Sector Report5 min read
Technology: 29 A-grades and three failures
76% of tech companies grade A. Three burn cash. The sector split tells you where to look.
Mar 16, 2026
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Free cash flow analysis, sector reports, and market insights
76% of tech companies grade A. Three burn cash. The sector split tells you where to look.
Alexandria Real Estate prints half its revenue as free cash flow. The debt load is massive. The grade is still an A.
AvalonBay prints nearly half of revenue as free cash flow. The debt load is real, but the margin tells a different story.
Kimco prints half its revenue as free cash flow. The debt load says otherwise.
Regency Centers prints cash like clockwork. The debt load is the only reason it's not perfect.
CME prints $3.6B in free cash flow on $6.1B revenue. The exchange business model works exactly like it should.
Public Storage converts 60% of revenue to free cash flow. That's exceptional. The $10B debt load tells a different story.
Realty Income earns an A grade with a 68% FCF margin. The debt load is real, but the cash flow isn't slowing down.
Coinbase prints 39% FCF margins while every miner bleeds cash. The sector median is negative 195%.
Apple generates $98.8 billion in free cash flow with a 23.7% margin — exceptional by any measure. But the current ratio of 0.89 tells a different story about what happens when the bills come due.
Half the sector earns A-grades. The other half is bleeding cash or barely breaking even.
The sector looks healthy until you see what's propping it up.