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Margin Expanders

Companies whose operating margin expanded by at least 10 percentage points over the selected window. A company going from 5% to 15% operating margin is doing something structural — pricing power, scale benefits, business-mix shift. Often a leading indicator of multibagger runs. A green check means the company was profitable in at least 3 of the last 5 years.

Updated 24 Aug 2026

Period

Min expansion

Sector

Profitable only

Showing companies whose operating margin expanded by at least 10pp over 10 years, sector: all, profitable only

Companies

—

Median expansion

—

Top expander

—

# Company Market cap Margin 10y ago Margin now Expansion

MPLX Energy

MPLX LP

$59B

—

NVDA Technology

NVIDIA CORP

$5.05T

—

EPR Real Estate

EPR PROPERTIES

$5B

—

VOYA Financial Services

Voya Financial, Inc.

$9B

—

BFS Real Estate

SAUL CENTERS, INC.

$1B

—

IDCC Technology

INTERDIGITAL, INC.

$9B

—

CMRE Industrials

COSTAMARE INC.

$2B

—

NFG Energy

NATIONAL FUEL GAS COMPANY

$8B

—

CQP Energy

Cheniere Energy Partners, L.P.

$33B

—

YALA Technology

YALLA GROUP LIMITED

$841M

—

WES Energy

Western Midstream Partners, LP

$20B

—

PTC Technology

PTC Inc.

$17B

—

INSW Energy

International Seaways, Inc.

$5B

—

ACIC Financial Services

American Coastal Insurance Corporation

$441M

—

FICO Technology

FAIR ISAAC CORP

$25B

—

HRTG Financial Services

Heritage Insurance Holdings, Inc.

$1B

—

GEN Technology

Gen Digital Inc.

$17B

—

FTNT Technology

FORTINET, INC.

$112B

—

BSM Energy

Black Stone Minerals, L.P.

$3B

—

USLM Basic Materials

UNITED STATES LIME & MINERALS INC

$3B

—

EIX Utilities

EDISON INTERNATIONAL

$28B

—

GTY Real Estate

GETTY REALTY CORP.

$2B

—

HL Basic Materials

HECLA MINING COMPANY

$14B

—

EXEL Healthcare

EXELIXIS, INC.

$14B

—

RGLD Basic Materials

Royal Gold, Inc

$22B

—

LTC Real Estate

LTC PROPERTIES INC

$2B

—

TK Energy

TEEKAY CORPORATION LTD.

$1B

—

ANET Technology

Arista Networks, Inc.

$237B

—

NFLX Communication Services

NETFLIX INC

$333B

—

ADT Industrials

ADT Inc.

$5B

—

SCCO Basic Materials

SOUTHERN COPPER CORP/

$181B

—

AVGO Technology

Broadcom Inc.

$1.71T

—

VCTR Financial Services

Victory Capital Holdings, Inc.

$7B

—

PM Consumer Defensive

Philip Morris International Inc.

$298B

—

RRR Consumer Cyclical

RED ROCK RESORTS, INC.

$6B

—

GASS Industrials

STEALTHGAS INC.

$358M

—

TCOM Consumer Cyclical

Trip.com Group Limited

$29B

—

ADSK Technology

AUTODESK, INC.

$54B

—

INCY Healthcare

INCYTE CORPORATION

$26B

—

IRDM Communication Services

Iridium Communications Inc.

$5B

—

QLYS Technology

QUALYS, INC.

$6B

—

NXPI Technology

NXP Semiconductors N.V.

$56B

—

HQY Healthcare

HEALTHEQUITY, INC.

$9B

—

HWM Industrials

HOWMET AEROSPACE INC.

$105B

—

GSL Industrials

Global Ship Lease, Inc.

$2B

—

EPRT Real Estate

ESSENTIAL PROPERTIES REALTY TRUST, INC.

$7B

—

FSLR Technology

First Solar, Inc.

$22B

—

WB Communication Services

WEIBO CORPORATION

$2B

—

NGVT Basic Materials

INGEVITY CORPORATION

$2B

—

LNG Energy

CHENIERE ENERGY, INC.

$58B

—

NVMI Technology

NOVA LTD.

$12B

—

CRM Technology

Salesforce, Inc.

$171B

—

MSFT Technology

MICROSOFT CORPORATION

$3.62T

—

DFIN Technology

Donnelley Financial Solutions, Inc.

$1B

—

NTAP Technology

NetApp, Inc.

$37B

—

WMB Energy

Williams Companies, Inc.

$87B

—

LAUR Consumer Defensive

Laureate Education, Inc.

$5B

—

NVGS Energy

NAVIGATOR HOLDINGS LTD.

$1B

—

CHDN Consumer Cyclical

Churchill Downs Inc

$6B

—

BYD Consumer Cyclical

BOYD GAMING CORP

$6B

—

GILD Healthcare

GILEAD SCIENCES, INC.

$182B

—

CF Basic Materials

CF INDUSTRIES HOLDINGS, INC.

$20B

—

EPAC Industrials

ENERPAC TOOL GROUP CORP.

$2B

—

MSCI Financial Services

MSCI INC.

$42B

—

LRCX Technology

LAM RESEARCH CORPORATION

$388B

—

CRS Industrials

CARPENTER TECHNOLOGY CORPORATION

$24B

—

RCL Consumer Cyclical

ROYAL CARIBBEAN CRUISES LTD

$78B

—

POWL Industrials

Powell Industries, Inc.

$7B

—

TEN Energy

TSAKOS ENERGY NAVIGATION LTD

$1B

—

TNK Energy

TEEKAY TANKERS LTD.

$3B

—

MLI Industrials

MUELLER INDUSTRIES INC

$14B

—

AMPH Healthcare

Amphastar Pharmaceuticals, Inc.

$915M

—

CBT Basic Materials

Cabot Corporation

$4B

—

NI Utilities

NISOURCE INC.

$20B

—

KMI Energy

KINDER MORGAN, INC.

$69B

—

NSSC Industrials

NAPCO SECURITY TECHNOLOGIES, INC

$1B

—

MEDP Healthcare

Medpace Holdings, Inc.

$17B

—

PLNT Consumer Cyclical

PLANET FITNESS, INC.

$4B

—

MAR Consumer Cyclical

MARRIOTT INTERNATIONAL INC /MD/

$94B

—

FISV —

FISERV INC

$28B

—

VRRM Technology

VERRA MOBILITY CORPORATION

$679M

—

D Utilities

DOMINION ENERGY, INC

$59B

—

GDDY Technology

GoDaddy Inc.

$13B

—

DECK Consumer Cyclical

DECKERS OUTDOOR CORP

$13B

—

VICR Technology

VICOR CORPORATION

$9B

—

TEL Technology

TE CONNECTIVITY PLC

$59B

—

LIN Basic Materials

Linde plc

$226B

—

PLAB Technology

PHOTRONICS, INC.

$2B

—

NVT Industrials

nVent Electric plc

$25B

—

MPWR Technology

MONOLITHIC POWER SYSTEMS INC

$63B

—

DSGX Technology

DESCARTES SYSTEMS GROUP INC

$7B

—

IR Industrials

Ingersoll Rand Inc.

$31B

—

WTW Financial Services

WILLIS TOWERS WATSON PLC

$33B

—

T Communication Services

AT&T INC.

$176B

—

HRMY Healthcare

HARMONY BIOSCIENCES HOLDINGS, INC.

$2B

—

LRN Consumer Defensive

Stride, Inc.

$4B

—

VRT Industrials

Vertiv Holdings Co

$98B

—

WMS Industrials

ADVANCED DRAINAGE SYSTEMS, INC.

$11B

—

APPF Technology

AppFolio, Inc.

$8B

—

100

IDXX Healthcare

IDEXX LABORATORIES INC /DE

$44B

—

101

TDG Industrials

TransDigm Group Incorporated

$67B

—

102

BLKB Technology

Blackbaud, Inc.

$2B

—

103

MTSI Technology

MACOM Technology Solutions Holdings, Inc.

$20B

—

104

RMBS Technology

RAMBUS INC

$9B

—

105

BRC Industrials

BRADY CORP

$4B

—

106

AHRT Real Estate

AH REALTY TRUST, INC.

$645M

—

107

MELI Consumer Cyclical

MercadoLibre, Inc.

$99B

—

108

FRT Real Estate

FEDERAL REALTY INVESTMENT TRUST

$10B

—

109

BELFA Technology

BEL FUSE INC /NJ

$3B

—

110

CHH Consumer Cyclical

CHOICE HOTELS INTERNATIONAL INC /DE

$5B

—

111

CECO Industrials

CECO ENVIRONMENTAL CORP.

$4B

—

112

PAYC Technology

Paycom Software, Inc.

$10B

—

113

MU Technology

Micron Technology, Inc.

$1.03T

—

114

NTES Communication Services

NETEASE, INC.

$79B

—

115

CEG Utilities

CONSTELLATION ENERGY CORPORATION

$97B

—

116

ZBH Healthcare

ZIMMER BIOMET HOLDINGS, INC.

$19B

—

117

ZBRA Technology

ZEBRA TECHNOLOGIES CORPORATION

$17B

—

118

FIS Technology

Fidelity National Information Services, Inc.

$21B

—

119

PODD Healthcare

INSULET CORPORATION

$10B

—

120

CBOE Financial Services

Cboe Global Markets, Inc.

$32B

—

121

PRGS Technology

PROGRESS SOFTWARE CORP /MA

$2B

—

122

HNRG Utilities

HALLADOR ENERGY CO

$752M

—

123

AMAT Technology

APPLIED MATERIALS INC /DE

$384B

—

124

PPIH Industrials

PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

$216M

—

125

TDC Technology

TERADATA CORP /DE/

$3B

—

126

CDNS Technology

CADENCE DESIGN SYSTEMS, INC.

$87B

—

127

CMG Consumer Cyclical

CHIPOTLE MEXICAN GRILL, INC.

$48B

—

128

CAMT Technology

Camtek Ltd.

$7B

—

129

SPSC Technology

SPS COMMERCE, INC.

$3B

—

130

LII Industrials

LENNOX INTERNATIONAL INC

$14B

—

131

PEN Healthcare

Penumbra, Inc

$13B

—

132

RMR Real Estate

RMR GROUP INC.

$336M

—

133

ANF Consumer Cyclical

Abercrombie & Fitch Co.

$5B

—

134

TW Financial Services

Tradeweb Markets Inc.

$24B

—

135

WNC Industrials

WABASH NATIONAL CORPORATION

$491M

—

136

NPO Industrials

ENPRO INC

$6B

—

137

TMUS Communication Services

T-MOBILE US, INC.

$196B

—

138

FWONA Communication Services

LIBERTY MEDIA CORPORATION

$25B

—

139

CME Financial Services

CME GROUP INC.

$100B

—

140

GPN Industrials

GLOBAL PAYMENTS INC.

$25B

—

141

QRVO Technology

Qorvo, Inc.

$8B

—

142

EEFT Technology

EURONET WORLDWIDE, INC.

$3B

—

143

ESI Basic Materials

Element Solutions Inc

$9B

—

144

CPK Utilities

CHESAPEAKE UTILITIES CORP

$3B

—

145

ONTO Technology

ONTO INNOVATION INC.

$17B

—

146

CTS Technology

CTS CORPORATION

$2B

—

147

WCN Industrials

Waste Connections, Inc.

$43B

—

148

VRSN Technology

VERISIGN INC/CA

$26B

—

149

HOG Consumer Cyclical

Harley-Davidson, Inc.

$3B

—

150

ITRI Technology

Itron, Inc.

$4B

—

151

PRKS Consumer Cyclical

United Parks & Resorts Inc.

$2B

—

152

OUT Real Estate

OUTFRONT Media Inc.

$5B

—

153

ITGR Healthcare

INTEGER HOLDINGS CORPORATION

$4B

—

154

GTM Technology

ZoomInfo Technologies Inc.

$1B

—

155

NJR Utilities

NEW JERSEY RESOURCES CORPORATION

$5B

—

156

ITRN Technology

Ituran Location & Control Ltd.

$1B

—

157

CRK Energy

COMSTOCK RESOURCES, INC.

$4B

—

158

PCG Utilities

PG&E CORP

$40B

—

159

GLW Technology

CORNING INC /NY

$125B

—

160

JAKK Consumer Cyclical

JAKKS Pacific, Inc.

$292M

—

161

SR Utilities

Spire Inc.

$5B

—

162

CNP Utilities

CENTERPOINT ENERGY INC

$26B

—

163

OTTR Industrials

OTTER TAIL CORPORATION

$4B

—

164

WST Healthcare

WEST PHARMACEUTICAL SERVICES, INC.

$25B

—

165

LECO Industrials

LINCOLN ELECTRIC HOLDINGS INC

$15B

—

166

HLT Consumer Cyclical

Hilton Worldwide Holdings Inc.

$74B

—

167

CNS Financial Services

COHEN & STEERS, INC.

$4B

—

168

URBN Consumer Cyclical

Urban Outfitters, Inc.

$7B

—

169

PRTH Technology

Priority Technology Holdings, Inc.

$469M

—

170

OLED Technology

UNIVERSAL DISPLAY CORPORATION

$4B

—

171

MO Consumer Defensive

Altria Group, Inc.

$114B

—

172

FTI Energy

TechnipFMC plc

$30B

—

173

SHOP Technology

Shopify Inc.

$193B

—

174

LOGI Technology

LOGITECH INTERNATIONAL S.A.

$14B

—

175

HESM Energy

Hess Midstream LP

$8B

—

176

VEEV Healthcare

Veeva Systems Inc.

$40B

—

177

GOOG Communication Services

Alphabet Inc.

$4.21T

—

178

MLM Basic Materials

MARTIN MARIETTA MATERIALS, INC.

$32B

—

179

NOW Technology

SERVICENOW, INC.

$132B

—

180

RGS Consumer Cyclical

Regis Corp

$67M

—

181

CLBT Technology

Cellebrite DI Ltd.

$3B

—

182

BHC Healthcare

Bausch Health Companies Inc.

$2B

—

183

CARG Consumer Cyclical

CarGurus, Inc.

$3B

—

184

WELPM Utilities

WISCONSIN ELECTRIC POWER COMPANY

—

185

WEX Technology

WEX Inc.

$7B

—

186

WLFC Industrials

WILLIS LEASE FINANCE CORP

$1B

—

187

MLCO Consumer Cyclical

MELCO RESORTS & ENTERTAINMENT LIMITED

$2B

—

188

LEGH Consumer Cyclical

Legacy Housing Corporation

$683M

—

189

AMZN Consumer Cyclical

AMAZON COM INC

$2.83T

—

190

DGII Technology

DIGI INTERNATIONAL INC.

$3B

—

191

NDSN Industrials

NORDSON CORPORATION

$19B

—

192

KBR Industrials

KBR, Inc.

$5B

—

193

KO Consumer Defensive

COCA COLA CO

$396B

—

194

YUM Consumer Cyclical

YUM! BRANDS, INC.

$43B

—

195

MSA Industrials

MSA SAFETY INC

$7B

—

196

COKE Consumer Defensive

COCA-COLA CONSOLIDATED, INC.

$13B

—

197

MOMO Communication Services

Hello Group Inc.

$841M

—

198

GEL Energy

GENESIS ENERGY LP

$2B

—

199

KFY Industrials

KORN FERRY

$4B

—

200

BLBD Industrials

BLUE BIRD CORPORATION

$2B

—

201

BMI Technology

BADGER METER, INC.

$4B

—

202

RICK Consumer Cyclical

RCI Hospitality Holdings, Inc.

$235M

—

203

STRL Industrials

Sterling Infrastructure, Inc.

$15B

—

204

RMNI Technology

Rimini Street, Inc.

$486M

—

205

PG Consumer Defensive

PROCTER & GAMBLE CO

$341B

—

206

DLX Industrials

DELUXE CORP

$1B

—

207

RYN Real Estate

RAYONIER INC.

$6B

—

208

AON Financial Services

Aon plc

$76B

—

209

PCTY Technology

PAYLOCITY HOLDING CORPORATION

$8B

—

210

INTU Technology

INTUIT INC.

$101B

—

211

ULTA Consumer Cyclical

ULTA BEAUTY, INC.

$23B

—

212

AMRX Healthcare

AMNEAL PHARMACEUTICALS, INC.

$6B

—

213

SKY Consumer Cyclical

Champion Homes, Inc.

$5B

—

214

AGX Industrials

ARGAN INC

$7B

—

215

RMD Healthcare

ResMed Inc.

$34B

—

216

ATEN Technology

A10 NETWORKS, INC.

$2B

—

217

A Healthcare

AGILENT TECHNOLOGIES, INC.

$43B

—

218

FCX Basic Materials

Freeport-McMoRan Inc.

$112B

—

219

NSC Industrials

NORFOLK SOUTHERN CORP

$79B

—

220

WSM Consumer Cyclical

WILLIAMS-SONOMA, INC.

$28B

—

221

NTCT Technology

NETSCOUT SYSTEMS, INC.

$3B

—

222

QGEN Healthcare

QIAGEN N.V.

$9B

—

223

ODC Basic Materials

OIL-DRI CORPORATION OF AMERICA

$1B

—

224

ITT Industrials

ITT INC.

$18B

—

225

MWA Industrials

MUELLER WATER PRODUCTS, INC.

$4B

—

226

AIT Industrials

APPLIED INDUSTRIAL TECHNOLOGIES, INC.

$12B

—

227

IESC Industrials

IES Holdings, Inc.

$13B

—

228

HXL Industrials

Hexcel Corporation

$7B

—

229

FFIV Technology

F5, INC.

$21B

—

230

EXC Utilities

EXELON CORPORATION

$46B

—

231

ESBA Real Estate

EMPIRE STATE REALTY OP, L.P.

$1B

—

232

ESRT Real Estate

Empire State Realty Trust, Inc.

$1B

—

233

KN Technology

Knowles Corporation

$3B

—

234

MOD Consumer Cyclical

MODINE MANUFACTURING CO

$10B

—

235

LAMR Real Estate

LAMAR ADVERTISING CO/NEW

$16B

—

236

BCO Industrials

BRINK’S CO

$5B

—

237

MCD Consumer Cyclical

McDONALD’S CORPORATION

$193B

—

238

BOOT Consumer Cyclical

Boot Barn Holdings, Inc.

$5B

—

239

RLX Consumer Defensive

RLX Technology Inc.

$2B

—

240

CAT Industrials

CATERPILLAR INC

$373B

—

241

TOL Consumer Cyclical

Toll Brothers, Inc.

$14B

—

242

UI Technology

UBIQUITI INC.

$33B

—

243

AAPL Technology

Apple Inc.

$4.53T

—

244

TTMI Technology

TTM TECHNOLOGIES INC

$11B

—

245

CSL Industrials

CARLISLE COMPANIES INCORPORATED

$14B

—

246

CRUS Technology

Cirrus Logic, Inc.

$6B

—

247

ALSN Consumer Cyclical

ALLISON TRANSMISSION HOLDINGS, INC.

$11B

—

248

MDU Utilities

MDU RESOURCES GROUP, INC.

$4B

—

249

ETD Consumer Cyclical

Ethan Allen Interiors Inc.

$592M

—

250

TRN Industrials

TRINITY INDUSTRIES INC

$2B

—

251

DOCS Healthcare

Doximity, Inc.

$5B

—

252

PH Industrials

PARKER-HANNIFIN CORPORATION

$128B

—

253

DUK Utilities

DUKE ENERGY CORPORATION

$95B

—

254

MTN Consumer Cyclical

Vail Resorts, Inc.

$5B

—

255

EAT Consumer Cyclical

BRINKER INTERNATIONAL, INC.

$11B

—

256

TT Industrials

TRANE TECHNOLOGIES PLC

$100B

—

257

ZWS Industrials

ZURN ELKAY WATER SOLUTIONS CORPORATION

$8B

—

258

HUBB Industrials

HUBBELL INC

$25B

—

259

AFG Financial Services

AMERICAN FINANCIAL GROUP, INC.

$12B

—

260

ETR Utilities

ENTERGY CORP /DE/

$49B

—

261

NICE Technology

NICE LTD.

$6B

—

262

BFAM Consumer Cyclical

BRIGHT HORIZONS FAMILY SOLUTIONS INC.

$4B

—

263

PNR Industrials

Pentair plc

$10B

—

264

CTAS Industrials

Cintas Corporation

$83B

—

265

EME Industrials

EMCOR Group, Inc.

$34B

—

266

CCO Communication Services

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

$1B

—

267

SPG Real Estate

SIMON PROPERTY GROUP, INC.

$84B

—

268

AWI Industrials

ARMSTRONG WORLD INDUSTRIES, INC.

$8B

—

269

TXRH Consumer Cyclical

Texas Roadhouse, Inc.

$13B

—

270

NDAQ Financial Services

Nasdaq, Inc.

$55B

—

271

NRDS Communication Services

NerdWallet, Inc.

$648M

—

272

WTRG Utilities

Essential Utilities, Inc.

$12B

—

273

NNN Real Estate

NNN REIT, INC.

$9B

—

274

WLY Communication Services

JOHN WILEY & SONS, INC.

$3B

—

275

IQV Healthcare

IQVIA HOLDINGS INC.

$43B

—

276

MSI Technology

MOTOROLA SOLUTIONS, INC.

$80B

—

277

CSR Real Estate

CENTERSPACE

$966M

—

278

LPG Energy

Dorian LPG Ltd.

$2B

—

279

EHTH Financial Services

EHEALTH, INC.

$39M

—

280

UFPT Healthcare

UFP Technologies, Inc.

$2B

—

281

SPXC Industrials

SPX TECHNOLOGIES, INC.

$10B

—

282

UTHR Healthcare

UNITED THERAPEUTICS Corp

$22B

—

283

QFIN Financial Services

Qfin Holdings, Inc.

$1B

—

284

IDT Communication Services

IDT CORP

$2B

—

285

DAKT Technology

Daktronics, Inc.

$918M

—

286

META Communication Services

Meta Platforms, Inc.

$1.42T

—

287

SSRM Basic Materials

SSR MINING INC.

$8B

—

288

SON Consumer Cyclical

Sonoco Products Company

$6B

—

289

PPC Consumer Defensive

PILGRIM’S PRIDE CORPORATION

$8B

—

290

AORT Healthcare

ARTIVION, INC.

$1B

—

291

RL Consumer Cyclical

RALPH LAUREN CORPORATION

$22B

—

292

NYT Communication Services

THE NEW YORK TIMES COMPANY

$11B

—

293

NBR Energy

NABORS INDUSTRIES LTD

$1B

—

294

HAYW Industrials

Hayward Holdings, Inc.

$3B

—

295

TDY Technology

TELEDYNE TECHNOLOGIES INC

$29B

—

296

TEX Industrials

Terex Corporation

$8B

—

297

SIRI Communication Services

SIRIUS XM HOLDINGS INC.

$10B

—

298

EXPE Consumer Cyclical

EXPEDIA GROUP, INC.

$41B

—

299

NL Industrials

NL INDUSTRIES, INC.

$314M

—

300

BROS Consumer Cyclical

DUTCH BROS INC.

$9B

—

301

XPO Industrials

XPO, Inc.

$22B

—

302

CPRT Industrials

COPART, INC.

$32B

—

303

ACLS Technology

AXCELIS TECHNOLOGIES INC

$4B

—

304

SSNC Technology

SS&C TECHNOLOGIES HOLDINGS, INC.

$20B

—

305

TRMB Technology

TRIMBLE INC.

$14B

—

306

MANH Technology

Manhattan Associates, Inc.

$12B

—

307

TGLS Basic Materials

TECNOGLASS INC.

$2B

—

308

GRMN Technology

GARMIN LTD

$56B

—

309

CVSA Consumer Defensive

Covista Inc.

$5B

—

310

VVV Consumer Cyclical

VALVOLINE INC.

$4B

—

311

WTS Industrials

WATTS WATER TECHNOLOGIES INC

$12B

—

312

APH Technology

AMPHENOL CORPORATION

$192B

—

313

NXT Technology

Nextpower Inc.

$13B

—

314

ALLE Industrials

Allegion plc

$14B

—

315

GNL Real Estate

Global Net Lease, Inc.

$2B

—

316

IBP Consumer Cyclical

Installed Building Products, Inc.

$7B

—

317

WAB Industrials

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

$50B

—

318

AXTA Basic Materials

AXALTA COATING SYSTEMS LTD.

$8B

—

319

DIS Communication Services

WALT DISNEY CO/

$191B

—

320

SPGI Financial Services

S&P Global Inc.

$128B

—

321

AZZ Industrials

AZZ Inc.

$4B

—

322

CZR Consumer Cyclical

CAESARS ENTERTAINMENT, INC.

$6B

—

323

BDX Healthcare

BECTON DICKINSON & CO

$52B

—

324

ROCK Industrials

GIBRALTAR INDUSTRIES, INC.

$1B

—

325

KMT Industrials

KENNAMETAL INC

$2B

—

326

WMG Communication Services

Warner Music Group Corp.

$15B

—

327

NBIX Healthcare

NEUROCRINE BIOSCIENCES INC

$16B

—

328

MORN Financial Services

MORNINGSTAR, INC.

$8B

—

329

CW Industrials

CURTISS-WRIGHT CORPORATION

$23B

—

330

CSV Consumer Cyclical

CARRIAGE SERVICES, INC.

$549M

—

331

GTES Industrials

Gates Industrial Corporation Ltd.

$7B

—

332

VSEC Industrials

VSE CORPORATION

$6B

—

333

CXT Industrials

CRANE NXT, CO.

$3B

—

334

VITL Consumer Defensive

Vital Farms, Inc.

$476M

—

335

SSD Basic Materials

Simpson Manufacturing Co., Inc.

$8B

—

336

SNA Industrials

Snap-on Inc

$20B

—

337

LNT Utilities

ALLIANT ENERGY CORP

$18B

—

338

DBD Technology

Diebold Nixdorf, Incorporated

$2B

—

339

FIX Industrials

COMFORT SYSTEMS USA, INC.

$57B

—

340

EACO Technology

EACO CORPORATION

$574M

—

341

XYL Industrials

Xylem Inc.

$27B

—

342

NVST Healthcare

ENVISTA HOLDINGS CORPORATION

$4B

—

343

FTV Technology

Fortive Corporation

$18B

—

344

LNTH Healthcare

LANTHEUS HOLDINGS, INC.

$7B

—

345

JFIN Financial Services

Jiayin Group Inc.

$121M

—

346

LINC Consumer Defensive

LINCOLN EDUCATIONAL SERVICES CORPORATION

$788M

—

347

KMB Consumer Defensive

KIMBERLY-CLARK CORPORATION

$37B

—

348

PEGA Technology

PEGASYSTEMS INC.

$6B

—

349

CVLT Technology

Commvault Systems, Inc

$5B

—

350

BDC Technology

BELDEN INC.

$5B

—

351

LDOS Technology

Leidos Holdings, Inc.

$17B

—

352

ECL Basic Materials

ECOLAB INC.

$80B

—

353

MTRN Basic Materials

MATERION CORPORATION

$5B

—

354

BSY Technology

BENTLEY SYSTEMS, INCORPORATED

$11B

—

355

STZ Consumer Defensive

CONSTELLATION BRANDS, INC.

$24B

—

356

GWW Industrials

W.W. GRAINGER, INC.

$62B

—

357

MRSH Financial Services

Marsh & McLennan Companies, Inc.

$93B

—

358

BWEN Industrials

BROADWIND, INC.

$104M

—

359

MMSI Healthcare

MERIT MEDICAL SYSTEMS INC

$5B

—

360

MD Healthcare

Pediatrix Medical Group, Inc.

$2B

—

361

FTK Energy

FLOTEK INDUSTRIES INC/CN

$866M

—

362

POST Consumer Defensive

Post Holdings, Inc.

$4B

—

363

TSEM Technology

TOWER SEMICONDUCTOR LTD.

$24B

—

364

THC Healthcare

TENET HEALTHCARE CORP

$22B

—

365

ISRG Healthcare

Intuitive Surgical, Inc.

$134B

—

366

CRTO Communication Services

Criteo S.A.

$837M

—

367

IPAR Consumer Defensive

INTERPARFUMS, INC.

$4B

—

368

RBC Industrials

RBC BEARINGS INCORPORATED

$16B

—

369

MA Financial Services

Mastercard Incorporated

$525B

—

370

VMI Industrials

Valmont Industries, Inc.

$9B

—

371

GBX Industrials

THE GREENBRIER COMPANIES, INC.

$1B

—

372

QCOM Technology

QUALCOMM INC/DE

$166B

—

373

MIDD Industrials

THE MIDDLEBY CORPORATION

$5B

—

374

GRC Industrials

The Gorman-Rupp Company

$2B

—

Operating income and revenue from SEC EDGAR filings. We use operating margin (not net margin) because net margin gets distorted by tax-law changes and one-time items. Quality gates: revenue ≥ $100M at both endpoints, operating margin positive at both endpoints (this is an excellence page, not a turnaround page — expansion off a loss-making base is unbounded and usually just measures an impairment year), smooth year-over-year revenue (no >10x jumps from acquisitions — those distort margin comparisons).