, capital expenditure $19,244,000, reported revenue $2,115,250,000; ($506,243,000 − $19,244,000) / $2,115,250,000 = 23.02%. SEC filing.
- SYM — trailing period ended 2026-06-27: operating cash flow $894,433,000, capital expenditure $98,999,000, reported revenue $2,645,760,000; ($894,433,000 − $98,999,000) / $2,645,760,000 = 30.06%. SEC 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.
- VSNT — trailing period ended 2026-06-30: operating cash flow $1,876,000,000, capital expenditure $163,000,000, reported revenue $6,604,000,000; ($1,876,000,000 − $163,000,000) / $6,604,000,000 = 25.94%. SEC filing.
- NYT — trailing period ended 2026-06-30: operating cash flow $658,263,000, capital expenditure $35,245,000, reported revenue $2,977,826,000; ($658,263,000 − $35,245,000) / $2,977,826,000 = 20.92%. SEC 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.
- EVR — trailing period ended 2026-06-30: operating cash flow $1,668,035,000, capital expenditure $42,129,000, reported revenue $4,708,938,000; ($1,668,035,000 − $42,129,000) / $4,708,938,000 = 34.53%. SEC filing.
- GMED — trailing period ended 2026-06-30: operating cash flow $910,387,000, capital expenditure $154,797,000, reported revenue $3,144,934,000; ($910,387,000 − $154,797,000) / $3,144,934,000 = 24.03%. SEC filing.
- MGY — trailing period ended 2026-06-30: operating cash flow $1,037,093,000, capital expenditure $491,579,000, reported revenue $1,479,885,000; ($1,037,093,000 − $491,579,000) / $1,479,885,000 = 36.86%. SEC filing.
- SPHR — trailing period ended 2026-06-30: operating cash flow $398,640,000, capital expenditure $39,568,000, reported revenue $1,356,845,000; ($398,640,000 − $39,568,000) / $1,356,845,000 = 26.46%. SEC filing.
- CPRT — trailing period ended 2026-07-31: operating cash flow $1,604,492,000, capital expenditure $337,363,000, reported revenue $4,666,209,000; ($1,604,492,000 − $337,363,000) / $4,666,209,000 = 27.16%. SEC filing.
- FNF — trailing period ended 2026-06-30: operating cash flow $5,563,000,000, capital expenditure $135,000,000, reported revenue $15,358,000,000; ($5,563,000,000 − $135,000,000) / $15,358,000,000 = 35.34%. SEC filing.
- POWL — trailing period ended 2026-06-30: operating cash flow $256,113,000, capital expenditure $12,155,000, reported revenue $1,157,522,000; ($256,113,000 − $12,155,000) / $1,157,522,000 = 21.08%. SEC 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.
- VRT — trailing period ended 2026-06-30: operating cash flow $3,354,200,000, capital expenditure $424,400,000, reported revenue $11,479,600,000; ($3,354,200,000 − $424,400,000) / $11,479,600,000 = 25.52%. SEC filing.
- INTU — trailing period ended 2026-07-31: operating cash flow $8,838,000,000, capital expenditure $221,000,000, reported revenue $21,448,000,000; ($8,838,000,000 − $221,000,000) / $21,448,000,000 = 40.18%. SEC 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.
- BOH — trailing period ended 2026-06-30: operating cash flow $254,802,000, capital expenditure $50,300,000, reported revenue $761,511,000; ($254,802,000 − $50,300,000) / $761,511,000 = 26.85%. SEC filing.
- BBT — trailing period ended 2026-06-30: operating cash flow $233,093,000, capital expenditure $17,091,000, reported revenue $800,770,000; ($233,093,000 − $17,091,000) / $800,770,000 = 26.97%. SEC filing.
- BCRX — trailing period ended 2026-06-30: operating cash flow $376,135,000, capital expenditure $2,758,000, reported revenue $940,613,000; ($376,135,000 − $2,758,000) / $940,613,000 = 39.70%. SEC filing.
- CDE — trailing period ended 2026-06-30: operating cash flow $1,466,361,000, capital expenditure $310,141,000, reported revenue $3,171,198,000; ($1,466,361,000 − $310,141,000) / $3,171,198,000 = 36.46%. SEC 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.
- RBLX — trailing period ended 2026-06-30: operating cash flow $2,100,358,000, capital expenditure $455,978,000, reported revenue $5,685,551,000; ($2,100,358,000 − $455,978,000) / $5,685,551,000 = 28.92%. SEC filing.
- CNX — trailing period ended 2026-06-30: operating cash flow $1,087,842,000, capital expenditure $561,864,000, reported revenue $2,599,461,000; ($1,087,842,000 − $561,864,000) / $2,599,461,000 = 20.23%. SEC filing.
- HL — trailing period ended 2026-06-30: operating cash flow $734,269,000, capital expenditure $250,282,000, reported revenue $1,743,977,000; ($734,269,000 − $250,282,000) / $1,743,977,000 = 27.75%. SEC filing.
- BF-B — trailing period ended 2026-07-31: operating cash flow $1,013,000,000, capital expenditure $88,000,000, reported revenue $3,915,000,000; ($1,013,000,000 − $88,000,000) / $3,915,000,000 = 23.63%. SEC filing.
- IDXX — trailing period ended 2026-06-30: operating cash flow $1,371,510,000, capital expenditure $117,178,000, reported revenue $4,553,223,000; ($1,371,510,000 − $117,178,000) / $4,553,223,000 = 27.55%. SEC filing.
- ADEA — trailing period ended 2026-06-30: operating cash flow $190,952,000, capital expenditure $2,381,000, reported revenue $470,870,000; ($190,952,000 − $2,381,000) / $470,870,000 = 40.05%. SEC filing.
- GGG — trailing period ended 2026-06-26: operating cash flow $673,453,000, capital expenditure $43,998,000, reported revenue $2,267,210,000; ($673,453,000 − $43,998,000) / $2,267,210,000 = 27.76%. SEC filing.
- EQT — trailing period ended 2026-06-30: operating cash flow $6,246,145,000, capital expenditure $2,487,812,000, reported revenue $9,535,318,000; ($6,246,145,000 − $2,487,812,000) / $9,535,318,000 = 39.41%. SEC filing.
- TCBI — trailing period ended 2026-06-30: operating cash flow $487,812,000, capital expenditure $15,962,000, reported revenue $1,327,317,000; ($487,812,000 − $15,962,000) / $1,327,317,000 = 35.55%. SEC 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.
- 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.
- FSLR — trailing period ended 2026-06-30: operating cash flow $2,155,743,000, capital expenditure $655,624,000, reported revenue $5,378,071,000; ($2,155,743,000 − $655,624,000) / $5,378,071,000 = 27.89%. SEC filing.
- TW — trailing period ended 2026-06-30: operating cash flow $1,196,188,000, capital expenditure $51,371,000, reported revenue $2,206,491,000; ($1,196,188,000 − $51,371,000) / $2,206,491,000 = 51.88%. SEC filing.
How to use this screen
Treat the table as a starting point for company research. Test whether cash generation survives normalized working capital, recurring capital needs and adverse operating scenarios; then compare enterprise value, leverage, dilution and growth prospects. A high reported cash-flow margin combined with a falling share price is a question to investigate, not a buy signal.
This article is informational research, not personalized investment advice. Returns describe historical adjusted market data and do not imply future performance. Figures reflect the stated snapshot and published information available at that time.