Top 100 Stocks by Net Margin
Top companies ranked by net margin, latest annual filings.
What Net Margin Means for US-listed Companies
Net margin is net income divided by revenue, the share of each sales dollar that survives every line of the income statement, including cost of goods, overhead, research, interest, and tax. It sits at the bottom of the profitability stack and represents what actually belongs to shareholders. Across US-listed firms the figure reflects radically different business models, cost structures, capital setups, and tax postures, so it compresses a great deal of information into a single percentage.
Why Net Margin Matters
Net margin captures the cumulative effect of operational efficiency, capital structure, and tax discipline, and a durable net margin across cycles usually reflects a business that has earned its pricing. Still, the number includes non-cash charges such as depreciation and amortization along with one-time items, and GAAP net margin can diverge meaningfully from the cash generation the firm actually produces, so pairing it with cash-flow measures before drawing conclusions is usually wise.
What to Read Alongside
Pair net margin with Gross Margin for the top of the margin stack, Operating Margin for the middle layer before interest and tax, and Return on Equity to combine margin with how efficiently the capital base is being used.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | JOYY | JOYY Inc. | Communication Services | 98.78% | $3.96B |
| 2 | WDC | Western Digital Corporation | Technology | 72.95% | $98.74B |
| 3 | SPG | Simon Property Group, Inc. | Real Estate | 72.71% | $73.66B |
| 4 | VICI | VICI Properties Inc. | Real Estate | 69.28% | $27.30B |
| 5 | MU | Micron Technology, Inc. | Technology | 63.80% | $780.68B |
| 6 | WPM | Wheaton Precious Metals Corp. | Basic Materials | 63.58% | $61.91B |
| 7 | OTF | Blue Owl Technology Finance Corp. | Financial Services | 62.89% | $4.30B |
| 8 | CME | CME Group Inc. | Financial Services | 62.45% | $109.49B |
| 9 | SUI | Sun Communities, Inc. | Real Estate | 61.31% | $14.36B |
| 10 | FNV | Franco-Nevada Corporation | Basic Materials | 61.01% | $49.17B |
| 11 | MTG | MGIC Investment Corporation | Financial Services | 60.84% | $5.69B |
| 12 | APP | AppLovin Corporation | Communication Services | 60.83% | $129.62B |
| 13 | UNIT | Uniti Group Inc. | Real Estate | 58.39% | $1.27B |
| 14 | GFL | GFL Environmental Inc. | Industrials | 57.95% | $20.20B |
| 15 | SNDK | Sandisk Corporation | Technology | 56.46% | $118.82B |
| 16 | NVDA | NVIDIA Corporation | Technology | 55.60% | $4.51T |
| 17 | ESNT | Essent Group Ltd. | Financial Services | 54.72% | $5.70B |
| 18 | ACT | Enact Holdings, Inc. | Financial Services | 54.56% | $6.38B |
| 19 | TCOM | Trip.com Group Limited | Consumer Cyclical | 53.35% | $27.94B |
| 20 | NTNX | Nutanix, Inc. | Technology | 52.81% | $15.92B |
| 21 | GLPI | Gaming and Leisure Properties, Inc. | Real Estate | 51.74% | $11.31B |
| 22 | V | Visa Inc. | Financial Services | 51.20% | $788.58B |
| 23 | VNO | Vornado Realty Trust | Real Estate | 49.99% | $6.70B |
| 24 | VRSN | VeriSign, Inc. | Technology | 49.84% | $27.69B |
| 25 | BAM | Brookfield Asset Management Ltd. | Financial Services | 49.78% | $84.57B |
| 26 | FUTU | Futu Holdings Limited | Financial Services | 49.62% | $13.75B |
| 27 | OHI | Omega Healthcare Investors, Inc. | Real Estate | 49.59% | $14.67B |
| 28 | AGI | Alamos Gold Inc. | Basic Materials | 48.97% | $13.32B |
| 29 | RDN | Radian Group Inc. | Financial Services | 48.67% | $4.67B |
| 30 | DAC | Danaos Corporation | Industrials | 47.45% | $2.70B |
| 31 | MA | Mastercard Incorporated | Financial Services | 45.58% | $568.62B |
| 32 | AGO | Assured Guaranty Ltd. | Financial Services | 45.32% | $3.23B |
| 33 | AFRM | Affirm Holdings, Inc. | Financial Services | 45.29% | $23.09B |
| 34 | RGLD | Royal Gold, Inc. | Basic Materials | 45.25% | $22.47B |
| 35 | EWBC | East West Bancorp, Inc. | Financial Services | 45.20% | $17.65B |
| 36 | BVN | Compañía de Minas Buenaventura S.A.A. | Basic Materials | 45.17% | $7.11B |
| 37 | BYD | Boyd Gaming Corporation | Consumer Cyclical | 45.05% | $5.41B |
| 38 | LYFT | Lyft, Inc. | Technology | 45.03% | $6.48B |
| 39 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | 44.57% | $1.95T |
| 40 | AER | AerCap Holdings N.V. | Industrials | 44.04% | $25.76B |
| 41 | HOMB | Home BancShares, Inc. | Financial Services | 43.58% | $5.95B |
| 42 | PB | Prosperity Bancshares, Inc. | Financial Services | 43.43% | $8.60B |
| 43 | ARCC | Ares Capital Corporation | Financial Services | 42.56% | $13.82B |
| 44 | HOOD | Robinhood Markets, Inc. | Financial Services | 42.10% | $72.86B |
| 45 | UTHR | United Therapeutics Corporation | Healthcare | 41.94% | $23.94B |
| 46 | VAL | Valaris Limited | Energy | 41.49% | $5.54B |
| 47 | GFI | Gold Fields Limited | Basic Materials | 40.76% | $34.65B |
| 48 | MSFT | Microsoft Corporation | Technology | 40.31% | $3.94T |
| 49 | DUOL | Duolingo, Inc. | Technology | 39.91% | $7.57B |
| 50 | BXSL | Blackstone Secured Lending Fund | Financial Services | 39.71% | $5.62B |
| 51 | TW | Tradeweb Markets Inc. | Financial Services | 39.60% | $26.95B |
| 52 | PTCT | PTC Therapeutics, Inc. | Healthcare | 39.44% | $5.47B |
| 53 | NVAX | Novavax, Inc. | Healthcare | 39.19% | $1.78B |
| 54 | BCH | Banco de Chile | Financial Services | 39.13% | $19.53B |
| 55 | ZM | Zoom Communications, Inc. | Technology | 39.03% | $26.23B |
| 56 | ANET | Arista Networks, Inc. | Technology | 38.99% | $215.79B |
| 57 | CHKP | Check Point Software Technologies Ltd. | Technology | 38.78% | $14.72B |
| 58 | SLDE | Slide Insurance Holdings, Inc. | Financial Services | 38.41% | $3.04B |
| 59 | MSCI | MSCI Inc. | Financial Services | 38.36% | $46.60B |
| 60 | CBC | Central Bancompany, Inc. | Financial Services | 38.27% | $9.04B |
| 61 | PLD | Prologis, Inc. | Real Estate | 37.86% | $120.68B |
| 62 | MPLX | MPLX LP | Energy | 37.79% | $56.64B |
| 63 | UBSI | United Bankshares, Inc. | Financial Services | 37.55% | $6.57B |
| 64 | SLM | SLM Corporation | Financial Services | 37.54% | $3.18B |
| 65 | AEM | Agnico Eagle Mines Limited | Basic Materials | 37.47% | $96.85B |
| 66 | SBAC | SBA Communications Corporation | Real Estate | 37.43% | $19.78B |
| 67 | SCHW | The Charles Schwab Corporation | Financial Services | 37.01% | $158.22B |
| 68 | PSA | Public Storage | Real Estate | 36.99% | $63.05B |
| 69 | BAP | Credicorp Ltd. | Financial Services | 36.61% | $27.63B |
| 70 | ACAD | Acadia Pharmaceuticals Inc. | Healthcare | 36.49% | $3.67B |
| 71 | PLTR | Palantir Technologies Inc. | Technology | 36.31% | $386.44B |
| 72 | AVGO | Broadcom Inc. | Technology | 36.20% | $1.40T |
| 73 | VMRK | AvalonBay Communities, Inc. | Real Estate | 36.20% | $26.13B |
| 74 | BSAC | Banco Santander-Chile | Financial Services | 35.70% | $15.23B |
| 75 | YMM | Full Truck Alliance Co. Ltd. | Technology | 35.70% | $9.50B |
| 76 | KLAC | KLA Corporation | Technology | 35.57% | $180.45B |
| 77 | DTM | DT Midstream, Inc. | Energy | 35.48% | $11.60B |
| 78 | ESS | Essex Property Trust, Inc. | Real Estate | 35.48% | $17.51B |
| 79 | CRDO | Credo Technology Group Holding Ltd | Technology | 35.37% | $22.65B |
| 80 | NWG | NatWest Group plc | Financial Services | 35.06% | $61.54B |
| 81 | AM | Antero Midstream Corporation | Energy | 34.72% | $8.97B |
| 82 | PUK | Prudential plc | Financial Services | 34.62% | $30.28B |
| 83 | AMG | Affiliated Managers Group, Inc. | Financial Services | 34.54% | $9.37B |
| 84 | FBP | First BanCorp. | Financial Services | 34.46% | $3.92B |
| 85 | ABCB | Ameris Bancorp | Financial Services | 34.12% | $5.49B |
| 86 | SHG | Shinhan Financial Group Co., Ltd. | Financial Services | 34.02% | $29.40B |
| 87 | KB | KB Financial Group Inc. | Financial Services | 33.97% | $38.60B |
| 88 | REG | Regency Centers Corporation | Real Estate | 33.95% | $13.70B |
| 89 | KGC | Kinross Gold Corporation | Basic Materials | 33.90% | $26.20B |
| 90 | OBDC | Blue Owl Capital Corporation | Financial Services | 33.89% | $5.36B |
| 91 | HSBC | HSBC Holdings plc | Financial Services | 33.88% | $297.72B |
| 92 | EXEL | Exelixis, Inc. | Healthcare | 33.73% | $16.98B |
| 93 | TME | Tencent Music Entertainment Group | Communication Services | 33.60% | $15.58B |
| 94 | NVO | Novo Nordisk A/S | Healthcare | 33.14% | $177.74B |
| 95 | AX | Axos Financial, Inc. | Financial Services | 33.12% | $5.26B |
| 96 | BZ | Kanzhun Limited | Communication Services | 33.09% | $7.73B |
| 97 | IFS | Intercorp Financial Services Inc. | Financial Services | 33.04% | $5.14B |
| 98 | FICO | Fair Isaac Corporation | Technology | 32.94% | $15.22B |
| 99 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 32.94% | $138.71B |
| 100 | PNFP | Pinnacle Financial Partners, Inc. | Financial Services | 32.87% | $15.21B |
No companies match this search.
Net margin is GAAP net income divided by revenue, so one-time gains and tax benefits count in full: a company near the top can show a net margin well above its operating margin for that year.
How this ranking is built
Companies are ranked by net 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.
- 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 exactly does net margin measure?
Net margin is the percentage of revenue that remains as net income after every expense line has been subtracted: cost of goods, operating expenses, research, marketing, depreciation, interest on debt, and taxes. It is the most comprehensive profitability ratio on the income statement because nothing is excluded. That completeness is also its weakness, because it folds in non-operating items, one-time charges, and tax discontinuities that do not reflect the underlying business. Reading net margin in isolation without context on what produced it can be misleading.
Is a higher net margin always a better signal than a lower one?
Usually within an industry, yes, but across industries the comparison breaks down. Capital-intensive businesses carry heavy depreciation and interest that compress net margin for structural reasons unrelated to quality. Asset-light software firms produce high net margins almost mechanically once revenue covers the fixed cost base. A software firm with a moderate net margin may be a more capital-efficient business than a utility with a similar number. Context about the industry, capital structure, and reinvestment rate is essential before ranking on this metric.
Can a company have a high GAAP net margin but poor cash generation?
Yes, and it happens regularly. Net income includes non-cash items such as depreciation and amortization added back in cash-flow statements, but it also excludes working-capital swings, capital expenditures, and share-based compensation adjustments that affect real cash. A firm with heavy capex reinvestment, growing receivables, or aggressive revenue recognition can report a healthy net margin while free cash flow is negligible or negative. This is why free cash flow is routinely read alongside net margin rather than as a substitute.