Top Financial Services Stocks by Gross Margin
Top financial services companies ranked by gross margin, latest annual filings.
What Gross Margin Means for Financial Services Companies
Gross margin does not translate cleanly into financial services. Banks, insurers, asset managers, and exchanges do not produce a physical good with a direct cost of production, so the classic revenue-minus-cost-of-goods framework often breaks down. When a gross margin figure does appear for a financial firm, it typically reflects a calculation imposed by the reporting convention rather than a number management itself optimizes.
Why It Matters Less in Financial Services
Analysts who cover financial names tend to bypass gross margin in favor of net interest margin for lenders, fee take-rate for asset managers, and combined ratios for insurers. These are the true analogs of the gross margin concept in the sector. Treating a bank's reported gross margin as a peer-comparison number is usually unhelpful because interest expense, loan-loss provisions, and claims behave nothing like manufacturing cost of goods.
What to Read Alongside
Because direct-cost economics do not apply here, pair gross margin with Revenue for the scale lens, Net Margin for a more meaningful bottom-line read, and Return on Equity for the efficiency of the capital base.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | FUTU | Futu Holdings Limited | Financial Services | 87.12% | $13.75B |
| 2 | QFIN | Qfin Holdings, Inc. | Financial Services | 84.37% | $678.43M |
| 3 | MSCI | MSCI Inc. | Financial Services | 82.44% | $46.60B |
| 4 | MCO | Moody's Corporation | Financial Services | 74.44% | $87.19B |
| 5 | XYF | X Financial | Financial Services | 73.55% | $212.37M |
| 6 | SPGI | S&P Global Inc. | Financial Services | 70.25% | $135.62B |
| 7 | NDAQ | Nasdaq, Inc. | Financial Services | 63.53% | $59.88B |
| 8 | MORN | Morningstar, Inc. | Financial Services | 61.03% | $9.06B |
| 9 | EZPW | EZCORP, Inc. | Financial Services | 58.55% | $1.75B |
| 10 | ENVA | Enova International, Inc. | Financial Services | 58.07% | $4.22B |
| 11 | FDS | FactSet Research Systems Inc. | Financial Services | 50.61% | $11.56B |
| 12 | WU | The Western Union Company | Financial Services | 37.03% | $2.15B |
| 13 | SEIC | SEI Investments Company | Financial Services | 35.18% | $12.49B |
| 14 | MIAX | Miami International Holdings, Inc. | Financial Services | 31.56% | $3.45B |
| 15 | TREE | LendingTree, Inc. | Financial Services | 31.51% | $519.70M |
| 16 | TRUP | Trupanion, Inc. | Financial Services | 16.05% | $1.59B |
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
Why does gross margin not apply cleanly to banks and insurers?
Banks earn revenue primarily from the spread between interest charged on loans and interest paid on deposits, and insurers earn from premiums offset by claims and reserves. Neither maps onto a traditional cost-of-goods structure. The economic analog of gross margin for a bank is net interest margin, and for an insurer it is the combined ratio of losses and expenses to premiums. Reported gross margin for financial firms can be calculated, but it tends to be a definitional artifact rather than a diagnostic of the core business.
What do readers of this ranking pay attention to instead?
For lenders, net interest margin, loan-loss provisions, and efficiency ratio tell the operational story. For asset managers, fee rates and assets under management trajectory matter more. For insurers, underwriting combined ratio and investment yield together describe profitability. Gross margin rankings in this sector are best treated as a rough screen; the real assessment comes from reading specialized metrics that reflect how the underlying balance sheet actually generates returns rather than a standard industrial margin framework.