Compiled 2026-09-26Data through 2025-07-312 min read
Dated source-based research · No live market data

Observation

Across 18 eligible technology companies, the equal-weight median operating cash-flow margin was 34.41% for the prior selected annual periods.

Data context

The eligible sample covers 18 of 18 selected companies. The prior selected annual periods span 2024-01-31 to 2025-07-31. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.

Company evidence

NVDA 49.11% (period 2025-01-26); AAPL 30.24% (period 2024-09-28); MSFT 48.33% (period 2025-06-30); AVGO 38.71% (period 2024-11-03); MU 33.88% (period 2024-08-29); AMD 11.79% (period 2024-12-28); INTC 15.61% (period 2024-12-28); ORCL 36.27% (period 2025-05-31); CSCO 25.05% (period 2025-07-26); PLTR 40.27% (period 2024-12-31); DELL 4.73% (period 2025-01-31); AMAT 31.93% (period 2024-10-27); PANW 40.30% (period 2025-07-31); CRWD 34.95% (period 2025-01-31); ANET 52.95% (period 2024-12-31); TXN 40.39% (period 2024-12-31); IBM 21.43% (period 2024-12-31); CRM 29.36% (period 2024-01-31).

Distribution

The sample range is 4.73% (DELL) to 52.95% (ANET). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.

Interpretation

Product cycles, recurring software revenue and infrastructure investment shape this broad group. Hardware and software businesses have different cost structures. The numerator is operatingCashFlow; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.

What to watch

Revenue mix, research spending, inventory and cash conversion.

Research limitations

Customer concentration, product transitions, export restrictions and the durability of capital spending. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.

Company-level observations · percent
CompanyValuePeriod end
NVDA49.11%2025-01-26
AAPL30.24%2024-09-28
MSFT48.33%2025-06-30
AVGO38.71%2024-11-03
MU33.88%2024-08-29
AMD11.79%2024-12-28
INTC15.61%2024-12-28
ORCL36.27%2025-05-31
CSCO25.05%2025-07-26
PLTR40.27%2024-12-31
DELL4.73%2025-01-31
AMAT31.93%2024-10-27
PANW40.30%2025-07-31
CRWD34.95%2025-01-31
ANET52.95%2024-12-31
TXN40.39%2024-12-31
IBM21.43%2024-12-31
CRM29.36%2024-01-31

Sources & dates