Research · refreshed nightly · July 28, 2026
The Best Asset-Light Compounders (July 2026)
Capital light compounders.
Asset-light compounders are the closest thing our methodology has to a favorite: businesses whose product costs little to reproduce, so growth arrives without a construction budget. The best of them fill this list: BillionToOne leads all 50 at an MGI of 77, growing revenue 70% a year at $3.6B; Alnylam follows at 76, with Sweden's Plejd at 75 alongside Veeva.
A median MGI of 70 runs five points above the scale-economics group's 65. The trap in reading asset-light names is assuming light assets mean light competition; high margins attract capital as reliably as they generate it. That tension is what the per-company work examines. Click any name for the full citation-backed analysis.
50companies qualify
70median MGI
18joined this week
The ranking
Sorted by MGI
1
BillionToOne, Inc.BLLN🇺🇸
Revenue +70%/yr · +18%/yr per share · asset light
G 77V 54O 79Cap $5.9B
MGI
77
MVI
54
MTI
50
MOI
79
Cap
$5.9B
Growth
+141%2
Alnylam Pharmaceuticals, Inc.ALNY🇺🇸
Revenue +38%/yr · +35%/yr per share · asset light
G 76V 58O 80Cap $40.7B
MGI
76
MVI
58
MTI
42
MOI
80
Cap
$40.7B
Growth
+96%3
Veeva Systems Inc.VEEV🇺🇸
Revenue +14%/yr · +13%/yr per share · asset light
G 75V 68O 87Cap $28.5B
MGI
75
MVI
68
MTI
37
MOI
87
Cap
$28.5B
Growth
+14%4
Ascendis Pharma A/SASND🇩🇰
Revenue +157%/yr · +150%/yr per share · asset light
G 75V 58O 78Cap $16.4B
MGI
75
MVI
58
MTI
43
MOI
78
Cap
$16.4B
Growth
+144%5
Plejd ABPLEJD.SE🇸🇪
Revenue +28%/yr · +27%/yr per share · asset light
G 75V 69O 81Cap $835.1M
MGI
75
MVI
69
MTI
35
MOI
81
Cap
$835.1M
Growth
+28%6
Credo Technology Group Holding LtdCRDO🇺🇸
Revenue +80%/yr · +48%/yr per share · asset light
G 75V 54O 76Cap $36.5B
MGI
75
MVI
54
MTI
57
MOI
76
Cap
$36.5B
Growth
+80%7
Samsara Inc.IOT🇺🇸
Revenue +36%/yr · +14%/yr per share · asset light
G 74V 56O 77Cap $19.2B
MGI
74
MVI
56
MTI
40
MOI
77
Cap
$19.2B
Growth
+31%8
Vitalhub Corp.VHI.CA🇨🇦
Revenue +37%/yr · +23%/yr per share · asset light
G 73V 71O 80Cap $309.8M
MGI
73
MVI
71
MTI
28
MOI
80
Cap
$309.8M
Growth
+47%9
SN
Synektik S.A.SNT.PL🇵🇱
Revenue +35%/yr · +35%/yr per share · asset light
G 73V 64O 78Cap $657.1M
MGI
73
MVI
64
MTI
46
MOI
78
Cap
$657.1M
Growth
+35%10
Atlassian CorporationTEAM🇦🇺
Revenue +21%/yr · +20%/yr per share · asset light
G 73V 75O 82Cap $20.9B
MGI
73
MVI
75
MTI
44
MOI
82
Cap
$20.9B
Growth
+32%11
Astera Labs, Inc.ALAB🇺🇸
Revenue +105%/yr · +21%/yr per share · asset light
G 73V 43O 70Cap $48.4B
MGI
73
MVI
43
MTI
55
MOI
70
Cap
$48.4B
Growth
+93%12
Caris Life Sciences, Inc.CAI🇺🇸
Revenue +44%/yr · -24%/yr per share · asset light
G 72V 62O 77Cap $4.7B
MGI
72
MVI
62
MTI
45
MOI
77
Cap
$4.7B
Growth
+79%13
Insulet CorporationPODD🇺🇸
Revenue +21%/yr · +21%/yr per share · asset light
G 72V 62O 78Cap $13.0B
MGI
72
MVI
62
MTI
37
MOI
78
Cap
$13.0B
Growth
+34%14
AppLovin CorporationAPP🇺🇸
Revenue +17%/yr · +17%/yr per share · asset light
G 72V 58O 76Cap $136.2B
MGI
72
MVI
58
MTI
60
MOI
76
Cap
$136.2B
Growth
+24%15
Zscaler, Inc.ZS🇺🇸
Revenue +33%/yr · +29%/yr per share · asset light
G 71V 64O 76Cap $22.5B
MGI
71
MVI
64
MTI
46
MOI
76
Cap
$22.5B
Growth
+25%16
argenx SEARGX🇳🇱
Revenue +58%/yr · +50%/yr per share · asset light
G 71V 57O 74Cap $56.6B
MGI
71
MVI
57
MTI
43
MOI
74
Cap
$56.6B
Growth
+64%17
Guidewire Software, Inc.GWRE🇺🇸
Revenue +14%/yr · +13%/yr per share · asset light
G 71V 64O 79Cap $12.1B
MGI
71
MVI
64
MTI
32
MOI
79
Cap
$12.1B
Growth
+27%18
Sectra ABSECT.B.SE🇸🇪
Revenue +15%/yr · +15%/yr per share · asset light
G 71V 52O 72Cap $4.9B
MGI
71
MVI
52
MTI
28
MOI
72
Cap
$4.9B
Growth
+13%19
Frequentis AGFQT.AT🇦🇹
Revenue +14%/yr · +14%/yr per share · asset light
G 71V 70O 79Cap $1.1B
MGI
71
MVI
70
MTI
35
MOI
79
Cap
$1.1B
Growth
+21%20
Lotus Bakeries NVLOTB.BE🇧🇪
Revenue +15%/yr · +15%/yr per share · asset light
G 71V 48O 70Cap $8.6B
MGI
71
MVI
48
MTI
33
MOI
70
Cap
$8.6B
Growth
+10%21
ServiceTitan, Inc.TTAN🇺🇸
Revenue +20%/yr · -15%/yr per share · asset light
G 71V 66O 78Cap $6.4B
MGI
71
MVI
66
MTI
42
MOI
78
Cap
$6.4B
Growth
+25%22
Triple Flag Precious Metals Corp.TFPM🇨🇦
Revenue +25%/yr · +17%/yr per share · asset light
G 71V 58O 74Cap $6.0B
MGI
71
MVI
58
MTI
37
MOI
74
Cap
$6.0B
Growth
+79%23
ASM International N.V.ASM.NL🇳🇱
Revenue +13%/yr · +13%/yr per share · asset light
G 70V 42O 67Cap $39.9B
MGI
70
MVI
42
MTI
44
MOI
67
Cap
$39.9B
Growth
+7%24
On Holding AGONON🇨🇭
Revenue +34%/yr · +28%/yr per share · asset light
G 70V 63O 75Cap $13.1B
MGI
70
MVI
63
MTI
40
MOI
75
Cap
$13.1B
Growth
+34%25
Vericel CorporationVCEL🇺🇸
Revenue +13%/yr · +11%/yr per share · asset light
G 70V 55O 72Cap $2.3B
MGI
70
MVI
55
MTI
28
MOI
72
Cap
$2.3B
Growth
+30%26
Rubrik, Inc.RBRK🇺🇸
Revenue +34%/yr · -35%/yr per share · asset light
G 70V 57O 73Cap $15.4B
MGI
70
MVI
57
MTI
44
MOI
73
Cap
$15.4B
Growth
+39%27
United Therapeutics CorporationUTHR🇺🇸
Revenue +13%/yr · +13%/yr per share · asset light
G 70V 52O 71Cap $25.6B
MGI
70
MVI
52
MTI
55
MOI
71
Cap
$25.6B
Growth
-2%28
Natera, Inc.NTRA🇺🇸
Revenue +32%/yr · +21%/yr per share · asset light
G 70V 57O 73Cap $32.7B
MGI
70
MVI
57
MTI
45
MOI
73
Cap
$32.7B
Growth
+32%29
Reddit, Inc.RDDT🇺🇸
Revenue +39%/yr · +5%/yr per share · asset light
G 70V 69O 75Cap $30.2B
MGI
70
MVI
69
MTI
48
MOI
75
Cap
$30.2B
Growth
+69%30
Eagle Eye Solutions Group plcEYE.GB🇬🇧
Revenue +17%/yr · +11%/yr per share · asset light
G 70V 67O 75Cap $196.6M
MGI
70
MVI
67
MTI
42
MOI
75
Cap
$196.6M
Growth
+11%31
Texas Pacific Land CorporationTPL🇺🇸
Revenue +13%/yr · +13%/yr per share · asset light
G 70V 45O 67Cap $30.0B
MGI
70
MVI
45
MTI
40
MOI
67
Cap
$30.0B
Growth
+21%32
FOPE S.p.A.FPE.IT🇮🇹
Revenue +27%/yr · +26%/yr per share · asset light
G 70V 63O 74Cap $242.5M
MGI
70
MVI
63
MTI
42
MOI
74
Cap
$242.5M
Growth
+27%33
Kuros Biosciences LtdKURN.CH🇨🇭
Revenue +101%/yr · +80%/yr per share · asset light
G 70V 59O 74Cap $1.0B
MGI
70
MVI
59
MTI
43
MOI
74
Cap
$1.0B
Growth
+72%34
LandBridge Company LLCLB🇺🇸
Revenue +41%/yr · +41%/yr per share · asset light
G 69V 52O 70Cap $5.6B
MGI
69
MVI
52
MTI
40
MOI
70
Cap
$5.6B
Growth
+16%35
AtriCure, Inc.ATRC🇺🇸
Revenue +16%/yr · +14%/yr per share · asset light
G 69V 59O 72Cap $1.7B
MGI
69
MVI
59
MTI
45
MOI
72
Cap
$1.7B
Growth
+14%36
tonies SETNIE.DE🇩🇪
Revenue +36%/yr · +9%/yr per share · asset light
G 69V 65O 75Cap $1.6B
MGI
69
MVI
65
MTI
40
MOI
75
Cap
$1.6B
Growth
+33%37
Trainline plcTRN.GB🇬🇧
Revenue +25%/yr · +28%/yr per share · asset light
G 69V 70O 75Cap $1.0B
MGI
69
MVI
70
MTI
53
MOI
75
Cap
$1.0B
Growth
+2%38
Anpario plcANP.GB🇬🇧
Revenue +9%/yr · +13%/yr per share · asset light
G 69V 63O 73Cap $112.1M
MGI
69
MVI
63
MTI
33
MOI
73
Cap
$112.1M
Growth
+24%39
Wise Group plcWSE🇬🇧
Revenue +29%/yr · +22%/yr per share · asset light
G 69V 60O 72Cap $11.9B
MGI
69
MVI
60
MTI
46
MOI
72
Cap
$11.9B
Growth
+20%40
Adyen N.V.ADYEN.NL🇳🇱
Revenue +28%/yr · +27%/yr per share · asset light
G 69V 64O 74Cap $29.9B
MGI
69
MVI
64
MTI
45
MOI
74
Cap
$29.9B
Growth
+19%41
Yuanbao Inc.YB🇨🇳
Revenue +65%/yr · -4%/yr per share · asset light
G 69V 60O 72Cap $653.4M
MGI
69
MVI
60
MTI
60
MOI
72
Cap
$653.4M
Growth
+36%42
JFrog Ltd.FROG🇺🇸
Revenue +22%/yr · +17%/yr per share · asset light
G 69V 57O 73Cap $9.8B
MGI
69
MVI
57
MTI
38
MOI
73
Cap
$9.8B
Growth
+26%43
Hamilton Lane IncorporatedHLNE🇺🇸
Revenue +15%/yr · +7%/yr per share · asset light
G 69V 63O 73Cap $4.6B
MGI
69
MVI
63
MTI
43
MOI
73
Cap
$4.6B
Growth
-2%44
CAVA Group, Inc.CAVA🇺🇸
Revenue +21%/yr · -56%/yr per share · asset light
G 69V 44O 67Cap $7.5B
MGI
69
MVI
44
MTI
38
MOI
67
Cap
$7.5B
Growth
+93%45
Bentley Systems, IncorporatedBSY🇺🇸
Revenue +10%/yr · +9%/yr per share · asset light
G 69V 57O 72Cap $10.5B
MGI
69
MVI
57
MTI
38
MOI
72
Cap
$10.5B
Growth
+15%46
Exosens S.A.EXENS.FR🇫🇷
Revenue +33%/yr · +12%/yr per share · asset light
G 69V 56O 72Cap $3.2B
MGI
69
MVI
56
MTI
42
MOI
72
Cap
$3.2B
Growth
-18%47
Tradeweb Markets Inc.TW🇺🇸
Revenue +15%/yr · +14%/yr per share · asset light
G 69V 64O 77Cap $23.6B
MGI
69
MVI
64
MTI
40
MOI
77
Cap
$23.6B
Growth
+21%48
Fortinet, Inc.FTNT🇺🇸
Revenue +16%/yr · +19%/yr per share · asset light
G 69V 52O 70Cap $111.6B
MGI
69
MVI
52
MTI
44
MOI
70
Cap
$111.6B
Growth
+16%
Changed this week
Week over week, from the nightly refresh.
Entered
AtriCure, Inc. (ATRC) · joined at #35 · Revenue +16%/yr · +14%/yr per share · asset light
EnteredCadence Design Systems, Inc. (CDNS) · joined at #49 · Revenue +14%/yr · +15%/yr per share · asset light
EnteredAgilysys, Inc. (AGYS) · joined at #50 · Revenue +17%/yr · +14%/yr per share · asset light
EnteredFrequentis AG (FQT.AT) · joined at #19 · Revenue +14%/yr · +14%/yr per share · asset light
EnteredARX (ARX) · since left the ranking
+7 more
OR.CA, HUBS, APP, ARGX, DDOG, CDNS, SNT.PL also joined
Left
ANET, ARX, OR.CA, HUBS, DDOG, CDNS, RHM.DE, NOW, BKNG, CRWD, KLAC, HUBS
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Research tool, not investment advice. Rankings are generated by our models from company filings and market data, refresh nightly, and are identical for every visitor. Scores reflect our methodology and are not recommendations to act. Data as of 2026-07-28.