Sector Report5 min read
Technology: 29 A-Grades and Three Failures
Tech sector shows strongest fundamentals across all sectors. Three names burning cash while everyone else prints it.
Apr 17, 2026
PLTRNVDAVEEVAVGO+8
Free cash flow analysis, sector reports, and market insights
Tech sector shows strongest fundamentals across all sectors. Three names burning cash while everyone else prints it.
The utilities sector is broken. Nineteen F-grades, a -9.7% median margin, and 582x average debt-to-FCF ratio tell the full story.
The REIT sector prints 47% median margins with 11 A-grades. Then there's Equinix at -4.3% and declining.
Half the sector prints double-digit FCF margins. The other half can't cover its debt.
Payments and exchanges print cash. Big banks bleed it. The split is getting worse.
Philip Morris and Monster print 26% and 22% margins. Walmart and Tyson barely break 2%. Same sector, different planets.
Travel and fast food print 30%+ FCF margins. Auto and retail burn cash. Same sector, different planets.
Pharma prints cash at 25%+ margins. Health insurers are burning through it at 2%. Same sector, different planets.
Half the sector earns A-grades while Boeing burns cash. The spread tells you everything about where quality lives.
76% of tech companies grade A. Three burn cash. The sector split tells you where to look.
Alexandria Real Estate prints half its revenue as free cash flow. The debt load is massive. The grade is still an A.
AvalonBay prints nearly half of revenue as free cash flow. The debt load is real, but the margin tells a different story.