Analysis reports

Lowest cash conversion (operating cash flow / net income)

Companies ranked mechanically by latest-fiscal-year operating cash flow divided by net income for the same fiscal year, from SEC companyfacts, sorted from lower reported ratios upward. Rows require net income of at least $50.0M to avoid near-zero denominators.

Descriptive ranking — not investment advice. Mechanical ranking by stated metric from SEC/FRED data; not a recommendation, endorsement, or investment judgment. As of: 2026-08-31. See Disclaimer.

• Ranked companies can have different latest fiscal-year ends, which affects temporal comparability.
• Period-end comparability: ranked values span fiscal period-ends from 2025-09-30 to 2026-06-30 (a 9-month spread), so the ranking compares companies over different reporting periods; row-level offsets are shown relative to modal period end 2025-12-31.
• This ranking spans companies in different accounting regimes (financial-sector and operating companies); financial-sector figures such as revenue and margins are defined differently and may not be directly comparable across regimes.
• Cash conversion is reported operating cash flow divided by reported net income for the same fiscal year. It is a structural fact about the composition of reported income under accrual accounting, not a judgment about the accounting or the company.
• Operating cash flow composition differs structurally by industry; SIC 6xxx financial companies are excluded from accrual-gap tables.
• Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).
• Minimum net-income floor: $50.0M.
• Computed for 1469 of 2825 covered companies; companies missing same-fiscal-year net income or operating cash flow, failing the same-period-end check, or below the stated net-income floor are omitted rather than estimated.

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