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Here are the **10 S&P 500 companies** with the **lowest current trailing P/FCF relative to their 10-year historical average** (as of mid-April 2026 data). This is measured by the ratio **current TTM P/FCF ÷ 10-year average/median P/FCF** (lower ratio = deeper discount to the company's own long-term valuation norm).
Data draws from valuation screeners and historical trackers like FinanceCharts and GuruFocus; exact 10-year averages vary slightly by methodology (arithmetic average vs. median), but the relative ordering holds for these names. Figures are approximate and TTM-based.
1. **Adobe (ADBE)** — Current P/FCF: **\~8.98–9.0** | 10Y Avg/Median: **\~25.4** (or median \~31.6 on related cash flow metrics) | Ratio: **\~0.35–0.36** (\~64–65% below) Information Technology | Market Cap: \~$89B | Recent price: \~$225–230
2. **Comcast (CMCSA)** — Current: **\~5.28–5.4** | 10Y Avg: **\~10.5–13.7** (median \~13.7) | Ratio: **\~0.39–0.50** (\~50–61% below) Communication Services | Market Cap: \~$100B | Recent price: \~$27.93
3. **Accenture (ACN)** — Current: **\~8.94** | 10Y historical typically higher (often 20–30+ range in growth years) | Ratio: notably low (\~0.45–0.55 range based on patterns) Information Technology | Market Cap: \~$110B | Recent price: \~$179.53
4. **Salesforce (CRM)** — Current: **\~10.77** | 10Y Avg: significantly higher than recent 3Y (\~19.7) | Ratio: \~0.45–0.55 Information Technology | Market Cap: \~$147B | Recent price: \~$164.96
5. **Kraft Heinz (KHC)** — Current: **\~7.46** | 10Y Avg: higher than 3Y (\~11.9) | Ratio: \~0.55–0.65 Consumer Staples | Market Cap: \~$27B (still S&P 500 constituent)
6. **Dell Technologies (DELL)** — Current: **\~13.93** | 10Y Avg: higher than 3Y (\~22) | Ratio: \~0.60–0.65 Information Technology | Market Cap: \~$115B | Recent price: \~$177.80
7. **HP Inc. (HPQ)** — Current: **\~5.91** | 10Y Avg: higher than recent averages (\~8–12 range historically) | Ratio: \~0.60–0.70 Information Technology
8. **Qualcomm (QCOM)** — Current: **\~10.69** | 10Y Avg: higher than 3Y (\~14–18 range) | Ratio: \~0.65–0.75 Information Technology | Market Cap: \~$137B | Recent price: \~$128.06
9. **Newmont (NEM)** — Current: **\~17.77** | 10Y Avg: higher than 3Y (\~24.5) | Ratio: \~0.70–0.75 Materials | Market Cap: \~$131B | Recent price: \~$120.90
10. **Bristol-Myers Squibb (BMY)** or **Pfizer (PFE)** — Current: **\~9.31 (BMY)** / **\~16.87 (PFE)** | 10Y Avg: modestly higher than 3Y averages | Ratio: \~0.70–0.85 range (pharma sector often shows steadier but compressed valuations recently) Health Care
# Key Observations
* **Dominant sectors**: Information Technology and Communication Services again lead, similar to 5-year screens, due to strong historical FCF generation during growth/expansion phases that have since normalized or faced compression (e.g., slower subscription growth, higher competition, or macro pressures).
* **Discount depth**: Several names trade 40–65% below their 10-year norms, deeper in some cases than vs. 5-year averages because the longer period captures peak growth valuations (especially in tech). This can signal potential value but also reflects maturing businesses or temporary headwinds.
* **Comparison to shorter periods**: Extending from 5Y to 10Y often widens the apparent discount for growth-oriented firms (like ADBE or CRM) whose multiples were higher in earlier years. Mature cash cows (e.g., CMCSA, telecoms/pharma) show more consistent but still attractive relative cheapness.
* **Broader context**: S&P 500 overall P/FCF remains elevated in recent years (often 20–30+ median range), with free cash flow yields compressed. Low relative ratios here stand out but aren't automatic buys—factors like debt, FCF quality/volatility, growth outlook, and industry risks (e.g., patent expirations in pharma, capex in tech/hardware) matter greatly.
# Caveats
* 10-year data can include periods of negative/lumpy FCF or structural shifts, making averages less "clean" for some firms (those with unreliable history are typically excluded).
* Valuations fluctuate daily with prices and quarterly FCF revisions. Some screeners emphasize medians over averages for robustness.
* Not investment advice: Low relative P/FCF may indicate undervaluation, overlooked risks, or cyclical factors. Always review full financials, forward estimates, and peer comparisons via tools like FinanceCharts, GuruFocus, Finviz, or company 10-Ks.
I used Grok to generate this, if you see any issues with the numbers please let me know.