Top Technology Stocks by Operating Margin
Top technology companies ranked by operating margin, latest annual filings.
What Operating Margin Means for Technology Companies
Operating margin in technology is what remains of each revenue dollar after hosting, research, sales, and administrative costs are paid, before interest and tax. Mature software platforms tend to command the highest operating margins in the listed universe because subscription renewal costs very little to serve once the product exists. Younger SaaS firms still reinvesting heavily in growth often post thinner operating margins, while device and component makers sit lower still thanks to full manufacturing cost structure.
Why It Matters in Technology
Operating margin is the cleanest readout of whether a technology business has reached compounding operating leverage: recurring revenue scaling faster than headcount and research spend. A rising figure often signals a platform transitioning from growth mode to profit harvest. Still, capitalized software development and acquisition-related amortization can distort the comparison between peers, and aggressive reinvestment that depresses margin today may produce entirely different economics a few years out.
What to Read Alongside
Pair operating margin with Gross Margin to see the raw product economics before research and sales spend, Net Margin for the after-tax read, and EBITDA to strip out the amortization of prior software capitalization and acquisitions.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | MU | Micron Technology, Inc. | Technology | 74.59% | $780.68B |
| 2 | VRSN | VeriSign, Inc. | Technology | 67.67% | $27.69B |
| 3 | SNDK | Sandisk Corporation | Technology | 61.19% | $118.82B |
| 4 | NVDA | NVIDIA Corporation | Technology | 60.38% | $4.51T |
| 5 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | 50.83% | $1.95T |
| 6 | FICO | Fair Isaac Corporation | Technology | 49.93% | $15.22B |
| 7 | MSFT | Microsoft Corporation | Technology | 46.78% | $3.94T |
| 8 | CPAY | Corpay, Inc. | Technology | 44.04% | $29.12B |
| 9 | ANET | Arista Networks, Inc. | Technology | 42.82% | $215.79B |
| 10 | GEN | Gen Digital Inc. | Technology | 42.40% | $17.67B |
| 11 | AVGO | Broadcom Inc. | Technology | 39.89% | $1.40T |
| 12 | PAYX | Paychex, Inc. | Technology | 38.55% | $41.67B |
| 13 | ADBE | Adobe Inc. | Technology | 36.63% | $93.14B |
| 14 | UI | Ubiquiti Inc. | Technology | 36.21% | $35.85B |
| 15 | PTC | PTC Inc. | Technology | 35.86% | $21.19B |
| 16 | LRCX | Lam Research Corporation | Technology | 35.29% | $250.84B |
| 17 | ASML | ASML Holding N.V. | Technology | 34.60% | $549.12B |
| 18 | WDC | Western Digital Corporation | Technology | 34.47% | $98.74B |
| 19 | TXN | Texas Instruments Incorporated | Technology | 34.06% | $253.58B |
| 20 | STX | Seagate Technology Holdings plc | Technology | 33.57% | $105.83B |
| 21 | CRDO | Credo Technology Group Holding Ltd | Technology | 33.33% | $22.65B |
| 22 | YMM | Full Truck Alliance Co. Ltd. | Technology | 33.20% | $9.50B |
| 23 | AAPL | Apple Inc. | Technology | 33.01% | $4.98T |
| 24 | PLTR | Palantir Technologies Inc. | Technology | 31.59% | $386.44B |
| 25 | FTNT | Fortinet, Inc. | Technology | 30.66% | $87.31B |
| 26 | FSLR | First Solar, Inc. | Technology | 30.59% | $21.62B |
| 27 | ORCL | Oracle Corporation | Technology | 30.59% | $361.97B |
| 28 | CHKP | Check Point Software Technologies Ltd. | Technology | 30.49% | $14.72B |
| 29 | AMAT | Applied Materials, Inc. | Technology | 29.22% | $264.04B |
| 30 | ROP | Roper Technologies, Inc. | Technology | 28.29% | $47.20B |
| 31 | CDNS | Cadence Design Systems, Inc. | Technology | 28.17% | $87.78B |
| 32 | PAYC | Paycom Software, Inc. | Technology | 27.65% | $10.51B |
| 33 | INTU | Intuit Inc. | Technology | 27.43% | $91.26B |
| 34 | DBX | Dropbox, Inc. | Technology | 27.33% | $7.54B |
| 35 | NTAP | NetApp, Inc. | Technology | 26.84% | $33.23B |
| 36 | ADI | Analog Devices, Inc. | Technology | 26.61% | $176.17B |
| 37 | SAP | SAP SE | Technology | 26.13% | $269.45B |
| 38 | MPWR | Monolithic Power Systems, Inc. | Technology | 26.11% | $58.06B |
| 39 | GRMN | Garmin Ltd. | Technology | 25.89% | $55.03B |
| 40 | MANH | Manhattan Associates, Inc. | Technology | 25.87% | $14.68B |
| 41 | MSI | Motorola Solutions, Inc. | Technology | 25.58% | $85.07B |
| 42 | APH | Amphenol Corporation | Technology | 25.41% | $184.18B |
| 43 | JKHY | Jack Henry & Associates, Inc. | Technology | 24.96% | $12.15B |
| 44 | WEX | WEX Inc. | Technology | 24.95% | $5.99B |
| 45 | NXPI | NXP Semiconductors N.V. | Technology | 24.83% | $62.58B |
| 46 | FFIV | F5, Inc. | Technology | 24.80% | $17.66B |
| 47 | CSCO | Cisco Systems, Inc. | Technology | 24.27% | $370.01B |
| 48 | BSY | Bentley Systems, Incorporated | Technology | 24.15% | $13.50B |
| 49 | WSE | Wise Group plc | Technology | 23.60% | $10.76B |
| 50 | ZM | Zoom Communications, Inc. | Technology | 23.08% | $26.23B |
| 51 | CRUS | Cirrus Logic, Inc. | Technology | 23.05% | $5.66B |
| 52 | SSNC | SS&C Technologies Holdings, Inc. | Technology | 22.91% | $18.24B |
| 53 | GDDY | GoDaddy Inc. | Technology | 22.77% | $13.87B |
| 54 | NICE | NICE Ltd. | Technology | 21.92% | $5.52B |
| 55 | ADSK | Autodesk, Inc. | Technology | 21.90% | $54.70B |
| 56 | PCTY | Paylocity Holding Corporation | Technology | 21.79% | $9.03B |
| 57 | PAYP | PayPay Corporation | Technology | 21.04% | $10.10B |
| 58 | OTEX | Open Text Corporation | Technology | 20.64% | $6.00B |
| 59 | TER | Teradyne, Inc. | Technology | 20.38% | $34.07B |
| 60 | PGY | Pagaya Technologies Ltd. | Technology | 20.27% | $1.47B |
| 61 | INFY | Infosys Limited | Technology | 20.26% | $50.63B |
| 62 | DLO | DLocal Limited | Technology | 20.11% | $4.00B |
| 63 | QCOM | QUALCOMM Incorporated | Technology | 20.08% | $176.99B |
| 64 | CRM | Salesforce, Inc. | Technology | 20.06% | $175.83B |
| 65 | NXT | Nextpower Inc. | Technology | 19.59% | $15.80B |
| 66 | TDY | Teledyne Technologies Incorporated | Technology | 18.80% | $28.68B |
| 67 | ACIW | ACI Worldwide, Inc. | Technology | 18.75% | $6.01B |
| 68 | TEL | TE Connectivity plc | Technology | 18.60% | $59.52B |
| 69 | UMC | United Microelectronics Corporation | Technology | 18.50% | $34.73B |
| 70 | ARM | Arm Holdings plc | Technology | 18.29% | $186.84B |
| 71 | VNT | Vontier Corporation | Technology | 18.26% | $5.61B |
| 72 | GTM | ZoomInfo Technologies Inc. | Technology | 18.06% | $1.03B |
| 73 | LITE | Lumentum Holdings Inc. | Technology | 17.41% | $48.84B |
| 74 | BR | Broadridge Financial Solutions, Inc. | Technology | 17.40% | $21.54B |
| 75 | FTV | Fortive Corporation | Technology | 17.32% | $19.46B |
| 76 | BLKB | Blackbaud, Inc. | Technology | 16.91% | $2.43B |
| 77 | TRMB | Trimble Inc. | Technology | 16.50% | $12.40B |
| 78 | WIT | Wipro Limited | Technology | 16.33% | $21.37B |
| 79 | ERIC | Telefonaktiebolaget LM Ericsson (publ) | Technology | 16.32% | $33.25B |
| 80 | FIS | Fidelity National Information Services, Inc. | Technology | 16.31% | $14.81B |
| 81 | KEYS | Keysight Technologies, Inc. | Technology | 16.30% | $46.33B |
| 82 | DOX | Amdocs Limited | Technology | 16.14% | $4.39B |
| 83 | MRVL | Marvell Technology, Inc. | Technology | 16.14% | $127.05B |
| 84 | CTSH | Cognizant Technology Solutions Corporation | Technology | 16.06% | $28.93B |
| 85 | LOGI | Logitech International S.A. | Technology | 16.01% | $13.65B |
| 86 | IT | Gartner, Inc. | Technology | 15.79% | $11.99B |
| 87 | ESE | ESCO Technologies Inc. | Technology | 15.55% | $5.97B |
| 88 | ACN | Accenture plc | Technology | 15.38% | $153.89B |
| 89 | TYL | Tyler Technologies, Inc. | Technology | 15.34% | $16.72B |
| 90 | PEGA | Pegasystems Inc. | Technology | 15.07% | $5.30B |
| 91 | EXLS | ExlService Holdings, Inc. | Technology | 15.03% | $6.51B |
| 92 | G | Genpact Limited | Technology | 14.77% | $7.07B |
| 93 | GLW | Corning Incorporated | Technology | 14.58% | $91.42B |
| 94 | ENTG | Entegris, Inc. | Technology | 14.26% | $19.56B |
| 95 | NOW | ServiceNow, Inc. | Technology | 13.74% | $105.84B |
| 96 | AKAM | Akamai Technologies, Inc. | Technology | 13.47% | $11.94B |
| 97 | MKSI | MKS Inc. | Technology | 13.43% | $13.00B |
| 98 | ITRI | Itron, Inc. | Technology | 13.23% | $4.32B |
| 99 | ALRM | Alarm.com Holdings, Inc. | Technology | 13.22% | $3.19B |
| 100 | ONTO | Onto Innovation Inc. | Technology | 13.22% | $8.50B |
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 do mature software platforms tend to show higher operating margins than hardware firms?
Software scales on code, not components. Once the platform exists, serving another subscription adds modest hosting and support cost, and sales spend per dollar of revenue falls as net retention compounds. Hardware firms carry the full weight of bill of materials, assembly, logistics, and warranty reserves on every unit shipped, and those scale almost linearly with revenue. The result is a structural operating margin gap between mature software and hardware that has persisted for decades, even when growth rates converge.
Can a technology company with a low operating margin still be a healthy business?
Yes. Many growing platforms intentionally suppress operating margin by reinvesting in sales capacity, research, and international expansion while the end market is still being captured. The question is whether incremental spend is producing durable revenue, measured by cohort retention and customer acquisition payback. A low operating margin paired with strong unit economics describes a different business than the same margin with weakening retention, so the number is best read alongside growth quality and gross margin trends.