Sector Report4 min read
Energy: 11 A-Grades, Refiners Still Burning Cash
Sixteen companies improving, median FCF margin at 9%. But three refiners stay broken despite improving trends.
Sep 11, 2026
EQTCTRAAPAOXY+10
Oil, gas, renewable energy, and energy equipment
Sector classifications follow the GICS industry standard.
Companies ranked by free cash flow margin
Health grades across the sector
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Sixteen companies improving, median FCF margin at 9%. But three refiners stay broken despite improving trends.
The energy sector prints A-grades but can't sustain momentum. Nine companies earn top marks while twelve show deteriorating cash flow trends.
Half the sector earns A-grades. Two-thirds are trending down. Something doesn't add up.