Research · refreshed nightly · August 17, 2026
Companies With Proven Pricing Power (October 2026)
High gross margins on asset-light engines.
Gross margin is the rawest reading of pricing power: what remains after the direct cost of what a company sells. Across these 50 asset-light companies with proven pricing power, the median is 96%, and the top of the table sits at 99%, from VICI Properties at a $29B cap to Travere Therapeutics and Immunocore.
The mix is the message. Ground-lease landlords and drug developers dominate because their cost of revenue is nearly zero by construction. Gross margin says nothing about the research and operating spend below that line, which is where the economics of names like Lexicon, growing revenue 198% a year, get decided. Click any name for the full citation-backed analysis.
50companies qualify
97.5%median gross margin
49median MGI
15joined this week
The ranking
Sorted by gross margin
1
On the Beach Group plcOTB.GB🇬🇧
gross margin 99% · revenue +19%/yr · asset light
G 56V 66O 61Cap $352.5M
MGI
56
MVI
66
MTI
48
MOI
61
Cap
$352.5M
Growth
+2%2
Travere Therapeutics, Inc.TVTX🇺🇸
gross margin 99% · revenue +35%/yr · asset light
G 60V 60O 64Cap $5.6B
MGI
60
MVI
60
MTI
52
MOI
64
Cap
$5.6B
Growth
+48%3
LondonMetric Property PlcLMP.GB🇬🇧
gross margin 99% · revenue +29%/yr · asset light
G 40V 52O 41Cap $6.0B
MGI
40
MVI
52
MTI
43
MOI
41
Cap
$6.0B
Growth
+17%4
Lexicon Pharmaceuticals, Inc.LXRX🇺🇸
gross margin 99% · revenue +168%/yr · asset light
G 26V 38O 25Cap $1.1B
MGI
26
MVI
38
MTI
63
MOI
25
Cap
$1.1B
Growth
-98%5
GATX CorporationGATX🇺🇸
gross margin 99% · revenue +10%/yr · asset light
G 32V 52O 33Cap $6.3B
MGI
32
MVI
52
MTI
40
MOI
33
Cap
$6.3B
Growth
+38%6
LandBridge Company LLCLB🇺🇸
gross margin 99% · revenue +46%/yr · asset light
G 69V 50O 69Cap $6.1B
MGI
69
MVI
50
MTI
40
MOI
69
Cap
$6.1B
Growth
+41%7
Essential Properties Realty Trust, Inc.EPRT🇺🇸
gross margin 99% · revenue +22%/yr · asset light
G 50V 55O 51Cap $6.6B
MGI
50
MVI
55
MTI
35
MOI
51
Cap
$6.6B
Growth
+18%8
The Gym Group plcGYM.GB🇬🇧
gross margin 99% · revenue +25%/yr · asset light
G 49V 68O 54Cap $424.4M
MGI
49
MVI
68
MTI
42
MOI
54
Cap
$424.4M
Growth
+8%9
Wallix Group S.A.ALLIX.FR🇫🇷
gross margin 99% · revenue +15%/yr · asset light
G 47V 60O 49Cap $186.9M
MGI
47
MVI
60
MTI
55
MOI
49
Cap
$186.9M
Growth
+19%10
Pollen Street Group LimitedPOLN.GB🇬🇧
gross margin 99% · revenue +22%/yr · asset light
G 53V 66O 57Cap $730.8M
MGI
53
MVI
66
MTI
50
MOI
57
Cap
$730.8M
Growth
+16%11
11
11 bit studios S.A.11B.PL🇵🇱
gross margin 99% · revenue +15%/yr · asset light
G 47V 69O 51Cap $85.2M
MGI
47
MVI
69
MTI
52
MOI
51
Cap
$85.2M
Growth
+15%12
VICI Properties Inc.VICI🇺🇸
gross margin 99% · revenue +22%/yr · asset light
G 34V 54O 35Cap $29.1B
MGI
34
MVI
54
MTI
46
MOI
35
Cap
$29.1B
Growth
+6%13
Qt Group PlcQTCOM.FI🇫🇮
gross margin 98% · revenue +14%/yr · asset light
G 49V 54O 50Cap $817.2M
MGI
49
MVI
54
MTI
46
MOI
50
Cap
$817.2M
Growth
+30%14
Visa Inc.V🇺🇸
gross margin 98% · revenue +12%/yr · asset light
G 62V 53O 64Cap $660.4B
MGI
62
MVI
53
MTI
46
MOI
64
Cap
$660.4B
Growth
+14%15
Lakefront Biotherapeutics NVLKFT🇧🇪
gross margin 98% · revenue +30%/yr · asset light
G 35V 48O 35Cap $1.9B
MGI
35
MVI
48
MTI
65
MOI
35
Cap
$1.9B
Growth
+30%16
Seri Industrial S.p.A.SERI.IT🇮🇹
gross margin 98% · revenue +52%/yr · asset light
G 19V 67O 20Cap $156.2M
MGI
19
MVI
67
MTI
63
MOI
20
Cap
$156.2M
Growth
+38%17
Cirsa Enterprises, S.A.CIRSA.ES🇪🇸
gross margin 98% · revenue +17%/yr · asset light
G 36V 66O 40Cap $2.6B
MGI
36
MVI
66
MTI
54
MOI
40
Cap
$2.6B
Growth
+22%18
Corcept Therapeutics Inc.CORT🇺🇸
gross margin 98% · revenue +18%/yr · asset light
G 59V 51O 59Cap $10.7B
MGI
59
MVI
51
MTI
48
MOI
59
Cap
$10.7B
Growth
+32%19
Zevra Therapeutics, Inc.ZVRA🇺🇸
gross margin 98% · revenue +37%/yr · asset light
G 40V 58O 42Cap $761.6M
MGI
40
MVI
58
MTI
44
MOI
42
Cap
$761.6M
Growth
+53%20
Cityvarasto OyjCITYVA.FI🇫🇮
gross margin 98% · revenue +17%/yr · asset light
G 48V 58O 50Cap $162.9M
MGI
48
MVI
58
MTI
32
MOI
50
Cap
$162.9M
Growth
+24%21
Philogen S.p.A.PHIL.IT🇮🇹
gross margin 98% · revenue +119%/yr · asset light
G 45V 45O 44Cap $1.1B
MGI
45
MVI
45
MTI
55
MOI
44
Cap
$1.1B
Growth
+325%22
General de Galerías Comerciales, S.A.GGC.ES🇪🇸
gross margin 98% · revenue +11%/yr · asset light
G 45V 39O 41Cap $4.9B
MGI
45
MVI
39
MTI
50
MOI
41
Cap
$4.9B
Growth
0%23
EverQuote, Inc.EVER🇺🇸
gross margin 98% · revenue +13%/yr · asset light
G 37V 62O 40Cap $849.5M
MGI
37
MVI
62
MTI
55
MOI
40
Cap
$849.5M
Growth
+25%24
Arm Holdings plcARM🇬🇧
gross margin 98% · revenue +21%/yr · asset light
G 74V 33O 65Cap $338.6B
MGI
74
MVI
33
MTI
46
MOI
65
Cap
$338.6B
Growth
+22%25
Neurocrine Biosciences, Inc.NBIX🇺🇸
gross margin 98% · revenue +24%/yr · asset light
G 57V 62O 60Cap $16.3B
MGI
57
MVI
62
MTI
38
MOI
60
Cap
$16.3B
Growth
+40%26
Gubra A/SGUBRA.DK🇩🇰
gross margin 97% · revenue +73%/yr · asset light
G 61V 64O 65Cap $1.3B
MGI
61
MVI
64
MTI
44
MOI
65
Cap
$1.3B
Growth
+892%27
CareTrust REIT, Inc.CTRE🇺🇸
gross margin 97% · revenue +24%/yr · asset light
G 65V 55O 66Cap $9.3B
MGI
65
MVI
55
MTI
42
MOI
66
Cap
$9.3B
Growth
+65%28
PharmaNutra S.p.A.PHN.IT🇮🇹
gross margin 97% · revenue +16%/yr · asset light
G 65V 56O 67Cap $753.3M
MGI
65
MVI
56
MTI
35
MOI
67
Cap
$753.3M
Growth
+25%29
Gaztransport et Technigaz S.A.GTT.FR🇫🇷
gross margin 97% · revenue +21%/yr · asset light
G 62V 59O 67Cap $8.4B
MGI
62
MVI
59
MTI
42
MOI
67
Cap
$8.4B
Growth
+25%30
Heliad AGA7A.DE🇩🇪
gross margin 97% · revenue +96%/yr · asset light
G 34V 60O 35Cap $151.1M
MGI
34
MVI
60
MTI
57
MOI
35
Cap
$151.1M
Growth
-76%31
Terna S.p.A.TRN.IT🇮🇹
gross margin 96% · revenue +10%/yr · asset light
G 54V 57O 57Cap $22.8B
MGI
54
MVI
57
MTI
33
MOI
57
Cap
$22.8B
Growth
-1%32
Alquiber Quality, S.A.ALQ.ES🇪🇸
gross margin 96% · revenue +23%/yr · asset light
G 17V 60O 18Cap $90.6M
MGI
17
MVI
60
MTI
54
MOI
18
Cap
$90.6M
Growth
+14%33
Warehouses De Pauw NV/SAWDP.BE🇧🇪
gross margin 96% · revenue +12%/yr · asset light
G 44V 52O 45Cap $6.0B
MGI
44
MVI
52
MTI
40
MOI
45
Cap
$6.0B
Growth
0%34
innoscripta SE1INN.DE🇩🇪
gross margin 96% · revenue +43%/yr · asset light
G 66V 70O 73Cap $867.5M
MGI
66
MVI
70
MTI
53
MOI
73
Cap
$867.5M
Growth
+58%35
Aedifica NV/SAAED.BE🇧🇪
gross margin 96% · revenue +11%/yr · asset light
G 38V 53O 39Cap $6.6B
MGI
38
MVI
53
MTI
38
MOI
39
Cap
$6.6B
Growth
+34%36
Admicom OyjADMCM.FI🇫🇮
gross margin 96% · revenue +9%/yr · asset light
G 40V 42O 38Cap $250.7M
MGI
40
MVI
42
MTI
55
MOI
38
Cap
$250.7M
Growth
+5%37
Intercede Group plcIGP.GB🇬🇧
gross margin 96% · revenue +10%/yr · asset light
G 56V 55O 57Cap $95.9M
MGI
56
MVI
55
MTI
47
MOI
57
Cap
$95.9M
Growth
-11%38
Exelixis, Inc.EXEL🇺🇸
gross margin 96% · revenue +11%/yr · asset light
G 53V 55O 55Cap $13.3B
MGI
53
MVI
55
MTI
47
MOI
55
Cap
$13.3B
Growth
+11%39
FW Thorpe PlcTFW.GB🇬🇧
gross margin 96% · revenue +9%/yr · asset light
G 48V 57O 49Cap $414.7M
MGI
48
MVI
57
MTI
42
MOI
49
Cap
$414.7M
Growth
0%40
ChemoMetec A/SCHEMM.DK🇩🇰
gross margin 96% · revenue +15%/yr · asset light
G 66V 39O 62Cap $1.9B
MGI
66
MVI
39
MTI
42
MOI
62
Cap
$1.9B
Growth
+22%41
trivago N.V.TRVG🇩🇪
gross margin 96% · revenue +11%/yr · asset light
G 19V 51O 19Cap $403.5M
MGI
19
MVI
51
MTI
71
MOI
19
Cap
$403.5M
Growth
+21%42
Krystal Biotech, Inc.KRYS🇺🇸
gross margin 95% · revenue +106%/yr · asset light
G 54V 47O 53Cap $10.4B
MGI
54
MVI
47
MTI
43
MOI
53
Cap
$10.4B
Growth
+24%43
Robinhood Markets, Inc.HOOD🇺🇸
gross margin 95% · revenue +22%/yr · asset light
G 59V 47O 58Cap $88.0B
MGI
59
MVI
47
MTI
48
MOI
58
Cap
$88.0B
Growth
+32%44
Montea NVMONT.BE🇧🇪
gross margin 95% · revenue +17%/yr · asset light
G 43V 56O 44Cap $1.8B
MGI
43
MVI
56
MTI
42
MOI
44
Cap
$1.8B
Growth
+9%45
Exsitec Holding ABEXS.SE🇸🇪
gross margin 94% · revenue +14%/yr · asset light
G 57V 59O 59Cap $219.6M
MGI
57
MVI
59
MTI
44
MOI
59
Cap
$219.6M
Growth
+6%46
Foresight Group Holdings LimitedFSG.GB🇬🇧
gross margin 94% · revenue +15%/yr · asset light
G 61V 64O 64Cap $644.6M
MGI
61
MVI
64
MTI
46
MOI
64
Cap
$644.6M
Growth
+11%47
Clarkson PLCCKN.GB🇬🇧
gross margin 94% · revenue +11%/yr · asset light
G 42V 51O 43Cap $1.9B
MGI
42
MVI
51
MTI
38
MOI
43
Cap
$1.9B
Growth
-4%48
BioArctic ABBIOA.B.SE🇸🇪
gross margin 94% · revenue +113%/yr · asset light
G 62V 68O 67Cap $3.1B
MGI
62
MVI
68
MTI
44
MOI
67
Cap
$3.1B
Growth
-66%
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