Sector Report4 min read
Industrials: 14 A-Grades, Three Complete Failures
Two-thirds of industrials earn A or B grades. Boeing, FedEx, and Johnson Controls sit at the bottom with F-grades.
May 22, 2026
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Free cash flow analysis, sector reports, and market insights
Two-thirds of industrials earn A or B grades. Boeing, FedEx, and Johnson Controls sit at the bottom with F-grades.
Tech splits clean down the middle: elite cash generators versus companies burning through it. The median tells you which group matters.
Real estate prints a 46% median FCF margin with 16 A-grades. Equinix remains the lone failure at negative 9.7%.
Tobacco and beverages dominate the top. Retailers and Tyson scrape the bottom at 2% margins.
Natural gas producers dominate the top while refiners struggle. Half the sector shows improving trends.
The sector median is 19.5%, but the money center banks are all failing. The gap between payments and traditional banking keeps widening.
Eight F-grades tell the story: this sector is bleeding cash. Travel platforms prove there's an exception to every rule.
Healthcare has the highest A-grade count of any sector, but health insurance is broken at the free cash flow level.
Two-thirds of industrials earn A-grades while Boeing, FedEx, and 3M bleed cash. The sector split tells you everything.
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.