Industrials

Aerospace, defense, manufacturing, transportation, and logistics

Sector classifications follow the GICS industry standard.

Companies Analyzed29 / 30in this sector

Avg FCF Margin12.4%

Top PerformerVRSK31.9%

Avg Debt/FCF5.4xacross 28 companies

FCF Margin Rankings

Companies ranked by free cash flow margin

Grade Distribution

Health grades across the sector

A14 (48%)

B5 (17%)

C4 (14%)

D1 (3%)

F5 (17%)

All Companies

#	Symbol	Grade	FCF Margin	Cash Conv.	Trend	Debt/FCF	Revenue	FCF
1	VRSK	A	31.9%	119.5%	improving	3.5x	$2.9B	$920.1M
2	UNP	B	22.4%	130.1%	declining	6.0x	$24.5B	$5.5B
3	UBER	A	18.8%	100.5%	improving	1.2x	$52.0B	$9.8B
4	NSC	A	17.7%	151.8%	improving	8.0x	$12.2B	$2.2B
5	LYFT	A	17.7%	41.1%	improving	1.1x	$6.3B	$1.1B
6	ITW	A	16.9%	102.0%	declining	3.4x	$16.0B	$2.7B
7	PH	A	16.8%	106.9%	stable	2.8x	$19.9B	$3.3B
8	ROK	A	16.3%	177.7%	declining	2.7x	$8.3B	$1.4B
9	GE	A	15.8%	98.1%	improving	2.8x	$45.9B	$7.3B
10	ODFL	A	15.3%	139.9%	improving	0.1x	$5.8B	$888.0M
11	EMR	B	14.8%	135.1%	declining	5.2x	$18.0B	$2.7B
12	ETN	A	14.1%	114.0%	stable	2.8x	$24.9B	$3.5B
13	TT	A	13.2%	109.5%	improving	1.6x	$21.3B	$2.8B
14	HON	A	12.8%	106.9%	improving	6.5x	$38.5B	$4.9B
15	FAST	A	12.8%	103.0%	improving	0.4x	$8.2B	$1.1B
16	CSX	C	12.1%	159.7%	improving	11.3x	$14.1B	$1.7B
17	WM	C	11.2%	223.2%	improving	8.1x	$25.2B	$2.8B
18	CAT	B	11.0%	132.1%	stable	5.8x	$67.6B	$7.5B
19	LMT	A	9.2%	170.6%	improving	3.1x	$75.0B	$6.9B
20	PCAR	B	8.6%	111.5%	improving	5.5x	$33.7B	$2.9B
21	RTX	C	8.4%	157.0%	improving	5.3x	$88.6B	$7.4B
22	NOC	C	7.9%	113.7%	improving	5.1x	$42.0B	$3.3B
23	GD	D	7.5%	121.6%	declining	2.5x	$52.5B	$4.0B
24	DE	F	7.2%	148.4%	declining	19.9x	$44.7B	$3.2B
25	CMI	B	7.1%	127.4%	improving	3.4x	$33.7B	$2.4B
26	MMM	F	5.6%	71.0%	declining	9.0x	$24.9B	$1.4B
27	JCI	F	4.1%	42.5%	improving	10.2x	$23.6B	$965.0M
28	FDX	F	3.4%	171.9%	improving	12.6x	$87.9B	$3.0B
29	BA	F	-2.1%	47.7%	improving	N/A	$89.5B	-$1.9B

Not Yet Analyzed

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Sector Research

All research →

Sector Report4 min read

Industrials: 12 A-Grades Hiding a Debt Problem

The industrials sector looks healthy on the surface — 12 A-grades, 62% of companies improving — but the 6.5x average debt-to-FCF ratio tells a different story. When airlines and legacy manufacturers burn through cash, the sector's balance sheet fragility shows.

Feb 13, 2026

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