Multibagger

Research · refreshed nightly · August 17, 2026

The Biggest Free Cash Flow Machines (October 2026)

The highest free cash flow margins.

Free cash flow margin measures how much of each revenue dollar actually leaves the business as spendable cash. Across these 50, the biggest free cash flow machines in our coverage, the median is 48.5%, a level most companies never touch. Partners Group leads at 59% on a $31B cap, and Arista Networks converts 55% of revenue to free cash while still growing 27% a year at $155B.

The roster is eclectic on purpose: private-markets managers, Texas Pacific Land's royalty acres, even Lundin Gold at 56%. Cash conversion this high usually means someone else owns the heavy assets. The durability question differs for each model, and the citation-backed analysis behind every row takes it on directly.

50companies qualify
49.5%median FCF margin
54median MGI
12joined this week

The ranking

Sorted by FCF margin
1
Partners Group Holding AGPGHN.CH🇨🇭
FCF margin 59% · revenue +13%/yr · asset light
G 65V 54O 66Cap $27.2B
2
Evolution AB (publ)EVO.SE🇸🇪
FCF margin 59% · revenue +15%/yr · asset light
G 62V 62O 68Cap $14.5B
3
Krystal Biotech, Inc.KRYS🇺🇸
FCF margin 59% · revenue +106%/yr · asset light
G 54V 47O 53Cap $10.4B
4
Innodata Inc.INOD🇺🇸
FCF margin 58% · revenue +35%/yr · scale economics
G 58V 64O 62Cap $2.3B
5
Enova International, Inc.ENVA🇺🇸
FCF margin 58% · revenue +23%/yr · asset light
G 36V 67O 42Cap $6.3B
6
Sandisk CorporationSNDK🇺🇸
FCF margin 57% · revenue +51%/yr · asset light
G 37V 24O 23Cap $249.0B
7
Gaztransport et Technigaz S.A.GTT.FR🇫🇷
FCF margin 57% · revenue +21%/yr · asset light
G 62V 59O 67Cap $8.4B
8
AutoWallis Nyrt.AUTOWALLIS.HU🇭🇺
FCF margin 56% · revenue +19%/yr · scale economics
G 32V 43O 31Cap $254.1M
9
KANZHUN LIMITEDBZ🇨🇳
FCF margin 56% · revenue +15%/yr · asset light
G 68V 61O 73Cap $6.9B
10
Primary Health Properties PLCPHP.GB🇬🇧
FCF margin 56% · revenue +20%/yr · asset light
G 25V 47O 24Cap $3.4B
11
Palantir Technologies Inc.PLTR🇺🇸
FCF margin 55% · revenue +32%/yr · asset light
G 61V 40O 56Cap $418.2B
12
GoGold Resources Inc.GGD.CA🇨🇦
FCF margin 55% · revenue +17%/yr · asset light
G 41V 55O 42Cap $1.3B
13
CorMedix Inc.CRMD🇺🇸
FCF margin 54% · revenue +375%/yr · asset light
G 38V 72O 43Cap $598.7M
14
Cipher Pharmaceuticals Inc.CPH.CA🇨🇦
FCF margin 54% · revenue +18%/yr · asset light
G 58V 67O 63Cap $259.6M
15
TGS ASATGS.NO🇳🇴
FCF margin 53% · revenue +21%/yr · asset light
G 37V 77O 47Cap $1.9B
16
Quilter plcQLT.GB🇬🇧
FCF margin 53% · revenue +24%/yr · scale economics
G 50V 58O 52Cap $3.6B
17
Tradeweb Markets Inc.TW🇺🇸
FCF margin 52% · revenue +15%/yr · asset light
G 71V 57O 74Cap $22.1B
18
General de Galerías Comerciales, S.A.GGC.ES🇪🇸
FCF margin 52% · revenue +11%/yr · asset light
G 45V 39O 41Cap $4.9B
19
Aurinia Pharmaceuticals Inc.AUPH🇨🇦
FCF margin 52% · revenue +44%/yr · asset light
G 47V 67O 51Cap $1.8B
20
11 bit studios S.A.11B.PL🇵🇱
FCF margin 51% · revenue +15%/yr · asset light
G 47V 69O 51Cap $85.2M
21
Topaz Energy Corp.TPZ.CA🇨🇦
FCF margin 51% · revenue +13%/yr · asset light
G 50V 52O 51Cap $3.4B
22
Clear Secure, Inc.YOU🇺🇸
FCF margin 51% · revenue +32%/yr · asset light
G 66V 67O 73Cap $5.9B
23
Fortuna Mining Corp.FSM🇨🇦
FCF margin 50% · revenue +13%/yr · asset light
G 57V 62O 60Cap $3.1B
24
Imperial Petroleum Inc.IMPP🇬🇷
FCF margin 50% · revenue +61%/yr · scale economics
G 17V 64O 18Cap $203.8M
25
Veeva Systems Inc.VEEV🇺🇸
FCF margin 50% · revenue +14%/yr · asset light
G 75V 60O 83Cap $39.6B
26
Arista Networks, Inc.ANET🇺🇸
FCF margin 49% · revenue +29%/yr · asset light
G 68V 53O 70Cap $232.5B
27
Text S.A.TXT.PL🇵🇱
FCF margin 49% · revenue +17%/yr · asset light
G 40V 76O 45Cap $260.1M
28
Lundin Gold Inc.LUG.CA🇨🇦
FCF margin 49% · revenue +22%/yr · asset light
G 40V 52O 40Cap $17.1B
29
Dar Global PLCDAR.AE🇦🇪
FCF margin 48% · revenue +89%/yr · scale economics
G 64V 66O 69Cap $1.4B
30
DPM Metals Inc.DPM.CA🇨🇦
FCF margin 48% · revenue +15%/yr · asset light
G 42V 53O 42Cap $10.0B
31
Halozyme Therapeutics, Inc.HALO🇺🇸
FCF margin 48% · revenue +30%/yr · asset light
G 65V 63O 73Cap $10.1B
32
Mastercard IncorporatedMA🇺🇸
FCF margin 48% · revenue +13%/yr · asset light
G 63V 59O 67Cap $474.8B
33
Exelixis, Inc.EXEL🇺🇸
FCF margin 48% · revenue +11%/yr · asset light
G 53V 55O 55Cap $13.3B
34
Doximity, Inc.DOCS🇺🇸
FCF margin 47% · revenue +16%/yr · asset light
G 60V 63O 65Cap $4.1B
35
Argan, Inc.AGX🇺🇸
FCF margin 47% · revenue +16%/yr · scale economics
G 59V 56O 62Cap $8.7B
36
Granite Real Estate Investment TrustGRT.UN.CA🇨🇦
FCF margin 47% · revenue +10%/yr · asset light
G 42V 51O 42Cap $4.1B
37
Visa Inc.V🇺🇸
FCF margin 47% · revenue +12%/yr · asset light
G 62V 53O 64Cap $660.4B
38
NVIDIA CorporationNVDA🇺🇸
FCF margin 47% · revenue +60%/yr · asset light
G 38V 47O 36Cap $5.25T
39
Autotrader Group plcAUTO.GB🇬🇧
FCF margin 47% · revenue +10%/yr · asset light
G 51V 60O 56Cap $5.5B
40
Gaming Realms plcGMR.GB🇬🇧
FCF margin 47% · revenue +22%/yr · asset light
G 58V 71O 63Cap $134.1M
41
On the Beach Group plcOTB.GB🇬🇧
FCF margin 46% · revenue +19%/yr · asset light
G 56V 66O 61Cap $352.5M
42
Antin Infrastructure Partners S.A.ANTIN.FR🇫🇷
FCF margin 46% · revenue +10%/yr · asset light
G 44V 54O 45Cap $2.1B
43
Protagonist Therapeutics, Inc.PTGX🇺🇸
FCF margin 46% · revenue +59%/yr · asset light
G 63V 43O 61Cap $9.0B
44
Qualys, Inc.QLYS🇺🇸
FCF margin 45% · revenue +11%/yr · asset light
G 48V 52O 48Cap $5.6B
45
Kromek Group plcKMK.GB🇬🇧
FCF margin 45% · revenue +25%/yr · asset light
G 53V 65O 56Cap $65.3M
46
Blue Owl Capital Inc.OWL🇺🇸
FCF margin 44% · revenue +29%/yr · asset light
G 43V 48O 43Cap $29.8B
47
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.OMAB🇲🇽
FCF margin 44% · revenue +13%/yr · asset light
G 56V 51O 56Cap $5.0B
48
Tatton Asset Management plcTAM.GB🇬🇧
FCF margin 43% · revenue +14%/yr · scale economics
G 69V 65O 74Cap $527.6M
49
Broadcom Inc.AVGO🇺🇸
FCF margin 43% · revenue +22%/yr · asset light
G 49V 49O 49Cap $1.94T
50
Hamilton Lane IncorporatedHLNE🇺🇸
FCF margin 43% · revenue +18%/yr · asset light
G 69V 52O 70Cap $7.0B

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Research tool, not investment advice. Rankings are generated by our models from company filings and market data, refresh nightly, and are identical for every visitor. Scores reflect our methodology and are not recommendations to act. Data as of 2026-08-17.