Top Industrials Stocks by Free Cash Flow
Top industrials companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for Industrials Companies
Free cash flow in industrials is shaped by the cycle. Orders, backlog, and working capital swings feed through operating cash, while ongoing plant and equipment spending keeps capital expenditures consistently meaningful. A diversified industrial that pulls cash reliably across expansions and contractions typically carries genuine operating discipline, because this is a sector where it is easy to let inventory and receivables balloon when demand runs hot and then reverse painfully when order rates cool.
Why It Matters in Industrials
Because capital intensity is high, free cash flow tends to separate operationally disciplined industrials from peers that report strong earnings on paper but lose cash to working capital. Still, a single strong year can be misleading. Destocking, tax timing, or a pause in growth capex can flatter free cash flow at exactly the moment the underlying cycle is turning. Multi-year conversion rates from earnings to cash read more honestly than any one period.
What to Read Alongside
Pair free cash flow with Net Income to test earnings quality against working capital swings, Share Buybacks for how cash returns compound through the cycle, and Revenue for the cash conversion rate across expansions and contractions.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | CAT | Caterpillar Inc. | Industrials | $8.92B | $388.62B |
| 2 | RTX | RTX Corporation | Industrials | $7.94B | $248.90B |
| 3 | GE | GE Aerospace | Industrials | $7.26B | $321.19B |
| 4 | LMT | Lockheed Martin Corporation | Industrials | $6.91B | $116.64B |
| 5 | DE | Deere & Company | Industrials | $6.10B | $185.23B |
| 6 | UNP | Union Pacific Corporation | Industrials | $5.50B | $165.32B |
| 7 | HON | Honeywell International Inc. | Industrials | $5.42B | $67.82B |
| 8 | FDX | FedEx Corporation | Industrials | $5.12B | $68.72B |
| 9 | UPS | United Parcel Service, Inc. | Industrials | $4.76B | $79.14B |
| 10 | GD | General Dynamics Corporation | Industrials | $3.96B | $89.31B |
| 11 | PH | Parker-Hannifin Corporation | Industrials | $3.90B | $122.65B |
| 12 | DAL | Delta Air Lines, Inc. | Industrials | $3.84B | $55.30B |
| 13 | GEV | GE Vernova Inc. | Industrials | $3.71B | $263.32B |
| 14 | PCAR | PACCAR Inc | Industrials | $3.67B | $57.73B |
| 15 | ETN | Eaton Corporation plc | Industrials | $3.55B | $169.39B |
| 16 | NOC | Northrop Grumman Corporation | Industrials | $3.31B | $67.91B |
| 17 | WM | Waste Management, Inc. | Industrials | $2.82B | $81.72B |
| 18 | TT | Trane Technologies plc | Industrials | $2.81B | $102.07B |
| 19 | ITW | Illinois Tool Works Inc. | Industrials | $2.71B | $74.88B |
| 20 | LHX | L3Harris Technologies, Inc. | Industrials | $2.68B | $44.06B |
| 21 | EMR | Emerson Electric Co. | Industrials | $2.67B | $90.15B |
| 22 | UAL | United Airlines Holdings, Inc. | Industrials | $2.56B | $36.52B |
| 23 | RSG | Republic Services, Inc. | Industrials | $2.41B | $64.17B |
| 24 | CMI | Cummins Inc. | Industrials | $2.39B | $72.73B |
| 25 | NSC | Norfolk Southern Corporation | Industrials | $2.16B | $71.30B |
| 26 | CARR | Carrier Global Corporation | Industrials | $2.12B | $45.44B |
| 27 | JCI | Johnson Controls International plc | Industrials | $2.12B | $94.64B |
| 28 | GPN | Global Payments Inc. | Industrials | $2.04B | $20.74B |
| 29 | TRI | Thomson Reuters Corporation | Industrials | $2.02B | $42.29B |
| 30 | VRT | Vertiv Holdings Co | Industrials | $1.89B | $97.09B |
| 31 | CTAS | Cintas Corporation | Industrials | $1.88B | $77.11B |
| 32 | TDG | TransDigm Group Incorporated | Industrials | $1.82B | $60.27B |
| 33 | CSX | CSX Corporation | Industrials | $1.71B | $87.86B |
| 34 | ADT | ADT Inc. | Industrials | $1.71B | $4.57B |
| 35 | AME | AMETEK, Inc. | Industrials | $1.67B | $57.76B |
| 36 | PWR | Quanta Services, Inc. | Industrials | $1.62B | $101.72B |
| 37 | FERG | Ferguson Enterprises Inc. | Industrials | $1.60B | $43.20B |
| 38 | WAB | Westinghouse Air Brake Technologies Corporation | Industrials | $1.50B | $48.57B |
| 39 | AL | Air Lease Corp | Industrials | $1.50B | $7.28B |
| 40 | OTIS | Otis Worldwide Corporation | Industrials | $1.44B | $24.38B |
| 41 | HWM | Howmet Aerospace Inc. | Industrials | $1.43B | $92.23B |
| 42 | MMM | 3M Company | Industrials | $1.40B | $83.49B |
| 43 | ROK | Rockwell Automation, Inc. | Industrials | $1.36B | $50.45B |
| 44 | GWW | W.W. Grainger, Inc. | Industrials | $1.33B | $60.30B |
| 45 | CPRT | Copart, Inc. | Industrials | $1.27B | $25.21B |
| 46 | WCN | Waste Connections, Inc. | Industrials | $1.23B | $38.70B |
| 47 | IR | Ingersoll Rand Inc. | Industrials | $1.22B | $29.52B |
| 48 | VRSK | Verisk Analytics, Inc. | Industrials | $1.19B | $21.33B |
| 49 | EME | EMCOR Group, Inc. | Industrials | $1.19B | $34.70B |
| 50 | EFX | Equifax Inc. | Industrials | $1.13B | $16.45B |
| 51 | DOV | Dover Corporation | Industrials | $1.12B | $25.55B |
| 52 | FAST | Fastenal Company | Industrials | $1.05B | $58.24B |
| 53 | FIX | Comfort Systems USA, Inc. | Industrials | $1.03B | $59.31B |
| 54 | VLTO | Veralto Corporation | Industrials | $1.01B | $23.08B |
| 55 | CSL | Carlisle Companies Incorporated | Industrials | $0.97B | $13.08B |
| 56 | SPR | Spirit AeroSystems Holdings, Inc. | Industrials | $0.97B | $4.64B |
| 57 | ZTO | ZTO Express (Cayman) Inc. | Industrials | $0.97B | $14.61B |
| 58 | OC | Owens Corning | Industrials | $0.96B | $9.36B |
| 59 | ODFL | Old Dominion Freight Line, Inc. | Industrials | $0.96B | $37.42B |
| 60 | EXPD | Expeditors International of Washington, Inc. | Industrials | $0.95B | $25.02B |
| 61 | BAH | Booz Allen Hamilton Holding Corporation | Industrials | $0.95B | $8.10B |
| 62 | JBHT | J.B. Hunt Transport Services, Inc. | Industrials | $0.95B | $21.99B |
| 63 | TXT | Textron Inc. | Industrials | $0.93B | $13.29B |
| 64 | HRI | Herc Holdings Inc. | Industrials | $0.93B | $4.63B |
| 65 | XYL | Xylem Inc. | Industrials | $0.91B | $23.77B |
| 66 | SKYW | SkyWest, Inc. | Industrials | $0.91B | $3.74B |
| 67 | CHRW | C.H. Robinson Worldwide, Inc. | Industrials | $0.89B | $18.43B |
| 68 | RRX | Regal Rexnord Corporation | Industrials | $0.89B | $10.65B |
| 69 | HUBB | Hubbell Incorporated | Industrials | $0.87B | $25.12B |
| 70 | MAS | Masco Corporation | Industrials | $0.87B | $13.48B |
| 71 | HEI | HEICO Corporation | Industrials | $0.86B | $42.27B |
| 72 | BLDR | Builders FirstSource, Inc. | Industrials | $0.85B | $6.05B |
| 73 | HII | Huntington Ingalls Industries, Inc. | Industrials | $0.79B | $10.58B |
| 74 | RTO | Rentokil Initial plc | Industrials | $0.76B | $10.04B |
| 75 | PNR | Pentair plc | Industrials | $0.75B | $8.46B |
| 76 | AGCO | AGCO Corporation | Industrials | $0.74B | $8.03B |
| 77 | WSC | WillScot Holdings Corporation | Industrials | $0.74B | $3.13B |
| 78 | RBA | RB Global, Inc. | Industrials | $0.72B | $15.16B |
| 79 | TFII | TFI International Inc. | Industrials | $0.70B | $9.77B |
| 80 | BLD | TopBuild Corp. | Industrials | $0.70B | $9.94B |
| 81 | SWK | Stanley Black & Decker, Inc. | Industrials | $0.69B | $13.79B |
| 82 | MLI | Mueller Industries, Inc. | Industrials | $0.69B | $13.84B |
| 83 | ALLE | Allegion plc | Industrials | $0.69B | $13.11B |
| 84 | ACM | AECOM | Industrials | $0.68B | $7.68B |
| 85 | EMBJ | Embraer S.A. | Industrials | $0.68B | $13.38B |
| 86 | APG | APi Group Corporation | Industrials | $0.66B | $17.49B |
| 87 | NDSN | Nordson Corporation | Industrials | $0.66B | $18.58B |
| 88 | LII | Lennox International Inc. | Industrials | $0.64B | $12.31B |
| 89 | GGG | Graco Inc. | Industrials | $0.64B | $12.63B |
| 90 | OSK | Oshkosh Corporation | Industrials | $0.62B | $8.26B |
| 91 | IEX | IDEX Corporation | Industrials | $0.62B | $17.18B |
| 92 | J | Jacobs Solutions Inc. | Industrials | $0.61B | $16.16B |
| 93 | CNM | Core & Main, Inc. | Industrials | $0.60B | $7.63B |
| 94 | AERO | Grupo Aeromexico, S.A.B. de C.V. | Industrials | $0.58B | $2.25B |
| 95 | TTC | The Toro Company | Industrials | $0.58B | $9.34B |
| 96 | WMS | Advanced Drainage Systems, Inc. | Industrials | $0.57B | $9.60B |
| 97 | TPC | Tutor Perini Corporation | Industrials | $0.57B | $4.56B |
| 98 | MIDD | The Middleby Corporation | Industrials | $0.56B | $4.73B |
| 99 | CW | Curtiss-Wright Corporation | Industrials | $0.55B | $20.15B |
| 100 | ESLT | Elbit Systems Ltd. | Industrials | $0.55B | $32.63B |
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.
- 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.
- 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.