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.