Who has the cash??

A liitle piece of analyst work surfaced on the web today – Morningstar Inc. analysts have been working through which companies have generated free cash flow over the past 3 years – SAP weigh in at position 12.

Here are the top 20 companies ranked by free cash flow (operating cash flow minus capital expenditures).

Tokyo Dome, TKDOY, business support, $39.8 billion

Volkswagen AG, VLKAY, auto maker, $19.5 billion

Hennes & Mauritz AB, HNNMY, specialty retail, $11.8 billion

Arcelor Mittal, MT, steel/iron, $11.1 billion

BHP Billiton Ltd., BBL, mining, $9.3 billion

Apple Inc., AAPL, computer equipment, $8.5 billion

Oracle Corp., ORCL, business applications, $7.6 billion

Nestle SA, NSRGY, food manufacturing, $7.1 billion

MMC Norilsk Nickel, MMC, metal products, $6.2 billion

United Technologies, UTX, diversified-industrial materials, $4.9 billion

Google Inc., GOOG, business/online services, $4.8 billion

SAP Corp., SAP, business applications, $3.3 billion

Bank of Nova Scotia, BNS, international bank, $3.3 billion

Bayer AG, BAYRY, chemicals, $3.2 billion

Imperial Oil, IMO, imperial/gas services, $3.2 billion

Bristol-Myers Squibb Co., BMY, drugs, $3 billion

General Dynamics, GD, aerospace/defense, $2.9 billion

BCE Inc., BCE, telecom services, $2.9 billion

Emerson Electric Co., EMR, electric equipment, $2.6 billion

eBay, Inc., EBAY, online retail, $2.5 billion

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