Sector Report4 min read
Technology: 22 A-Grades, 16 Now Declining
Most tech companies still print cash. But the trend reversal is accelerating, and half the sector is headed the wrong direction.
Sep 21, 2026
NVDAORCLINTCMSFT+8
Technology companies including software, hardware, semiconductors, and cloud services
Sector classifications follow the GICS industry standard.
Companies ranked by free cash flow margin
Health grades across the sector
| # | Symbol | Grade | FCF Margin |
|---|---|---|---|
| 1 | NVDA | A | 41.8% |
| 2 | ADI | A | 35.9% |
| 3 | ADBE | A | 33.3% |
| 4 | PLTR | A | 31.7% |
| 5 | AVGO | A | 30.3% |
| 6 | VEEV | A | 29.5% |
| 7 | FTNT | A | 28.6% |
| 8 | CRM | A | 26.2% |
| 9 | KLAC | A | 25.5% |
| 10 | ZM | A | 23.9% |
| 11 | QCOM | A | 22.7% |
| 12 | CDNS | A | 21.4% |
| 13 | AAPL | A | 20.6% |
| 14 | PANW | A | 20.4% |
| 15 | NOW | A | 19.4% |
| 16 | LRCX | A | 19.4% |
| 17 | AMAT | A | 17.7% |
| 18 | MSFT | B | 16.4% |
| 19 | NXPI | A | 14.8% |
| 20 | AMD | A | 14.7% |
| 21 | IBM | C | 14.4% |
| 22 | CSCO | B | 14.1% |
| 23 | SHOP | A | 13.5% |
| 24 | ACN | A | 12.6% |
| 25 | TXN | B | 12.4% |
| 26 | WDAY | D | 12.0% |
| 27 | OKTA | A | 10.9% |
| 28 | MRVL | F | 9.8% |
| 29 | SNPS | F | 6.5% |
| 30 | DDOG | F | 4.8% |
| 31 | CRWD | F | 3.0% |
| 32 | MU | F | 1.9% |
| 33 | ZS | F | -1.3% |
| 34 | TEAM | F | -4.4% |
| 35 | NET | F | -8.8% |
| 36 | SNOW | F | -10.3% |
| 37 | INTC | F | -14.0% |
| 38 | ORCL | F | -42.3% |
Most tech companies still print cash. But the trend reversal is accelerating, and half the sector is headed the wrong direction.
Tech has the best grades and the worst trends. Twenty-two A-grades can't hide what's happening underneath.
Tech sector looks healthy on the surface. Dig into the trend data and half the A-grades are going the wrong direction.