Top Companies by Free Cash Flow — Utilities

Trailing twelve months (TTM) free cash flow (FCF) is operating cash flow minus capital expenditure, summed across a company's four most recent fiscal quarters. Unlike accrual-based earnings, FCF reflects what actually leaves the bank account after running the business and reinvesting in property, plant and equipment — the cash available for buybacks, dividends, debt reduction or M&A.

FCF is closer to owner earnings than net income because it strips out non-cash charges like depreciation and the working-capital churn that distorts a single quarter. Compare with capex to see how much of operating cash flow gets reinvested versus returned. Figures are ranked in USD after period-average FX translation (IAS 21). Rankings USD translation methodology · IFRS IAS 21 (official)