Top Financial Services Stocks by Operating Margin
Top financial services companies ranked by operating margin, latest annual filings.
What Operating Margin Means for Financial Services Companies
Operating margin is an unusual lens in financial services. For banks, interest expense is an operating cost of funding the loan book rather than a financing charge, so the textbook operating margin concept does not map cleanly onto a lender's income statement. Banks typically report the efficiency ratio, which expresses non-interest operating cost as a percentage of revenue. Asset managers, exchanges, and insurers are closer to standard operating-margin comparability, though each carries its own reserving and accounting quirks.
Why It Matters Less in Financial Services
For a bank, what drives profitability is net interest margin, credit loss provisions, and fee income mix, none of which show up cleanly in a single operating-margin figure. For capital-light fee businesses, operating margin is more interpretable and often signals scale-driven operating leverage. Still, comparing across subsectors is genuinely hazardous: the same headline operating margin can describe a regional bank, a global exchange, and a property insurer, each operating under radically different business models and accounting regimes.
What to Read Alongside
Pair operating margin with Revenue to frame scale, Net Income for the after-tax bottom line that matters most here, and ROE, typically the more informative profitability gauge for capital-intensive financial firms.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | CME | CME Group Inc. | Financial Services | 64.86% | $109.49B |
| 2 | FUTU | Futu Holdings Limited | Financial Services | 61.63% | $13.75B |
| 3 | V | Visa Inc. | Financial Services | 61.24% | $788.58B |
| 4 | MA | Mastercard Incorporated | Financial Services | 57.63% | $568.62B |
| 5 | MSCI | MSCI Inc. | Financial Services | 54.67% | $46.60B |
| 6 | BCH | Banco de Chile | Financial Services | 49.64% | $19.53B |
| 7 | KB | KB Financial Group Inc. | Financial Services | 49.60% | $38.60B |
| 8 | SHG | Shinhan Financial Group Co., Ltd. | Financial Services | 48.05% | $29.40B |
| 9 | BBVA | Banco Bilbao Vizcaya Argentaria, S.A. | Financial Services | 43.74% | $137.77B |
| 10 | MCO | Moody's Corporation | Financial Services | 43.42% | $87.19B |
| 11 | SPGI | S&P Global Inc. | Financial Services | 42.24% | $135.62B |
| 12 | IFS | Intercorp Financial Services Inc. | Financial Services | 41.64% | $5.14B |
| 13 | HSBC | HSBC Holdings plc | Financial Services | 41.01% | $297.72B |
| 14 | BMA | Banco Macro S.A. | Financial Services | 40.72% | $3.69B |
| 15 | TW | Tradeweb Markets Inc. | Financial Services | 40.70% | $26.95B |
| 16 | ICE | Intercontinental Exchange, Inc. | Financial Services | 39.00% | $96.27B |
| 17 | VCTR | Victory Capital Holdings, Inc. | Financial Services | 36.63% | $7.37B |
| 18 | ECPG | Encore Capital Group, Inc. | Financial Services | 35.43% | $2.38B |
| 19 | QFIN | Qfin Holdings, Inc. | Financial Services | 34.77% | $678.43M |
| 20 | MUFG | Mitsubishi UFJ Financial Group, Inc. | Financial Services | 34.10% | $236.03B |
| 21 | APAM | Artisan Partners Asset Management Inc. | Financial Services | 33.39% | $2.78B |
| 22 | WF | Woori Financial Group Inc. | Financial Services | 32.84% | $16.87B |
| 23 | TROW | T. Rowe Price Group, Inc. | Financial Services | 29.92% | $23.13B |
| 24 | BLK | BlackRock, Inc. | Financial Services | 29.09% | $182.05B |
| 25 | PUK | Prudential plc | Financial Services | 28.77% | $30.28B |
| 26 | FHI | Federated Hermes, Inc. | Financial Services | 28.54% | $4.73B |
| 27 | FDS | FactSet Research Systems Inc. | Financial Services | 28.27% | $11.56B |
| 28 | NDAQ | Nasdaq, Inc. | Financial Services | 28.21% | $59.88B |
| 29 | SEIC | SEI Investments Company | Financial Services | 27.31% | $12.49B |
| 30 | AON | Aon plc | Financial Services | 25.28% | $71.03B |
| 31 | ENVA | Enova International, Inc. | Financial Services | 23.46% | $4.22B |
| 32 | MRSH | Marsh & McLennan Companies, Inc. | Financial Services | 23.06% | $97.39B |
| 33 | WTW | Willis Towers Watson Public Limited Company | Financial Services | 23.01% | $30.33B |
| 34 | MORN | Morningstar, Inc. | Financial Services | 21.53% | $9.06B |
| 35 | XYF | X Financial | Financial Services | 21.34% | $212.37M |
| 36 | MKL | Markel Group Inc. | Financial Services | 20.59% | $23.71B |
| 37 | HLI | Houlihan Lokey, Inc. | Financial Services | 20.13% | $10.13B |
| 38 | COIN | Coinbase Global, Inc. | Financial Services | 19.99% | $35.68B |
| 39 | TRU | TransUnion | Financial Services | 18.74% | $15.48B |
| 40 | WU | The Western Union Company | Financial Services | 18.70% | $2.15B |
| 41 | PYPL | PayPal Holdings, Inc. | Financial Services | 18.28% | $49.21B |
| 42 | ERIE | Erie Indemnity Company | Financial Services | 17.63% | $14.28B |
| 43 | RYAN | Ryan Specialty Holdings, Inc. | Financial Services | 16.18% | $11.97B |
| 44 | BBAR | Banco BBVA Argentina S.A. | Financial Services | 16.01% | $2.16B |
| 45 | THG | The Hanover Insurance Group, Inc. | Financial Services | 14.15% | $8.35B |
| 46 | IX | ORIX Corporation | Financial Services | 13.70% | $37.30B |
| 47 | AFG | American Financial Group, Inc. | Financial Services | 13.13% | $12.79B |
| 48 | OPY | Oppenheimer Holdings Inc. | Financial Services | 12.89% | $971.72M |
| 49 | VOYA | Voya Financial, Inc. | Financial Services | 12.68% | $8.84B |
| 50 | CNO | CNO Financial Group, Inc. | Financial Services | 12.33% | $5.09B |
| 51 | EZPW | EZCORP, Inc. | Financial Services | 11.71% | $1.75B |
| 52 | LAZ | Lazard, Inc. | Financial Services | 10.57% | $4.11B |
| 53 | AFRM | Affirm Holdings, Inc. | Financial Services | 9.79% | $23.09B |
| 54 | MET | MetLife, Inc. | Financial Services | 7.96% | $61.76B |
| 55 | BEN | Franklin Templeton Inc. | Financial Services | 6.89% | $17.29B |
| 56 | MIAX | Miami International Holdings, Inc. | Financial Services | 6.74% | $3.45B |
| 57 | TREE | LendingTree, Inc. | Financial Services | 5.80% | $519.70M |
| 58 | BWIN | The Baldwin Insurance Group, Inc. | Financial Services | 4.91% | $4.50B |
| 59 | GGAL | Grupo Financiero Galicia S.A. | Financial Services | 4.69% | $4.73B |
| 60 | SLQT | SelectQuote, Inc. | Financial Services | 4.57% | $86.15M |
| 61 | UPST | Upstart Holdings, Inc. | Financial Services | 4.08% | $2.17B |
| 62 | ROOT | Root, Inc. | Financial Services | 4.07% | $658.89M |
| 63 | TRUP | Trupanion, Inc. | Financial Services | 0.96% | $1.59B |
| 64 | RF | Regions Financial Corporation | Financial Services | 0.70% | $24.06B |
| 65 | GDOT | Green Dot Corporation | Financial Services | 0.66% | $697.50M |
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
Why is operating margin less useful for banks than for most other sectors?
A bank's primary cost is interest paid to depositors and bondholders to fund the loan book, which behaves like cost of goods sold in concept but is classified as financing in the textbook income statement model. Because of this mismatch, banks report an efficiency ratio that measures non-interest operating costs against revenue, and analysts focus on net interest margin, fee mix, and credit provisions. Operating margin in its standard form obscures the real levers of bank profitability.
For which financial services companies is operating margin still informative?
Operating margin is more interpretable for capital-light fee businesses such as asset managers, exchanges, data providers, and transaction processors. These firms earn revenue without funding a balance sheet of loans, so the income statement looks closer to a conventional operating business. In those cases operating margin can signal pricing power, scale economies, and cost discipline. Even there, one-time items such as performance fee distortions and acquisition amortization can obscure the underlying trend in any given period.