Free Cash Flow Analysis Blog

Deep-dive free cash flow analysis of real companies, built from SEC filing data, plus FCF yield education for value investors. 69 published articles.

• Maintenance vs. Growth Capex: What Belongs in Free Cash FlowEducation
  September 20, 2026

  Not all capex belongs in free cash flow. How to separate maintenance capex from growth capex, estimate it from filings, and handle leases and acquisitions.

• Pacira Biosciences (PCRX) FCF Analysis: 13% Yield, SBC DragFree Cash Flow Analysis
  September 12, 2026

  Pacira Biosciences generated $136.7M in FY2025 free cash flow at a 13.1% yield, but 42% of that FCF was stock-based compensation, not real owner cash.

• GoodRx (GDRX) Free Cash Flow Analysis: $94M FCF, Not $164MFree Cash Flow Analysis
  September 12, 2026

  GoodRx generated $94M in FY2025 free cash flow after capitalized software costs, an 11.8% margin, but just $17M once stock compensation is subtracted.

• Bumble (BMBL) FCF Analysis: 54% Yield, Shrinking SalesFree Cash Flow Analysis
  September 7, 2026

  Bumble converted 95% of operating cash into free cash flow in FY2025, a 54% yield on its $440M market cap, even as revenue fell 15% for three straight quarters.

• DXC Technology (DXC): A 38% FCF Yield Running Down the Asset BaseFree Cash Flow Analysis
  September 3, 2026

  DXC's $713M FY26 free cash flow implies a 38% yield, but bottom-quartile 57% FCF/CFO conversion reveals a structurally declining, harvest-mode business.

• Cash Flow Yield Ratio: What It Measures and How to Use ItEducation
  August 25, 2026

  Cash flow yield ratio = operating cash flow ÷ market cap. Distinct from FCF yield, it skips CapEx — here's when that matters and when it misleads.

• Collegium (COLL) FCF Analysis: Owner Earnings TestFree Cash Flow Analysis
  August 16, 2026

  Collegium (COLL) generated $328M in LTM free cash flow at a 34.8% yield, but debt-funded M&A and a decaying core portfolio cut owner earnings to just 11-13%.

• Herbalife (HLF) Free Cash Flow: A Levered Cash StoryFree Cash Flow Analysis
  August 7, 2026

  Herbalife generated $253M in 2025 FCF at a 21% equity yield, but $1.6B of debt cuts the enterprise-level yield to just 8.9% — the whole investment case.

• FCF Yield Formula Variants: Same Stock, Different NumbersFinancial Metrics
  July 9, 2026

  FCF yield isn't one formula — it's several: levered vs unlevered, per-share vs total-company. Apple's FY2024 figures show why sources disagree and which to use.

• Macy's (M) Free Cash Flow Analysis: Quality Behind the YieldFree Cash Flow Analysis
  July 6, 2026

  Macy's trades at a ~10% strict FCF yield, but recurring FCF of $690M sits 35% below the headline. FCF/OCF conversion of 48% exposes the real quality gap.

• Gap Inc. Free Cash Flow Analysis: 10.8% Yield, FY2025Free Cash Flow Analysis
  June 28, 2026

  Gap Inc. (GAP) generated $823M in free cash flow (10.8% yield) in FY2025. Rising capex and a 26% YoY FCF decline are weighed against the headline yield.

• What Is Free Cash Flow? Definition, Formula, and UsesEducational
  June 27, 2026

  Free cash flow = operating cash flow minus capital expenditures — what a business actually keeps. Definition, formula, worked example, and investor uses.

• Expand Energy (EXE) Free Cash Flow Analysis: 7.9% YieldFree Cash Flow Analysis
  June 27, 2026

  Expand Energy (EXE) FCF swung from $2.3B to just $8M in three years — a 99.7% collapse tied to gas prices. Clean accounting, cyclicality risk explained.

• TJX Companies Free Cash Flow Analysis: $4.9B FCF Deep DiveFree Cash Flow Analysis
  June 18, 2026

  TJX generated $4.9B in FY2026 FCF at a 25% five-year CAGR — deep-dive into the off-price retailer's 8/10 FCF quality score and valuation at 35.6x trailing FCF.

• BellRing Brands (BRBR) FCF Analysis: $255.9M Capital-Light Deep DiveFree Cash Flow Analysis
  June 15, 2026

  BellRing Brands generated $255.9M in FY2025 FCF on $2.32B revenue with just $4.7M CapEx — a 7/10 FCF quality score, high leverage, and 137% three-year CAGR.

• 10 Stocks With FCF Yield Above 15% (B1000, 2026)Investment Analysis
  June 12, 2026

  10 B1000 stocks with FCF yield above 15%, led by ADT at 34.5%, AT&T, and CarMax — full yields, scores, and where Comcast ranks among the leaders.

• Applied Materials (AMAT) FCF Analysis: $5.7B Cash MachineFree Cash Flow Analysis
  June 10, 2026

  Applied Materials (AMAT) generated $5.7B in FY2025 free cash flow. Analyzing the semiconductor equipment leader's cash margins, CapEx cycle, and valuation.

• Free Cash Flow vs. Net Income: Why They Often DivergeEducational
  June 6, 2026

  Net income measures accounting profit; free cash flow measures actual cash. They often diverge by millions — knowing why reveals more than either number alone.

• Valero Energy (VLO) FCF Analysis: Post-Peak DeclineFree Cash Flow Analysis
  June 4, 2026

  Valero generated $10.9B in FCF at the FY2022 peak and $5.0B in FY2025—a 54% decline. Four years of SEC data assess whether the refining cash floor is stable.

• What's a Good FCF Margin? Formula & Sector Benchmarks (2026)Educational
  May 30, 2026

  FCF margin = FCF / Revenue. Software/SaaS averages 20-35%, retail 2-8%. Formula, sector benchmark table, FCF vs. FCF yield, and a worked example inside.

• ZIM Integrated Shipping (ZIM) Free Cash Flow Analysis: Extreme Value or Freight Cycle Trap?Free Cash Flow Analysis
  May 27, 2026

  ZIM trades at 1.5x trailing FCF with a 68.4% FCF yield — but container shipping cash flows can collapse 84% in a single year. This analysis examines four years of SEC data to assess what the numbers actually mean.

• Under Armour (UAA) Free Cash Flow Analysis: A Brand Burning Through CashFree Cash Flow Analysis
  May 23, 2026

  Under Armour has generated negative FCF in three of its last four reported years. This deep-dive examines five years of SEC data to assess what the cash flow profile reveals about the brand's recovery prospects.

• How to Calculate Free Cash Flow: Formula & Worked ExampleEducational
  May 20, 2026

  Free cash flow = operating cash flow minus capital expenditures. Two calculation methods, a Verizon worked example, and how to turn FCF into FCF yield.

• Is High Free Cash Flow Yield Good? Value Signal vs. Value TrapInvestment Analysis
  May 16, 2026

  High free cash flow yield often signals undervaluation, but it can also flag a value trap. Here's the diagnostic framework for telling the difference.

• Match Group (MTCH) Free Cash Flow Analysis: $1B Cash Engine on Flat RevenueFree Cash Flow Analysis
  May 10, 2026

  Match Group generated $1.02B FCF in FY2025 on flat revenue at a 29.4% margin. Analysis of cash conversion, operating leverage, SBC drag, and capital allocation.

• DocuSign Free Cash Flow Analysis: $1.1B, 12.7% YieldFree Cash Flow Analysis
  May 10, 2026

  DocuSign generated $1.06B in FY2026 free cash flow at a 33% margin, delivering a 12.7% FCF yield — but $622M in SBC cuts owner FCF to $437M. Score: 7/10.

• Low Free Cash Flow Yield: What It Means and When to WorryInvestment Analysis
  May 9, 2026

  A low FCF yield isn't automatically bad — but it's never automatically fine. This guide breaks down the three causes and how to tell them apart.

• FCF Yield and Stock Returns: What the Historical Evidence ShowsInvestment Analysis
  May 6, 2026

  Factor investing research consistently shows high FCF yield stocks outperform over the long run. Here's what the evidence says — and when it fails.

• Salesforce Free Cash Flow Analysis: $12.4B, 32.8% MarginFree Cash Flow Analysis
  May 3, 2026

  Salesforce (CRM) generated $12.4B in FCF in FY2025 — 200.6% of GAAP net income, growing 32% a year vs. 15.6% revenue. Full 5-year breakdown inside.

• How to Screen Stocks by FCF Yield: Finding Undervalued CompaniesInvestment Analysis
  May 1, 2026

  A practical, step-by-step guide to building a free cash flow yield screen that filters for undervalued companies with durable, hard-to-fake cash generation.

• Globant (GLOB) Free Cash Flow Analysis: Deep Dive into a $212M Cash GeneratorFree Cash Flow Analysis
  April 27, 2026

  Globant generated $211.7M in FCF in FY2025, a 56.7% YoY surge. This deep-dive examines 4 years of cash flow data, SBC dilution, and capital allocation quality.

• FCF Yield vs EV/EBITDA: Which Valuation Metric Wins?Investment Analysis
  April 25, 2026

  EV/EBITDA and FCF yield measure different things. When they diverge, FCF yield is usually telling the truer story about a business's real cash economics.

• Lyft (LYFT): -$352M FCF to $1.1B CashFree Cash Flow Analysis
  April 20, 2026

  How did Lyft go from -$352M free cash flow in 2023 to $1.1B in FY2025? SEC-data breakdown of the turnaround drivers, FCF quality score, and outlook.

• Ollie's Bargain Outlet (OLLI) Free Cash Flow Analysis: A Growth Retailer Under the FCF MicroscopeFree Cash Flow Analysis
  April 20, 2026

  Ollie's Bargain Outlet generates $107M in annual FCF while tripling CapEx to fund 1,000+ store ambitions. A 5-year SEC data deep dive on cash quality and capital allocation.

• Skyworks Solutions (SWKS) Free Cash Flow Analysis: When Cheap Gets CheaperFree Cash Flow Analysis
  April 13, 2026

  Skyworks Solutions generates $1.1B in FCF at a 7x multiple, but deteriorating earnings quality and Apple content loss signal a classic value trap.

• FTAI Aviation (FTAI) Free Cash Flow Analysis: The Hidden Cash Machine Behind Negative GAAP FCFFree Cash Flow Analysis
  April 5, 2026

  FTAI Aviation posts negative GAAP FCF — yet adjusted FCF hit $724M in FY2025. Five-year deep dive into this misunderstood aerospace infrastructure cash machine.

• Unlevered FCF Yield: Formula, Benchmarks & When to Use ItFinancial Metrics
  March 29, 2026

  Unlevered FCF yield measures free cash flow as a percentage of enterprise value — removing the distorting effect of debt. Learn the exact formula, how it differs from levered FCF yield, sector benchmarks, and when each metric applies.

• Free Cash Flow Yield Formula: Definition, Calculation & Benchmarks (2026)Financial Metrics
  March 29, 2026

  FCF yield formula = Free Cash Flow / Market Cap. Step-by-step calculation, good vs. bad benchmarks by sector, and comparison with earnings yield.

• Altria Group (MO) Free Cash Flow Analysis: The $9B Annual Cash Engine Defying a Shrinking MarketFree Cash Flow Analysis
  March 15, 2026

  Altria generates $9B+ in annual FCF with a 39% margin while revenue declines — showcasing extraordinary pricing power. This 5-year SEC data deep-dive examines the quality, sustainability, and capital allocation of one of the highest-yielding cash generators in the S&P 500.

• Dropbox (DBX) Free Cash Flow Analysis: Deep Dive into a $931M Capital-Light Cash GeneratorFree Cash Flow Analysis
  March 15, 2026

  Dropbox generates $931M in annual FCF with a 36.9% margin and 7.1% 5-year CAGR despite flat revenue. This deep-dive examines 5 years of SEC data to assess cash generation quality, capital allocation, and what a P/FCF of 7.0x means for a mature SaaS business in harvest mode.

• EQT Corp (EQT) Free Cash Flow Analysis: Inside the $2.8B FCF Surge of America's Largest Gas ProducerFree Cash Flow Analysis
  March 15, 2026

  EQT posted $2.8B in FCF on $5.1B of operating cash flow in FY2025 — a 55% conversion rate lifted by the Equitrans integration. Trailing FCF yield: ~9%.

• FCF Yield vs. P/E Ratio: The Real StoryInvestment Analysis
  March 14, 2026

  FCF yield and P/E ratio measure company value differently. Learn which metric is more reliable, when each works best, and how to use both together.

• DocGo (DCGO) Free Cash Flow Analysis: A Mobile Health Startup Reaching FCF ProfitabilityFree Cash Flow Analysis
  March 13, 2026

  DocGo (DCGO) generated $70M in FCF in FY2024 — its first meaningful positive year — with an 83.7% FCF yield reflecting market skepticism about sustainability. A deep dive.

• Accenture (ACN) Free Cash Flow Analysis: Quality at a DiscountFree Cash Flow Analysis
  March 13, 2026

  Accenture generated $10.9B in free cash flow in FY2025 with a 15.6% FCF margin and 95% OCF conversion, yet trades at just 7.4x P/FCF — a 14% forward yield.

• BorgWarner (BWA) Free Cash Flow Analysis: EV Transition Drives 116% FCF RecoveryFree Cash Flow Analysis
  March 13, 2026

  BorgWarner recovered from a $0.56B FCF trough in FY2023 to $1.21B in FY2025 — a 116% gain — as EV investment CapEx normalized. FCF yield: 9.2% at 10.9x P/FCF.

• BMY Free Cash Flow Yield 2026: $12B FCF, Patent Cliff & ValuationFree Cash Flow Analysis
  March 11, 2026

  BMY FCF yield exceeds 10% in 2026. Analysis of $12B+ annual free cash flow, patent cliff impact, dividend safety score, and Bristol-Myers Squibb valuation.

• Fiserv Free Cash Flow Analysis: $4.4B, 6x P/FCF (2026)Free Cash Flow Analysis
  March 2, 2026

  Fiserv (FISV) produced $4.4B in free cash flow in FY2025, a 16.7% trailing yield, now trading at 6x P/FCF after a 75% share price decline. FCF score: 7/10.

• Chevron (CVX) Free Cash Flow Analysis: A $16.6B Cash Generator Navigating Energy CyclesFree Cash Flow Analysis
  February 27, 2026

  Chevron generated $16.6B in FCF in FY2025 at a 9.0% margin, with a 276% OCF/NI conversion ratio and negligible SBC of 1.9%. This 5-year deep dive examines CVX's cyclical FCF dynamics, CapEx intensity, and $24.8B shareholder return framework.

• Merck & Co. (MRK) Free Cash Flow Analysis: Inside an $18B Pharmaceutical Cash GeneratorFree Cash Flow Analysis
  February 24, 2026

  Merck generated $18.1B in free cash flow in FY2024 — a 98% surge from FY2023 — with a 28.2% FCF margin and 8/10 quality score. This 4-year deep dive examines Merck's cash generation engine, Keytruda's contribution, and the patent cliff risks ahead.

• General Motors (GM) Free Cash Flow Analysis: Inside a $17.6B Cash MachineFree Cash Flow Analysis
  February 21, 2026

  General Motors generated $17.56B in free cash flow in FY 2025, nearly doubling year-over-year. This 5-year deep dive into GM's OCF, CapEx, and capital allocation examines the quality behind one of the highest FCF yields in the S&P 500.

• Amgen (AMGN) Free Cash Flow Analysis: A Consistent $8–10B Biotech Cash MachineFree Cash Flow Analysis
  February 20, 2026

  Amgen has generated $8–10B in annual free cash flow for 5 consecutive years, maintaining a 22–33% FCF margin even after a $27.8B acquisition. This deep dive examines AMGN's cash consistency, Horizon integration impact, and an 8/10 FCF Quality Score.

• What Is a Good Free Cash Flow Yield? 2026 BenchmarksFinancial Metrics
  February 19, 2026

  A good free cash flow yield is 5%+, though it varies by sector. The S&P 500 average is just 3–4%. See the 2026 FCF yield benchmarks for all 10 sectors.

• Comcast (CMCSA) Free Cash Flow Analysis: Deep Dive into a $21.9B Cash Generation PowerhouseFree Cash Flow Analysis
  February 17, 2026

  Comcast generates $1.9B in annual FCF with a 17.7% margin. Five-year SEC analysis of cash generation, capital allocation, and forward outlook for CMCSA.

• Expedia Group (EXPE) Free Cash Flow Analysis: Deep Dive into Travel's Cash Generation MachineFree Cash Flow Analysis
  February 13, 2026

  Expedia: $3.0B annual FCF, 20.9% margin, 7.5/10 quality score. Five-year SEC analysis of EXPE's cash conversion model and cyclical free cash flow dynamics.

• Booking Holdings Free Cash Flow Analysis: $8.3B, 32% MarginFree Cash Flow Analysis
  February 10, 2026

  Booking Holdings (BKNG) generated $8.3B free cash flow in 2024 at 32% margins. FCF yield, buybacks, and 2026 valuation vs. travel peers — still cheap?

• CNX Resources (CNX) Free Cash Flow Analysis: Deep Dive into an Appalachian Gas Cash GeneratorFree Cash Flow Analysis
  February 6, 2026

  CNX Resources: $34M annual FCF with 24.9% margin and a 7.5/10 quality score. Five-year analysis of cash generation and capital discipline.

• Teekay Corp (TK) FCF Analysis: A Deep Dive into the Shipping Company's Cash Generation Transformation (FY 2022-2024)Free Cash Flow Analysis
  February 3, 2026

  Comprehensive free cash flow analysis of Teekay Corp (TK) examining three years of SEC data. Explores $1.2B in FCF generation, debt elimination, 92% cash conversion rates, and the company's transformation into a debt-free cash generation machine in the shipping industry.

• Consensus Cloud Solutions (CCSI) Free Cash Flow Analysis: Deep Dive into a $88M Cash GeneratorFree Cash Flow Analysis
  February 2, 2026

  CCSI generates $88M in annual FCF with 28.8% CAGR and 72.5% conversion rate. This deep-dive examines 3 years of SEC data for income and value investors.

• Verizon (VZ) Free Cash Flow 2025: FCF Coverage & Dividend Sustainability AnalysisFree Cash Flow Analysis
  January 31, 2026

  Verizon generates $17.5B in annual free cash flow — but is the $11B dividend safe? Five-year SEC analysis of FCF yield, margin trend, and dividend coverage.

• How to Read a Cash Flow Statement: A Beginner's GuideInvestment Analysis
  January 30, 2026

  Learn how to read and understand a cash flow statement step-by-step. Discover the three sections (operating, investing, financing) and what they reveal about a company's financial health.

• Free Cash Flow to Equity (FCFE) Explained: A Complete GuideInvestment Analysis
  March 17, 2025

  Learn how Free Cash Flow to Equity (FCFE) measures cash available to shareholders after all obligations, and why it's essential for equity valuation and dividend analysis.

• FCF Yield and Dividend Investing: Finding Sustainable and Growing PayoutsDividend Investing
  February 1, 2025

  Learn why FCF yield is a superior metric for assessing dividend safety and growth, how to calculate the FCF payout ratio, and what makes for a sustainable dividend policy.

• Owner Earnings vs. Free Cash Flow: Buffett's Perspective and Why It MattersInvestment Analysis
  January 20, 2025

  Understanding Buffett's concept of Owner Earnings and how it differs from standard FCF calculations can provide valuable insights for investors.

• Beyond the Numbers: Assessing the Quality of Free Cash FlowInvestment Analysis
  January 13, 2025

  Free Cash Flow (FCF) is a key metric, but its quality matters more than just the headline number. Learn how to assess FCF consistency, source, and sustainability.

• FCF Yield vs Earnings Yield: The 40% Gap ExplainedInvestment Analysis
  January 7, 2025

  FCF yield vs. earnings yield, compared with real 10-K examples where they diverge by 40%+. See the formula and which metric screens stocks more reliably.

• The Advantages of Free Cash Flow Yield in Investment AnalysisInvestment Analysis
  November 15, 2024

  Discover why free cash flow yield provides enhanced reliability, flexibility, and comparative value for investment decisions.

• Industries with High Relevance of Free Cash Flow YieldIndustry Analysis
  October 22, 2024

  Explore how free cash flow yield serves as a critical metric across various industries, from stable utilities to high-growth technology sectors.

• 7 Red Flags in FCF Yield Analysis: How to Spot Fake Free Cash FlowRisk Management
  September 18, 2024

  7 red flags that expose fake FCF yield: capitalized costs, acquisition padding, SBC exclusions, and working capital distortion. Learn to spot value traps.

• The S&P 500 Sector-Neutral FCF Index - Why Free Cash Flow is KingTrading Strategy
  September 25, 2023

  The S&P 500 Sector-Neutral FCF Index is designed to track companies within the S&P 500 that exhibit high FCF yield relative to other companies within the same GICS® sector.