Top 100 Stocks by Gross Margin
Top companies ranked by gross margin, latest annual filings.
What Gross Margin Means for US-listed Companies
Gross margin is revenue minus the direct cost of producing what was sold, divided by revenue, expressed as a percent. It captures what is left after the factory, the cloud bill, the shipping, and the raw materials, but before overhead, research, marketing, interest, or tax. Across US-listed firms the figure varies enormously by business model, so the same percentage can signal pricing power in one industry and thin commodity economics in another.
Why Gross Margin Matters
Gross margin is the first layer of the profitability stack and often the clearest read on pricing power, brand strength, and procurement scale. A rising gross margin tends to mean the firm is either charging more or producing more cheaply, both healthy signs. Still, gross margin alone says little about the bottom line; a firm with fat gross margins can still lose money if operating expenses run away, and accounting choices on what belongs in cost of goods differ across reporters.
What to Read Alongside
Pair gross margin with Revenue to separate the scale question from the pricing question, Operating Margin to see how efficiency holds up once overhead and research are loaded in, and Net Margin to check the final conversion to the bottom line.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | EXEL | Exelixis, Inc. | Healthcare | 96.39% | $16.98B |
| 2 | GMAB | Genmab A/S | Healthcare | 93.60% | $32.98B |
| 3 | NVAX | Novavax, Inc. | Healthcare | 93.50% | $1.78B |
| 4 | INCY | Incyte Corporation | Healthcare | 92.76% | $24.39B |
| 5 | ADSK | Autodesk, Inc. | Technology | 90.98% | $54.70B |
| 6 | ARGX | argenx SE | Healthcare | 89.39% | $58.31B |
| 7 | ADBE | Adobe Inc. | Technology | 89.27% | $93.14B |
| 8 | VRSN | VeriSign, Inc. | Technology | 88.15% | $27.69B |
| 9 | DLB | Dolby Laboratories, Inc. | Industrials | 88.13% | $6.07B |
| 10 | UTHR | United Therapeutics Corporation | Healthcare | 87.92% | $23.94B |
| 11 | APP | AppLovin Corporation | Communication Services | 87.86% | $129.62B |
| 12 | FUTU | Futu Holdings Limited | Financial Services | 87.12% | $13.75B |
| 13 | CHKP | Check Point Software Technologies Ltd. | Technology | 86.72% | $14.72B |
| 14 | ALKS | Alkermes plc | Healthcare | 86.69% | $7.71B |
| 15 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 86.24% | $138.71B |
| 16 | FICO | Fair Isaac Corporation | Technology | 86.13% | $15.22B |
| 17 | BZ | Kanzhun Limited | Communication Services | 85.06% | $7.73B |
| 18 | QFIN | Qfin Holdings, Inc. | Financial Services | 84.37% | $678.43M |
| 19 | GTM | ZoomInfo Technologies Inc. | Technology | 84.03% | $1.03B |
| 20 | PTC | PTC Inc. | Technology | 83.76% | $21.19B |
| 21 | HALO | Halozyme Therapeutics, Inc. | Healthcare | 83.62% | $11.81B |
| 22 | PAYC | Paycom Software, Inc. | Technology | 83.17% | $10.51B |
| 23 | ABNB | Airbnb, Inc. | Consumer Cyclical | 82.96% | $111.63B |
| 24 | MSCI | MSCI Inc. | Financial Services | 82.44% | $46.60B |
| 25 | PLTR | Palantir Technologies Inc. | Technology | 82.37% | $386.44B |
| 26 | META | Meta Platforms, Inc. | Communication Services | 82.00% | $1.56T |
| 27 | AZN | AstraZeneca PLC | Healthcare | 81.90% | $289.14B |
| 28 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | 81.77% | $20.89B |
| 29 | DT | Dynatrace, Inc. | Technology | 81.56% | $12.46B |
| 30 | BSY | Bentley Systems, Incorporated | Technology | 81.52% | $13.50B |
| 31 | FFIV | F5, Inc. | Technology | 81.41% | $17.66B |
| 32 | NVO | Novo Nordisk A/S | Healthcare | 80.98% | $177.74B |
| 33 | MH | McGraw Hill, Inc. | Consumer Defensive | 80.92% | $2.08B |
| 34 | MU | Micron Technology, Inc. | Technology | 80.72% | $780.68B |
| 35 | TCOM | Trip.com Group Limited | Consumer Cyclical | 80.58% | $27.94B |
| 36 | FTNT | Fortinet, Inc. | Technology | 80.46% | $87.31B |
| 37 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | 80.23% | $4.28B |
| 38 | SUPN | Supernus, Inc. | Healthcare | 80.23% | $1.52B |
| 39 | DBX | Dropbox, Inc. | Technology | 80.13% | $7.54B |
| 40 | GILD | Gilead Sciences, Inc. | Healthcare | 78.83% | $207.00B |
| 41 | TTD | The Trade Desk, Inc. | Communication Services | 78.63% | $6.11B |
| 42 | NTAP | NetApp, Inc. | Technology | 78.55% | $33.23B |
| 43 | GEN | Gen Digital Inc. | Technology | 78.46% | $17.67B |
| 44 | EW | Edwards Lifesciences Corporation | Healthcare | 78.01% | $58.73B |
| 45 | HLF | Herbalife Ltd. | Consumer Defensive | 77.87% | $1.60B |
| 46 | TPR | Tapestry, Inc. | Consumer Cyclical | 77.82% | $26.10B |
| 47 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | 77.73% | $10.85B |
| 48 | CRM | Salesforce, Inc. | Technology | 77.68% | $175.83B |
| 49 | NOW | ServiceNow, Inc. | Technology | 77.53% | $105.84B |
| 50 | TIGO | Millicom International Cellular S.A. | Communication Services | 77.47% | $13.96B |
| 51 | ZM | Zoom Communications, Inc. | Technology | 77.02% | $26.23B |
| 52 | SNPS | Synopsys, Inc. | Technology | 76.98% | $86.32B |
| 53 | WB | Weibo Corporation | Communication Services | 75.99% | $1.60B |
| 54 | PEGA | Pegasystems Inc. | Technology | 75.86% | $5.30B |
| 55 | NVS | Novartis AG | Healthcare | 75.83% | $307.00B |
| 56 | VEEV | Veeva Systems Inc. | Healthcare | 75.53% | $49.18B |
| 57 | SBAC | SBA Communications Corporation | Real Estate | 75.46% | $19.78B |
| 58 | MCO | Moody's Corporation | Financial Services | 74.44% | $87.19B |
| 59 | PAYX | Paychex, Inc. | Technology | 74.29% | $41.67B |
| 60 | WLY | John Wiley & Sons, Inc. | Communication Services | 74.26% | $2.55B |
| 61 | CCI | Crown Castle Inc. | Real Estate | 74.09% | $37.70B |
| 62 | FNV | Franco-Nevada Corporation | Basic Materials | 73.91% | $49.17B |
| 63 | HIMS | Hims & Hers Health, Inc. | Healthcare | 73.84% | $6.07B |
| 64 | MMYT | MakeMyTrip Limited | Consumer Cyclical | 73.77% | $4.81B |
| 65 | OTEX | Open Text Corporation | Technology | 73.74% | $6.00B |
| 66 | CART | Maplebear Inc. | Consumer Cyclical | 73.70% | $13.75B |
| 67 | XYF | X Financial | Financial Services | 73.55% | $212.37M |
| 68 | CCC | CCC Intelligent Solutions Holdings Inc. | Technology | 73.49% | $4.54B |
| 69 | SAP | SAP SE | Technology | 72.86% | $269.45B |
| 70 | EXR | Extra Space Storage Inc. | Real Estate | 72.82% | $33.23B |
| 71 | MTCH | Match Group, Inc | Communication Services | 72.80% | $8.88B |
| 72 | GPN | Global Payments Inc. | Industrials | 72.57% | $25.78B |
| 73 | GSK | GSK plc | Healthcare | 72.40% | $100.88B |
| 74 | DUOL | Duolingo, Inc. | Technology | 72.23% | $7.57B |
| 75 | WPM | Wheaton Precious Metals Corp. | Basic Materials | 72.22% | $61.91B |
| 76 | SNY | Sanofi | Healthcare | 72.07% | $112.71B |
| 77 | ETSY | Etsy, Inc. | Consumer Cyclical | 71.64% | $7.75B |
| 78 | PODD | Insulet Corporation | Healthcare | 71.63% | $10.16B |
| 79 | SNDK | Sandisk Corporation | Technology | 71.47% | $118.82B |
| 80 | EBAY | eBay Inc. | Consumer Cyclical | 71.45% | $53.54B |
| 81 | RNG | RingCentral, Inc. | Technology | 71.24% | $6.02B |
| 82 | NVDA | NVIDIA Corporation | Technology | 71.07% | $4.51T |
| 83 | ELF | e.l.f. Beauty, Inc. | Consumer Defensive | 70.72% | $6.87B |
| 84 | P | Everpure, Inc. | Technology | 70.38% | $32.24B |
| 85 | PANW | Palo Alto Networks, Inc. | Technology | 70.36% | $256.86B |
| 86 | SPGI | S&P Global Inc. | Financial Services | 70.25% | $135.62B |
| 87 | ABBV | AbbVie Inc. | Healthcare | 70.24% | $514.78B |
| 88 | ESS | Essex Property Trust, Inc. | Real Estate | 69.89% | $17.51B |
| 89 | VRSK | Verisk Analytics, Inc. | Industrials | 69.88% | $26.25B |
| 90 | RL | Ralph Lauren Corporation | Consumer Cyclical | 69.87% | $22.26B |
| 91 | GOOS | Canada Goose Holdings Inc. | Consumer Cyclical | 69.72% | $830.21M |
| 92 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | 69.71% | $19.98B |
| 93 | HQY | HealthEquity, Inc. | Healthcare | 69.52% | $8.57B |
| 94 | NUS | Nu Skin Enterprises, Inc. | Consumer Defensive | 69.45% | $199.57M |
| 95 | RGLD | Royal Gold, Inc. | Basic Materials | 69.32% | $22.47B |
| 96 | ROP | Roper Technologies, Inc. | Technology | 69.24% | $47.20B |
| 97 | PCTY | Paylocity Holding Corporation | Technology | 69.19% | $9.03B |
| 98 | TRMB | Trimble Inc. | Technology | 69.07% | $12.40B |
| 99 | BSX | Boston Scientific Corporation | Healthcare | 69.01% | $61.96B |
| 100 | IT | Gartner, Inc. | Technology | 68.77% | $11.99B |
No companies match this search.
How this ranking is built
Companies are ranked by gross margin as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- Narrow cost lines: A company whose cost line holds only part of its direct costs, such as a utility counting only the energy it buys, is left out, because revenue less that line is not a gross margin. Its financials page shows the figure under its own name.
- Cost-classification check: A company whose gross margin runs more than 70 points above its operating margin is left out, because at that gap the split between cost of sales and operating cost is a reporting convention rather than a margin. A company with no usable operating margin, usually because it reports no operating income, is left out too, since the gap cannot be checked.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
What does gross margin actually measure?
Gross margin is the share of each sales dollar that remains after the direct costs of producing the goods or services sold. Those direct costs include raw materials, manufacturing labor, hosting and bandwidth for software, and shipping, depending on the business. It sits at the top of the profitability stack and is the purest read on unit economics, because it ignores overhead, research, marketing, interest, and tax and focuses only on what it costs to deliver what the customer bought.
Why do gross margins vary so much across industries?
Cost structures differ fundamentally. Software businesses carry almost no marginal cost per user once the product exists, so their gross margins tend to run very high. Hardware, food, and commodity producers carry heavy direct costs for every unit shipped, which compresses the margin. Regulated utilities and financial firms have cost structures that do not fit the traditional gross margin concept at all. Comparing gross margin across industries rarely makes sense; comparing within an industry usually does.
Is a higher gross margin always better?
Not on its own. A higher gross margin often signals pricing power or production efficiency, but it can also reflect a company that classifies costs differently, such as putting fulfillment or customer-support costs below the gross line instead of inside cost of goods. It also tells you nothing about whether overhead, research, and sales expense will eat the margin before it reaches the bottom line. Gross margin is a diagnostic input, not a standalone verdict.