Reverse DCF

What growth is priced in? For 518 large US stocks, the market price taken as given and the free-cash-flow growth it implies solved for — five years at one rate, a fade to 2.5%, a perpetuity — at the return you choose, set beside the P/E the screener shows and the growth each company actually delivered over five years. A growth rate to argue with, not a value. New to the method? Start with how to read a reverse DCF; the arithmetic is printed below.

How to read this board

Median priced-in growth · at 10%14.1%461 of 518 with a solution

Priced above own 5-yr history273 of 413the price asks for more than delivered

Median EV / FCF25.7×years of cash flow in the price

Median P/E27.1×close ÷ latest diluted EPS

No solution57AEE · AES · APD · ARES …

Prices as ofOct 17, 2026statements: the latest filed fiscal year

Required return

Pool

Every number and chart re-solves for this return and pool; the company pages offer more rates.

What the price needs vs. what the company delivered

priced-in FCF growth at 10% against its own five-year FCF CAGR

Tech · communicationHealthcareConsumerIndustrials · energy · othersize = market capAbove the diagonal, the price asks for more growth than the company has produced; below it, less

The screener number vs. the priced-in rate

P/E against priced-in FCF growth at 10%

Tech · communicationHealthcareConsumerIndustrials · energy · othersize = market capSame P/E, different answers: net cash, cash conversion and the base year move the priced-in rate while the P/E stays put

Where the whole board sits

every priced-in rate on the ruler the company pages use

the price asks for more than the company’s own five years deliveredlessno usable five-year historyHover a row in the table to find its dot

All 518 stocks

grouped by sector · a row opens the company's reverse-DCF page

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Company	Close	Market cap	P/E	EV / FCF	Priced in · 10%	5-yr FCF CAGR	Gap · pt	Last year
Basic Materials
IFFInternational Flavors & Fragrances Inc.	90.68	$23.1B	—	111×	43.1%	−13%	+56	−58%
FCXFreeport-McMoRan Inc.	69.54	$100.0B	—	95×	39.7%	+1%	+39	−53%
DDDuPont de Nemours, Inc.	130.45	$17.6B	—	89×	38.3%	−40%	+78	−87%
LYBLyondellBasell Industries N.V.	64.01	$20.7B	—	79×	35.9%	−23%	+59	−81%
STLDSteel Dynamics, Inc.	240.54	$34.5B	30.1×	76×	35.1%	—	—	—
LINLinde plc	498.43	$229.8B	34.1×	49×	26.6%	+5%	+22	+3%
ECLEcolab Inc.	288.89	$81.0B	39.7×	47×	25.4%	+7%	+19	+5%
JCIJohnson Controls International plc	145.47	$88.1B	28.9×	46×	25.2%	+1%	+24	+97%
MLMMartin Marietta Materials, Inc.	500.84	$30.1B	26.7×	36×	20.5%	+7%	+13	+62%
SHWThe Sherwin-Williams Company	335.20	$81.4B	32.6×	36×	20.5%	−3%	+24	+27%
VMCVulcan Materials Company	257.63	$33.4B	31.8×	33×	18.8%	+10%	+9	+41%
PPGPPG Industries, Inc.	107.34	$23.9B	15.5×	25×	13.5%	−9%	+22	+66%
CRHCRH plc	83.63	$55.6B	15.2×	24×	12.6%	+5%	+8	+21%
MASMasco Corporation	72.87	$14.4B	18.9×	19×	8.7%	+1%	+8	−5%
ALBAlbemarle Corporation	95.48	$11.3B	—	19×	8.0%	—	—	—
NEMNewmont Corporation	118.60	$125.0B	18.6×	17×	6.2%	+15%	−9	+147%
BLDRBuilders FirstSource, Inc.	54.65	$5.9B	14.0×	12×	−0.0%	+42%	−42	−43%
CFCF Industries Holdings, Inc.	120.85	$18.3B	13.5×	11×	−1.7%	+14%	−16	+3%
CTVACorteva, Inc.	12.88	$8.6B	8.1×	2×	−29.5%	+12%	−42	+82%
APDAir Products and Chemicals, Inc.	299.59	$66.7B	—	—	negative FCF	—	—	—
DOWDow Inc.	29.93	$21.6B	—	—	negative FCF	—	—	—
IPInternational Paper Company	34.05	$18.0B	—	—	negative FCF	—	—	—
MOSThe Mosaic Company	18.82	$6.0B	11.1×	—	negative FCF	—	—	—
NUENucor Corporation	256.29	$58.1B	34.1×	—	negative FCF	—	—	—
Communication Services
LYVLive Nation Entertainment, Inc.	170.51	$39.7B	—	122×	45.1%	—	—	−69%
PSKYParamount Skydance Corporation Class B Common Stock	9.78	$10.6B	—	65×	32.0%	+48%	−16	−34%
GOOGLAlphabet Inc.	340.59	$4.1T	31.5×	56×	28.9%	+11%	+18	+1%
GOOGAlphabet Inc.	336.91	$4.1T	31.2×	55×	28.8%	+11%	+17	+1%
RDDTReddit, Inc.ratio row	156.05	$30.0B	59.6×	43×	23.6%	—	—	+217%
METAMeta Platforms, Inc.	709.33	$1.8T	30.2×	39×	22.1%	+14%	+8	−15%
DASHDoorDash, Inc.	189.15	$82.0B	88.8×	37×	20.9%	+72%	−51	+7%
WBDWarner Bros. Discovery, Inc.	30.95	$77.6B	106.7×	34×	19.5%	+6%	+14	−30%
NFLXNetflix, Inc.	70.53	$293.7B	27.9×	32×	18.0%	+37%	−19	+37%
CHTRCharter Communications, Inc.	110.11	$14.8B	3.0×	25×	13.3%	−9%	+23	+40%
DISThe Walt Disney Company	110.55	$190.9B	16.1×	23×	11.6%	+23%	−11	+18%
NWSNews Corporation	32.88	$17.7B	31.9×	22×	10.9%	−1%	+12	+42%
NWSANews Corporation	30.03	$16.8B	29.2×	21×	9.9%	−1%	+11	+42%
FOXAFox Corporation	64.15	$27.1B	16.7×	20×	9.5%	−7%	+17	−51%
FOXFox Corporation	57.22	$25.5B	14.9×	19×	8.5%	−7%	+16	−51%
TAT&T Inc.	23.43	$160.6B	7.7×	16×	5.7%	−7%	+12	+5%
VZVerizon Communications Inc.	44.79	$186.1B	11.0×	16×	5.5%	−3%	+9	+2%
TMUST-Mobile US, Inc.	159.10	$170.7B	16.4×	14×	2.9%	—	—	+34%
OMCOmnicom Group Inc.	80.56	$22.1B	—	8×	−6.6%	+11%	−18	+75%
CMCSAComcast Corporation	21.90	$77.5B	4.1×	8×	−8.0%	+7%	−15	+41%
TTDThe Trade Desk, Inc.ratio row	12.23	$5.8B	13.6×	7×	−9.5%	+19%	−29	+24%
TKOTKO Group Holdings, Inc.ratio row	175.50	$12.8B	77.7×	6×	−13.3%	—	—	+182%
ECHOEchoStar Corporation	85.37	$13.5B	—	—	negative FCF	—	—	—
Consumer Cyclical
LENLennar Corporation	77.08	$18.3B	—	726×	87.0%	−63%	+150	−99%
AMZNAmazon.com, Inc.	250.00	$2.7T	34.9×	354×	69.2%	−22%	+91	−77%
TSLATesla, Inc.	354.72	$1.4T	328.4×	220×	58.0%	+18%	+40	+74%
RCLRoyal Caribbean Cruises Ltd.	277.62	$74.3B	17.8×	77×	35.4%	—	—	−38%
CVNACarvana Co.	58.83	$64.5B	34.8×	76×	35.1%	—	—	+7%
GPCGenuine Parts Company	133.96	$18.5B	285.0×	54×	28.4%	−26%	+54	−38%
SBUXStarbucks Corporation	97.52	$111.2B	59.8×	51×	27.1%	+85%	−57	−26%
ORLYO'Reilly Automotive, Inc.	89.27	$72.2B	30.1×	49×	26.4%	−8%	+34	−21%
MARMarriott International, Inc.	388.05	$101.2B	40.8×	45×	24.7%	+12%	+13	+30%
HLTHilton Worldwide Holdings Inc.	345.09	$77.7B	56.4×	44×	24.3%	+25%	−1	+6%
EBAYeBay Inc.	120.28	$53.5B	27.7×	41×	22.8%	−6%	+29	−27%
CASYCasey's General Stores, Inc.	689.22	$25.5B	36.0×	38×	21.4%	+15%	+7	+23%
PKGPackaging Corporation of America	236.00	$21.0B	27.5×	34×	19.1%	+4%	+16	+40%
AZOAutoZone, Inc.	3,120.59	$50.9B	21.5×	33×	18.9%	−5%	+23	−7%
ROSTRoss Stores, Inc.	236.89	$76.0B	35.8×	33×	18.8%	+4%	+15	+35%
CMGChipotle Mexican Grill, Inc.ratio row	29.88	$37.8B	26.2×	33×	18.6%	+38%	−19	−4%
TJXThe TJX Companies, Inc.	147.32	$162.0B	30.3×	32×	18.4%	+4%	+14	+17%
YUMYum! Brands, Inc.	150.51	$41.1B	27.1×	32×	18.1%	+7%	+11	+14%
RLRalph Lauren Corporation	385.50	$23.0B	25.5×	30×	16.8%	+22%	−5	−27%
MCDMcDonald's Corporation	242.97	$171.9B	20.3×	30×	16.7%	+9%	+8	+8%
HDThe Home Depot, Inc.	309.63	$308.9B	21.8×	29×	16.7%	−5%	+22	−23%
SWSmurfit Westrock plc	41.16	$21.6B	30.9×	29×	16.2%	+34%	−17	+6959%
BALLBall Corporation	63.20	$16.7B	19.2×	29×	16.1%	+20%	−4	—
WSMWilliams-Sonoma, Inc.ratio row	250.16	$29.5B	28.3×	28×	15.9%	−1%	+17	−7%
AMCRAmcor plc	43.85	$20.3B	18.4×	27×	15.0%	+4%	+11	+52%
TSCOTractor Supply Company	33.16	$17.3B	16.1×	25×	13.9%	−8%	+22	+16%
NKENIKE, Inc.	37.13	$55.1B	17.7×	25×	13.9%	−18%	+32	−33%
WYNNWynn Resorts, Limited	75.60	$7.8B	24.1×	24×	13.1%	—	—	−31%
DRIDarden Restaurants, Inc.	216.35	$24.5B	20.8×	24×	12.6%	+4%	+9	+5%
AVYAvery Dennison Corporation	175.31	$13.3B	19.9×	24×	12.5%	+5%	+7	−2%
ULTAUlta Beauty, Inc.	592.94	$25.4B	23.1×	23×	12.3%	+10%	+2	+11%
CCLCarnival Corporation & plc	25.90	$34.8B	12.8×	23×	11.9%	—	—	+101%
DPZDomino's Pizza, Inc.	308.64	$10.2B	17.6×	22×	11.3%	+6%	+5	+31%
ABNBAirbnb, Inc.ratio row	173.70	$104.0B	—	21×	10.4%	—	—	+2%
HASHasbro, Inc.	98.76	$13.9B	—	20×	9.2%	−0%	+10	+9%
LVSLas Vegas Sands Corp.	38.01	$24.6B	16.2×	20×	9.2%	—	—	+13%
LOWLowe's Companies, Inc.	197.31	$110.7B	16.7×	20×	9.0%	−4%	+13	−1%
GMGeneral Motors Company	83.96	$73.7B	25.7×	16×	5.3%	—	—	—
BBYBest Buy Co., Inc.	92.63	$19.4B	18.4×	15×	4.2%	−21%	+26	−10%
FFord Motor Company	12.43	$49.6B	—	14×	3.4%	−8%	+11	+85%
TPRTapestry, Inc.	120.18	$24.0B	16.5×	14×	3.0%	+8%	−5	+66%
NVRNVR, Inc.ratio row	5,919.82	$15.9B	13.6×	14×	2.6%	+4%	−1	−18%
BKNGBooking Holdings Inc.	163.45	$122.8B	24.7×	14×	2.5%	—	—	+15%
DHID.R. Horton, Inc.	139.39	$39.0B	12.0×	13×	1.3%	+20%	−19	+62%
LULULululemon Athletica Inc.	97.10	$11.2B	7.3×	12×	0.4%	+10%	−9	−42%
PHMPulteGroup, Inc.	113.55	$21.6B	10.2×	11×	−1.0%	+0%	−1	+12%
EXPEExpedia Group, Inc.	288.95	$33.1B	29.5×	11×	−1.6%	—	—	+34%
APTVAptiv PLC	44.86	$9.3B	59.8×	10×	−3.3%	+13%	−16	−5%
MELIMercadoLibre, Inc.	1,834.00	$93.0B	46.5×	10×	−3.9%	+63%	−67	+53%
DECKDeckers Outdoor Corporationratio row	85.71	$11.7B	12.2×	9×	−4.5%	+14%	−19	+15%
MGMMGM Resorts International	28.60	$7.2B	37.6×	8×	−7.6%	—	—	+21%
NCLHNorwegian Cruise Line Holdings Ltd.	15.05	$6.9B	16.4×	—	negative FCF	—	—	—
PDDPDD Holdings Inc.	80.97	$115.3B	1.2×	-4×	no_enterprise_value	+30%	—	−13%
Consumer Defensive
KOThe Coca-Cola Company	93.90	$404.0B	30.9×	83×	37.0%	−9%	+46	+12%
WMTWalmart Inc.	118.81	$945.5B	43.5×	66×	32.2%	−10%	+43	+18%
COSTCostco Wholesale Corporation	989.11	$438.3B	47.6×	45×	24.8%	+12%	+13	+20%
MNSTMonster Beverage Corporationratio row	45.73	$89.6B	—	45×	24.5%	+8%	+16	+18%
KDPKeurig Dr Pepper Inc.	34.62	$47.1B	22.6×	41×	23.1%	−5%	+29	−9%
PMPhilip Morris International Inc.	205.20	$319.8B	28.3×	34×	19.4%	+3%	+16	−1%
ELThe Estée Lauder Companies Inc.	104.54	$37.9B	209.1×	32×	18.0%	−15%	+33	+96%
MDLZMondelez International, Inc.	63.91	$81.6B	33.8×	31×	17.7%	+1%	+17	−8%
TGTTarget Corporation	154.24	$70.1B	19.0×	29×	16.1%	−18%	+35	−37%
PEPPepsiCo, Inc.	131.49	$179.2B	21.9×	29×	16.1%	+4%	+12	+7%
CCEPCoca-Cola Europacific Partners PLC	112.40	$49.8B	27.5×	27×	15.0%	+15%	−0	−3%
SYYSysco Corporation	82.22	$40.4B	22.5×	27×	14.9%	+6%	+9	+21%
PGThe Procter & Gamble Company	159.31	$370.0B	24.1×	26×	14.3%	−1%	+15	+8%
KVUEKenvue Inc.	18.91	$36.3B	24.9×	25×	13.9%	+158%	−144	+29%
KMBKimberly-Clark Corporation	105.57	$35.1B	17.4×	25×	13.8%	−8%	+22	−35%
HRLHormel Foods Corporation	20.40	$11.2B	23.4×	25×	13.6%	−7%	+20	−47%
CHDChurch & Dwight Co., Inc.	104.53	$24.8B	34.6×	24×	13.1%	+4%	+9	+12%
DLTRDollar Tree, Inc.	124.18	$23.3B	20.0×	24×	12.5%	−10%	+23	+18%
TSNTyson Foods, Inc.	54.90	$19.3B	41.3×	23×	11.9%	−15%	+27	−19%
CLColgate-Palmolive Company	94.11	$75.0B	35.8×	22×	11.6%	+2%	+10	+2%
MKCMcCormick & Company, Incorporated	46.35	$12.5B	15.8×	22×	11.3%	−2%	+13	+14%
HSYThe Hershey Company	170.83	$34.3B	—	21×	10.6%	+8%	+3	−5%
GISGeneral Mills, Inc.	33.13	$17.7B	—	19×	8.4%	−8%	+16	−29%
DGDollar General Corporation	134.43	$29.7B	19.6×	18×	8.0%	−3%	+11	+42%
STZConstellation Brands, Inc.	131.35	$22.2B	—	18×	7.7%	−2%	+9	−7%
SJMThe J. M. Smucker Company	127.43	$13.6B	—	18×	7.2%	−2%	+9	+42%
BF-BBrown-Forman Corporation	28.88	$13.3B	18.9×	17×	6.9%	+3%	+3	+107%
CLXThe Clorox Company	87.09	$10.5B	13.4×	17×	6.3%	−10%	+16	+58%
MOAltria Group, Inc.	75.11	$125.4B	18.2×	16×	5.5%	+2%	+3	+5%
KRThe Kroger Co.	63.63	$37.6B	41.3×	15×	3.6%	−3%	+6	+94%
KHCThe Kraft Heinz Company	23.68	$28.1B	—	13×	1.3%	−3%	+5	+16%
TAPMolson Coors Beverage Company	39.52	$7.4B	—	12×	0.1%	−1%	+1	−14%
ADMArcher-Daniels-Midland Company	82.61	$39.8B	37.0×	11×	−1.0%	—	—	+243%
BGBunge Global S.A.	106.14	$20.4B	21.6×	—	negative FCF	—	—	—
Energy
TRGPTarga Resources Corp.	294.90	$63.2B	34.7×	137×	47.5%	−6%	+53	−15%
WMBThe Williams Companies, Inc.	71.28	$87.2B	33.3×	116×	44.0%	−15%	+59	−58%
PSXPhillips 66ratio row	293.17	$117.5B	27.2×	50×	26.7%	—	—	+17%
TPLTexas Pacific Land Corporationratio row	350.92	$24.2B	50.3×	49×	26.6%	+19%	+7	+6%
OKEONEOK, Inc.	93.31	$58.8B	17.2×	37×	21.2%	—	—	−15%
KMIKinder Morgan, Inc.	34.20	$76.2B	25.0×	37×	21.2%	+0%	+21	−4%
MPCMarathon Petroleum Corporation	478.07	$134.3B	36.2×	34×	19.5%	—	—	−22%
XOMExxonmobil Holdings Corporation	178.98	$736.0B	26.7×	33×	18.5%	—	—	−23%
CVXChevron Corporation	224.98	$444.5B	33.9×	29×	16.6%	+59%	−42	+10%
VLOValero Energy Corporationratio row	444.71	$128.0B	58.7×	27×	14.7%	—	—	+9%
EOGEOG Resources, Inc.	158.01	$82.9B	17.3×	25×	13.8%	+17%	−4	−40%
BKRBaker Hughes Company	55.70	$55.3B	—	23×	11.8%	+50%	−39	+24%
DVNDevon Energy Corporation	50.73	$55.8B	12.2×	20×	9.8%	+59%	−49	+6%
OXYOccidental Petroleum Corporation	62.38	$62.4B	38.7×	20×	9.6%	+24%	−14	−7%
HALHalliburton Company	33.50	$27.9B	—	20×	9.1%	+8%	+1	−31%
SLBSlb N.V.ratio row	49.50	$73.5B	21.1×	16×	5.9%	+21%	−15	+3%
EQTEQT Corporation	54.32	$34.0B	16.4×	15×	3.8%	+42%	−38	+395%
EXEExpand Energy Corporation	93.41	$21.6B	12.3×	14×	3.1%	—	—	+22888%
FSLRFirst Solar, Inc.	172.64	$18.6B	12.1×	14×	2.5%	—	—	—
FANGDiamondback Energy, Inc.	203.95	$57.1B	35.6×	14×	2.5%	+60%	−57	+48%
APAAPA Corporation	49.15	$17.2B	12.3×	12×	−0.2%	+73%	−73	+135%
COPConocoPhillipsratio row	146.51	$176.0B	23.1×	11×	−0.6%	+186%	−187	+109%
Financial Services
KKRKKR & Co. Inc.ratio row	86.21	$77.4B	—	363×	69.7%	—	—	−95%
BXBlackstone Inc.	106.63	$122.7B	27.5×	76×	35.3%	−1%	+36	−49%
HOODRobinhood Markets, Inc.ratio row	98.87	$88.9B	48.2×	59×	30.2%	−3%	+33	—
BLKBlackRock, Inc.	1,134.38	$175.7B	32.1×	50×	26.7%	−7%	+34	−24%
BRK-BBerkshire Hathaway Inc.ratio row	532.14	$1.1T	—	49×	26.4%	−1%	+28	+116%
AJGArthur J. Gallagher & Co.	254.88	$65.3B	44.4×	43×	23.8%	+2%	+22	−27%
BACBank of America Corporationratio row	51.23	$358.2B	13.4×	35×	20.1%	−19%	+39	—
VVisa Inc.	402.61	$751.7B	—	35×	20.0%	+17%	+3	+15%
MCOMoody's Corporation	485.07	$84.0B	35.5×	34×	19.6%	+5%	+15	+2%
MAMastercard Incorporated	617.42	$540.9B	37.4×	32×	18.2%	+20%	−2	+20%
NDAQNasdaq, Inc.	93.97	$52.5B	30.4×	31×	17.4%	+13%	+4	+15%
MSCIMSCI Inc.	569.08	$41.4B	36.6×	30×	17.3%	+15%	+2	+6%
ICEIntercontinental Exchange, Inc.	161.56	$90.7B	28.0×	26×	14.1%	+10%	+4	+2%
SPGIS&P Global Inc.	429.64	$126.7B	29.3×	25×	13.8%	+9%	+4	−2%
CMECME Group Inc.	293.87	$105.7B	26.3×	25×	13.5%	+11%	+3	+17%
BNYBank of New York Mellon Corp	143.24	$97.2B	19.4×	24×	13.1%	+6%	+7	—
AFLAflac Incorporatedratio row	119.97	$60.2B	17.6×	24×	12.9%	−15%	+28	−6%
AONAon plc	292.55	$62.1B	17.2×	24×	12.5%	+4%	+9	+14%
PNCThe PNC Financial Services Group, Inc.ratio row	217.39	$86.7B	13.1×	24×	12.5%	−1%	+14	−44%
BROBrown & Brown, Inc.	69.40	$23.2B	22.0×	22×	10.8%	+16%	−5	+27%
MRSHMarsh & McLennan Companies, Inc.	188.35	$89.9B	22.3×	21×	10.6%	+11%	+0	+25%
WTWWillis Towers Watson Public Limited Company	315.49	$29.3B	19.4×	21×	10.3%	−2%	+12	+22%
ERIEErie Indemnity Companyratio row	243.71	$11.3B	—	19×	8.6%	+15%	−6	+17%
CBOECboe Global Markets, Inc.	314.98	$32.9B	30.2×	19×	8.6%	+4%	+5	+62%
FDSFactSet Research Systems Inc.	301.67	$10.7B	19.4×	19×	8.5%	+8%	+1	+0%
GPNGlobal Payments Inc.	83.67	$22.1B	14.5×	17×	6.8%	+2%	+5	−29%
HBANHuntington Bancshares Incorporated	15.27	$30.9B	11.0×	16×	5.6%	+13%	−7	+32%
BENFranklin Resources, Inc.	30.98	$15.7B	34.0×	16×	5.3%	−0%	+5	+15%
COINCoinbase Global, Inc.ratio row	173.16	$45.7B	38.9×	16×	5.0%	−2%	+7	−5%
SCHWThe Charles Schwab Corporation	91.96	$159.0B	19.8×	16×	4.9%	+7%	−2	+327%
TFCTruist Financial Corporationratio row	47.07	$57.5B	12.3×	15×	4.7%	−2%	+7	+173%
AIGAmerican International Group, Inc.ratio row	80.74	$42.8B	14.9×	15×	4.4%	+37%	−33	−6%
FITBFifth Third Bancorp	50.37	$45.7B	14.3×	14×	3.5%	+126%	−123	+63%
KEYKeyCorp	19.99	$21.6B	13.2×	14×	3.4%	+5%	−2	+251%
AXPAmerican Express Company	313.59	$211.8B	20.4×	14×	2.7%	+31%	−28	+32%
USBU.S. Bancorpratio row	58.73	$91.5B	12.7×	13×	1.9%	+17%	−15	−29%
TROWT. Rowe Price Group, Inc.ratio row	100.97	$21.5B	10.9×	13×	1.4%	−3%	+4	+17%
CFGCitizens Financial Group, Inc.	63.36	$26.7B	16.4×	12×	0.7%	—	—	+8%
GLGlobe Life Inc.	168.77	$13.0B	12.0×	12×	0.6%	−3%	+3	−6%
LLoews Corporation	110.52	$22.6B	13.9×	12×	−0.3%	+21%	−21	+13%
CBChubb Limitedratio row	359.79	$138.8B	14.0×	10×	−2.4%	+8%	−11	−9%
RJFRaymond James Financial, Inc.	156.78	$30.1B	15.2×	10×	−3.3%	−11%	+7	+15%
IVZInvesco Ltd.	28.20	$12.5B	—	9×	−4.6%	+5%	−10	+29%
PYPLPayPal Holdings, Inc.	56.70	$48.5B	10.5×	9×	−4.9%	+2%	−7	−18%
AIZAssurant, Inc.ratio row	283.31	$14.0B	16.7×	9×	−5.1%	+6%	−11	+44%
IBKRInteractive Brokers Group, Inc.ratio row	82.69	$145.3B	37.2×	9×	−5.2%	+14%	−20	+81%
MTBM&T Bank Corporation	215.16	$31.1B	12.7×	9×	−5.3%	+36%	−41	−16%
RFRegions Financial Corporation	27.45	$23.4B	11.9×	9×	−5.9%	−2%	−4	+42%
TRVThe Travelers Companies, Inc.ratio row	389.54	$81.2B	14.2×	8×	−6.4%	+10%	−17	+17%
CINFCincinnati Financial Corporation	171.25	$26.3B	11.3×	8×	−6.4%	+16%	−22	+18%
WRBW. R. Berkley Corporationratio row	75.42	$28.0B	16.9×	8×	−6.9%	+367%	−374	+96936%
APOApollo Global Management, Inc.ratio row	110.78	$65.4B	20.0×	8×	−7.1%	—	—	+117%
PGRThe Progressive Corporation	218.49	$127.0B	11.4×	8×	−7.6%	+21%	−28	+16%
HIGThe Hartford Insurance Group, Inc.	135.12	$36.6B	10.1×	7×	−9.3%	+9%	−18	−0%
ALLThe Allstate Corporation	247.88	$62.7B	6.5×	7×	−9.4%	+14%	−23	+13%
PRUPrudential Financial, Inc.ratio row	115.91	$40.0B	11.6×	6×	−11.1%	−5%	−6	−26%
STTState Street Corporation	165.72	$45.5B	17.6×	6×	−11.9%	+30%	−41	—
ACGLArch Capital Group Ltd.	101.27	$34.6B	8.7×	6×	−12.5%	+17%	−29	−7%
PFGPrincipal Financial Group, Inc.ratio row	108.81	$23.3B	20.7×	5×	−15.1%	+4%	−19	−6%
NTRSNorthern Trust Corporation	165.54	$30.3B	18.9×	5×	−15.2%	+25%	−41	—
AMPAmeriprise Financial, Inc.ratio row	500.80	$44.2B	13.8×	5×	−16.4%	+13%	−29	+27%
EGEverest Group, Ltd.ratio row	389.10	$14.9B	10.3×	5×	−16.8%	+312%	−329	−31%
COFCapital One Financial Corporation	201.74	$123.8B	50.1×	4×	−18.3%	+10%	−29	+54%
METMetLife, Inc.ratio row	100.76	$64.0B	21.4×	3×	−24.4%	+9%	−34	+18%
SYFSynchrony Financialratio row	73.68	$24.0B	7.9×	2×	−29.7%	+7%	−36	+3%
ARESAres Management Corporationratio row	112.27	—	—	—	no free cash flow in the 2025-12-31 statement	—	—	—
CCitigroup Inc.	124.25	$208.4B	17.8×	—	negative FCF	—	—	—
GSThe Goldman Sachs Group, Inc.	881.26	$256.6B	17.2×	—	negative FCF	—	—	—
JPMJPMorgan Chase & Co.ratio row	339.72	$903.0B	17.0×	—	negative FCF	—	—	—
MSMorgan Stanley	180.54	$284.8B	17.7×	—	negative FCF	—	—	—
WFCWells Fargo & Companyratio row	83.87	$253.6B	13.4×	—	negative FCF	—	—	—
Healthcare
HUMHumana Inc.	413.33	$49.6B	42.0×	154×	50.1%	−40%	+90	−84%
LLYEli Lilly and Company	1,257.03	$1.2T	54.8×	136×	47.4%	+12%	+35	+139%
WATWaters Corporation	436.95	$42.9B	40.6×	80×	36.3%	−3%	+39	−13%
ALNYAlnylam Pharmaceuticals, Inc.	231.83	$31.0B	99.5×	65×	32.1%	—	—	—
BAXBaxter International Inc.	25.28	$13.1B	—	62×	31.1%	−22%	+53	−42%
ISRGIntuitive Surgical, Inc.ratio row	426.70	$150.7B	54.2×	59×	30.2%	+17%	+13	+91%
WSTWest Pharmaceutical Services, Inc.	384.02	$27.0B	56.6×	56×	29.2%	+9%	+20	+70%
TMOThermo Fisher Scientific Inc.	690.00	$255.1B	38.9×	45×	24.8%	−2%	+26	−13%
AAgilent Technologies, Inc.	172.97	$48.8B	37.8×	44×	24.2%	+8%	+17	−16%
TECHBio-Techne Corporation	72.57	$11.4B	62.6×	43×	23.9%	−3%	+27	+3%
IDXXIDEXX Laboratories, Inc.	560.36	$44.1B	42.8×	42×	23.4%	+14%	+9	+31%
MTDMettler-Toledo International Inc.	1,622.29	$32.5B	38.6×	41×	22.8%	+6%	+17	−2%
VRTXVertex Pharmaceuticals Incorporatedratio row	499.74	$126.7B	32.6×	39×	22.1%	+1%	+21	—
RVTYRevvity, Inc.	152.64	$17.0B	73.7×	38×	21.5%	−9%	+30	−6%
ELVElevance Health Inc.	428.26	$92.9B	17.0×	36×	20.6%	−20%	+41	−30%
EWEdwards Lifesciences Corporation	86.60	$49.9B	47.3×	36×	20.2%	+16%	+5	+361%
AMGNAmgen Inc.	432.49	$233.8B	30.4×	34×	19.6%	−4%	+24	−22%
DHRDanaher Corporation	229.04	$161.0B	45.4×	33×	18.9%	−1%	+20	−1%
JNJJohnson & Johnson	255.56	$615.9B	23.2×	33×	18.6%	−0%	+19	−1%
MRKMerck & Co., Inc.	145.97	$360.1B	20.1×	32×	18.2%	+17%	+1	−32%
ABBVAbbVie Inc.	285.42	$504.4B	120.9×	32×	18.1%	+1%	+17	−0%
CRLCharles River Laboratories International, Inc.	300.15	$14.5B	—	32×	18.0%	+6%	+12	+3%
COOThe Cooper Companies, Inc.	57.94	$11.0B	31.0×	31×	17.5%	+20%	−2	+51%
DXCMDexCom, Inc.	86.04	$32.5B	41.2×	30×	17.3%	+31%	−14	+71%
SYKStryker Corporation	294.66	$113.0B	35.1×	29×	16.4%	+9%	+7	+23%
IQVIQVIA Holdings Inc.	266.90	$43.9B	34.0×	28×	15.8%	+9%	+7	−3%
MDTMedtronic Plc	94.75	$121.2B	25.4×	27×	15.1%	+2%	+13	+5%
LHLabcorp Holdings Inc.	317.95	$25.8B	30.4×	27×	14.9%	−7%	+22	+10%
PODDInsulet Corp.	141.10	$9.8B	40.5×	27×	14.7%	—	—	+24%
BDXBecton, Dickinson and Company	191.75	$52.2B	32.9×	27×	14.7%	−0%	+15	−14%
UNHUnitedHealth Group Incorporated	401.43	$360.3B	30.3×	26×	14.1%	−4%	+19	−22%
PFEPfizer Inc.	29.58	$168.6B	21.7×	26×	14.0%	−6%	+20	−8%
ABTAbbott Laboratories	104.88	$181.5B	28.2×	25×	13.7%	+5%	+8	+16%
GEHCGE HealthCare Technologies Inc.	69.57	$31.4B	15.3×	25×	13.5%	+3%	+11	−3%
STESTERIS plc	222.66	$21.7B	28.1×	24×	12.7%	+17%	−4	+25%
DGXQuest Diagnostics Incorporated	235.00	$25.9B	26.9×	23×	12.0%	−3%	+15	+50%
CVSCVS Health Corp.	92.36	$118.1B	66.4×	22×	11.5%	−10%	+22	+23%
GILDGilead Sciences, Inc.	156.19	$193.7B	23.0×	22×	11.5%	+5%	+7	−8%
HSICHenry Schein, Inc.	86.38	$9.6B	26.4×	22×	11.1%	+1%	+10	−18%
CORCencora, Inc.	340.92	$65.1B	42.8×	21×	10.6%	+12%	−1	+7%
MCKMcKesson Corporation	1,004.84	$117.2B	26.2×	21×	10.3%	+7%	+3	+3%
BSXBoston Scientific Corporation	44.39	$64.3B	22.9×	20×	9.6%	+26%	−17	+38%
RMDResMed Inc.	238.97	$33.6B	22.9×	20×	9.3%	+21%	−12	−1%
REGNRegeneron Pharmaceuticals, Inc.	790.74	$81.4B	19.1×	20×	9.1%	+15%	−6	+11%
ALGNAlign Technology, Inc.ratio row	147.31	$10.5B	26.1×	19×	8.8%	−1%	+9	−21%
HCAHCA Healthcare, Inc.	458.84	$99.3B	16.2×	19×	8.3%	+4%	+5	+36%
BIIBBiogen Inc.	232.65	$34.4B	26.5×	18×	7.9%	−12%	+19	−25%
UHSUniversal Health Services, Inc.	185.10	$10.9B	8.0×	18×	7.8%	−12%	+20	−24%
VTRSViatris Inc.	18.66	$21.4B	—	18×	7.3%	+14%	−7	−2%
ZTSZoetis Inc.	79.32	$32.8B	13.2×	17×	6.8%	+6%	+0	−1%
ZBHZimmer Biomet Holdings, Inc.	94.98	$18.1B	26.8×	17×	6.5%	+6%	+0	+14%
DVADaVita Inc.	187.31	$12.0B	19.0×	16×	5.8%	+0%	+6	−11%
INCYIncyte Corporationratio row	113.07	$22.9B	17.6×	15×	3.8%	—	—	+444%
CAHCardinal Health, Inc.	254.06	$58.8B	35.1×	14×	2.8%	+17%	−15	+145%
CICigna Corporationratio row	302.30	$79.9B	13.6×	12×	0.5%	−2%	+2	−6%
BMYBristol-Myers Squibb Company	59.75	$122.1B	17.3×	12×	0.5%	−1%	+1	−8%
CNCCentene Corp.	69.16	$34.2B	—	8×	−7.6%	−1%	−6	—
MRNAModerna, Inc.	218.01	$87.0B	—	—	negative FCF	—	—	—
SOLVSolventum Corporation	85.81	$14.6B	9.7×	—	negative FCF	—	—	—
Industrials
AXONAxon Enterprise, Inc.	390.29	$31.7B	258.5×	430×	73.9%	—	—	−77%
URIUnited Rentals, Inc.ratio row	1,029.64	$64.1B	26.7×	117×	44.2%	−23%	+67	+60%
MMM3M Company	164.72	$84.9B	27.5×	66×	32.4%	−27%	+59	+119%
GEVGE Vernova Inc.	921.20	$245.3B	52.1×	64×	31.6%	—	—	+118%
CSXCSX Corporation	48.68	$90.2B	31.6×	63×	31.5%	−8%	+40	−37%
HWMHowmet Aerospace Inc.	220.90	$88.1B	59.5×	63×	31.4%	—	—	+46%
PWRQuanta Services, Inc.	631.86	$95.0B	92.9×	62×	31.1%	+14%	+17	+10%
FASTFastenal Company	51.02	$58.5B	46.8×	56×	28.9%	+2%	+27	+11%
TDGTransDigm Group Incorporated	1,139.34	$63.0B	35.5×	49×	26.5%	+10%	+16	−3%
GWWW.W. Grainger, Inc.	1,330.70	$62.7B	37.6×	49×	26.2%	+8%	+19	−15%
FIXComfort Systems USA, Inc.	1,439.07	$50.6B	49.8×	48×	26.1%	+31%	−5	+40%
CTASCintas Corporation	213.69	$84.9B	43.5×	46×	25.3%	+9%	+16	+7%
GEGE Aerospace	313.83	$325.6B	38.6×	46×	25.1%	+84%	−59	+97%
GNRCGenerac Holdings Inc.	192.68	$11.4B	71.6×	46×	25.1%	−9%	+34	−56%
ETNEaton Corporation plc	391.25	$152.0B	37.4×	45×	24.9%	+7%	+18	+1%
VRTVertiv Holdings Co	206.42	$79.5B	60.5×	43×	23.7%	+63%	−39	+64%
NSCNorfolk Southern Corporation	326.92	$73.4B	25.6×	41×	23.1%	+0%	+23	+29%
ODFLOld Dominion Freight Line, Inc.	187.72	$39.0B	38.8×	41×	22.8%	+6%	+17	+8%
CATCaterpillar Inc.	730.76	$335.9B	38.8×	41×	22.8%	+11%	+12	−11%
WMWaste Management, Inc.	226.86	$90.7B	33.9×	40×	22.6%	+9%	+13	+30%
EMREmerson Electric Co.	161.47	$90.1B	40.0×	38×	21.5%	+1%	+21	−8%
ROKRockwell Automation, Inc.	426.23	$47.4B	55.6×	37×	20.9%	+6%	+15	+112%
TTTrane Technologies plc	458.89	$101.0B	35.4×	37×	20.9%	+17%	+4	+1%
UNPUnion Pacific Corporation	289.04	$171.7B	24.1×	37×	20.9%	−0%	+21	−7%
RTXRTX Corporation	193.92	$261.4B	39.1×	37×	20.8%	+26%	−5	+75%
AMEAMETEK, Inc.	248.17	$56.9B	38.8×	36×	20.4%	+7%	+14	−2%
WABWestinghouse Air Brake Technologies Corporation	286.82	$48.4B	42.0×	35×	20.2%	+18%	+2	−8%
RSGRepublic Services, Inc.	231.54	$70.9B	33.8×	35×	19.9%	+14%	+6	+16%
PHParker-Hannifin Corporation	963.34	$121.5B	33.8×	33×	18.7%	+11%	+8	+17%
CMICummins Inc.	531.33	$73.1B	25.9×	32×	18.5%	+2%	+17	+755%
ITWIllinois Tool Works Inc.	272.28	$77.5B	26.0×	32×	18.0%	+1%	+17	−5%
IEXIDEX Corporation	235.55	$17.4B	36.7×	30×	17.1%	+4%	+14	+2%
FERGFerguson plc	231.61	$44.8B	24.9×	30×	17.1%	+5%	+12	+7%
NDSNNordson Corporation	322.31	$18.0B	37.9×	30×	17.0%	+8%	+9	+34%
HUBBHubbell Incorporated	461.10	$24.4B	27.9×	30×	17.0%	+9%	+8	+8%
FERFerrovial N.V.	49.41	$35.6B	39.8×	29×	16.7%	+10%	+6	+34%
DEDeere & Company	641.86	$173.1B	34.7×	29×	16.5%	−2%	+18	−20%
JJacobs Solutions Inc.	141.08	$16.5B	59.3×	29×	16.2%	−2%	+19	−35%
SWKStanley Black & Decker, Inc.	92.48	$14.0B	34.9×	28×	16.0%	−16%	+32	−9%
IRIngersoll Rand Inc.	77.78	$30.2B	53.6×	28×	15.4%	+7%	+8	−2%
XYLXylem Inc.	104.07	$24.3B	26.5×	27×	15.1%	+7%	+8	−3%
EMEEMCOR Group, Inc.ratio row	721.66	$31.8B	25.6×	27×	14.7%	+9%	+5	−11%
CARRCarrier Global Corporation	55.00	$45.3B	32.0×	26×	14.5%	+9%	+5	+4720%
EXPDExpeditors International of Washington, Inc.ratio row	195.91	$25.5B	32.9×	26×	14.2%	+9%	+5	+40%
NOCNorthrop Grumman Corporation	519.86	$73.9B	17.9×	26×	14.1%	+3%	+11	+26%
DOVDover Corporation	195.80	$26.4B	24.7×	26×	14.1%	+4%	+11	+21%
ROLRollins, Inc.	33.45	$16.1B	30.7×	26×	14.0%	+10%	+4	+12%
GDGeneral Dynamics Corporation	344.23	$93.1B	22.3×	25×	13.5%	+6%	+7	+24%
VLTOVeralto Corporation	101.04	$24.6B	26.9×	25×	13.5%	+5%	+9	+24%
JBHTJ.B. Hunt Transport Services, Inc.	228.78	$21.5B	37.4×	24×	13.0%	+20%	−7	+53%
TRIThomson Reuters Corporation	109.01	$47.2B	32.1×	24×	12.6%	+9%	+3	+17%
OTISOtis Worldwide Corporation	71.33	$27.2B	20.4×	24×	12.5%	+2%	+10	+0%
ALLEAllegion plc	156.54	$13.3B	21.0×	22×	11.0%	+9%	+2	+18%
LIILennox International Inc.	357.73	$12.4B	15.7×	21×	10.7%	+4%	+7	−18%
EFXEquifax Inc.	161.25	$18.9B	30.3×	21×	10.4%	+17%	−6	+40%
LHXL3Harris Technologies, Inc.	248.51	$46.3B	29.1×	21×	10.3%	+2%	+8	+25%
LMTLockheed Martin Corporation	552.09	$127.4B	25.7×	21×	10.3%	+1%	+9	+31%
CHRWC.H. Robinson Worldwide, Inc.	139.49	$16.3B	28.9×	19×	8.7%	+13%	−5	+84%
UPSUnited Parcel Service, Inc.	97.50	$73.1B	14.9×	19×	8.6%	−1%	+10	−23%
CPRTCopart, Inc.ratio row	27.87	$25.8B	18.0×	19×	8.4%	+19%	−11	+3%
PAYXPaychex, Inc.	111.63	$39.7B	22.8×	19×	8.1%	+15%	−7	+36%
SNASnap-on Incorporated	367.25	$19.0B	19.1×	18×	8.0%	+1%	+7	−11%
UALUnited Airlines Holdings, Inc.	96.10	$31.2B	9.4×	18×	7.7%	—	—	−33%
PCARPACCAR Incratio row	110.82	$58.3B	24.6×	18×	7.0%	+9%	−2	−3%
HONAHoneywell Aerospace Inc	168.09	$53.3B	29.9×	17×	6.1%	—	—	—
TXTTextron Inc.ratio row	75.93	$13.1B	14.9×	16×	5.9%	+16%	−10	+43%
HONHoneywell International Inc.	211.41	$67.0B	28.7×	16×	5.8%	+0%	+5	+10%
FDXFedEx Corporation	293.55	$69.5B	15.8×	16×	5.4%	+4%	+2	+72%
HIIHuntington Ingalls Industries, Inc.	272.00	$10.7B	17.7×	16×	5.3%	+1%	+4	+2954%
DALDelta Air Lines, Inc.	75.37	$49.6B	9.8×	15×	4.5%	—	—	+33%
AOSA. O. Smith Corporation	59.22	$8.0B	15.4×	15×	3.8%	+2%	+2	+15%
PNRPentair plc	53.44	$8.5B	13.5×	13×	2.3%	+8%	−6	+8%
BAThe Boeing Company	190.21	$150.3B	76.7×	—	negative FCF	—	—	—
FDXFFedEx Freight Holding Company, Inc.ratio row	113.21	$16.9B	25.8×	—	negative FCF	—	—	—
LUVSouthwest Airlines Co.	39.50	$19.3B	50.0×	—	negative FCF	—	—	—
RKLBRocket Lab USA, Inc.	50.84	$30.4B	—	—	negative FCF	—	—	—
SPCXSpace Exploration Technologies Corp.	146.03	$2.5T	—	—	negative FCF	—	—	—
Real Estate
WELLWelltower Inc.	234.85	$169.2B	169.0×	132×	46.7%	+9%	+38	+144%
CSGPCoStar Group, Inc.	32.31	$13.1B	1615.5×	101×	41.1%	−24%	+65	—
DOCHealthpeak Properties, Inc.	18.98	$13.1B	189.8×	63×	31.4%	—	—	+7%
BXPBXP, Inc.	59.20	$9.5B	34.0×	54×	28.2%	−8%	+36	−12%
FRTFederal Realty Investment Trustratio row	106.32	$9.2B	22.7×	42×	23.5%	—	—	+2%
WYWeyerhaeuser Company	19.61	$14.1B	43.6×	38×	21.3%	−19%	+40	−47%
CBRECBRE Group, Inc.	133.08	$38.5B	34.6×	37×	21.0%	−5%	+26	−15%
AMTAmerican Tower Corporation	185.27	$86.3B	34.3×	32×	18.4%	+6%	+13	+2%
DLRDigital Realty Trust, Inc.ratio row	175.97	$65.3B	49.2×	32×	18.2%	—	—	—
SBACSBA Communications Corporation	187.06	$19.8B	19.1×	30×	17.3%	+1%	+16	−4%
EXRExtra Space Storage Inc.	139.61	$29.5B	30.4×	30×	17.0%	+11%	+6	−9%
PLDPrologis, Inc.ratio row	125.75	$119.5B	35.3×	30×	17.0%	+25%	−8	+1%
SPGSimon Property Group, Inc.	205.44	$66.5B	14.5×	29×	16.6%	+12%	+5	+5%
UDRUDR, Inc.	34.26	$11.0B	30.3×	27×	15.3%	+7%	+8	+1%
MAAMid-America Apartment Communities, Inc.	116.63	$13.5B	30.9×	26×	14.5%	+13%	+2	−7%
INVHInvitation Homes Inc.	27.07	$16.0B	28.2×	26×	14.2%	+17%	−3	+12%
ESSEssex Property Trust, Inc.ratio row	269.43	$17.3B	25.9×	26×	14.2%	+5%	+9	+0%
PSAPublic Storageratio row	298.31	$55.7B	33.1×	23×	11.7%	+9%	+3	+7%
CCICrown Castle Inc.	82.26	$35.9B	81.4×	21×	10.3%	+15%	−5	+67%
KIMKimco Realty Corporation	22.91	$15.4B	—	21×	10.1%	+13%	−3	+62%
ORealty Income Corporation	56.08	$53.1B	47.9×	20×	9.7%	+28%	−19	+12%
HSTHost Hotels & Resorts, Inc.	23.97	$16.4B	21.8×	20×	9.0%	—	—	−9%
VICIVICI Properties Inc.	23.60	$26.0B	9.0×	17×	6.3%	+23%	−17	+6%
CPTCamden Property Trust	98.59	$9.9B	27.9×	17×	6.2%	+10%	−4	+7%
AREAlexandria Real Estate Equities, Inc.ratio row	41.62	$7.3B	—	13×	2.0%	+10%	−8	−6%
VMRKVivmark Residentialratio row	61.26	$23.0B	41.7×	12×	0.1%	+3%	−3	+3%
EQIXEquinix, Inc.	985.98	$97.3B	71.7×	—	negative FCF	—	—	—
IRMIron Mountain Incorporated	112.51	$33.5B	229.6×	—	negative FCF	—	—	—
REGRegency Centers Corporation	73.24	—	—	—	no free cash flow in the 2025-12-31 statement	—	—	—
VTRVentas, Inc.	85.86	$44.0B	159.0×	—	negative FCF	—	—	—
Technology
LITELumentum Holdings Inc.	824.13	$74.7B	—	253×	61.2%	−14%	+75	—
ARMArm Holdings plc American Depositary Shares	227.80	$243.3B	268.0×	245×	60.5%	−2%	+62	+450%
PLTRPalantir Technologies Inc.ratio row	186.03	$428.0B	295.3×	203×	56.2%	—	—	+84%
ALABAstera Labs, Inc. Common Stockratio row	285.82	$49.6B	234.3×	176×	53.0%	—	—	+175%
CRWDCrowdStrike Holdings, Inc.	227.39	$232.8B	—	174×	52.8%	+35%	+18	+23%
MRVLMarvell Technology, Inc.	227.83	$199.5B	74.2×	144×	48.7%	+15%	+34	+0%
HPEHewlett Packard Enterprise Company	55.13	$73.2B	—	143×	48.5%	—	—	−68%
AMDAdvanced Micro Devices, Inc.	528.75	$863.2B	199.5×	127×	46.0%	+54%	−8	+180%
TERTeradyne, Inc.	325.00	$50.8B	93.7×	113×	43.4%	−8%	+51	−5%
SHOPShopify Inc.ratio row	169.52	$220.0B	180.3×	109×	42.7%	—	—	+26%
TXNTexas Instruments Incorporated	276.48	$252.5B	50.7×	101×	41.1%	−14%	+55	+74%
DDOGDatadog, Inc.	247.11	$88.7B	797.1×	89×	38.5%	+57%	−19	+20%
MPWRMonolithic Power Systems, Inc.	1,210.86	$59.5B	95.0×	87×	38.1%	+26%	+12	+4%
GLWCorning Inc	132.06	$113.8B	71.4×	87×	37.9%	+12%	+26	+45%
TTWOTake-Two Interactive Software, Inc.	205.28	$38.4B	—	85×	37.5%	−11%	+49	—
SNPSSynopsys, Inc.	454.63	$87.1B	56.5×	72×	34.2%	+10%	+24	+5%
CIENCiena Corporation	332.73	$47.2B	391.4×	72×	34.0%	+10%	+24	+76%
PANWPalo Alto Networks, Inc.	342.00	$279.8B	855.0×	68×	32.9%	+24%	+9	+19%
LRCXLam Research Corporation	263.94	$330.3B	45.8×	67×	32.7%	+9%	+24	−10%
AVGOBroadcom Inc.	328.75	$1.6T	68.9×	60×	30.5%	+18%	+12	+39%
MSFTMicrosoft Corporation	529.05	$3.9T	29.5×	59×	30.1%	+4%	+26	−6%
KLACKLA Corporation	165.74	$216.3B	45.3×	59×	29.9%	+14%	+16	+1%
ASMLASML Holding N.V.	1,641.52	$632.7B	66.4×	58×	29.9%	+26%	+4	+12%
AMATApplied Materials, Inc.	409.29	$324.8B	47.3×	57×	29.4%	+11%	+18	−24%
CDNSCadence Design Systems, Inc.	319.51	$88.0B	78.7×	55×	28.7%	+14%	+14	+42%
FTNTFortinet, Inc.	169.13	$124.1B	69.9×	55×	28.7%	+18%	+10	+18%
NVDANVIDIA Corporation	214.13	$5.2T	43.7×	53×	27.9%	+83%	−55	+59%
MCHPMicrochip Technology Incorporated	73.85	$40.1B	284.0×	52×	27.6%	−14%	+41	+13%
AAPLApple Inc.	343.46	$5.0T	46.0×	51×	27.3%	+6%	+21	−9%
ANETArista Networks, Inc.	176.98	$223.2B	64.4×	50×	26.8%	+43%	−16	+16%
STXSeagate Technology Holdings plc	639.01	$145.3B	46.0×	47×	25.8%	+22%	+3	+280%
ADIAnalog Devices, Inc.	395.44	$191.6B	86.7×	46×	25.3%	+18%	+7	+37%
APHAmphenol Corporation	79.35	$195.7B	47.5×	46×	25.0%	+27%	−2	+104%
KEYSKeysight Technologies, Inc.	331.21	$56.4B	67.5×	45×	24.5%	+7%	+17	+43%
TRMBTrimble Inc.	59.46	$13.9B	33.8×	42×	23.2%	−10%	+33	−28%
GRMNGarmin Ltd.ratio row	284.79	$54.9B	33.2×	39×	21.8%	+7%	+14	+10%
DELLDell Technologies Inc.	451.54	$287.1B	52.0×	36×	20.4%	−2%	+22	+358%
VEEVVeeva Systems Inc.ratio row	310.36	$50.3B	57.1×	35×	20.1%	+21%	−1	+30%
WDCWestern Digital Corporation	332.00	$124.3B	13.7×	35×	20.0%	+36%	−16	+175%
CSCOCisco Systems, Inc.	107.39	$423.4B	32.2×	35×	19.9%	−3%	+23	−4%
FLEXFlex Ltd.	90.46	$33.4B	38.8×	33×	18.8%	—	—	−1%
MSIMotorola Solutions, Inc.	463.10	$76.6B	36.3×	33×	18.7%	+13%	+6	+21%
NOWServiceNow, Inc.	141.97	$146.8B	85.0×	31×	17.8%	+28%	−10	+34%
TDYTeledyne Technologies Incorporated	618.60	$28.7B	32.8×	29×	16.1%	+14%	+2	−3%
QQnity Electronics, Inc.	115.37	$24.1B	35.0×	28×	15.4%	+23%	−8	+15%
NXPINXP Semiconductors N.V.	229.33	$57.8B	28.8×	28×	15.4%	+3%	+12	+18%
VRSNVeriSign, Inc.	302.34	$27.3B	—	27×	15.0%	+9%	+6	+22%
FFIVF5, Inc.ratio row	442.03	$25.0B	37.5×	27×	14.8%	+9%	+6	+19%
CPAYCorpay, Inc.	399.84	$26.3B	26.6×	26×	14.3%	−1%	+16	−26%
JBLJabil Inc.	278.25	$29.2B	47.0×	26×	14.1%	+34%	−20	+26%
PTCPTC Inc.	192.98	$21.0B	31.7×	26×	14.0%	+32%	−18	+16%
FICOFair Isaac Corporation	771.19	$16.7B	29.1×	25×	13.9%	+18%	−4	+23%
ZBRAZebra Technologies Corporation	369.01	$17.5B	45.1×	24×	12.7%	−1%	+14	−13%
VRSKVerisk Analytics, Inc.	190.90	$24.8B	29.5×	23×	12.0%	+8%	+4	+30%
APPAppLovin Corporationratio row	266.13	$89.4B	27.3×	23×	11.8%	+78%	−67	+90%
IBMInternational Business Machines Corporation	232.14	$218.7B	20.8×	23×	11.6%	−5%	+17	−2%
TYLTyler Technologies, Inc.	360.87	$14.8B	50.1×	23×	11.6%	+14%	−2	+6%
ADPAutomatic Data Processing, Inc.	288.90	$114.5B	26.4×	22×	11.2%	+12%	−1	+10%
CDWCDW Corporation	150.48	$18.8B	18.6×	22×	11.1%	−1%	+12	−6%
NTAPNetApp, Inc.	203.80	$40.0B	32.1×	22×	10.9%	+10%	+1	+40%
ADSKAutodesk, Inc.	239.90	$50.1B	45.9×	21×	10.2%	+12%	−2	+60%
FTVFortive Corporation	57.79	$17.5B	33.4×	21×	10.1%	−6%	+16	−30%
TELTE Connectivity plc	212.64	$61.6B	34.5×	21×	10.0%	+17%	−7	+15%
ONON Semiconductor Corporation	72.02	$28.0B	248.3×	20×	9.8%	+23%	−13	+17%
XYZBlock, Inc.	77.85	$46.8B	37.1×	19×	8.4%	+58%	−50	+56%
ROPRoper Technologies, Inc.	382.71	$37.9B	27.0×	19×	8.3%	+11%	−2	+7%
BRBroadridge Financial Solutions, Inc.	175.11	$19.8B	18.2×	18×	7.2%	+17%	−10	+13%
WDAYWorkday, Inc.	190.81	$46.0B	73.7×	17×	6.6%	+22%	−16	+27%
MUMicron Technology, Inc.	878.84	$994.3B	11.8×	16×	5.7%	+89%	−83	+3435%
SNDKSandisk Corporationratio row	1,299.30	$187.8B	17.6×	16×	5.3%	+98%	−93	—
AKAMAkamai Technologies, Inc.	87.81	$12.6B	28.6×	16×	4.9%	+8%	−3	−10%
JKHYJack Henry & Associates, Inc.	153.19	$10.7B	21.9×	15×	4.8%	+10%	−5	+18%
UBERUber Technologies, Inc.	70.35	$143.7B	14.9×	15×	4.3%	—	—	+42%
QCOMQUALCOMM Incorporated	172.11	$183.8B	34.4×	15×	4.3%	+24%	−20	+15%
GENGen Digital Inc.	24.16	$14.5B	15.4×	15×	3.7%	+17%	−13	+26%
CRMSalesforce, Inc.	240.70	$198.1B	30.9×	14×	3.3%	+29%	−25	+16%
FISFidelity National Information Services, Inc.	36.01	$18.6B	49.3×	13×	1.1%	−10%	+11	+18%
FISVFiserv, Inc.	47.55	$25.3B	7.5×	12×	0.8%	+6%	−5	−15%
ITGartner, Inc.	205.35	$13.0B	21.3×	12×	0.3%	+7%	−7	−15%
ACNAccenture plc	229.68	$140.6B	16.9×	12×	−0.1%	+7%	−7	+7%
LDOSLeidos Holdings, Inc.	124.85	$15.7B	11.2×	12×	−0.1%	+7%	−7	+31%
HPQHP Inc.	30.01	$27.1B	11.3×	12×	−0.1%	−6%	+5	−11%
CTSHCognizant Technology Solutions Corporation	66.03	$29.7B	14.5×	11×	−1.5%	−2%	+1	+42%
SWKSSkyworks Solutions, Inc.	79.70	$12.0B	25.9×	11×	−1.9%	+6%	−8	−34%
INTUIntuit Inc.	325.15	$86.9B	19.8×	10×	−2.5%	+22%	−25	+41%
GDDYGoDaddy Inc.	105.96	$13.4B	17.0×	10×	−2.7%	+18%	−20	+25%
ADBEAdobe Inc.	245.20	$95.4B	14.7×	10×	−3.5%	+13%	−17	+25%
COHRCoherent, Inc.	232.90	$45.9B	56.5×	—	negative FCF	—	—	—
INTCIntel Corp.	89.85	$475.0B	—	—	negative FCF	—	—	—
ORCLOracle Corporation	128.22	$387.7B	22.0×	—	negative FCF	—	—	—
SMCISuper Micro Computer, Inc.	31.63	$20.8B	9.7×	—	negative FCF	—	—	—
CRWVCoreWeave, Inc. Class A Common Stock	61.39	$33.8B	—	—	negative FCF	—	—	—
MSTRStrategy Inc	136.83	$55.1B	—	—	negative FCF	—	—	—
NBISNebius Group N.V.	165.47	$39.7B	1504.3×	—	negative FCF	—	—	—
Utilities
PEGPublic Service Enterprise Group Incorporated	71.49	$35.6B	16.9×	2291×	118.8%	−32%	+151	—
EDConsolidated Edison, Inc.	112.26	$41.4B	19.9×	1821×	112.1%	—	—	—
NEENextEra Energy, Inc.ratio row	79.80	$166.5B	24.2×	81×	36.6%	+70%	−33	−33%
CEGConstellation Energy Corporation	271.37	$96.1B	36.7×	79×	35.9%	—	—	—
VSTVistra Corp.	152.02	$51.0B	69.7×	52×	27.7%	−9%	+36	−47%
NRGNRG Energy, Inc.	103.75	$21.8B	25.9×	44×	24.2%	−14%	+38	−58%
AEPAmerican Electric Power Company, Inc.	127.14	$69.2B	19.1×	34×	19.2%	−2%	+21	−45%
AEEAmeren Corporation	106.08	$29.4B	19.8×	—	negative FCF	—	—	—
AESThe AES Corporationratio row	14.95	$10.7B	11.9×	—	negative FCF	—	—	—
ATOAtmos Energy Corporation	167.34	$28.3B	22.4×	—	negative FCF	—	—	—
AWKAmerican Water Works Company, Inc.	134.94	$26.8B	23.7×	—	negative FCF	—	—	—
CMSCMS Energy Corporationratio row	68.70	$21.5B	19.5×	—	negative FCF	—	—	—
CNPCenterPoint Energy, Inc.	40.55	$26.7B	25.3×	—	negative FCF	—	—	—
DDominion Energy, Inc.	63.56	$55.9B	18.4×	—	negative FCF	—	—	—
DTEDTE Energy Companyratio row	129.73	$27.0B	18.5×	—	negative FCF	—	—	—
DUKDuke Energy Corporation	121.47	$94.7B	19.3×	—	negative FCF	—	—	—
EIXEdison International	55.93	$21.5B	4.8×	—	negative FCF	—	—	—
ESEversource Energy	66.85	$25.2B	14.7×	—	negative FCF	—	—	—
ETREntergy Corporation	105.11	$50.2B	26.9×	—	negative FCF	—	—	—
EVRGEvergy, Inc.	83.30	$19.2B	22.8×	—	negative FCF	—	—	—
EXCExelon Corporation	43.50	$44.8B	—	—	negative FCF	—	—	—
FEFirstEnergy Corp.	46.19	$26.7B	26.2×	—	negative FCF	—	—	—
LNTAlliant Energy Corporation	68.32	$17.7B	21.8×	—	negative FCF	—	—	—
NINiSource Inc	42.68	$20.5B	21.9×	—	negative FCF	—	—	—
PCGPG&E Corporation	13.09	$35.1B	11.1×	—	negative FCF	—	—	—
PNWPinnacle West Capital Corporation	103.42	$12.5B	20.5×	—	negative FCF	—	—	—
PPLPPL Corporation	35.17	$26.5B	22.1×	—	negative FCF	—	—	—
SOThe Southern Company	91.18	$104.9B	23.3×	—	negative FCF	—	—	—
SRESempra	83.41	$54.5B	30.3×	—	negative FCF	—	—	—
WECWEC Energy Group, Inc.	108.71	$35.4B	22.6×	—	negative FCF	—	—	—
XELXcel Energy Inc.	76.31	$47.7B	22.3×	—	negative FCF	—	—	—

Gap = priced-in growth − the company’s own five-year FCF CAGR, in growth points: orange asks for more than delivered, green for less. “Ratio row” marks a slim statement filled in from the same year’s ratios; the company page says which line. No solution: a base-year free cash flow at or below zero.

Method

the arithmetic every row uses, verbatim

Base cash flow = the latest fiscal year’s operating cash flow − capital expenditure, as filed. The company pages add a switch, “treat SBC as a cost”, that subtracts stock-based compensation from it: cash that only exists because salaries were paid in shares is not cash the holder keeps.

The path: years 1–5 grow at one rate g; years 6–10 fade in a straight line from g to the terminal rate (2.5% here, 2–3% on the company pages); after year 10 a perpetuity at the terminal rate. Every year is discounted at the required return r, the perpetuity too.

What it must equal: market cap (price × shares) + net debt, where net debt = total debt − cash and short-term investments. That is the enterprise value the cash flows belong to; net cash lowers the bar, net debt raises it.

Solving: g is found by bisection so that the path’s value equals the enterprise value to within a rounding error, between −50% and +300% a year; outside that range the row says so instead of printing a number. r must exceed the terminal rate by at least 1% for the perpetuity to be finite.

The comparisons: P/E = close ÷ the latest fiscal year’s diluted EPS, blank when EPS is not positive; the five-year FCF CAGR from the filed years, blank when either endpoint is not positive; the gap is the difference in growth points. The company pages re-solve at 8%, 9%, 10%, 11%, 12% and at the reference engine’s WACC, and flip the equation — the return at a growth you believe (5%, 10%, 15%, 20%, 25%, 30%, 35%).

The ruler marks S&P 500 long-run at 6.5% and a great decade at 20.0% and the board median. History, not forecasts: it shows where each priced-in rate sits against what has happened.

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Questions

What is a reverse DCF?

A normal discounted-cash-flow model guesses future cash flows and outputs a value. A reverse DCF runs it backwards: it takes the market price as given and solves for the one unknown — how fast free cash flow has to grow for that price to be exactly fair at your required return. The output is an assumption you can argue with, not a verdict on the price.

Why five years of growth and then a fade?

No company grows at 30% forever. Five years at one rate, then a straight-line fade to the terminal rate by year ten (about nominal GDP), then a perpetuity, is the simplest shape that avoids a growth cliff. The whole path is drawn on the page so nothing is hidden inside a terminal value.

Why does the required return change the answer so much?

Because it is the other half of the same equation: the return you demand and the growth you need trade off against each other. A price that needs 20% growth at an 8% return needs 30% at 10%. That is why the sensitivity table is the real product, and why the flip table exists — pick whichever side you hold the stronger opinion on.

Which free cash flow is the base, and what does the SBC switch do?

The latest fiscal year's operating cash flow minus capital expenditure, as filed. Stock-based compensation is a real cost paid in shares rather than cash, so it never reduces reported free cash flow; the switch subtracts it, which for a company paying a fifth of its revenue in stock changes the answer materially and for most large companies barely at all.

What does the page not tell me?

Whether the price is right. It tells you what you have to believe to pay it: a growth rate to set against the company's own history, the long-run index, the consensus where one is on file, and what you know about the business. Nothing on this site is a recommendation to buy, sell or hold any security.

The guide How to read a reverse DCF walks every step on NVDA. The forward model this runs backwards is the reference valuation on every stock page. Same statements, same WACC, opposite unknown.