Net cash FCF large caps
Query: US large-cap stocks with more cash than debt and positive free cash flow, sorted by free cash flow yield · data as of 2026-10-30
Ranked table of 29 US large caps (>$10B) with total cash above total debt and positive trailing FCF, sorted by FCF yield (T-Mobile, Super Micro, Accenture lead); banks/insurers and foreign ADRs excluded where cash-vs-debt isn't meaningful, with comments on each name.
29 US large-cap companies (market cap above $10B) with more cash than total debt and positive trailing free cash flow, ranked by FCF yield — data as of October 30, 2026.
Net Cash Large Caps Ranked by Free Cash Flow Yield
| Symbol | Company | Sector | Industry | Market Cap | Total Cash | Total Debt | Net Cash | Free Cash Flow | FCF Yield | P/E (TTM) | Forward P/E | Revenue Growth YoY | 1M Return | 6M Return | 1Y Return | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TMUS | T-Mobile US, Inc. | Communication Services | Telecom Services | 1.657e+11 | 5.598e+09 | 4.8e+09 | 7.98e+08 | 1.8e+10 | 10.86% | 16.36 | 10.83 | 8.49% | -3.27% | -19.31% | -25.70% | Highest FCF yield in the screen, but the headline is misleading: the balance sheet only nets to a thin cash surplus because T-Mobile carries most of its leverage in spectrum-backed debt and leases. Cash flow generation is enormous and stable; the setup depends on whether the market re-rates a telecom tape that has been out of favor, with buyback capacity as the lever. |
| SMCI | Super Micro Computer, Inc. | Information Technology | Computer Hardware | 2.165e+10 | 5.17e+09 | 1.125e+08 | 5.057e+09 | 1.532e+09 | 7.08% | 10.11 | 6.19 | 46.59% | -21.40% | 21.63% | -37.46% | Cash-rich but cyclical and volatile — the net cash position swings with working capital as GPU inventory builds and draws down. FCF quality depends on whether the AI server build-out keeps converting inventory into revenue without margin give-back; a working-capital reversal is the key risk to the yield. |
| ACN | Accenture plc | Information Technology | Information Technology Services | 1.58e+11 | 1.148e+10 | 5.034e+09 | 6.445e+09 | 1.087e+10 | 6.88% | 20.63 | 17.6 | 7.36% | 22.61% | 46.49% | 7.24% | Consulting cash flows are fee-based with minimal capital intensity, which is why the FCF yield screens well; the offset is that growth is tied to enterprise IT budgets and GenAI project spend. Strong pricing power and a buyback habit give management room to defend the multiple. |
| BMRN | BioMarin Pharmaceutical Inc. | Health Care | Biotechnology | 1.133e+10 | 1.312e+09 | 6e+08 | 7.117e+08 | 7.25e+08 | 6.40% | 158.14 | 8.86 | 12.87% | 0.12% | 8.23% | 12.82% | Biotech free cash flow is inherently lumpy and royalty-driven; the headline P/E is distorted by one-off items while the forward multiple captures the real earnings ramp. The real question is pipeline durability after patent cliffs and pump/portfolio concentration — cash is a buffer for the commercial build-out, not a permanent feature. |
| FSLR | First Solar, Inc. | Information Technology | Solar | 1.874e+10 | 2.804e+09 | 4.986e+08 | 2.305e+09 | 1.187e+09 | 6.33% | 17.81 | 7.56 | 24.09% | 1.33% | -17.62% | -27.85% | Uses pre-funding to carry big net cash, but the solar tape is out of favor on tax-credit and China-supply policy risk. Bookings and backlog, not near-term cash, set the stock — a policy-driven sharpening of cell economics can swing both cash and the multiple fast. |
| BBY | Best Buy Co., Inc. | Consumer Discretionary | Specialty Retail | 2.006e+10 | 1.738e+09 | 1.165e+09 | 5.73e+08 | 1.258e+09 | 6.27% | 17.71 | 13.54 | 0.39% | 9.06% | 63.10% | 19.93% | Retail FCF here is inflated by payables timing and a low-capex model, while the net-cash buffer is thin. The stock is a demand story (computing/consumer electronics cycle) more than a balance-sheet story; the risk is that deferred-capex cash reverses if the replacement cycle stalls. |
| GSAT | Globalstar, Inc. | Communication Services | Telecom Services | 1.066e+10 | 4.475e+08 | 4.1e+08 | 3.745e+07 | 6.171e+08 | 5.79% | — | — | 9.04% | -0.70% | 0.73% | 98.12% | Satellite operator with a modest net-cash cushion and lumpy device/service capex; the FCF be supportive only because it levered to partner-backed capacity deals. Cash flow hinges on a concentrated wholesale customer — the real risk is customer-concentration and satellite-constellation financing. |
| TYL | Tyler Technologies, Inc. | Information Technology | Software - Application | 1.176e+10 | 1.015e+09 | 6e+08 | 4.154e+08 | 6.375e+08 | 5.42% | 51.81 | 25.68 | 9.10% | 19.42% | 15.81% | -22.48% | Public-sector software (permits, courts, tax) is recurring and low churn — the source of predictable cash. Net cash is comparatively small after the acquisition-led strategy; the multiple is supported by subscription mix and cross-selling, with deployment cycles as the main wobble. |
| SWKS | Skyworks Solutions, Inc. | Information Technology | Semiconductors | 2.06e+10 | 1.161e+09 | 9.958e+08 | 1.655e+08 | 1.106e+09 | 5.37% | 45.38 | 17.61 | -2.18% | 5.32% | 40.98% | 19.22% | Mobile RF chips make cash generation highly concentrated in one handset cycle; the thin net-cash cushion reflects heavy buybacks more than a fortress balance sheet. The yield screens well because of a depressed market cap, not because FCF is expanding — content growth in the next flagship is the swing factor. |
| RMD | ResMed Inc. | Health Care | Medical Instruments & Supplies | 3.234e+10 | 1.209e+09 | 6.683e+08 | 5.412e+08 | 1.662e+09 | 5.14% | 22.05 | 17.37 | 9.84% | 3.97% | 12.81% | -8.38% | Medical-device manufacturer with a high-return model; FCF quality is good, but the net-cash buffer is small after buybacks and dividends. GLP-1-linked demand for sleep-apnea therapy and hardware replacement cadence are the demand levers to watch. |
| AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet Retail | 2.599e+12 | 8.681e+10 | 6.565e+10 | 2.116e+10 | 1.328e+11 | 5.11% | 19.34 | 23.1 | 12.38% | -3.17% | -10.40% | 4.36% | Mega-cap with the largest absolute cash flow on the list, but its net cash position is less imposing once AI capex and lease obligations are considered — the market has started to penalize capex-heavy funding costs. AWS margin mix and retail efficiency are the key cash-flow drivers. |
| WSO | Watsco, Inc. | Industrials | Industrial Distribution | 1.264e+10 | 4.333e+08 | 3.616e+08 | 7.165e+07 | 5.351e+08 | 4.23% | 26.01 | 22.67 | -4.98% | 1.92% | -27.76% | -14.59% | HVAC distribution is cash-generative because of negative working capital dynamics, but the net-cash cushion is tiny and cash flow is seasonal. Weather-driven replacement demand and OEM pricing pass-through are the levers; the end-market is in a soft patch. |
| NXT | Nextpower Inc. | Information Technology | Solar | 1.219e+10 | 4.741e+08 | 1.5e+08 | 3.241e+08 | 5.136e+08 | 4.21% | 20.5 | 13.73 | 20.28% | -0.19% | -33.85% | -22.73% | Solar/energy-equipment spin with a modest net-cash cushion; the cash flow is cyclical and tied to project-based demand. Capital discipline matters more than the yield here — the market is pricing a policy-and-competition mix shift rather than a durable cash machine. |
| STRL | Sterling Infrastructure, Inc. | Industrials | Engineering & Construction | 1.055e+10 | 3.907e+08 | 2.929e+08 | 9.784e+07 | 3.627e+08 | 3.44% | 24.94 | 13.68 | 17.69% | -31.52% | -35.06% | -14.24% | Construction and infrastructure services cash flow is lumpy with project billing schedules; net cash is thin. The FCF yield sits on a depressed multiple after the stock's drawdown — backlog quality and margin on data-center/site-work contracts are the swing factors. |
| TJX | TJX Companies, Inc. (The) | Consumer Discretionary | Apparel Retail | 1.543e+11 | 6.23e+09 | 2.878e+09 | 3.352e+09 | 4.917e+09 | 3.19% | 27.3 | 24.39 | 7.12% | 5.03% | -9.96% | 0.23% | Off-price retail generates strong cash with negative working capital and modest capex; net cash comfortably positive. The FCF yield is less about the balance sheet and more about whether the defensive retail bid continues — inventory turns and buying discipline keep the model resilient. |
| ESTC | Elastic N.V. | Information Technology | Software - Application | 1.021e+10 | 7.687e+08 | 5.75e+08 | 1.937e+08 | 3.218e+08 | 3.15% | 28.36 | 25.1 | 17.26% | 5.38% | 100.12% | 12.62% | Search/observability software has just reached meaningful FCF; the net-cash cushion shrinks if cloud growth slows. The cash narrative is more about path to operating leverage and free-trial conversion than a durable war chest. |
| DRS | Leonardo DRS, Inc. | Industrials | Aerospace & Defense | 1.005e+10 | 6.47e+08 | 3.21e+08 | 3.26e+08 | 2.27e+08 | 2.26% | 31.66 | 25.63 | 12.80% | 2.50% | -5.48% | -1.10% | Defense electronics (Leonardo DRS) benefits from program funding and low capex, but the thin net-cash position limits the balance-sheet optionality. Backlog conversion and increased NATO/DoD procurement budgets are the catalysts; supply-chain and margin pass-through are the risks. |
| MNST | Monster Beverage Corporation | Consumer Staples | Beverages - Non-Alcoholic | 9.274e+10 | 1.533e+09 | 3.75e+08 | 1.158e+09 | 1.966e+09 | 2.12% | 43.83 | 36.2 | 10.70% | 12.34% | 22.85% | 36.58% | Very low capex and negative working capital make beverage FCF high-quality; net cash is comfortably positive. Growth depends on international cans and pricing, and a defensive-staples tape that has recently led. |
| VRT | Vertiv Holdings, LLC | Industrials | Electrical Equipment & Parts | 8.953e+10 | 1.728e+09 | 9.545e+08 | 7.739e+08 | 1.894e+09 | 2.12% | 52.6 | 25.55 | 27.69% | -5.53% | -29.15% | 16.80% | AI data-center infrastructure is now a working-capital-heavy business — the reported net-cash position masks aggressive receivable/inventory build and capacity commitments. The FCF yield is the smallest on the list, but the operating leverage is real if order conversions hold; a capex-cycle reversal is the key downside. |
| ZS | Zscaler, Inc. | Information Technology | Software - Infrastructure | 3.878e+10 | 1.423e+09 | 1.15e+09 | 2.731e+08 | 8.082e+08 | 2.08% | — | 51.7 | 23.31% | 19.64% | 70.11% | -25.90% | SaaS FCF is driven by deferred revenue and billings rather than cash-on-hand; net cash is modest after the convertible debt. Adoption of zero-trust/cloud-security platforms is the driver; the risk is that the multiple discounts execution that isn't in cash yet. |
| CPNG | Coupang, Inc. | Consumer Discretionary | Internet Retail | 2.583e+10 | 6.318e+09 | 6.5e+08 | 5.668e+09 | 5.22e+08 | 2.02% | 130.64 | 53.39 | 14.09% | 4.13% | -30.21% | -55.19% | Large net-cash cushion relative to market cap, but the operating business is in an investment phase and the FCF yield is growing off a small base. Korea e-commerce demand, Coupang's margin ramp, and any regulatory/legal overhang are the swing variables. |
| COST | Costco Wholesale Corporation | Consumer Staples | Discount Stores | 4.486e+11 | 1.416e+10 | 5.805e+09 | 8.356e+09 | 7.837e+09 | 1.75% | 50.87 | 44.68 | 8.17% | 10.64% | 0.22% | 11.59% | Membership warehouse economics are near-annuity like; net cash is positive even after heavy capex and special dividends. FCF yield is low because the multiple is rich — the debate is about valuation, not cash quality; membership fee income is the core lever. |
| ASML | ASML Holding N.V. - New York Re | Information Technology | Semiconductor Equipment & Materials | 7.437e+11 | 1.763e+10 | 3.698e+09 | 1.393e+10 | 1.241e+10 | 1.67% | 53.28 | 26.3 | 15.58% | -13.30% | 10.02% | 47.13% | EU-based semiconductor-equipment maker with a large net-cash position and strong FCF through-cycle. Cash flow is cyclical and tied to lithography bookings; the memory/logic capex cycle is the key swing factor and recent equipment names have repriced lower on funding cost. |
| SN | SharkNinja, Inc. | Consumer Discretionary | Furnishings, Fixtures & Appliances | 2.944e+10 | 7.773e+08 | 7.391e+08 | 3.816e+07 | 4.88e+08 | 1.66% | 42.45 | 27.15 | 15.75% | 15.70% | 81.53% | 115.19% | Cash flow is strong but net cash is razor-thin after the IPO-era debt; the model is a high-growth consumer appliance story priced for continued share gains. Tariff exposure and channel concentration are the risks that could compress the cash story quickly. |
| WST | West Pharmaceutical Services, I | Health Care | Medical Instruments & Supplies | 2.874e+10 | 7.913e+08 | 2.03e+08 | 5.883e+08 | 4.689e+08 | 1.63% | 52.9 | 41.41 | 6.25% | 13.04% | 37.32% | 45.30% | High-margin pharmaceutical packaging/device components has a low-capex footprint and a solid net-cash balance. Growth depends on biologics injectable volumes and healthcare capex, with client concentration a structural risk. |
| STM | STMicroelectronics N.V. | Information Technology | Semiconductors | 6.967e+10 | 2.837e+09 | 2.134e+09 | 7.03e+08 | 1.118e+09 | 1.60% | 91.65 | 18.33 | -11.07% | -12.64% | -15.92% | 91.12% | Cash-rich European chipmaker with a modest net-cash position after heavy investment in SiC and capacity. The FCF yield is small because of the elevated multiple; auto/industrial demand and inventory destocking drive the cycle. |
| AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | 8.241e+11 | 5.539e+09 | 3.222e+09 | 2.317e+09 | 6.735e+09 | 0.82% | 128.78 | 32.64 | 34.34% | -18.02% | 40.01% | 90.97% | Screened in with a small net-cash surplus, but AMD is a capital-intensive AI hardware story where the cash balance is almost incidental to the investment case. Execution on accelerator ramps and gross-margin mix are the drivers; funding cost is elevating the discount rate applied to that growth. |
| LITE | Lumentum Holdings Inc. | Information Technology | Communication Equipment | 7.615e+10 | 2.044e+09 | 1.637e+09 | 4.061e+08 | 3.001e+08 | 0.39% | — | 25.47 | 83.22% | -19.61% | -11.50% | 292.34% | Cloud-optics/communications-equipment with a large net-cash cushion but a small absolute FCF base. The yield is low because the multiple is high; hyperscaler optical interconnect demand is the swing factor and this name has been among the most volatile in the AI capex chain. |
| TSLA | Tesla, Inc. | Consumer Discretionary | Auto Manufacturers | 1.58e+12 | 1.651e+10 | 8.177e+09 | 8.336e+09 | 6.22e+09 | 0.39% | — | 183.82 | -2.93% | 12.91% | 2.30% | -13.37% | Huge net-cash buffer, but the FCF yield is the lowest on the list because the market cap prices the AI/robotics optionality well beyond cash generation. Cash flow is tied to auto margin and energy-storage mix; capital allocation toward new ventures is the key risk. |
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