Top Financial Services Stocks by Free Cash Flow
Top financial services companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for Financial Services Companies
Free cash flow in financial services is a harder figure to interpret than in industrial or consumer sectors. Banks, insurers, and asset managers produce cash primarily by taking in deposits, premiums, or client assets, and their operating cash flow reflects balance sheet movements as much as operating economics. Loan book growth, reserve releases, and regulatory capital changes all flow through the line, which blurs the link between cash generation and underlying earnings power.
Why It Matters Less in Financial Services
Because the balance sheet itself is the product, free cash flow is less diagnostic here than elsewhere. A growing lender often shows weaker operating cash flow simply because new loans absorb capital, while a shrinking lender can show robust cash as the book runs off. Analysts typically lean on net interest margin, fee income quality, and regulatory capital alongside distributable earnings to judge the cash available for dividends and buybacks.
What to Read Alongside
Pair free cash flow with Net Income for a cleaner read of bottom-line earnings after credit costs, Share Buybacks for how regulatory capital is being returned, and Revenue for the scale of the underlying franchise.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | HSBC | HSBC Holdings plc | Financial Services | $28.32B | $306.36B |
| 2 | COF | Capital One Financial Corporation | Financial Services | $26.14B | $117.35B |
| 3 | BRK | Berkshire Hathaway Inc. | Financial Services | $25.04B | $1.26T |
| 4 | BCS | Barclays PLC | Financial Services | $22.70B | $75.96B |
| 5 | V | Visa Inc. | Financial Services | $22.06B | $794.38B |
| 6 | PGR | The Progressive Corporation | Financial Services | $17.20B | $136.60B |
| 7 | MA | Mastercard Incorporated | Financial Services | $17.16B | $576.01B |
| 8 | BBVA | Banco Bilbao Vizcaya Argentaria, S.A. | Financial Services | $16.60B | $141.29B |
| 9 | AXP | American Express Company | Financial Services | $16.00B | $214.98B |
| 10 | HDB | HDFC Bank Limited | Financial Services | $11.36B | $132.87B |
| 11 | STT | State Street Corporation | Financial Services | $10.84B | $47.19B |
| 12 | ALL | The Allstate Corporation | Financial Services | $9.88B | $66.23B |
| 13 | WF | Woori Financial Group Inc. | Financial Services | $9.22B | $17.62B |
| 14 | SCHW | The Charles Schwab Corporation | Financial Services | $8.76B | $160.48B |
| 15 | NWG | NatWest Group plc | Financial Services | $8.62B | $62.45B |
| 16 | AMP | Ameriprise Financial, Inc. | Financial Services | $8.16B | $45.09B |
| 17 | SHG | Shinhan Financial Group Co., Ltd. | Financial Services | $6.56B | $30.83B |
| 18 | ACGL | Arch Capital Group Ltd. | Financial Services | $6.13B | $35.68B |
| 19 | BMO | Bank of Montreal | Financial Services | $6.07B | $120.42B |
| 20 | HIG | The Hartford Insurance Group, Inc. | Financial Services | $5.75B | $36.76B |
| 21 | PYPL | PayPal Holdings, Inc. | Financial Services | $5.56B | $49.24B |
| 22 | NTRS | Northern Trust Corporation | Financial Services | $5.46B | $32.28B |
| 23 | SPGI | S&P Global Inc. | Financial Services | $5.46B | $137.29B |
| 24 | FUTU | Futu Holdings Limited | Financial Services | $5.23B | $13.42B |
| 25 | BNY | The Bank of New York Mellon Corporation | Financial Services | $5.18B | $103.23B |
| 26 | MRSH | Marsh & McLennan Companies, Inc. | Financial Services | $5.00B | $98.80B |
| 27 | BX | Blackstone Inc. | Financial Services | $4.55B | $95.03B |
| 28 | ICE | Intercontinental Exchange, Inc. | Financial Services | $4.29B | $99.76B |
| 29 | CME | CME Group Inc. | Financial Services | $4.19B | $113.81B |
| 30 | FITB | Fifth Third Bancorp | Financial Services | $3.93B | $49.25B |
| 31 | BLK | BlackRock, Inc. | Financial Services | $3.55B | $188.85B |
| 32 | AON | Aon plc | Financial Services | $3.22B | $71.77B |
| 33 | CINF | Cincinnati Financial Corporation | Financial Services | $3.09B | $29.11B |
| 34 | L | Loews Corporation | Financial Services | $2.70B | $22.63B |
| 35 | KB | KB Financial Group Inc. | Financial Services | $2.69B | $40.76B |
| 36 | CIB | Grupo Cibest S.A. | Financial Services | $2.67B | $21.14B |
| 37 | MCO | Moody's Corporation | Financial Services | $2.58B | $87.63B |
| 38 | MKL | Markel Group Inc. | Financial Services | $2.55B | $24.18B |
| 39 | BNT | Brookfield Wealth Solutions Ltd. | Financial Services | $2.54B | $12.17B |
| 40 | BAP | Credicorp Ltd. | Financial Services | $2.47B | $29.29B |
| 41 | CNA | CNA Financial Corporation | Financial Services | $2.40B | $13.14B |
| 42 | RJF | Raymond James Financial, Inc. | Financial Services | $2.25B | $32.44B |
| 43 | HBAN | Huntington Bancshares Incorporated | Financial Services | $2.21B | $31.88B |
| 44 | FCNCA | First Citizens BancShares, Inc. | Financial Services | $2.21B | $25.71B |
| 45 | XP | XP Inc. | Financial Services | $2.16B | $7.86B |
| 46 | KEY | KeyCorp | Financial Services | $2.10B | $22.66B |
| 47 | NDAQ | Nasdaq, Inc. | Financial Services | $1.99B | $60.20B |
| 48 | SLF | Sun Life Financial Inc. | Financial Services | $1.94B | $40.45B |
| 49 | AVAL | Grupo Aval Acciones y Valores S.A. | Financial Services | $1.81B | $4.82B |
| 50 | AJG | Arthur J. Gallagher & Co. | Financial Services | $1.78B | $72.55B |
| 51 | ENVA | Enova International, Inc. | Financial Services | $1.77B | $4.15B |
| 52 | AIZ | Assurant, Inc. | Financial Services | $1.60B | $15.80B |
| 53 | QFIN | Qfin Holdings, Inc. | Financial Services | $1.55B | $645.60M |
| 54 | MSCI | MSCI Inc. | Financial Services | $1.55B | $47.06B |
| 55 | WTW | Willis Towers Watson Public Limited Company | Financial Services | $1.55B | $30.92B |
| 56 | TROW | T. Rowe Price Group, Inc. | Financial Services | $1.48B | $23.24B |
| 57 | IVZ | Invesco Ltd. | Financial Services | $1.44B | $12.71B |
| 58 | INTR | Inter & Co, Inc. | Financial Services | $1.39B | $1.83B |
| 59 | BRO | Brown & Brown, Inc. | Financial Services | $1.38B | $23.86B |
| 60 | TIGR | UP Fintech Holding Limited | Financial Services | $1.31B | $744.56M |
| 61 | GL | Globe Life Inc. | Financial Services | $1.25B | $12.13B |
| 62 | OWL | Blue Owl Capital Inc. | Financial Services | $1.20B | $15.40B |
| 63 | SIGI | Selective Insurance Group, Inc. | Financial Services | $1.19B | $6.12B |
| 64 | EVR | Evercore Inc. | Financial Services | $1.18B | $11.26B |
| 65 | THG | The Hanover Insurance Group, Inc. | Financial Services | $1.17B | $8.53B |
| 66 | TW | Tradeweb Markets Inc. | Financial Services | $1.13B | $27.75B |
| 67 | SF | Stifel Financial Corp. | Financial Services | $1.05B | $10.86B |
| 68 | CACC | Credit Acceptance Corporation | Financial Services | $1.05B | $5.12B |
| 69 | MCY | Mercury General Corporation | Financial Services | $1.03B | $4.79B |
| 70 | AFRM | Affirm Holdings, Inc. | Financial Services | $992.63M | $22.07B |
| 71 | KNSL | Kinsale Capital Group, Inc. | Financial Services | $990.05M | $8.91B |
| 72 | UMBF | UMB Financial Corporation | Financial Services | $978.11M | $10.17B |
| 73 | AMG | Affiliated Managers Group, Inc. | Financial Services | $967.10M | $9.75B |
| 74 | ZION | Zions Bancorporation, National Association | Financial Services | $952.00M | $9.62B |
| 75 | BCH | Banco de Chile | Financial Services | $886.91M | $19.79B |
| 76 | WTFC | Wintrust Financial Corporation | Financial Services | $860.40M | $10.49B |
| 77 | MTG | MGIC Investment Corporation | Financial Services | $851.77M | $5.52B |
| 78 | ESNT | Essent Group Ltd. | Financial Services | $848.69M | $5.68B |
| 79 | LYG | Lloyds Banking Group plc | Financial Services | $847.16M | $74.22B |
| 80 | BEN | Franklin Templeton Inc. | Financial Services | $816.20M | $18.46B |
| 81 | SLDE | Slide Insurance Holdings, Inc. | Financial Services | $794.58M | $3.02B |
| 82 | BLX | Bladex Inc. | Financial Services | $777.45M | $1.90B |
| 83 | FAF | First American Financial Corporation | Financial Services | $762.50M | $6.62B |
| 84 | FDS | FactSet Research Systems Inc. | Financial Services | $707.48M | $11.73B |
| 85 | HLI | Houlihan Lokey, Inc. | Financial Services | $681.82M | $9.92B |
| 86 | BPOP | Popular, Inc. | Financial Services | $680.99M | $9.85B |
| 87 | TRU | TransUnion | Financial Services | $661.60M | $15.46B |
| 88 | MRX | Marex Group Limited | Financial Services | $654.40M | $5.12B |
| 89 | PNFP | Pinnacle Financial Partners, Inc. | Financial Services | $642.89M | $15.27B |
| 90 | RYAN | Ryan Specialty Holdings, Inc. | Financial Services | $640.65M | $11.76B |
| 91 | ONB | Old National Bancorp | Financial Services | $637.41M | $9.48B |
| 92 | RLI | RLI Corp. | Financial Services | $608.70M | $6.39B |
| 93 | FHN | First Horizon Corporation | Financial Services | $595.00M | $11.08B |
| 94 | CBSH | Commerce Bancshares, Inc. | Financial Services | $592.39M | $7.89B |
| 95 | SEIC | SEI Investments Company | Financial Services | $585.02M | $12.92B |
| 96 | BOKF | BOK Financial Corporation | Financial Services | $575.23M | $7.92B |
| 97 | ERIE | Erie Indemnity Company | Financial Services | $570.97M | $14.37B |
| 98 | UNM | Unum Group | Financial Services | $555.40M | $12.37B |
| 99 | KMPR | Kemper Corporation | Financial Services | $553.90M | $2.01B |
| 100 | MC | Moelis & Company | Financial Services | $539.97M | $4.14B |
No companies match this search.
How this ranking is built
Companies are ranked by free cash flow as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals, and a company that files in another currency is ranked on its figures translated at the rate recorded for that period.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
Why is free cash flow less useful for banks and insurers?
The product a bank or insurer sells is itself capital: deposits, loans, policies, and investment portfolios. Operating cash flow reflects movements in those balances, so a bank growing its loan book shows weaker operating cash flow simply because each new loan absorbs capital. Analysts typically assess capital return capacity through regulatory capital ratios, stress test results, and payout ratios against earnings rather than through free cash flow, which can give a misleading picture in either direction.
How do financial firms fund dividends and buybacks if free cash flow is noisy?
Capital return policy in financial services is typically governed by regulatory capital levels rather than free cash flow. Banks face minimum capital ratios set by regulators and must pass stress tests before returning capital; insurers face statutory capital requirements at the operating-company level. The amount that can be paid out reflects how much capital exceeds regulatory minimums, which is a different calculation than operating cash flow minus capex and often moves on a different rhythm than the top line.