{"id":51518,"date":"2023-11-21T13:31:44","date_gmt":"2023-11-21T13:31:44","guid":{"rendered":"https:\/\/www.inovestor.com\/?p=51518"},"modified":"2023-11-21T19:57:14","modified_gmt":"2023-11-21T19:57:14","slug":"15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/","title":{"rendered":"15 overlooked U.S. mid-caps excelling in free cash flow generation"},"content":{"rendered":"<p class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>What are we looking for?<br \/>\n<\/b>U.S. companies with an history of robust free-cash-flow-to-capital.<b><\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">The total return of the S&amp;P 500 over the past year has been 16.3 per cent, whereas the S&amp;P 400 \u2013 an index of mid-capitalization stocks \u2013 has shown a more modest 3.5-per-cent gain.<b>\u00a0<\/b>Fear of a looming recession has led the market to adopt a more risk-averse stance, which tends to favour large-cap stocks. Nevertheless, considering investments in mid-cap companies with robust cash generation could serve as a strategy to enhance expected returns while mitigating risks.<\/p>\n<p class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>The screen<br \/>\n<\/b>We screened U.S. companies with a market capitalization between US$5-billion and US$10-billion, looking for:<\/p>\n<ul>\n<li class=\"c-article-body__li text-pr-7\">one-year and five-year average ratio of free-cash-flow-to-capital greater than 4 per cent. We look for companies with solid current and historical free-cash-flow metrics.<\/li>\n<li class=\"c-article-body__li text-pr-7\">relative economic performance index (relative EPI) greater than 0.7. Relative EPI is a multistep calculation that compares the profitability of a company with its valuation and cost of capital. Higher profitability, a lower valuation and a lower cost of capital increase the ratio.<\/li>\n<li class=\"c-article-body__li text-pr-7\">five-year return on capital greater than 10 per cent<\/li>\n<li class=\"c-article-body__li text-pr-7\">positive one-year price return<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Owing to the unique nature of the free-cash-flow metric of financial companies, we decided to exclude them from our screen.<\/p>\n<p class=\"c-article-body__text text-pr-5\">For informational purposes, we have also included six-month price return, P\/E ratio and dividend yield.<\/p>\n<h3 class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>More about Inovestor<\/b><\/h3>\n<p class=\"c-article-body__text text-pr-5\">Inovestor, a prominent Canadian fintech company with 20-plus years of experience, has partnered with Morningstar in an alliance, solidifying Inovestor\u2019s unrivalled position as the industry\u2019s sole leading alternative tool. To learn more visit our\u00a0<a href=\"https:\/\/www.inovestor.com\/en-ca\/cpms-users\/\">website<\/a>.<\/p>\n<h3 class=\"text-pb-6 hl3 mt-40 mb-24 c-article-body__subheading-v2 c-article-body__subheading-v2--level3 c-article-body__subheading-v2--regular\"><b>What we found<\/b><\/h3>\n<div class=\"rawHtml\">\n<div class=\"gi-module gi-embed gi-table\">\n<h3>Mid-sized U.S. stocks with strong free cash flows<\/h3>\n<table style=\"border-collapse: collapse; width: 612pt;\" border=\"0\" width=\"816\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt; width: 51pt;\" width=\"68\" height=\"19\">TICKER<\/td>\n<td style=\"width: 51pt;\" width=\"68\">NAME<\/td>\n<td style=\"width: 51pt;\" width=\"68\">PRICE ($US)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">MKT VALUE ($US BIL.)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">FCF \/ CAP (%)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">5Y FCF \/ CAP (%)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">REL. EPI<\/td>\n<td style=\"width: 51pt;\" width=\"68\">5Y ROC (%)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">1Y PRICE RTN. (%)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">6M PRICE RTN (%)<\/td>\n<td style=\"width: 51pt;\" width=\"68\">P\/E<\/td>\n<td style=\"width: 51pt;\" width=\"68\">DIV. YLD (%)<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">DBX-Q<\/td>\n<td>DROPBOX, INC. CLASS A<\/td>\n<td align=\"right\">27.14<\/td>\n<td align=\"right\">9.2<\/td>\n<td align=\"right\">19.2<\/td>\n<td align=\"right\">22.3<\/td>\n<td align=\"right\">0.8<\/td>\n<td align=\"right\">14.8<\/td>\n<td align=\"right\">22.1<\/td>\n<td align=\"right\">21.5<\/td>\n<td align=\"right\">17<\/td>\n<td>n\/a<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">UFPI-Q<\/td>\n<td>UFP INDUSTRIES, INC.<\/td>\n<td align=\"right\">110.58<\/td>\n<td align=\"right\">6.8<\/td>\n<td align=\"right\">24.1<\/td>\n<td align=\"right\">16.6<\/td>\n<td align=\"right\">0.7<\/td>\n<td align=\"right\">20.5<\/td>\n<td align=\"right\">43<\/td>\n<td align=\"right\">31.8<\/td>\n<td align=\"right\">12.8<\/td>\n<td align=\"right\">1.1<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">MUSA-N<\/td>\n<td>MURPHY USA, INC.<\/td>\n<td align=\"right\">362.03<\/td>\n<td align=\"right\">7.7<\/td>\n<td align=\"right\">13.5<\/td>\n<td align=\"right\">16.5<\/td>\n<td align=\"right\">1<\/td>\n<td align=\"right\">21.8<\/td>\n<td align=\"right\">24<\/td>\n<td align=\"right\">29.4<\/td>\n<td align=\"right\">15<\/td>\n<td align=\"right\">0.5<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">EXP-N<\/td>\n<td>EAGLE MATERIALS INC.<\/td>\n<td align=\"right\">175.89<\/td>\n<td align=\"right\">6.2<\/td>\n<td align=\"right\">13.7<\/td>\n<td align=\"right\">14.3<\/td>\n<td align=\"right\">0.8<\/td>\n<td align=\"right\">14.4<\/td>\n<td align=\"right\">37.7<\/td>\n<td align=\"right\">9.5<\/td>\n<td align=\"right\">12.8<\/td>\n<td align=\"right\">0.6<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">MSM-N<\/td>\n<td>MSC INDUSTRIAL DIRECT CO., INC. CLASS A<\/td>\n<td align=\"right\">98.12<\/td>\n<td align=\"right\">5.4<\/td>\n<td align=\"right\">24.8<\/td>\n<td align=\"right\">14.1<\/td>\n<td align=\"right\">0.7<\/td>\n<td align=\"right\">14.9<\/td>\n<td align=\"right\">17.4<\/td>\n<td align=\"right\">6.9<\/td>\n<td align=\"right\">16<\/td>\n<td align=\"right\">3.4<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">MMS-N<\/td>\n<td>MAXIMUS, INC.<\/td>\n<td align=\"right\">82.31<\/td>\n<td align=\"right\">5<\/td>\n<td align=\"right\">6.2<\/td>\n<td align=\"right\">13.8<\/td>\n<td align=\"right\">1<\/td>\n<td align=\"right\">14.8<\/td>\n<td align=\"right\">33.1<\/td>\n<td align=\"right\">1.3<\/td>\n<td align=\"right\">31.1<\/td>\n<td align=\"right\">1.5<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">EXEL-Q<\/td>\n<td>EXELIXIS, INC.<\/td>\n<td align=\"right\">21.13<\/td>\n<td align=\"right\">6.6<\/td>\n<td align=\"right\">9<\/td>\n<td align=\"right\">13.6<\/td>\n<td align=\"right\">0.8<\/td>\n<td align=\"right\">20.8<\/td>\n<td align=\"right\">24.9<\/td>\n<td align=\"right\">9.8<\/td>\n<td align=\"right\">74.5<\/td>\n<td>n\/a<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">VNT-N<\/td>\n<td>VONTIER CORP<\/td>\n<td align=\"right\">33.95<\/td>\n<td align=\"right\">5.2<\/td>\n<td align=\"right\">10.3<\/td>\n<td align=\"right\">12.1<\/td>\n<td align=\"right\">0.9<\/td>\n<td align=\"right\">17<\/td>\n<td align=\"right\">75.5<\/td>\n<td align=\"right\">16.8<\/td>\n<td align=\"right\">15.6<\/td>\n<td align=\"right\">0.3<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">THO-N<\/td>\n<td>THOR INDUSTRIES, INC.<\/td>\n<td align=\"right\">102.15<\/td>\n<td align=\"right\">5.4<\/td>\n<td align=\"right\">11.7<\/td>\n<td align=\"right\">11.9<\/td>\n<td align=\"right\">0.9<\/td>\n<td align=\"right\">16.3<\/td>\n<td align=\"right\">21.4<\/td>\n<td align=\"right\">25.7<\/td>\n<td align=\"right\">14.6<\/td>\n<td align=\"right\">1.9<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">COKE-Q<\/td>\n<td>COCA-COLA CONSOLIDATED, INC.<\/td>\n<td align=\"right\">710<\/td>\n<td align=\"right\">6.7<\/td>\n<td align=\"right\">15<\/td>\n<td align=\"right\">10.6<\/td>\n<td align=\"right\">1.1<\/td>\n<td align=\"right\">13.9<\/td>\n<td align=\"right\">53.4<\/td>\n<td align=\"right\">11.3<\/td>\n<td align=\"right\">14.8<\/td>\n<td align=\"right\">0.3<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">DKS-N<\/td>\n<td>DICK&#8217;S SPORTING GOODS, INC.<\/td>\n<td align=\"right\">118.08<\/td>\n<td align=\"right\">9.9<\/td>\n<td align=\"right\">9.7<\/td>\n<td align=\"right\">9.4<\/td>\n<td align=\"right\">0.9<\/td>\n<td align=\"right\">14.4<\/td>\n<td align=\"right\">15.3<\/td>\n<td align=\"right\">-12.8<\/td>\n<td align=\"right\">9.5<\/td>\n<td align=\"right\">3.4<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">CNM-N<\/td>\n<td>CORE &amp; MAIN, INC. CLASS A<\/td>\n<td align=\"right\">33.88<\/td>\n<td align=\"right\">5.7<\/td>\n<td align=\"right\">17.3<\/td>\n<td>8.6*<\/td>\n<td align=\"right\">1.1<\/td>\n<td>12.7*<\/td>\n<td align=\"right\">65.1<\/td>\n<td align=\"right\">24.6<\/td>\n<td align=\"right\">15.9<\/td>\n<td>n\/a<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">AIT-N<\/td>\n<td>APPLIED INDUSTRIAL TECHNOLOGIES, INC.<\/td>\n<td align=\"right\">163.12<\/td>\n<td align=\"right\">6.3<\/td>\n<td align=\"right\">10<\/td>\n<td align=\"right\">6.9<\/td>\n<td align=\"right\">0.7<\/td>\n<td align=\"right\">12<\/td>\n<td align=\"right\">26.6<\/td>\n<td align=\"right\">26.1<\/td>\n<td align=\"right\">17.3<\/td>\n<td align=\"right\">0.9<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">MTH-N<\/td>\n<td>MERITAGE HOMES CORPORATION<\/td>\n<td align=\"right\">142.5<\/td>\n<td align=\"right\">5.2<\/td>\n<td align=\"right\">16.2<\/td>\n<td align=\"right\">6.8<\/td>\n<td align=\"right\">1.2<\/td>\n<td align=\"right\">12.8<\/td>\n<td align=\"right\">74.6<\/td>\n<td align=\"right\">16.8<\/td>\n<td align=\"right\">6.5<\/td>\n<td align=\"right\">0.8<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"height: 14.25pt;\" height=\"19\">APG-N<\/td>\n<td>API GROUP CORPORATION<\/td>\n<td align=\"right\">29.56<\/td>\n<td align=\"right\">7.1<\/td>\n<td align=\"right\">7.7<\/td>\n<td align=\"right\">6.3<\/td>\n<td align=\"right\">0.7<\/td>\n<td align=\"right\">10.7<\/td>\n<td align=\"right\">57.2<\/td>\n<td align=\"right\">27<\/td>\n<td align=\"right\">65.5<\/td>\n<td>n\/a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Inovestor<\/p>\n<div class=\"rawHtml\">\n<div class=\"gi-module gi-embed gi-table\">\n<p class=\"footnotes\"><em>*Three-year value &#8211; The company has been public for about 2 years<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"c-article-body__text text-pr-5\">Dropbox Inc., which provides cloud storage services, demonstrates strong financials, boasting a five-year free-cash-flow-to capital of 22.3 per cent, surpassing its current one-year level of 19.2 per cent. The company\u2019s relative EPI of 0.8 reflects its robust economic position at a reasonable price. The company has an attractive P\/E of 17, which is particularly noteworthy given it operates in the information technology sector \u2013 one known for its relatively higher valuations.<\/p>\n<p class=\"c-article-body__text text-pr-5\">UFP Industries Inc.\u00a0\u00a0is a global manufacturing company specializing in wood and wood alternatives with a focus on innovation and sustainability. The company has demonstrated vigorous price momentum over the past one-year and six-month periods, delivering impressive price returns of 43 per cent and 31.8 per cent, respectively. This significant price performance could be attributed to above-average free-cash-flow-to-capital over the past year. It came in at 24.1 per cent, surpassing its five-year average of 16.6 per cent.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Murphy USA Inc.\u00a0operates in the retail sector, focusing on fuel and convenience stores. It sustains solid financials with a five-year return on capital of 21.8 per cent, the highest on our list. The company\u2019s relative EPI of 1.0 indicates a balanced economic performance and valuation. While the stock provides a modest dividend yield of just 0.4 per cent, historically, it has leaned toward returning funds to shareholders via buybacks.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Investors are advised to do further research before investing in any of the companies listed in the accompanying table.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What are we looking for? U.S. companies with an history of robust free-cash-flow-to-capital. The total return of the S&amp;P 500 over the past year has been 16.3 per cent, whereas the S&amp;P 400 \u2013 an index of mid-capitalization stocks \u2013 has shown a more modest 3.5-per-cent gain.\u00a0Fear of a looming recession has led the market [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-51518","post","type-post","status-publish","format-standard","hentry","category-number-cruncher"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>15 overlooked U.S. mid-caps excelling in free cash flow generation - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"15 overlooked U.S. mid-caps excelling in free cash flow generation\" \/>\n<meta property=\"og:description\" content=\"What are we looking for? U.S. companies with an history of robust free-cash-flow-to-capital. The total return of the S&amp;P 500 over the past year has been 16.3 per cent, whereas the S&amp;P 400 \u2013 an index of mid-capitalization stocks \u2013 has shown a more modest 3.5-per-cent gain.\u00a0Fear of a looming recession has led the market [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-21T13:31:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-21T19:57:14+00:00\" \/>\n<meta name=\"author\" content=\"Anthony Menard\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthony Menard\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/\"},\"author\":{\"name\":\"Anthony Menard\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/a47ac16db946331b2be8a8f78c89331d\"},\"headline\":\"15 overlooked U.S. mid-caps excelling in free cash flow generation\",\"datePublished\":\"2023-11-21T13:31:44+00:00\",\"dateModified\":\"2023-11-21T19:57:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/\"},\"wordCount\":629,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"articleSection\":[\"Number Cruncher\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/2023\/11\/15-overlooked-u-s-mid-caps-excelling-in-free-cash-flow-generation\/\",\"name\":\"15 overlooked U.S. mid-caps excelling in free cash flow generation - 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