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Bar chart comparing CAGR of FCF Yield Screen vs SPY across 8 global stock exchanges.

free cash flow

FCF Yield Screens: Global Comparison Across 8 Markets

We ran the same FCF yield screen across 8 stock exchanges from 2000 to 2025. Three beat SPY. UK beat FTSE 100 by 8.81% annually, Hong Kong beat Hang Seng by 8.58%. Japan beat Nikkei by 4.43%. Most markets work vs local benchmarks. Only three beat SPY because SPY was exceptional (7.85% CAGR).

Growth of $10,000 invested in FCF Yield Screen vs Hang Seng from 2000 to 2025, Hong Kong HKSE stocks.

free cash flow

FCF Yield Screen on Hong Kong Stocks: 25-Year Backtest

We screened for high FCF yield on Hong Kong Stock Exchange stocks from 2000 to 2025. 10.22% CAGR, +8.58% excess over Hang Seng. In 2008, the portfolio lost only 5.5% while Hang Seng fell 16%. 72% win rate, 27% down capture. Hang Seng returned just 1.64% annually over the same 25 years.

Growth of $10,000 invested in FCF Yield Screen vs FTSE 100 from 2000 to 2025, UK LSE stocks.

free cash flow

FCF Yield Screen on UK Stocks: 25-Year Backtest

We screened for high FCF yield on London Stock Exchange stocks from 2000 to 2025. 10.04% CAGR, +8.81% excess over FTSE 100. In 2008, the portfolio fell only 5.2% while FTSE 100 dropped 22%. Down capture of 21% with 193% up capture. Quality-filtered cash generators dominate flat UK markets.

Growth of $10,000 invested in FCF Yield Screen vs S&P 500 from 2000 to 2025, US stocks.

free cash flow

FCF Yield Screen on US Stocks: 25-Year Backtest

We screened for high FCF yield on US stocks from 2000 to 2025. 10.70% CAGR vs 7.85% for the S&P 500. The portfolio only captured 36% of the market's downside while following up with 113% of its recoveries. FCF yield measures what a company actually earns after paying for everything it takes to...

CAGR comparison of FCF Conversion Quality strategy across 16 global exchanges from 2000 to 2025. India leads at 18.18%, 12 exchanges beat their local benchmark.

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FCF Conversion Quality Across 16 Exchanges: 12 Beat Their Local Benchmark

We ran the same FCF Conversion screen on 16 exchanges from 2000-2025 with MOC execution and local benchmarks. 12 of 16 beat their local index. Top alpha in UK (+7.42% vs FTSE), Switzerland (+6.35% vs SMI), India (+6.13% vs Sensex).

Growth of $10,000 invested in FCF Conversion Quality on Japanese stocks vs Nikkei 225 from 2000 to 2025. Strategy grew to ~$33K, Nikkei to ~$23K.

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FCF Conversion Quality on Japanese Stocks: Corporate Governance Reforms Meet Cash Flow Signal

We ran our FCF Conversion screen on JPX-listed stocks from 2000-2025. 4.89% CAGR in JPY, beating the Nikkei 225 (3.31%) by 1.58% annually. 52% win rate, 51% down capture. $10K grew to ~$33K vs ~$23K for the Nikkei.

Growth of $10,000 invested in FCF Conversion Quality on Taiwanese stocks vs TAIEX from 2000 to 2025. Strategy grew to ~$25K, TAIEX to ~$27K.

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FCF Conversion Quality on Taiwanese Stocks: Lowest Drawdown, Lowest Volatility of Any Exchange

We ran our FCF Conversion screen on TWSE stocks from 2000-2025. 3.69% CAGR in TWD, trailing the TAIEX (4.09%) by just 0.39%. Max drawdown of -22.6% is the shallowest of any exchange. Similar returns to the index with significantly lower risk, but 7 cash periods drag performance.

Growth of $10,000 invested in FCF Conversion Quality on Thai stocks vs SET Index from 2000 to 2025. Strategy grew to ~$23K, SET to ~$35K.

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FCF Conversion Quality on Thai Stocks: -1.83% vs SET Index, Honest Underperformance

We ran our FCF Conversion screen on SET stocks from 2000-2025. 3.30% CAGR in THB, trailing the SET Index (5.13%) by 1.83%. 40% win rate, 80.54% down capture. $10K grew to ~$23K vs ~$35K for the index. The signal doesn't work well here.

Growth of $10,000 invested in FCF Conversion Quality on Brazilian stocks vs Bovespa from 2000 to 2025. Strategy grew to ~$128K, Bovespa to ~$82K.

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FCF Conversion Quality on Brazilian Stocks: 10.73% CAGR, +2.03% Over Bovespa

FCF Conversion on SAO stocks returned 10.73% CAGR from 2000-2025, beating the Bovespa (8.70%) by 2.03%. Negative down capture (-13.54%) means the portfolio gained when the index fell. $10K grew to ~$128K vs ~$82K for the Bovespa.

Growth of $10,000 invested in FCF Conversion Quality on Canadian stocks vs TSX Composite from 2000 to 2025. Strategy grew to $98K in CAD.

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FCF Conversion Quality on Canadian Stocks: 76% Win Rate and +5.59% Alpha vs TSX Composite

FCF Conversion on TSX stocks returned 9.54% CAGR from 2000-2025 vs the TSX Composite's 3.95%. 76% win rate, the highest of any exchange. $10K grew to $98K vs $26K for the index.

Growth of $10,000 invested in FCF Conversion Quality on UK stocks vs FTSE 100 from 2000 to 2025. Strategy grew to $79K in GBP.

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FCF Conversion Quality on UK Stocks: 84% Win Rate and 18% Down Capture vs FTSE 100

FCF Conversion on LSE stocks returned 8.64% CAGR from 2000-2025, beating the FTSE 100 (1.23%) by 7.42% annually. 84% win rate, 18% down capture. The strongest relative performer in our global analysis.

Growth of $10,000 invested in FCF Conversion Quality on Indian stocks vs Sensex from 2000 to 2025. Strategy grew to $651K in INR.

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FCF Conversion Quality on Indian Stocks: 18% CAGR With Half the Sensex Drawdown Over 25 Years

We ran our FCF Conversion screen on BSE and NSE stocks from 2000-2025. 18.18% CAGR in INR, 6.13% annual excess over the Sensex (12.06% CAGR). Max drawdown of just -15% vs the Sensex's -32%. $10K grew to $651K.