Research · refreshed nightly · July 28, 2026
Companies With Proven Pricing Power (July 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%median gross margin
47median MGI
12joined this week
The ranking
Sorted by gross margin
1
11
11 bit studios S.A.11B.PL🇵🇱
gross margin 99% · revenue +15%/yr · asset light
G 47V 70O 51Cap $83.2M
MGI
47
MVI
70
MTI
52
MOI
51
Cap
$83.2M
Growth
+15%2
Essential Properties Realty Trust, Inc.EPRT🇺🇸
gross margin 99% · revenue +22%/yr · asset light
G 50V 55O 51Cap $6.7B
MGI
50
MVI
55
MTI
35
MOI
51
Cap
$6.7B
Growth
+23%3
The Gym Group plcGYM.GB🇬🇧
gross margin 99% · revenue +25%/yr · asset light
G 49V 69O 54Cap $411.4M
MGI
49
MVI
69
MTI
42
MOI
54
Cap
$411.4M
Growth
+8%4
VICI Properties Inc.VICI🇺🇸
gross margin 99% · revenue +22%/yr · asset light
G 33V 54O 35Cap $29.3B
MGI
33
MVI
54
MTI
45
MOI
35
Cap
$29.3B
Growth
+4%5
Safehold Inc.SAFE🇺🇸
gross margin 99% · revenue +16%/yr · asset light
G 21V 64O 22Cap $1.1B
MGI
21
MVI
64
MTI
48
MOI
22
Cap
$1.1B
Growth
+14%6
Lexicon Pharmaceuticals, Inc.LXRX🇺🇸
gross margin 99% · revenue +198%/yr · asset light
G 26V 39O 25Cap $990.6M
MGI
26
MVI
39
MTI
63
MOI
25
Cap
$990.6M
Growth
+1572%7
Pollen Street Group LimitedPOLN.GB🇬🇧
gross margin 99% · revenue +22%/yr · asset light
G 53V 67O 57Cap $714.3M
MGI
53
MVI
67
MTI
50
MOI
57
Cap
$714.3M
Growth
+16%8
LandBridge Company LLCLB🇺🇸
gross margin 99% · revenue +41%/yr · asset light
G 69V 52O 70Cap $5.6B
MGI
69
MVI
52
MTI
40
MOI
70
Cap
$5.6B
Growth
+16%9
Gaztransport et Technigaz S.A.GTT.FR🇫🇷
gross margin 99% · revenue +15%/yr · asset light
G 68V 64O 76Cap $7.3B
MGI
68
MVI
64
MTI
42
MOI
76
Cap
$7.3B
Growth
+25%10
Wallix Group S.A.ALLIX.FR🇫🇷
gross margin 99% · revenue +15%/yr · asset light
G 47V 61O 49Cap $180.3M
MGI
47
MVI
61
MTI
55
MOI
49
Cap
$180.3M
Growth
+19%11
On the Beach Group plcOTB.GB🇬🇧
gross margin 99% · revenue +19%/yr · asset light
G 56V 68O 61Cap $331.3M
MGI
56
MVI
68
MTI
48
MOI
61
Cap
$331.3M
Growth
+2%12
Travere Therapeutics, Inc.TVTX🇺🇸
gross margin 99% · revenue +32%/yr · asset light
G 60V 61O 65Cap $5.3B
MGI
60
MVI
61
MTI
52
MOI
65
Cap
$5.3B
Growth
+56%13
LondonMetric Property PlcLMP.GB🇬🇧
gross margin 99% · revenue +29%/yr · asset light
G 40V 52O 41Cap $5.9B
MGI
40
MVI
52
MTI
43
MOI
41
Cap
$5.9B
Growth
+29%14
CareTrust REIT, Inc.CTRE🇺🇸
gross margin 98% · revenue +22%/yr · asset light
G 65V 55O 66Cap $9.2B
MGI
65
MVI
55
MTI
42
MOI
66
Cap
$9.2B
Growth
+22%15
Cirsa Enterprises, S.A.CIRSA.ES🇪🇸
gross margin 98% · revenue +16%/yr · asset light
G 29V 68O 32Cap $2.4B
MGI
29
MVI
68
MTI
54
MOI
32
Cap
$2.4B
Growth
+16%16
Cityvarasto OyjCITYVA.FI🇫🇮
gross margin 98% · revenue +17%/yr · asset light
G 48V 59O 51Cap $159.6M
MGI
48
MVI
59
MTI
32
MOI
51
Cap
$159.6M
Growth
+24%17
Lakefront Biotherapeutics NVLKFT🇧🇪
gross margin 98% · revenue +31%/yr · asset light
G 35V 46O 34Cap $2.0B
MGI
35
MVI
46
MTI
65
MOI
34
Cap
$2.0B
Growth
+31%18
Arm Holdings plcARM🇬🇧
gross margin 98% · revenue +19%/yr · asset light
G 64V 36O 59Cap $284.5B
MGI
64
MVI
36
MTI
42
MOI
59
Cap
$284.5B
Growth
+20%19
Neurocrine Biosciences, Inc.NBIX🇺🇸
gross margin 98% · revenue +22%/yr · asset light
G 56V 62O 60Cap $15.5B
MGI
56
MVI
62
MTI
50
MOI
60
Cap
$15.5B
Growth
+42%20
Visa Inc.V🇺🇸
gross margin 98% · revenue +11%/yr · asset light
G 60V 52O 61Cap $629.5B
MGI
60
MVI
52
MTI
42
MOI
61
Cap
$629.5B
Growth
+17%21
General de Galerías Comerciales, S.A.GGC.ES🇪🇸
gross margin 98% · revenue +11%/yr · asset light
G 45V 50O 45Cap $4.8B
MGI
45
MVI
50
MTI
46
MOI
45
Cap
$4.8B
Growth
0%22
Qt Group PlcQTCOM.FI🇫🇮
gross margin 98% · revenue +13%/yr · asset light
G 49V 51O 49Cap $932.5M
MGI
49
MVI
51
MTI
46
MOI
49
Cap
$932.5M
Growth
-23%23
Corcept Therapeutics Inc.CORT🇺🇸
gross margin 98% · revenue +16%/yr · asset light
G 61V 45O 59Cap $9.8B
MGI
61
MVI
45
MTI
56
MOI
59
Cap
$9.8B
Growth
+5%24
Philogen S.p.A.PHIL.IT🇮🇹
gross margin 98% · revenue +119%/yr · asset light
G 45V 46O 44Cap $1.1B
MGI
45
MVI
46
MTI
55
MOI
44
Cap
$1.1B
Growth
+325%25
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%26
trivago N.V.TRVG🇩🇪
gross margin 97% · revenue +9%/yr · asset light
G 19V 53O 19Cap $381.8M
MGI
19
MVI
53
MTI
71
MOI
19
Cap
$381.8M
Growth
+15%27
Heliad AGA7A.DE🇩🇪
gross margin 97% · revenue +96%/yr · asset light
G 34V 60O 35Cap $148.1M
MGI
34
MVI
60
MTI
57
MOI
35
Cap
$148.1M
Growth
-76%28
EverQuote, Inc.EVER🇺🇸
gross margin 97% · revenue +11%/yr · asset light
G 37V 59O 39Cap $928.5M
MGI
37
MVI
59
MTI
55
MOI
39
Cap
$928.5M
Growth
+15%29
Geron CorporationGERN🇺🇸
gross margin 97% · revenue +169%/yr · asset light
G 39V 58O 40Cap $973.4M
MGI
39
MVI
58
MTI
47
MOI
40
Cap
$973.4M
Growth
+31%30
Warehouses De Pauw NV/SAWDP.BE🇧🇪
gross margin 96% · revenue +12%/yr · asset light
G 27V 43O 26Cap $6.1B
MGI
27
MVI
43
MTI
42
MOI
26
Cap
$6.1B
Growth
+12%31
Aedifica NV/SAAED.BE🇧🇪
gross margin 96% · revenue +11%/yr · asset light
G 38V 53O 39Cap $6.7B
MGI
38
MVI
53
MTI
38
MOI
39
Cap
$6.7B
Growth
+34%32
Montea NVMONT.BE🇧🇪
gross margin 96% · revenue +12%/yr · asset light
G 43V 56O 44Cap $1.8B
MGI
43
MVI
56
MTI
42
MOI
44
Cap
$1.8B
Growth
+9%33
Exelixis, Inc.EXEL🇺🇸
gross margin 96% · revenue +11%/yr · asset light
G 51V 60O 54Cap $12.6B
MGI
51
MVI
60
MTI
57
MOI
54
Cap
$12.6B
Growth
+10%34
ChemoMetec A/SCHEMM.DK🇩🇰
gross margin 96% · revenue +15%/yr · asset light
G 66V 39O 63Cap $1.9B
MGI
66
MVI
39
MTI
42
MOI
63
Cap
$1.9B
Growth
+22%35
Alquiber Quality, S.A.ALQ.ES🇪🇸
gross margin 96% · revenue +23%/yr · asset light
G 17V 60O 18Cap $89.9M
MGI
17
MVI
60
MTI
54
MOI
18
Cap
$89.9M
Growth
+14%36
Intercede Group plcIGP.GB🇬🇧
gross margin 96% · revenue +10%/yr · asset light
G 56V 58O 58Cap $87.5M
MGI
56
MVI
58
MTI
47
MOI
58
Cap
$87.5M
Growth
-11%37
innoscripta SE1INN.DE🇩🇪
gross margin 96% · revenue +43%/yr · asset light
G 66V 72O 74Cap $812.3M
MGI
66
MVI
72
MTI
53
MOI
74
Cap
$812.3M
Growth
+58%38
GL events SAGLO.FR🇫🇷
gross margin 95% · revenue +19%/yr · asset light
G 28V 52O 28Cap $1.1B
MGI
28
MVI
52
MTI
52
MOI
28
Cap
$1.1B
Growth
+5%39
BridgeBio Pharma, Inc.BBIO🇺🇸
gross margin 95% · revenue +53%/yr · asset light
G 39V 58O 41Cap $15.5B
MGI
39
MVI
58
MTI
48
MOI
41
Cap
$15.5B
Growth
+67%40
Capital Southwest Corp.CSWC🇺🇸
gross margin 95% · revenue +24%/yr · asset light
G 32V 53O 32Cap $1.4B
MGI
32
MVI
53
MTI
48
MOI
32
Cap
$1.4B
Growth
+24%41
Gyre Therapeutics, Inc.GYRE🇺🇸
gross margin 95% · revenue +68%/yr · asset light
G 32V 47O 32Cap $660M
MGI
32
MVI
47
MTI
62
MOI
32
Cap
$660M
Growth
+2%42
Robinhood Markets, Inc.HOOD🇺🇸
gross margin 95% · revenue +21%/yr · asset light
G 57V 62O 61Cap $74.3B
MGI
57
MVI
62
MTI
52
MOI
61
Cap
$74.3B
Growth
+15%43
Clarkson PLCCKN.GB🇬🇧
gross margin 94% · revenue +12%/yr · asset light
G 42V 54O 44Cap $1.7B
MGI
42
MVI
54
MTI
38
MOI
44
Cap
$1.7B
Growth
-4%44
Krystal Biotech, Inc.KRYS🇺🇸
gross margin 94% · revenue +102%/yr · asset light
G 54V 52O 54Cap $9.0B
MGI
54
MVI
52
MTI
43
MOI
54
Cap
$9.0B
Growth
+32%45
BioArctic ABBIOA.B.SE🇸🇪
gross margin 94% · revenue +113%/yr · asset light
G 62V 69O 67Cap $3.0B
MGI
62
MVI
69
MTI
44
MOI
67
Cap
$3.0B
Growth
-66%46
Exsitec Holding ABEXS.SE🇸🇪
gross margin 94% · revenue +15%/yr · asset light
G 57V 59O 59Cap $213.6M
MGI
57
MVI
59
MTI
44
MOI
59
Cap
$213.6M
Growth
+6%47
Facephi Biometria, S.A.FACE.ES🇪🇸
gross margin 94% · revenue +58%/yr · asset light
G 47V 86O 55Cap $52.4M
MGI
47
MVI
86
MTI
52
MOI
55
Cap
$52.4M
Growth
+25%48
AST SpaceMobile, Inc.ASTS🇺🇸
gross margin 94% · revenue +47%/yr · asset light
G 21V 30O 19Cap $23.7B
MGI
21
MVI
30
MTI
61
MOI
19
Cap
$23.7B
Growth
+47%
Changed this week
Week over week, from the nightly refresh.
Entered
Exsitec Holding AB (EXS.SE) · joined at #46 · gross margin 94% · revenue +15%/yr · asset light
EnteredExpert.ai S.p.A. (EXAI.IT) · joined at #50 · gross margin 94% · revenue +9%/yr · asset light
EnteredFacephi Biometria, S.A. (FACE.ES) · joined at #47 · gross margin 94% · revenue +58%/yr · asset light
EnteredBioArctic AB (BIOA.B.SE) · joined at #45 · gross margin 94% · revenue +113%/yr · asset light
EnteredGL events SA (GLO.FR) · joined at #38 · gross margin 95% · revenue +19%/yr · asset light
+7 more
EXS.SE, EXAI.IT, 11B.PL, LB, MONT.BE, CITYVA.FI, CIRSA.ES also joined
Left
FUTU, PHO.NO, EXS.SE, EXAI.IT, IMDA.FR, BIOA.B.SE, FACE.ES, EXAI.IT, EXS.SE, RIGL, TARS, ARDX
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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.