Stocks With FCF Yield Above 15%: B1000 Screen, 2026

The B1000 FCF Yield Leaders at a Glance

The following table summarizes the ten names covered in this analysis, ranked by trailing twelve-month FCF yield. Market capitalization figures are in billions.

Ticker	Company	FCF Yield	Market Cap ($B)	Sector
ADT	ADT Inc	34.5%	$5.4	Commercial Support Services
T	AT&T	26.9%	$173.6	Telecommunications
BBWI	Bath & Body Works	26.7%	$3.2	Retail - Discretionary
CNC	Centene Corp	24.3%	$29.2	Health Care Facilities & Services
KMX	CarMax Inc	24.2%	$5.1	Retail - Discretionary
CHTR	Charter Communications	20.3%	$19.9	Cable & Satellite
THC	Tenet Healthcare	20.3%	$16.5	Health Care Facilities & Services
F	Ford Motor Co	18.3%	$52.0	Automotive
HRB	H&R Block	15.5%	$4.9	Commercial Support Services
HPQ	HP Inc	15.0%	$19.2	Technology Hardware

Two patterns emerge immediately. First, the list skews toward capital-intensive or subscription-driven industries — telecom, cable, healthcare, auto — where businesses generate operating cash flows that dwarf reported earnings. Second, these are not growth stocks. Every name here trades at compressed multiples, and the high FCF yield is partly a reflection of that compression. The screen is identifying where the market has priced in pessimism, not where growth is accelerating.

Stock-by-Stock Analysis

ADT Inc (ADT) — 34.5% FCF Yield

ADT's yield stands at the top of the B1000 screen and deserves scrutiny before enthusiasm. The company's monitoring subscription model — roughly 6.4 million residential and commercial accounts paying recurring monthly fees — generates predictable operating cash flow. Capex for subscriber installations is partially offset by dealer acquisition costs, making the net FCF picture sensitive to subscriber growth assumptions. ADT carries substantial debt from its Apollo Global Management-era leveraged buyout history, and the 34.5% yield partly prices in that balance sheet overhang. The cash generation is real; whether it flows to equity holders after debt service is the more important question for anyone using this yield as a starting point.

AT&T (T) — 26.9% FCF Yield

AT&T's story since shedding WarnerMedia in 2022 is simpler than it was during the media acquisition era: a wireless and fiber broadband business generating $16–17 billion in FCF annually against a $173 billion market cap. The 26.9% yield reflects both genuine cash generation and the market's long-standing skepticism about AT&T's competitive positioning against cable broadband operators. For context, AT&T used approximately $8 billion of that FCF to fund dividends in 2024, with the remainder directed toward debt reduction and share repurchases. The yield is high by any historical standard; the debate is whether the business can sustain it as fiber build costs normalize and the wireless market matures.

Bath & Body Works (BBWI) — 26.7% FCF Yield

Bath & Body Works is one of the more counterintuitive entries on this list. Specialty retail is not typically associated with high FCF yields — thin margins, inventory risk, and lease obligations usually consume cash before it reaches free cash flow. BBWI's model is structurally different: its stores have unusually high sales productivity per square foot, fragrance and body care products carry strong pricing power and brand loyalty, and the company's capex requirements are minimal relative to its earnings base. The stock has been marked down heavily on consumer discretionary spending concerns, compressing the market cap denominator while cash generation has remained relatively stable. A specialty retailer sustaining 25%+ FCF yield through a consumer slowdown is unusual enough to warrant a closer look at whether those economics are as durable as the recent numbers suggest.

Centene Corp (CNC) — 24.3% FCF Yield

Centene is the largest managed Medicaid insurer in the United States. Managed care generates FCF through the spread between premium revenue and medical claims — a float-like model when membership is stable. Centene's elevated yield reflects two things: genuine cash generation from a $140 billion-plus revenue business, and meaningful uncertainty about Medicaid enrollment following post-COVID redeterminations that reduced membership rolls across the industry. The company has been actively buying back stock and paying down debt, which is consistent with management's view that the stock is undervalued at current FCF multiples. Healthcare policy risk is the primary variable; the underlying cash generation mechanism is not in question.

CarMax (KMX) — 24.2% FCF Yield

CarMax's appearance here is partly an artifact of market repricing rather than a step-change in business quality. Used car prices normalized sharply from their pandemic highs, and CarMax's inventory margins compressed as a result. The stock was repriced to reflect that cyclical pressure. But CarMax's model — which earns fees from financing, extended warranties, and vehicle reconditioning alongside its retail margin — generates more FCF per dollar of revenue than a traditional auto dealer. The 24.2% yield reflects a compressed stock price against a business that has historically operated at mid-teens FCF margins in normalized used-car market environments. Whether current conditions represent normalized or still-elevated inventory economics is the central analytical question.

Charter Communications (CHTR) — 20.3% FCF Yield

Charter is a capital expenditure-intensive business in an unusually capital-intensive period. The company has significant rural broadband buildout obligations under RDOF (Rural Digital Opportunity Fund) agreements and is simultaneously defending its residential cable base against fixed wireless competition from T-Mobile and Verizon. Despite that capex burden, Charter's operating cash flows remain substantial — the cable industry's infrastructure advantage generates pricing power and high operating margins that support FCF even during heavy investment cycles. The 20.3% yield prices in the competitive threat more than it reflects a deterioration in current cash generation, which makes Charter's capex normalization timeline the key variable for FCF trajectory.

Tenet Healthcare (THC) — 20.3% FCF Yield

Tenet divested its ambulatory surgery center business and refocused on acute care hospitals. Post-divestiture, Tenet's FCF profile looks elevated partly because capex requirements are temporarily lower during the portfolio transition period. Acute care hospitals generate cash through volume — surgical procedures, inpatient admissions, emergency services — and Tenet has been consolidating into higher-acuity markets with stronger reimbursement rates. The 20.3% yield warrants examination of whether the divestiture-era FCF represents a sustainable run rate or a transitional figure that normalizes lower as the remaining hospital portfolio requires reinvestment to maintain competitive positioning.

Ford Motor Co (F) — 18.3% FCF Yield

Ford's FCF yield is cyclically elevated. The automotive sector generates strong operating cash in upcycles — high transaction prices, lean inventories, and favorable financing spreads all contributed to Ford's recent FCF performance. The more relevant question is durability: Ford has committed more than $20 billion to EV development through its Ford Model e segment, which has been generating significant operating losses that are cross-subsidized by the profitable ICE truck business. The FCF yield on the consolidated company looks attractive at face value; the hidden cost is how that cross-subsidy evolves as EV penetration increases and the ICE truck business eventually faces its own transition pressures. Investors using this yield as a primary valuation metric should model that dynamic explicitly rather than treating current FCF as a perpetuity.

H&R Block (HRB) — 15.5% FCF Yield

H&R Block is one of the most structurally durable high-yield businesses on this list. Tax preparation is recession-resistant — households file regardless of economic conditions — and the brand commands pricing power in a category with meaningful switching friction. Capex is minimal, there is no inventory, and seasonal cash flow dynamics allow the company to return capital aggressively through buybacks. HRB has sustained a FCF yield above 10% for most of the past decade. The primary structural risk is IRS free-file expansion and competition from TurboTax and other digital-first alternatives, which have pressured in-person filing volumes over time. That pressure may compress absolute FCF gradually even if the yield looks attractive relative to a declining market cap.

HP Inc (HPQ) — 15.0% FCF Yield

HP Inc — the PC and printing business, not HP Enterprise — generates more free cash flow than most observers expect from a mature hardware company. The reason is the printer consumables business: ink and toner cartridges carry gross margins above 50% and generate recurring revenue that flows almost entirely to FCF given minimal incremental capex required to maintain that stream. The PC business is commoditized and margin-thin, but the installed printer base creates an annuity-like revenue stream that subsidizes the headline yield. HP has returned nearly all of its FCF to shareholders through buybacks and dividends in recent years, gradually reducing share count and supporting per-share FCF growth even as total cash generation has been roughly flat. The risk is long-term: printer volumes are in secular decline as document workflows shift digital.

What the Sector Clustering Tells You

The most useful pattern in this list is not any individual yield but the sector concentration. Telecom and cable account for three of the ten names — AT&T (26.9%), Charter (20.3%), and Comcast — covered in its own deep dive. Healthcare appears twice. Automotive appears twice. Not a single technology growth company appears on this list, and the only software name in the broader top-20 screen is Dropbox, which has its own deep dive.

That concentration reflects a structural reality: high FCF yield is almost always associated with businesses the market believes face meaningful headwinds. AT&T faces cable broadband competition. Charter faces fixed wireless competition. Ford and CarMax face EV disruption. Bath & Body Works faces consumer spending uncertainty. The market is not wrong to price in those risks — it is, by definition, efficient enough to mark down stocks that face competitive threats. What the FCF yield screen surfaces is the set of businesses where the market's concern may be priced in more aggressively than the fundamentals warrant. That is a hypothesis worth testing, not a conclusion worth acting on.

The inverse of this list — the lowest FCF yields in the B1000 — is populated by AI infrastructure companies, semiconductor firms, and high-growth software businesses trading at 1–3% FCF yields because the market is pricing future cash generation, not current. Neither extreme is universally right. FCF yield analysis is most useful as a starting point for identifying where the market has priced in pessimism, not as a screen for what to own.

What to Do With This List

The B1000 names with FCF yields above 15% share a common characteristic: they are businesses the market has chosen to value on current cash generation rather than future growth. That is not inherently a negative. Some of the most durable value opportunities in equity markets come from well-run mature businesses trading at depressed multiples of genuine cash flow. The challenge is distinguishing between a business that is undervalued because its risks are overpriced and one that is cheap because its cash generation is genuinely deteriorating.

For the names on this list, the consistent starting questions are: Is the FCF run rate sustainable or cyclically elevated? What does the balance sheet look like after debt service? And is management allocating that cash in ways that benefit equity holders — buybacks, dividends, debt reduction — rather than reinvesting it into value-destroying acquisitions or subsidizing structurally unprofitable segments? A 20%+ FCF yield is a screen, not a conclusion. The analysis starts where the screener ends.

For sector-by-sector benchmarks on what constitutes a high, normal, or low FCF yield, see What Is a Good Free Cash Flow Yield? For the most common ways high-yield screens mislead, 7 Red Flags in FCF Yield Analysis covers the failure modes in detail. The full B1000 screen — updated regularly — is available on the FCF Screener.

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Disclaimer: This analysis is for educational purposes only and does not constitute investment advice, financial advice, trading advice, or any other type of advice. You should not make any investment decision based solely on this analysis. Always conduct your own due diligence and consult with a licensed financial advisor before making any investment decisions. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal.