Profitable companies spending under 5% of revenue on capital
Capital expenditure below a twentieth of revenue, with free cash flow positive. It identifies businesses that grow without heavy reinvestment in property and equipment; it says nothing about research spending, which is an expense rather than capital.
| Company | Revenue | Net income | Gross margin | Free cash flow |
|---|---|---|---|---|
| WMTWalmart Inc. | $713.16B | $21.89B | 24.9% | $14.92B |
| UNH InsurerUNITEDHEALTH GROUP INC | $447.57B | $12.06B | 88.7% | $16.08B |
| AAPLApple Inc. | $416.16B | $112.01B | 46.9% | $98.77B |
| MCKMCKESSON CORP | $403.43B | $4.76B | 3.6% | $5.72B |
| CVSCVS HEALTH Corp | $402.07B | $1.77B | 45.0% | $7.81B |
| CORCencora, Inc. | $321.33B | $1.55B | 3.6% | $3.21B |
| COSTCOSTCO WHOLESALE CORP /NEW | $275.24B | $8.10B | 12.8% | $7.84B |
| CAHCARDINAL HEALTH INC | $254.25B | $1.71B | 3.8% | $4.52B |
| ELV InsurerElevance Health, Inc. | $199.12B | $5.66B | 89.4% | $3.17B |
| CNC InsurerCENTENE CORP | $194.78B | -$6.67B | 7.3% | $4.32B |
| MPCMarathon Petroleum Corp | $132.70B | $4.05B | 10.0% | $4.77B |
| SNEX Broker-dealerStoneX Group Inc. | $132.38B | $305.90M | 3.1% | $4.32B |
| HUM InsurerHUMANA INC | $129.66B | $1.19B | Unavailable | $375.00M |
| DELLDell Technologies Inc. | $113.54B | $5.94B | 20.0% | $8.55B |
| TGTTARGET CORP | $104.78B | $3.70B | 27.9% | $2.84B |
| UPSUNITED PARCEL SERVICE INC | $88.66B | $5.57B | Unavailable | $4.76B |
| RTXRTX Corp | $88.60B | $6.73B | Unavailable | $7.94B |
| PGR InsurerPROGRESSIVE CORP/OH/ | $87.67B | $11.31B | Unavailable | $17.20B |
| LOWLOWES COMPANIES INC | $86.29B | $6.65B | 33.5% | $7.65B |
| ADMArcher-Daniels-Midland Co | $80.27B | $1.08B | 6.3% | $4.20B |
| AXP BankAMERICAN EXPRESS CO | $72.23B | $10.83B | Unavailable | $16.00B |
| ACNAccenture plc | $69.67B | $7.68B | 31.9% | $10.87B |
| PFGCPerformance Food Group Co | $67.84B | $359.30M | 11.9% | $1.03B |
| ALL InsurerALLSTATE CORP | $67.68B | $10.28B | Unavailable | $9.88B |
| CATCATERPILLAR INC | $67.59B | Unavailable | 33.8% | $8.92B |
| IBMINTERNATIONAL BUSINESS MACHINES CORP | $67.54B | $10.59B | 58.2% | $12.10B |
| AVGOBroadcom Inc. | $63.89B | Unavailable | 67.8% | $26.91B |
| CSCOCISCO SYSTEMS, INC. | $63.32B | $13.27B | 64.5% | $12.77B |
| PFEPFIZER INC | $62.58B | $7.77B | 74.3% | $9.08B |
| ABBVAbbVie Inc. | $61.16B | $4.23B | 70.2% | $17.82B |
| TJXTJX COMPANIES INC /DE/ | $60.37B | $5.49B | 31.0% | $4.92B |
| TSNTYSON FOODS, INC. | $54.44B | $474.00M | 6.5% | $1.18B |
| COF BankCAPITAL ONE FINANCIAL CORP | $53.43B | $2.45B | Unavailable | $26.14B |
| INGMIngram Micro Holding Corp | $52.56B | $327.88M | 6.7% | $785.37M |
| GDGENERAL DYNAMICS CORP | $52.55B | $4.21B | Unavailable | $3.96B |
| UBERUber Technologies, Inc | $52.02B | $10.05B | Unavailable | $9.76B |
| BMYBRISTOL MYERS SQUIBB CO | $48.19B | $7.05B | 71.1% | $12.84B |
| KOCOCA COLA CO | $47.94B | $13.11B | 61.6% | $5.30B |
| NKENIKE, Inc. | $46.40B | $3.11B | 42.9% | $2.18B |
| DEDEERE & CO | $45.68B | $5.03B | Unavailable | $6.10B |
| NFLXNETFLIX INC | $45.18B | $10.98B | 48.5% | $9.46B |
| TMOTHERMO FISHER SCIENTIFIC INC. | $44.56B | $6.70B | Unavailable | $6.29B |
| ABTABBOTT LABORATORIES | $44.33B | $6.52B | 56.4% | $7.40B |
| PAAPLAINS ALL AMERICAN PIPELINE LP | $44.26B | $1.44B | 8.7% | $2.29B |
| PAGPPLAINS GP HOLDINGS LP | $44.26B | $260.00M | 8.7% | $2.29B |
| NOCNORTHROP GRUMMAN CORP /DE/ | $41.95B | $4.18B | Unavailable | $3.31B |
| BBYBEST BUY CO INC | $41.69B | $1.07B | 22.5% | $1.26B |
| CRMSalesforce, Inc. | $41.52B | $7.46B | 77.7% | $14.40B |
| PMPhilip Morris International Inc. | $40.65B | $11.35B | 67.1% | $10.66B |
| USFDUS Foods Holding Corp. | $39.42B | $676.00M | 17.4% | $959.00M |
| MDLZMondelez International, Inc. | $38.54B | $2.45B | 28.4% | $3.24B |
| LADLITHIA MOTORS INC | $37.63B | $819.60M | 15.2% | $5.80M |
| HONHONEYWELL INTERNATIONAL INC | $37.44B | $4.73B | 36.9% | $5.42B |
| WBDWarner Bros. Discovery, Inc. | $37.30B | $727.00M | Unavailable | $3.09B |
| WKCWORLD KINECT CORP | $36.92B | -$614.40M | 2.6% | $227.30M |
| SLBSLB LIMITED/NV | $35.71B | $3.37B | Unavailable | $4.80B |
| AMDADVANCED MICRO DEVICES INC | $34.64B | $4.34B | 49.5% | $6.74B |
| CPNGCoupang, Inc. | $34.53B | $208.00M | 29.4% | $522.00M |
| DHIHORTON D R INC /DE/ | $34.25B | $3.59B | 23.7% | $3.28B |
| LENLENNAR CORP /NEW/ | $34.19B | $2.08B | Unavailable | $28.18M |
Fiscal year ends differ between companies; each row shows that company’s own latest annual period. Figures are the filers’ own, normalized from their SEC filings.
This screen runs as capex / revenue < 5% AND fcf IS POSITIVE AND revenue > 1b. Open it in the screener to change the conditions, or read the methodology for how each figure is chosen.