Deep Dive4 min read
REG: 53% FCF Margin With $5.2B Debt
Regency Centers prints cash like clockwork. The debt load is the only reason it's not perfect.
Mar 2, 2026
REGOVICIPLD+1
Free cash flow analysis, sector reports, and market insights
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.
Eleven A-grades at the top, nine F-grades at the bottom. The consumer discretionary sector isn't struggling. It's bifurcating.
Tobacco and energy drinks print 20%+ margins. Retail giants barely break 2%. Both earn A-grades. Something's broken.
The single best metric for measuring whether a company's debt load is manageable or dangerous.
Half the sector is improving from catastrophic lows. The other half is sliding from great highs. Only one company is holding steady.