Top 100 Stocks by Operating Margin
Top companies ranked by operating margin, latest annual filings.
What Operating Margin Means for US-listed Companies
Operating margin is operating income divided by revenue, so it captures what is left of each sales dollar after both the direct costs of making the product and the indirect costs of running the business, including sales, research, overhead, and depreciation, have been absorbed. It sits below gross margin and above net margin on the income statement, reading the pure operating engine of the firm without interference from capital structure or tax jurisdiction.
Why Operating Margin Alone Can Mislead
Operating margin is powerful because it isolates how efficiently a business converts revenue into profit from operations, before financing choices skew the picture. That said, it is highly sector-dependent, which makes cross-industry comparisons misleading without context. It also embeds depreciation, a non-cash charge tied to past capex, so capital-heavy firms can look weaker than their cash economics suggest. Accounting choices about what to capitalize and one-time restructuring charges further distort single-year snapshots.
What to Read Alongside
Pair operating margin with Gross Margin to see where the profit is being earned or lost in the cost stack, Net Margin for the after-tax bottom-line read, and EBITDA to strip out the depreciation effect.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | APP | AppLovin Corporation | Communication Services | 75.75% | $129.62B |
| 2 | MU | Micron Technology, Inc. | Technology | 74.59% | $780.68B |
| 3 | FNV | Franco-Nevada Corporation | Basic Materials | 74.29% | $49.17B |
| 4 | WPM | Wheaton Precious Metals Corp. | Basic Materials | 68.33% | $61.91B |
| 5 | VRSN | VeriSign, Inc. | Technology | 67.67% | $27.69B |
| 6 | RPRX | Royalty Pharma plc | Healthcare | 65.58% | $38.60B |
| 7 | CME | CME Group Inc. | Financial Services | 64.86% | $109.49B |
| 8 | HESM | Hess Midstream LP | Energy | 62.18% | $3.85B |
| 9 | RGLD | Royal Gold, Inc. | Basic Materials | 61.93% | $22.47B |
| 10 | FUTU | Futu Holdings Limited | Financial Services | 61.63% | $13.75B |
| 11 | BIPC | Brookfield Infrastructure Corporation | Utilities | 61.45% | $4.88B |
| 12 | V | Visa Inc. | Financial Services | 61.24% | $788.58B |
| 13 | SNDK | Sandisk Corporation | Technology | 61.19% | $118.82B |
| 14 | AGI | Alamos Gold Inc. | Basic Materials | 60.68% | $13.32B |
| 15 | NVDA | NVIDIA Corporation | Technology | 60.38% | $4.51T |
| 16 | MA | Mastercard Incorporated | Financial Services | 57.63% | $568.62B |
| 17 | MSCI | MSCI Inc. | Financial Services | 54.67% | $46.60B |
| 18 | AM | Antero Midstream Corporation | Energy | 54.25% | $8.97B |
| 19 | TRP | TC Energy Corporation | Energy | 52.73% | $64.51B |
| 20 | SCCO | Southern Copper Corporation | Basic Materials | 52.17% | $142.73B |
| 21 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | 50.83% | $1.95T |
| 22 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 50.55% | $6.35B |
| 23 | PTCT | PTC Therapeutics, Inc. | Healthcare | 50.09% | $5.47B |
| 24 | FICO | Fair Isaac Corporation | Technology | 49.93% | $15.22B |
| 25 | BCH | Banco de Chile | Financial Services | 49.64% | $19.53B |
| 26 | KB | KB Financial Group Inc. | Financial Services | 49.60% | $38.60B |
| 27 | DTM | DT Midstream, Inc. | Energy | 49.40% | $11.60B |
| 28 | SHG | Shinhan Financial Group Co., Ltd. | Financial Services | 48.05% | $29.40B |
| 29 | DAC | Danaos Corporation | Industrials | 47.85% | $2.70B |
| 30 | TDG | TransDigm Group Incorporated | Industrials | 47.16% | $66.17B |
| 31 | UTHR | United Therapeutics Corporation | Healthcare | 46.89% | $23.94B |
| 32 | MSFT | Microsoft Corporation | Technology | 46.78% | $3.94T |
| 33 | KGC | Kinross Gold Corporation | Basic Materials | 46.48% | $26.20B |
| 34 | MCD | McDonald's Corporation | Consumer Cyclical | 46.10% | $195.68B |
| 35 | MPLX | MPLX LP | Energy | 45.72% | $56.64B |
| 36 | ASR | Grupo Aeroportuario del Sureste, S. A. B. de C. V. | Industrials | 45.64% | $7.91B |
| 37 | LNG | Cheniere Energy, Inc. | Energy | 45.61% | $56.76B |
| 38 | RCI | Rogers Communications Inc. | Communication Services | 45.23% | $18.01B |
| 39 | BTG | B2Gold Corp. | Basic Materials | 45.15% | $7.11B |
| 40 | CPAY | Corpay, Inc. | Technology | 44.04% | $29.12B |
| 41 | BBVA | Banco Bilbao Vizcaya Argentaria, S.A. | Financial Services | 43.74% | $137.77B |
| 42 | VRSK | Verisk Analytics, Inc. | Industrials | 43.74% | $26.25B |
| 43 | MCO | Moody's Corporation | Financial Services | 43.42% | $87.19B |
| 44 | ANET | Arista Networks, Inc. | Technology | 42.82% | $215.79B |
| 45 | MO | Altria Group, Inc. | Consumer Defensive | 42.52% | $126.62B |
| 46 | PAC | Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | Industrials | 42.46% | $14.79B |
| 47 | GEN | Gen Digital Inc. | Technology | 42.40% | $17.67B |
| 48 | SPGI | S&P Global Inc. | Financial Services | 42.24% | $135.62B |
| 49 | GPOR | Gulfport Energy Corporation | Energy | 42.21% | $2.61B |
| 50 | WES | Western Midstream Partners, LP | Energy | 41.67% | $16.47B |
| 51 | IFS | Intercorp Financial Services Inc. | Financial Services | 41.64% | $5.14B |
| 52 | HBM | Hudbay Minerals Inc. | Basic Materials | 41.45% | $9.29B |
| 53 | META | Meta Platforms, Inc. | Communication Services | 41.44% | $1.56T |
| 54 | NVO | Novo Nordisk A/S | Healthcare | 41.30% | $177.74B |
| 55 | HMY | Harmony Gold Mining Company Limited | Basic Materials | 41.21% | $10.77B |
| 56 | HSBC | HSBC Holdings plc | Financial Services | 41.01% | $297.72B |
| 57 | TGS | Transportadora de Gas del Sur S.A. | Energy | 40.89% | $3.24B |
| 58 | BMA | Banco Macro S.A. | Financial Services | 40.72% | $3.69B |
| 59 | TW | Tradeweb Markets Inc. | Financial Services | 40.70% | $26.95B |
| 60 | BHP | BHP Group Limited | Basic Materials | 40.62% | $203.04B |
| 61 | TME | Tencent Music Entertainment Group | Communication Services | 40.62% | $15.58B |
| 62 | NVAX | Novavax, Inc. | Healthcare | 40.30% | $1.78B |
| 63 | UNP | Union Pacific Corporation | Industrials | 40.17% | $172.38B |
| 64 | EGO | Eldorado Gold Corporation | Basic Materials | 39.99% | $9.29B |
| 65 | AVGO | Broadcom Inc. | Technology | 39.89% | $1.40T |
| 66 | BTI | British American Tobacco p.l.c. | Consumer Defensive | 39.04% | $130.83B |
| 67 | ICE | Intercontinental Exchange, Inc. | Financial Services | 39.00% | $96.27B |
| 68 | PAYX | Paychex, Inc. | Technology | 38.55% | $41.67B |
| 69 | IAG | IAMGOLD Corporation | Basic Materials | 38.33% | $10.63B |
| 70 | CNI | Canadian National Railway Company | Industrials | 38.07% | $74.40B |
| 71 | EQT | EQT Corporation | Energy | 37.59% | $30.90B |
| 72 | EXEL | Exelixis, Inc. | Healthcare | 37.59% | $16.98B |
| 73 | VG | Venture Global, Inc. | Energy | 37.45% | $28.83B |
| 74 | WTRG | Essential Utilities, Inc. | Utilities | 37.22% | $13.02B |
| 75 | CP | Canadian Pacific Kansas City Limited | Industrials | 37.20% | $80.15B |
| 76 | EIX | Edison International | Utilities | 36.72% | $22.84B |
| 77 | PM | Philip Morris International Inc. | Consumer Defensive | 36.64% | $308.42B |
| 78 | ADBE | Adobe Inc. | Technology | 36.63% | $93.14B |
| 79 | VCTR | Victory Capital Holdings, Inc. | Financial Services | 36.63% | $7.37B |
| 80 | BVN | Compañía de Minas Buenaventura S.A.A. | Basic Materials | 36.57% | $7.11B |
| 81 | AWK | American Water Works Company, Inc. | Utilities | 36.56% | $29.92B |
| 82 | UI | Ubiquiti Inc. | Technology | 36.21% | $35.85B |
| 83 | HL | Hecla Mining Company | Basic Materials | 36.18% | $9.90B |
| 84 | PBA | Pembina Pipeline Corporation | Energy | 36.11% | $28.08B |
| 85 | NGVT | Ingevity Corporation | Basic Materials | 35.86% | $2.03B |
| 86 | PTC | PTC Inc. | Technology | 35.86% | $21.19B |
| 87 | NSC | Norfolk Southern Corporation | Industrials | 35.76% | $71.86B |
| 88 | NFG | National Fuel Gas Company | Energy | 35.72% | $6.98B |
| 89 | ECPG | Encore Capital Group, Inc. | Financial Services | 35.43% | $2.38B |
| 90 | CPRT | Copart, Inc. | Industrials | 35.42% | $29.60B |
| 91 | LRCX | Lam Research Corporation | Technology | 35.29% | $250.84B |
| 92 | WMB | The Williams Companies, Inc. | Energy | 35.11% | $80.11B |
| 93 | QFIN | Qfin Holdings, Inc. | Financial Services | 34.77% | $678.43M |
| 94 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 34.77% | $138.71B |
| 95 | ASML | ASML Holding N.V. | Technology | 34.60% | $549.12B |
| 96 | WDC | Western Digital Corporation | Technology | 34.47% | $98.74B |
| 97 | CQP | Cheniere Energy Partners, L.P. | Energy | 34.45% | $27.77B |
| 98 | CDE | Coeur Mining, Inc. | Basic Materials | 34.15% | $15.81B |
| 99 | MUFG | Mitsubishi UFJ Financial Group, Inc. | Financial Services | 34.10% | $236.03B |
| 100 | PAAS | Pan American Silver Corp. | Basic Materials | 34.07% | $16.98B |
No companies match this search.
How this ranking is built
Companies are ranked by operating 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
How is operating margin different from gross margin and net margin?
The three margins sit at different stages of the income statement. Gross margin subtracts only direct cost of goods or services, leaving room for everything else. Operating margin goes further and subtracts sales, research, general overhead, and depreciation, capturing the core operating engine. Net margin is the final figure, after interest expense and income tax. Each margin tells you something the others do not, and the gap between them describes where a business is spending its money.
Why can two companies with identical operating margins have very different economics?
Operating margin embeds depreciation and amortization, which are non-cash accounting charges reflecting past investment. A capital-light software firm and a capital-heavy manufacturer can post the same operating margin while generating very different free cash flow, because depreciation is a real cost for one and a smaller item for the other. Operating margin also sits before interest expense, so two companies with identical operations but different debt loads end up with different net margins and cash flows.