# Quality Large Caps in Deep Drawdown
**Query:** US large-cap stocks over 10 billion market cap that fell more than 15% from their 52-week high but still have revenue growth above 10% and positive free cash flow, sorted by forward P/E
**Data as of:** 2026-10-23

45 large-cap US stocks sit at least 15% below their 52-week highs while still growing revenue above 10% with positive free cash flow, listed cheapest-forward-P/E first; deep-value clusters in China internet ADRs, memory/hardware and consumer cyclicals.

### Large Caps in Drawdown with Growth and Positive Free Cash Flow

| Symbol | Security Name | Sector | Industry | Market Cap | Forward P/E | Trailing P/E | Revenue Growth (YoY) | Free Cash Flow | % from 52-Week High | Price | 1M Return | 6M Return | 1Y Return | % from 150D SMA | Comments |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TPL | Texas Pacific Land Corporation | Energy | Oil & Gas E&P | 2.333e+10 | 4.63 | 43.04 | 13.09% | 5.269e+08 | -37.33% | 338.26 | 0.00% | -22.69% | 10.28% | -13.54% | Royalty-style land and water business with no drilling capex, so almost all revenue converts to cash. The huge gap between headline and trailing earnings reflects an outsized one-off revenue step-up that forward estimates assume normalizes — the real debate is Permian activity, not valuation. Watch water-handling volumes as the swing factor. |
| MU | Micron Technology, Inc. | Information Technology | Semiconductors | 9.929e+11 | 5.67 | 19.85 | 48.85% | 1.668e+09 | -27.69% | 877.55 | -18.77% | 76.72% | 342.66% | 4.17% | Cheapest multiple on the list but it is a cyclical peak-earnings question: HBM and DRAM pricing set the estimate, not the company. The stock's drawdown after a huge run is the market pricing a memory cycle roll-over — a squeeze higher is possible if HBM contracts are re-priced for 2027. |
| JD | JD.com, Inc. | Consumer Discretionary | Internet Retail | 3.425e+10 | 6.01 | 16.91 | 17.91% | 2.149e+09 | -26.56% | 25.36 | -5.20% | -16.22% | -19.09% | -12.00% | China e-commerce with real earnings power, but the valuation reflects external risk more than operating risk: ADR delisting perception, competitive price wars with PDD and Alibaba, and a soft domestic consumption backdrop. Catalysts come from trade-policy headlines, not quarterly beats. |
| SMCI | Super Micro Computer, Inc. | Information Technology | Computer Hardware | 2.164e+10 | 6.18 | 10.1 | 46.59% | 1.532e+09 | -37.48% | 32.94 | -20.65% | 13.27% | -37.26% | -0.31% | Server integrator with thin gross margins and heavy dependence on a handful of hyperscaler customers; order timing and working-capital swings make the earnings stream lumpy. Cheap multiple partly compensates for customer concentration and competitive pressure from ODMs. |
| GFI | Gold Fields Limited | Materials | Gold | 3.082e+10 | 6.44 | 8.78 | 15.57% | 1.455e+08 | -43.77% | 34.59 | -13.31% | -22.66% | -8.07% | -12.03% | South African gold miner whose reported revenue growth is largely bullion price, not volume — costs in rand versus revenue in dollars gives operating leverage both ways. Gold has been soft lately, so the drawdown is a commodity call with country risk (power, labor, South African policy) layered on top. |
| PDD | PDD Holdings Inc. | Consumer Discretionary | Internet Retail | 1.125e+11 | 6.45 | 8.27 | 14.45% | 1.529e+10 | -42.78% | 79.04 | 1.07% | -19.37% | -39.23% | -9.95% | Largest cash generator on the list, yet the multiple stays single-digit because of China ADR risk and the company's own reluctance to return cash. A domestic stimulus or a capital-return announcement would be the re-rating trigger; Temu's funding needs are the offsetting concern. |
| SHG | Shinhan Financial Group Co Ltd | Financials | Banks - Regional | 3.138e+10 | 7.1 | 8.61 | 20.76% | 4.051e+06 | -21.51% | 66.3 | -16.70% | -0.44% | 26.60% | -5.76% | Korean bank trading below book on structurally low Korean payout ratios and the 'Korea discount.' The value-up / capital-return policy agenda is the entire thesis; bank earnings are steady but the multiple only re-rates if buybacks and dividends keep stepping up. |
| FSLR | First Solar, Inc. | Information Technology | Solar | 1.848e+10 | 7.45 | 17.57 | 24.09% | 1.187e+09 | -45.96% | 171.99 | -0.10% | -11.24% | -23.00% | -20.41% | US-made thin-film modules with a protected domestic positioning versus Chinese competitors, but the stock trades as a policy proxy — tax credit, tariff and AD/CVD decisions move it more than bookings. Solar has been one of the weakest themes; sentiment is depressed and any favorable ruling is a sharp catalyst. |
| GEN | Gen Digital Inc. | Information Technology | Software - Infrastructure | 1.489e+10 | 7.54 | 14.55 | 27.06% | 1.523e+09 | -20.79% | 24.88 | 7.85% | 31.95% | -6.74% | 1.41% | Consumer security software (Norton, LifeLock) with subscription economics and a history of leveraged roll-up M&A. Genuinely defensive cash flow with low multiple; the risk is subscriber churn and the debt load from past acquisitions, not demand. |
| SNAP | Snap Inc. | Communication Services | Internet Content & Information | 1.072e+10 | 8.18 | — | 10.63% | 4.372e+08 | -30.25% | 6.34 | 16.76% | 12.21% | -18.40% | 18.34% | Advertising recovery story where the key variable is direct-response ad demand and the rollout of new ad formats. GAAP losses keep the trailing multiple blank, so the forward number is really a bet on margin expansion rather than a cheap earnings base. Very high sensitivity to ad-market sentiment. |
| COF | Capital One Financial Corporati | Financials | Credit Services | 1.235e+11 | 8.37 | 11.09 | 36.62% | 2.614e+10 | -21.94% | 201.34 | 2.41% | 6.02% | -7.22% | 1.20% | Credit card lender whose revenue growth has been inflated by the Discover acquisition; integration and credit-loss normalization are the swing factors. Sensitive to consumer delinquencies and to card-fee regulation — the cheapest multiple among big banks for good reason. |
| BMRN | BioMarin Pharmaceutical Inc. | Health Care | Biotechnology | 1.083e+10 | 8.47 | 151.22 | 12.87% | 7.25e+08 | -20.34% | 55.95 | -8.80% | 5.21% | 4.83% | -4.20% | Rare biotech with a durable enzyme franchise (Voxzogo) and positive free cash flow — unusual for the sector. The enormous trailing P/E reflects suppressed GAAP earnings rather than a bad business; the multiple hinges on pipeline readouts and label expansion. |
| B | Barrick Mining Corporation | Materials | Gold | 6.775e+10 | 8.67 | 9.86 | 31.22% | 5.67e+08 | -28.01% | 38.14 | -9.88% | -6.79% | 23.02% | -6.32% | Gold major with copper optionality; revenue growth is metal-price driven while the cost base is inflation-exposed. Trades at a discount to peers partly because of operational issues at key assets and host-country exposure. Leverage to a gold re-rating if real rates fall. |
| ZTO | ZTO Express (Cayman) Inc. | Industrials | Integrated Freight & Logistics | 1.508e+10 | 8.78 | 11.68 | 15.74% | 9.658e+08 | -23.30% | 19.85 | 1.95% | -22.22% | 6.25% | -12.70% | China parcel express with strong cash generation but a freight volume/price war that pressures unit economics. Growth is real but the multiple stays low on China ADR risk and shareholder-return skepticism — dividend and buyback increases are the re-rating lever. |
| DKS | Dick's Sporting Goods Inc | Consumer Discretionary | Specialty Retail | 1.425e+10 | 8.85 | 14.09 | 28.06% | 4.002e+08 | -39.51% | 144.67 | 8.57% | -34.99% | -34.86% | -23.57% | Sporting goods retailer with a merchandise-margin story that has already been priced in once; the drawdown reflects fears of consumer trade-down and tariff-driven cost inflation. Cheap multiple for a retailer is often a margin-peak warning, not a bargain. |
| PINS | Pinterest, Inc. | Communication Services | Internet Content & Information | 1.264e+10 | 9.29 | 65.65 | 15.79% | 1.252e+09 | -36.66% | 22.32 | 19.23% | 12.05% | -32.34% | 6.64% | Visual search platform monetizing internationally where ad loads are still below US levels. Strengthening ad tooling and user growth support the growth case; the trailing multiple is distorted by heavy stock-based comp, so forward earnings are the cleaner read. One of the few names here in an uptrend. |
| TCOM | Trip.com Group Limited | Consumer Discretionary | Travel Services | 2.519e+10 | 9.4 | 5.93 | 22.23% | 1.945e+09 | -49.62% | 39.78 | -0.65% | -25.10% | -43.79% | -12.86% | China travel platform with high-margin international expansion; the stock has de-rated heavily on China macro and outbound-travel softness. Operationally one of the better growth stories in the group, but the discount is a country-risk discount. |
| OWL | Blue Owl Capital Inc. | Financials | Asset Management | 1.467e+10 | 9.47 | 78 | 25.04% | 1.198e+09 | -44.58% | 9.36 | 1.19% | 6.36% | -41.15% | -3.50% | Alternative asset manager with fee-related earnings growth and a large permanent-capital base. Depressed multiple reflects worries about credit-fund redemption pressure and growing private-credit scrutiny — a spread-widening cycle would hit it harder than reported earnings imply. |
| ADBE | Adobe Inc. | Information Technology | Software - Application | 1.027e+11 | 9.6 | 15.1 | 10.53% | 9.852e+09 | -26.70% | 263.82 | 10.42% | 7.49% | -25.49% | 8.20% | Software franchise trading at a multiple once reserved for hardware: the market is pricing generative AI as a threat to seat-based pricing rather than a tailwind. Real cash generation and a buyback make it a classic 'prove-it' re-rating candidate; guidance on AI monetization is the catalyst. |
| LVS | Las Vegas Sands Corp. | Consumer Discretionary | Resorts & Casinos | 2.311e+10 | 10.13 | 13.83 | 15.22% | 1.855e+09 | -48.65% | 35.68 | -7.68% | -31.61% | -27.99% | -23.87% | Macau and Singapore casino operator whose growth depends on Chinese premium-mass visitation. Balance sheet has improved but the equity is a bet on China consumer confidence, not on the properties themselves — the drawdown tracks Macau gaming-revenue headlines. |
| EXE | Expand Energy Corporation | Energy | Oil & Gas E&P | 2.158e+10 | 10.5 | 8.04 | 186.28% | 1.839e+09 | -24.14% | 93.23 | 5.20% | -2.16% | -8.68% | -0.28% | Natural gas producer whose reported growth is largely acquisition-driven rather than organic, so the multiple is only as good as Henry Hub and LNG export demand. Levered to gas prices, which have been the weakest commodity on the board — a cold winter or LNG buildout is the upside case. |
| FLUT | Flutter Entertainment plc | Consumer Discretionary | Gambling | 1.39e+10 | 10.61 | — | 16.62% | 1.079e+09 | -68.13% | 80.09 | -2.20% | -28.22% | -68.26% | -18.76% | Global online sportsbook roll-up with scale in FanDuel; GAAP results are distorted by amortization and the US listing transition. Deep drawdown reflects both gambling-tax/political risk and the cost of international expansion. Growth remains intact; sentiment is the problem. |
| JLL | Jones Lang LaSalle Incorporated | Real Estate | Real Estate Services | 1.382e+10 | 10.63 | 14.4 | 11.45% | 1.147e+09 | -23.55% | 300.3 | -7.43% | -11.30% | -4.06% | -7.55% | Commercial real estate services firm leveraged to transaction volumes; revenue growth is recovering off a depressed base. Structurally asset-light and fee-based, but the equity is hostage to cap rates and office refinancing activity. |
| WDC | Western Digital Corporation | Information Technology | Computer Hardware | 1.286e+11 | 10.82 | 12.76 | 50.70% | 1.279e+09 | -53.95% | 343.67 | -23.68% | -14.88% | 185.81% | -26.08% | Storage maker that was a huge AI-adjacent winner and is now giving back gains as memory pricing expectations reset. The forward multiple assumes a margin peak; the key question is how much of the HDD/nearline demand is durable versus a restocking pull-forward. |
| IP | International Paper Company | Consumer Discretionary | Packaging & Containers | 1.758e+10 | 11.1 | — | 49.25% | 1.164e+09 | -32.53% | 33.19 | -4.85% | 2.22% | -27.26% | -6.24% | Containerboard producer whose growth reflects a large acquisition plus price increases. Earnings are cyclical and the packaging demand backdrop is soft; the forward multiple is only attractive if price/mix holds through the integration. Trailing figure distorted by items. |
| NTES | NetEase, Inc. | Communication Services | Electronic Gaming & Multimedia | 7.595e+10 | 11.19 | 15.11 | 11.65% | 7.103e+09 | -19.62% | 118.61 | 0.89% | 8.33% | -16.23% | -1.46% | Chinese gaming and education platform with steady cash generation and a long history of returning capital via dividends and buybacks. Growth is modest but reliable; the discount is geopolitical and regulatory, and gaming-license approvals are the recurring catalyst. |
| TLN | Talen Energy Corporation | Utilities | Utilities - Independent Power Producers | 1.551e+10 | 11.25 | — | 59.97% | 6.06e+08 | -25.16% | 327.91 | 9.30% | -9.99% | -13.86% | -5.98% | Independent power producer where the story is data-center power demand and nuclear/gas fleet value. Revenue growth reflects higher realized power prices, so the multiple is a bet on long-dated contract pricing and on AI electricity demand actually being built — a structurally unique story in this list. |
| STX | Seagate Technology Holdings PLC | Information Technology | Computer Hardware | 1.434e+11 | 11.39 | 45.29 | 38.86% | 8.18e+08 | -42.37% | 630.49 | -30.40% | 7.71% | 194.91% | -19.37% | Nearline HDD supplier benefiting from AI storage demand, but its margin structure is dependent on pricing discipline and a tight capacity market. Deep drawdown from peak; the forward estimate assumes pricing holds — the HDD cycle has historically punished anyone expecting that to last. |
| APH | Amphenol Corporation | Information Technology | Electronic Components | 1.827e+11 | 11.52 | 18.48 | 51.71% | 4.378e+09 | -16.40% | 74.09 | -10.82% | -0.72% | 15.73% | -2.96% | Interconnect and connector supplier with diversified AI, defense and industrial exposure; unusually high-quality growth for a hardware name, and one of the few entries still in a technical uptrend. Valuation is compressed after the sector-wide de-rating rather than on company-specific news. |
| SCHW | Charles Schwab Corporation (The | Financials | Capital Markets | 1.566e+11 | 11.61 | 16.5 | 22.01% | 8.763e+09 | -20.30% | 90.58 | -8.96% | 3.02% | -2.73% | -7.08% | Brokerage benefiting from client cash re-sweep into higher-yield products and from rising trading activity. Growth is rate-sensitive both positively and negatively — falling short rates gradually compress net interest margin while boosting asset gathering. Steady compounder at a bank-like discount. |
| NBIX | Neurocrine Biosciences, Inc. | Health Care | Drug Manufacturers - Specialty & Generic | 1.451e+10 | 11.94 | 20.89 | 21.45% | 7.487e+08 | -23.07% | 142.7 | 2.71% | 11.76% | 0.87% | -6.06% | Neuroscience biopharma with commercial franchises and a meaningful pipeline in movement disorders and psychiatry. Cash flow positive and reasonably valued for the sector; near-term volatility comes from clinical readouts and competitive threats to its core products. |
| APP | Applovin Corporation | Communication Services | Advertising Agencies | 8.743e+10 | 12.39 | 20.02 | 69.99% | 3.966e+09 | -64.52% | 260.25 | -16.71% | -41.95% | -53.92% | -36.00% | Ad software platform whose growth has been exceptional, but the stock is among the most severe drawdowns here as investors question the durability of app-install advertising and platform-policy dependence. Cheap multiple versus growth is the attraction; concentration risk in gaming ad verticals is the risk. |
| TPR | Tapestry, Inc. | Consumer Discretionary | Luxury Goods | 2.19e+10 | 12.44 | 15.18 | 14.17% | 1.812e+09 | -33.02% | 110.37 | -1.56% | -23.84% | -3.07% | -18.55% | Accessible-luxury house (Coach, Kate Spade) whose growth comes from pricing power and a younger customer base. The drawdown reflects tariff exposure on imported handbags and consumer-spending caution — a cost pass-through story where the multiple depends on margin durability. |
| BKNG | Booking Holdings Inc. Common St | Consumer Discretionary | Travel Services | 1.171e+11 | 12.59 | 17.31 | 13.39% | 9.087e+09 | -29.07% | 155.83 | -1.00% | -13.12% | -24.84% | -11.56% | Travel platform with dominant European hotel booking position and high-margin advertising revenue. Drawdown reflects worries about AI disintermediation in travel search and softening European demand — an unusually cheap multiple for a network-effect franchise, but the disruption debate is unresolved. |
| INTU | Intuit Inc. | Information Technology | Software - Application | 9.177e+10 | 12.59 | 20.94 | 15.63% | 6.123e+09 | -49.75% | 343.39 | 24.49% | -12.48% | -48.08% | 3.64% | Tax and accounting software with a subscription base that is highly resilient; the drawdown is about AI potentially automating compliance work rather than about demand. Strong free cash flow funds buybacks, and renewed upgrades suggest sentiment is stabilizing. |
| DKNG | DraftKings Inc. | Consumer Discretionary | Gambling | 1.038e+10 | 12.89 | — | 26.99% | 6.475e+08 | -42.30% | 20.91 | -1.69% | -9.79% | -39.74% | -11.95% | US sportsbook and daily-fantasy operator with improving structural hold rates but still GAAP-negative, so trailing earnings are not meaningful. Growth depends on state-level tax treatment and promotional discipline; the equity is a high-beta play on US sports betting adoption. |
| HL | Hecla Mining Company | Materials | Other Precious Metals & Mining | 1.07e+10 | 13.02 | 16.69 | 53.03% | 3.102e+08 | -56.46% | 13.85 | -22.80% | -26.30% | 6.72% | -20.37% | Silver and gold miner with leverage to precious-metal prices and a multi-year operational turnaround. Revenue growth is essentially metal-price driven; the equity is more volatile than the metals and has de-rated sharply with silver's recent weakness. |
| BSX | Boston Scientific Corporation | Health Care | Medical Devices | 6.622e+10 | 13.29 | 18.5 | 19.87% | 3.658e+09 | -56.48% | 45.69 | 2.26% | -26.39% | -56.00% | -9.16% | Medical device leader whose electrophysiology and far-field pacing franchises are high-growth but face new competition entering the EP market. The 1-year drawdown is severe for a company with this growth profile — reflects competitive-share-loss fears and pipeline disappointment rather than fundamental collapse. |
| CBRE | CBRE Group Inc | Real Estate | Real Estate Services | 3.57e+10 | 13.58 | 28.22 | 13.37% | 1.299e+09 | -28.15% | 123.3 | -9.69% | -16.85% | -24.71% | -11.39% | Commercial real estate services and investment group with recurring facilities/management fees cushioning transaction cyclicality. Growth has been decent but the stock trades with real estate sentiment; lower rates would help both deal volumes and the narrative. |
| NXT | Nextpower Inc. | Information Technology | Solar | 1.212e+10 | 13.65 | 20.39 | 20.28% | 5.136e+08 | -49.56% | 78.89 | -1.35% | -35.02% | -9.89% | -25.58% | Solar equipment name whose revenue growth is strong but whose multiple is hostage to the weakest theme cluster on the board. Deep drawdown and a steep discount to the 150-day average show the market is still debating demand durability and policy support. |
| MTZ | MasTec, Inc. | Industrials | Engineering & Construction | 1.374e+10 | 13.7 | 27.28 | 16.22% | 4.74e+08 | -60.90% | 171.05 | -19.30% | -54.52% | -13.07% | -45.78% | Infrastructure and utility contractor levered to grid buildout and data-center power work — a strong secular backlog story. The drawdown is sharp and technicals are weak; investors appear to be worried about project margins and labor cost inflation rather than demand. |
| STRL | Sterling Infrastructure, Inc. | Industrials | Engineering & Construction | 1.087e+10 | 14.06 | 25.62 | 17.69% | 3.627e+08 | -64.25% | 355.3 | -30.84% | -28.54% | 6.78% | -41.09% | Infrastructure and e-infrastructure contractor with exposure to data-center site work; growth and backlog have been excellent, but the stock has fallen hardest here — the market is questioning whether peak data-center construction spending is behind us. High beta to AI capex sentiment. |
| EQT | EQT Corporation | Energy | Oil & Gas E&P | 3.48e+10 | 14.09 | 12.91 | 63.92% | 2.838e+09 | -18.11% | 55.63 | 7.25% | -5.00% | 5.23% | 2.08% | Largest US natural gas producer with a marketing and pipeline strategy intended to capture LNG-linked pricing. Reported growth is acquisition-driven; the investment case is natural gas prices and export capacity adding up over time. One of the few energy names with reasonably supportive technicals. |
| FN | Fabrinet | Information Technology | Electronic Components | 1.129e+10 | 14.45 | 24.17 | 18.60% | 2.073e+08 | -57.81% | 314.94 | -20.94% | -56.27% | -21.31% | -41.14% | Optical-module contract manufacturer with AI networking exposure; revenue growth is solid but margins are inherently thin and customer-concentrated. The severe drawdown reflects fears of optical transceiver oversupply and a shift in hyperscaler architecture. |
| SE | Sea Limited | Consumer Discretionary | Internet Retail | 4.571e+10 | 14.52 | 28.81 | 36.38% | 4.511e+09 | -53.39% | 74.63 | -25.91% | -12.65% | -52.39% | -23.19% | Southeast Asia e-commerce and digital-financial services conglomerate with a long growth runway and improving profitability. Trading well below prior highs on EM derating and rising competition from TikTok Shop and others; the discount is a confidence discount in EM e-commerce durability. |

### Screen Takeaways

## Growth at a Discount: 45 Large Caps at Least 15% Below Their Highs

Screen criteria: market cap above **$10B**, price at least **15% below the 52-week high**, revenue growth above **10% YoY**, and **positive free cash flow**. Results are ranked by forward P/E ascending, with names lacking a positive forward estimate pushed to the bottom.

**What the list says.** This is a *dislocated-quality* screen, not a momentum screen. Nearly every name trades below its 150-day moving average, and the cohort clusters into three buckets:

- **Asia/China consumer platforms** (PDD, JD, TCOM, ZTO, NTES, SE) — single-digit forward multiples on double-digit growth, but returns are dominated by macro sentiment, ADR/geopolitical risk and competitive price wars rather than company execution. The discounts are country-risk discounts; catalysts arrive via policy headlines and capital-return announcements.
- **Beaten-down AI hardware, memory and optics** (MU, WDC, STX, SMCI, FN, APH) — enormous trailing gains now unwinding as the market debates whether the compute buildout's pricing power is peaking. Forward multiples look cheap only if HBM/HDD/transceiver pricing holds; this is where peak-earnings risk is most concentrated, and where the technical damage is still being repaired.
- **Rate- and consumer-sensitive cyclicals** (DKS, TPR, LVS, MTZ, STRL, FSLR, IP) — deep drawdowns where the market is discounting a downturn, tariffs or a demand peak rather than pricing the reported growth. Contractors tied to data-center and grid construction (MTZ, STRL) show the harshest drawdowns precisely because their backlog is the most AI-capex-sensitive.

**How to read the forward P/E column.** The cheapest multiples here are cheapest for a reason: ADR discounting, cyclical peak earnings, one-off revenue step-ups, or unresolved narratives. A very low forward multiple paired with a very high trailing one (e.g. an oil & gas royalty name) usually signals an earnings step-up the market does not believe is durable — verify whether the forward estimate normalizes downward. Conversely, blank trailing multiples (GAAP loss-makers or heavy-amortization names) mean the forward figure carries all the weight.

**Divergence worth noting.** A handful of entries have already turned up technically while sitting far from their highs — enterprise software, ad platforms and select energy names — versus names still in freefall with deeply oversold readings. That split is the practical screen-within-the-screen: basing candidates versus falling knives.

**Risk framing.** Earnings dates cluster tightly for much of this list, so gap risk dominates near-term outcomes on an already de-rated cohort. With the tape rotating away from compute hardware toward energy and defensive cash flows, prefer names whose cash generation is not dependent on a single commodity price or a single megacap customer.

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_Generated by Relaxfolio — investment opportunity discovery. A research starting point, not investment advice._