Multibagger

Research · refreshed nightly · July 28, 2026

The Biggest Free Cash Flow Machines (July 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
51%median FCF margin
54median MGI
8joined this week

The ranking

Sorted by FCF margin
1
Partners Group Holding AGPGHN.CH🇨🇭
FCF margin 59% · revenue +13%/yr · asset light
G 65V 61O 68Cap $21.4B
2
Evolution AB (publ)EVO.SE🇸🇪
FCF margin 59% · revenue +15%/yr · asset light
G 62V 64O 69Cap $13.7B
3
Enova International, Inc.ENVA🇺🇸
FCF margin 58% · revenue +23%/yr · asset light
G 36V 68O 42Cap $6.1B
4
Versamet Royalties CorporationVMET🇨🇦
FCF margin 57% · revenue +160%/yr · scale economics
G 66V 69O 71Cap $1.2B
5
AutoWallis Nyrt.AUTOWALLIS.HU🇭🇺
FCF margin 57% · revenue +19%/yr · scale economics
G 31V 44O 30Cap $250.6M
6
Krystal Biotech, Inc.KRYS🇺🇸
FCF margin 57% · revenue +102%/yr · asset light
G 54V 52O 54Cap $9.0B
7
Aurinia Pharmaceuticals Inc.AUPH🇨🇦
FCF margin 56% · revenue +46%/yr · asset light
G 47V 66O 51Cap $1.9B
8
Realia Business, S.A.RLIA.ES🇪🇸
FCF margin 56% · revenue +29%/yr · scale economics
G 34V 56O 35Cap $1.7B
9
Lundin Gold Inc.LUG.CA🇨🇦
FCF margin 56% · revenue +22%/yr · asset light
G 40V 58O 42Cap $13.9B
10
KANZHUN LIMITEDBZ🇨🇳
FCF margin 56% · revenue +15%/yr · asset light
G 68V 61O 73Cap $7.0B
11
Hamilton Lane IncorporatedHLNE🇺🇸
FCF margin 55% · revenue +15%/yr · asset light
G 69V 63O 73Cap $4.6B
12
Rightmove plcRMV.GB🇬🇧
FCF margin 55% · revenue +16%/yr · asset light
G 64V 63O 70Cap $4.9B
13
Arista Networks, Inc.ANET🇺🇸
FCF margin 55% · revenue +27%/yr · asset light
G 68V 59O 73Cap $184.8B
14
Texas Pacific Land CorporationTPL🇺🇸
FCF margin 55% · revenue +13%/yr · asset light
G 70V 45O 67Cap $30.0B
15
Granite Real Estate Investment TrustGRT.UN.CA🇨🇦
FCF margin 55% · revenue +10%/yr · asset light
G 42V 53O 42Cap $3.9B
16
Dave Inc.DAVE🇺🇸
FCF margin 54% · revenue +32%/yr · asset light
G 61V 63O 65Cap $5.2B
17
Tradeweb Markets Inc.TW🇺🇸
FCF margin 54% · revenue +15%/yr · asset light
G 69V 64O 77Cap $23.6B
18
TGS ASATGS.NO🇳🇴
FCF margin 53% · revenue +21%/yr · asset light
G 37V 77O 47Cap $1.8B
19
Global Ship Lease, Inc.GSL🇬🇷
FCF margin 52% · revenue +12%/yr · asset light
G 37V 54O 38Cap $1.4B
20
General de Galerías Comerciales, S.A.GGC.ES🇪🇸
FCF margin 52% · revenue +11%/yr · asset light
G 45V 50O 45Cap $4.8B
21
Mastercard IncorporatedMA🇺🇸
FCF margin 52% · revenue +12%/yr · asset light
G 64V 57O 69Cap $465.3B
22
Palantir Technologies Inc.PLTR🇺🇸
FCF margin 51% · revenue +28%/yr · asset light
G 61V 46O 59Cap $333.0B
23
Imperial Petroleum Inc.IMPP🇬🇷
FCF margin 51% · revenue +61%/yr · scale economics
G 17V 64O 18Cap $204.3M
24
Doximity, Inc.DOCS🇺🇸
FCF margin 51% · revenue +15%/yr · asset light
G 60V 63O 65Cap $4.0B
25
Abacus Global Management, Inc.ABX🇺🇸
FCF margin 51% · revenue +56%/yr · asset light
G 40V 72O 44Cap $879.8M
26
11 bit studios S.A.11B.PL🇵🇱
FCF margin 51% · revenue +15%/yr · asset light
G 47V 70O 51Cap $83.2M
27
Topaz Energy Corp.TPZ.CA🇨🇦
FCF margin 51% · revenue +13%/yr · asset light
G 50V 51O 51Cap $3.5B
28
CorMedix Inc.CRMD🇺🇸
FCF margin 50% · revenue +359%/yr · scale economics
G 38V 73O 43Cap $564.3M
29
Fortuna Mining Corp.FVI.CA🇨🇦
FCF margin 50% · revenue +13%/yr · asset light
G 50V 63O 53Cap $2.6B
30
Fortuna Mining Corp.FSM🇨🇦
FCF margin 50% · revenue +13%/yr · asset light
G 57V 64O 61Cap $2.8B
31
Veeva Systems Inc.VEEV🇺🇸
FCF margin 50% · revenue +14%/yr · asset light
G 75V 68O 87Cap $28.5B
32
Text S.A.TXT.PL🇵🇱
FCF margin 49% · revenue +17%/yr · asset light
G 40V 77O 45Cap $254.1M
33
Euroseas Ltd.ESEA🇬🇷
FCF margin 49% · revenue +19%/yr · asset light
G 29V 52O 29Cap $504.3M
34
Visa Inc.V🇺🇸
FCF margin 49% · revenue +11%/yr · asset light
G 60V 52O 61Cap $629.5B
35
Idaho Strategic Resources, Inc.IDR🇺🇸
FCF margin 49% · revenue +43%/yr · asset light
G 56V 50O 56Cap $483.1M
36
Primary Health Properties PLCPHP.GB🇬🇧
FCF margin 49% · revenue +13%/yr · asset light
G 28V 45O 27Cap $3.3B
37
Globalstar, Inc.GSAT🇺🇸
FCF margin 48% · revenue +18%/yr · asset light
G 21V 36O 19Cap $9.4B
38
Dar Global PLCDAR.AE🇦🇪
FCF margin 48% · revenue +89%/yr · scale economics
G 64V 65O 69Cap $1.4B
39
Gaztransport et Technigaz S.A.GTT.FR🇫🇷
FCF margin 48% · revenue +15%/yr · asset light
G 68V 64O 76Cap $7.3B
40
Gaming Realms plcGMR.GB🇬🇧
FCF margin 47% · revenue +22%/yr · asset light
G 58V 75O 64Cap $108.3M
41
Autotrader Group plcAUTO.GB🇬🇧
FCF margin 47% · revenue +10%/yr · asset light
G 51V 61O 57Cap $5.2B
42
Argan, Inc.AGX🇺🇸
FCF margin 47% · revenue +16%/yr · scale economics
G 60V 52O 61Cap $8.5B
43
NVIDIA CorporationNVDA🇺🇸
FCF margin 47% · revenue +60%/yr · asset light
G 38V 49O 37Cap $4.90T
44
Clear Secure, Inc.YOU🇺🇸
FCF margin 46% · revenue +30%/yr · asset light
G 66V 62O 72Cap $7.1B
45
Blue Owl Capital Inc.OWL🇺🇸
FCF margin 46% · revenue +29%/yr · asset light
G 47V 64O 50Cap $15.1B
46
Antin Infrastructure Partners S.A.ANTIN.FR🇫🇷
FCF margin 46% · revenue +10%/yr · asset light
G 44V 55O 45Cap $2.0B
47
On the Beach Group plcOTB.GB🇬🇧
FCF margin 46% · revenue +19%/yr · asset light
G 56V 68O 61Cap $331.3M
48
Brookfield Asset Management Ltd.BAM🇺🇸
FCF margin 46% · revenue +10%/yr · asset light
G 66V 56O 69Cap $73.6B
49
Mining Americas Inc.MAI.CA🇨🇦
FCF margin 45% · revenue +127%/yr · asset light
G 40V 63O 42Cap $352.9M
50
Scorpio Tankers Inc.STNG🇲🇨
FCF margin 45% · revenue +14%/yr · asset light
G 31V 36O 27Cap $3.9B

Changed this week

Week over week, from the nightly refresh.

Entered
Fortuna Mining Corp. (FVI.CA) · joined at #29 · FCF margin 50% · revenue +13%/yr · asset light
Entered
Scorpio Tankers Inc. (STNG) · joined at #50 · FCF margin 45% · revenue +14%/yr · asset light
Entered
Text S.A. (TXT.PL) · joined at #32 · FCF margin 49% · revenue +17%/yr · asset light
Entered
Mining Americas Inc. (MAI.CA) · joined at #49 · FCF margin 45% · revenue +127%/yr · asset light
Entered
KMK.GB (KMK.GB) · since left the ranking
+3 more
11B.PL, TGS.NO, RLIA.ES also joined
Left
RMBS, KMK.GB, STNG, OVZON.SE, MSCI, KMK.GB, HALO, GGD.CA

Related research

Every ranking refreshes nightly from the same engine.

Growth That Actually Reaches ShareholdersThe 80% Gross Margin ClubCompanies That Never Need to Raise MoneyBusinesses Sitting on Piles of CashThe Highest-ROIC Companies in the WorldThe Best Recurring Revenue Businesses
Want this list your way?
Run it as a live search: add size, geography or profitability in plain English, then ask Dig Deeper to reason over the results.
Run it as a search →

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 2026-07-28.