# Large-Cap Quality Growth at a Reasonable Price
**Query:** US large-cap quality stocks with return on equity above 20%, net debt low, revenue growth above 8%, sorted by forward P/E
**Data as of:** 2026-10-23

9 US-listed large caps (market cap above $10B) combining ROE above 20%, revenue growth above 8%, and a net-cash or sub-1x net-debt-to-EBITDA balance sheet — ranked from the lowest forward P/E upward.

### Large-Cap Quality Growth — Cheapest on Forward Earnings (October 23, 2026)

| Symbol | Company | Sector | Industry | Market Cap ($B) | Forward P/E | P/E (TTM) | ROE | Net Debt ($B) | Net Debt / EBITDA | Leverage Bucket | Revenue Growth (YoY) | Revenue Growth (TTM) | Gross Margin | Operating Margin | Free Cash Flow ($B) | FCF / Market Cap | 1M Return | 6M Return | 1Y Return | % From 52W High | Comments |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ADBE | Adobe Inc. | Information Technology | Software - Application | 102.7 | 9.6 | 15.1 | 61.90% | 0.72 | 0.08 | Low leverage | 10.53% | 15.10% | 89.27% | 36.63% | 9.85 | 9.60% | 10.42% | 7.49% | -25.49% | -26.70% | The cheapest large-cap compounder on forward earnings — the market is pricing generative AI as an existential threat to seat-based creative software. Balance sheet is essentially debt-free, so the debate is purely about seat deflation vs. Firefly/Experience Cloud monetisation; any stabilisation in net-new ARR re-rates it violently. |
| APH | Amphenol Corporation | Information Technology | Electronic Components | 182.7 | 11.52 | 18.48 | 30.80% | 3.43 | 0.57 | Low leverage | 51.71% | 72.10% | 36.88% | 25.41% | 4.38 | 2.40% | -10.82% | -0.72% | 15.73% | -16.40% | Best pure-play AI hardware connector name in the screen — interconnect content per rack rises with every accelerator generation, and margins are expanding even as volumes scale. The risk is a hyperscaler capex digestion phase, which would hit order books a quarter or two before it hits peers. |
| TPR | Tapestry, Inc. | Consumer Discretionary | Luxury Goods | 21.9 | 12.44 | 15.18 | 220.73% | 1.42 | 0.82 | Low leverage | 14.17% | 6.10% | 77.82% | 23.92% | 1.81 | 8.30% | -1.56% | -23.84% | -3.07% | -33.02% | Coach and Kate Spade handbags: growth is coming from full-price selling and AUR (average unit retail) rather than store count, and the consumer has proven resilient in a market where discretionary is otherwise mixed. Cheap multiple reflects tariff/trade exposure on sourcing rather than anything structural in the brand. |
| STRL | Sterling Infrastructure, Inc. | Industrials | Engineering & Construction | 10.9 | 14.06 | 25.62 | 26.04% | -0.1 | -0.23 | Net cash | 17.69% | 17.60% | 22.98% | 16.30% | 0.36 | 3.30% | -30.84% | -28.54% | 6.78% | -64.25% | Data-center and e-infrastructure site work plus legacy transportation — a shovel-seller to the same AI buildout that is crushing semiconductor equipment. Backlog visibility is the story; watch for margin compression as lower-margin e-infrastructure mix grows. |
| UBER | Uber Technologies, Inc. | Information Technology | Software - Application | 136.2 | 15.2 | 14.63 | 40.78% | 3.49 | 0.61 | Low leverage | 18.28% | 23.10% | 40.75% | 10.70% | 9.76 | 7.20% | -3.64% | -10.64% | -27.67% | -33.11% | Now classified as software but the real engine is the mobility and delivery marketplace annuity. Its 'quality' score is flattered by leverage falling off a low base; the operative catalysts are autonomous-vehicle partnership economics and advertising take-rate. |
| CRM | Salesforce, Inc. | Information Technology | Software - Application | 204.6 | 16.02 | 28.8 | 21.78% | 7.17 | 0.81 | Low leverage | 9.58% | 13.20% | 77.68% | 20.06% | 14.4 | 7.00% | 4.34% | 40.13% | -2.32% | -6.63% | The most scrutinised turnaround in enterprise software: Agentforce adoption needs to convert to durable subscription growth before the discount closes. Buybacks are aggressive, which means free cash flow is the anchor — margins rather than growth are what the multiple is now paying for. |
| CPRT | Copart, Inc. | Industrials | Specialty Business Services | 26.9 | 17.23 | 18.01 | 25.93% | 0 | 0 | Low leverage | 9.68% | 6.00% | 94.50% | 36.51% | 1.23 | 4.60% | 3.42% | -12.31% | -35.46% | -35.08% | A toll road on used-car total losses: volume grows with miles driven and vehicle complexity, while land ownership keeps the model capital-light and net-cash. Pricing power is intact, but insurance-carrier consolidation is a slow-growing customer base to watch. |
| QCOM | QUALCOMM Incorporated | Information Technology | Semiconductors | 187.8 | 17.24 | 20.1 | 112.87% | 9.29 | 0.8 | Low leverage | 13.66% | 9.40% | 55.43% | 27.90% | — | — | -9.45% | 19.26% | 6.09% | -29.92% | Handset royalty business is the ballast; the optionality is automotive and edge-AI licensing plus a possible PC modem breakthrough. Diversification away from Apple is the single biggest swing factor, and litigation/licensing headlines remain the main idiosyncratic risk. |
| EME | EMCOR Group, Inc. | Industrials | Engineering & Construction | 28.6 | 17.63 | 20.14 | 32.92% | -0.79 | -0.51 | Net cash | 16.62% | 22.10% | 19.33% | 10.09% | — | — | -13.82% | -25.47% | -2.09% | -31.37% | Electrical and mechanical contracting levered to data-center electrical fit-outs and grid work — a bottleneck-solutions name capitalising on power constraints rather than compute itself. Strong backlog and net cash give pricing flexibility; margins are at cycle highs, so execution, not demand, is the risk. |

### How this screen was built

## How this screen was built

**Quality:** trailing ROE above 20%.

**Balance sheet:** net cash, or net debt under 1.0x trailing EBITDA. Net debt is total debt less cash from the latest reported annual balance sheet (quarterly where no annual filing exists); EBITDA is approximated by trailing twelve-month operating income, so the ratio is slightly conservative for D&A-heavy businesses.

**Growth:** trailing four-quarter revenue growth above 8% versus the prior four quarters. The prior fiscal-year growth figure is shown alongside for reference.

**Universe:** US-listed common stock above $10B market cap; foreign-domiciled and ADR names, ETFs and leveraged/inverse products are excluded. Banks, brokers and asset managers are dropped because net debt is an operating input rather than leverage for those models, and names with only a partial multi-year operating-income history are excluded because a TTM leverage ratio cannot be computed reliably.

## What the output says

This is the intersection that is hardest to find in the current tape: high returns on capital *and* high growth *and* an unlevered balance sheet — the definition of a quality compounder that can hold earnings power through a capex-driven rate backdrop. Investors have been paying up for the balance-sheet story in a market where AI capex is being funded with debt and hyperscaler free cash flow is being consumed by construction.

What sits at the cheap end of the list is instructive: **enterprise software and semis whose growth is being doubted**, plus **construction and infrastructure names tied to physical bottlenecks** rather than to compute supply. The expensive end belongs to the consumer staple-like cash machines and the AI-hardware winners whose multiples already capitalise the buildout.

The screen is a starting point, not a conclusion: a sub-15x forward multiple on a 20%-plus ROE business is usually the market pricing a specific decay thesis (seat-based software, handset chips, cyclical contracting margins). The work is judging whether that decay is real.

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