Whose cash flow backs up their earnings?
Reported profit depends on accounting choices; cash in the bank does not. Companies whose free cash flow keeps pace with their earnings are showing real profits, while a persistent gap can mean heavy investment, or earnings that are flattered.
Updated Sep 27, 2026
267 backed by cash
Over three years, the typical S&P 500 company outside finance and property turned 102% of its reported profit into free cash flow. 267 converted at least 80%; 49 converted less than half.
Cash against profit
The typical cash backing in each sector. Select any company below to see its cash flow beside its profit.
The strongest and weakest cash backing
The 30 companies with the highest and the 30 with the lowest free cash flow as a share of profit over three years. Select a column to sort.
| Company | Cash backing | 3 years | Last year | Free cash flow | Sector | Cash flow, 3 years |
|---|---|---|---|---|---|---|
| ABBV AbbVie | 99Backed | 300% | 300% | $20.9B | Health Care | |
| BMY Bristol Myers Squibb | 99Backed | 300% | 123% | $11.4B | Health Care | |
| CRL Charles River Laboratories | 99Backed | 300% | – | $370.6M | Health Care | |
| DASH DoorDash | 99Backed | 300% | 285% | $2.4B | Consumer Discretionary | |
| DD DuPont | 99Backed | 300% | 300% | $1.1B | Materials | |
| DDOG Datadog | 99Backed | 300% | 300% | $1.2B | Information Technology | |
| GILD Gilead Sciences | 99Backed | 300% | – | $13.2B | Health Care | |
| LYB LyondellBasell | 99Backed | 300% | – | $4.0B | Materials | |
| SWK Stanley Black & Decker | 99Backed | 300% | 208% | $1.3B | Industrials | |
| TKO TKO Group Holdings | 99Backed | 300% | 300% | $1.7B | Communication Services | |
| PANW Palo Alto Networks | 97Backed | 279% | 300% | $4.4B | Information Technology | |
| TSN Tyson Foods | 97Backed | 259% | 202% | $1.2B | Consumer Staples | |
| NOW ServiceNow | 97Backed | 256% | 274% | $4.6B | Information Technology | |
| EXPE Expedia Group | 96Backed | 243% | 248% | $5.0B | Consumer Discretionary | |
| MGM MGM Resorts | 96Backed | 241% | 300% | $1.7B | Consumer Discretionary | |
| CAH Cardinal Health | 96Backed | 233% | 264% | $4.5B | Health Care | |
| MCHP Microchip Technology | 96Backed | 231% | 247% | $1.1B | Information Technology | |
| PFE Pfizer | 95Backed | 226% | 253% | $11.0B | Health Care | |
| GEN Gen Digital | 95Backed | 221% | 147% | $1.5B | Information Technology | |
| WDAY Workday, Inc. | 95Backed | 219% | 227% | $2.8B | Information Technology | |
| BDX Becton Dickinson | 95Backed | 213% | 277% | $2.6B | Health Care | |
| SWKS Skyworks Solutions | 94Backed | 210% | 68% | $196.3M | Information Technology | |
| TYL Tyler Technologies | 94Backed | 207% | 220% | $714.3M | Information Technology | |
| TTD Trade Desk (The) | 94Backed | 194% | 211% | $860.4M | Communication Services | |
| LYV Live Nation Entertainment | 93Backed | 186% | 300% | $1.4B | Communication Services | |
| BIIB Biogen | 93Backed | 179% | 300% | $3.0B | Health Care | |
| TECH Bio-Techne | 93Backed | 179% | 145% | $263.2M | Health Care | |
| CRM Salesforce | 93Backed | 178% | 157% | $15.2B | Information Technology | |
| CIEN Ciena | 92Backed | 176% | 110% | $719.0M | Information Technology | |
| OMC Omnicom Group | 92Backed | 176% | 300% | $2.4B | Communication Services | |
| EIX Edison International | 8Weak | -27% | -10% | −$389.0M | Utilities | |
| PPL PPL Corporation | 8Weak | -36% | 27% | $347.0M | Utilities | |
| MOS Mosaic Company (The) | 7Weak | -39% | -100% | −$947.1M | Materials | |
| DUK Duke Energy | 7Weak | -41% | -81% | −$4.3B | Utilities | |
| ORCL Oracle Corporation | 7Weak | -55% | -100% | −$28.7B | Information Technology | |
| HUM Humana | 7Weak | -67% | -35% | −$443.0M | Health Care | |
| EXC Exelon | 6Weak | -70% | -69% | −$1.9B | Utilities | |
| DTE DTE Energy | 6Weak | -84% | -100% | −$1.9B | Utilities | |
| EVRG Evergy | 6Weak | -87% | -100% | −$1.4B | Utilities | |
| AWK American Water Works | 5Weak | -92% | -91% | −$1.0B | Utilities | |
| AEE Ameren | 3Weak | -100% | -90% | −$1.4B | Utilities | |
| AES AES Corporation | 3Weak | -100% | -90% | −$1.7B | Utilities | |
| APD Air Products | 3Weak | -100% | – | $2.1B | Materials | |
| ATO Atmos Energy | 3Weak | -100% | -100% | −$2.0B | Utilities | |
| CEG Constellation Energy | 3Weak | -100% | 9% | $309.0M | Utilities | |
| CMS CMS Energy | 3Weak | -100% | -100% | −$1.9B | Utilities | |
| CNP CenterPoint Energy | 3Weak | -100% | -100% | −$2.7B | Utilities | |
| COHR Coherent Corp. | 3Weak | -100% | -100% | −$59.0B | Information Technology | |
| D Dominion Energy | 3Weak | -100% | -82% | −$2.1B | Utilities | |
| ES Eversource Energy | 3Weak | -100% | 14% | $236.7M | Utilities | |
| ETR Entergy | 3Weak | -100% | -100% | −$3.1B | Utilities | |
| LNT Alliant Energy | 3Weak | -100% | -32% | −$260.0M | Utilities | |
| LUV Southwest Airlines | 3Weak | -100% | -74% | −$621.0M | Industrials | |
| NCLH Norwegian Cruise Line Holdings | 3Weak | -100% | -100% | −$1.2B | Consumer Discretionary | |
| NI NiSource | 3Weak | -100% | -100% | −$1.1B | Utilities | |
| PCG PG&E Corporation | 3Weak | -100% | -100% | −$4.3B | Utilities | |
| PNW Pinnacle West Capital | 3Weak | -100% | -100% | −$878.5M | Utilities | |
| SMCI Supermicro | 3Weak | -100% | -100% | −$7.0B | Information Technology | |
| SRE Sempra | 3Weak | -100% | -100% | −$5.9B | Utilities | |
| XEL Xcel Energy | 3Weak | -100% | -100% | −$7.7B | Utilities |
How to read this page
How it’s measured. Free cash flow over the last twelve reported quarters as a share of net income over the same quarters, for profitable S&P 500 companies outside finance and real estate.
Sources. Company financial statements from Financial Modeling Prep.
Free cash flow is operating cash flow minus capital spending. Heavy investment years push it below profit for good reasons; a gap that persists without growth is the warning sign. Values are capped at 300%.
Free cash flow counts stock pay as a non-cash cost, so companies that pay heavily in stock can look better here than their owners experience.
This page is information, not investment advice. About our data and methods ›