S&P 500 Year-over-Year Free Cash Flow Growth (TTM)

Live value temporarily unavailable.

Source: Company filings (aggregated)

Data updated daily

What it measures

The S&P 500 FCF growth rate measures the year-over-year percentage change in aggregate trailing-twelve-month free cash flow for index constituents. Free cash flow is operating cash flow minus capital expenditures. A reading of +9% means the index generated 9% more free cash flow versus the equivalent twelve-month window one year earlier.

Why it matters

Free cash flow growth is the most direct measure of improving capacity to generate distributable cash — the ultimate source of dividends, buybacks, and debt repayment. Because FCF is computed after capital investment, its growth rate is more conservative than earnings growth during investment booms and more resilient during downturns when capex is cut. Sustained FCF growth that outpaces earnings growth signals improving cash conversion and capital efficiency. FCF growth turning negative even while reported earnings remain positive is a critical warning sign of deteriorating cash quality.

How it is calculated

FCF Growth (YoY, TTM) = (Σ TTM FCF_t − Σ TTM FCF_t−4Q) ÷ |Σ TTM FCF_t−4Q| × 100

LENSE computes FCF growth as the year-over-year change in aggregate TTM free cash flow — the sum across current index constituents — not an average of individual company rates. FCF per constituent is computed as operating cash flow minus capital expenditures from as-reported quarterly cash flow statements; TTM figures are constructed by summing the four most recently reported quarters. Periods where the prior-period aggregate FCF is zero or negative are excluded. Index constituency is resolved point-in-time via the S&P 500 point-in-time index constituency.

Recent (monthly)

Recent data unavailable.

Data source: Company filings (aggregated). Computed and published by LENSE Analytics.