Research · refreshed nightly · August 17, 2026
The Best Recurring Revenue Businesses (October 2026)
Recurring revenue machines.
The best recurring revenue business on our list, by MGI, is not software. Alnylam Pharmaceuticals leads these 50 names at 76, compounding revenue 38% a year at a $44B cap, its therapies as recurring as any license. Veeva at 75 and Samsara at 74 restore the expected order.
Recurring revenue earns its gravity only when the share count stays still. ServiceTitan grows 20% a year but gives back 15% per share to dilution, and Rubrik's 34% headline becomes a 35% per-share decline. A median MGI of 65.5 says the model works more often than not. Click any name for the full citation-backed analysis.
50companies qualify
68median MGI
1joined this week
The ranking
Sorted by MGI
1
Veeva Systems Inc.VEEV🇺🇸
Revenue +14%/yr · +13%/yr per share · asset light
G 75V 60O 83Cap $39.6B
MGI
75
MVI
60
MTI
37
MOI
83
Cap
$39.6B
Growth
+14%2
Arm Holdings plcARM🇬🇧
Revenue +21%/yr · +20%/yr per share · asset light
G 74V 33O 65Cap $338.6B
MGI
74
MVI
33
MTI
46
MOI
65
Cap
$338.6B
Growth
+22%3
Samsara Inc.IOT🇺🇸
Revenue +36%/yr · +14%/yr per share · asset light
G 74V 54O 76Cap $20.5B
MGI
74
MVI
54
MTI
40
MOI
76
Cap
$20.5B
Growth
+31%4
Vitalhub Corp.VHI.CA🇨🇦
Revenue +39%/yr · +24%/yr per share · asset light
G 73V 69O 79Cap $343M
MGI
73
MVI
69
MTI
28
MOI
79
Cap
$343M
Growth
+33%5
Alnylam Pharmaceuticals, Inc.ALNY🇺🇸
Revenue +42%/yr · +37%/yr per share · asset light
G 73V 59O 77Cap $35.4B
MGI
73
MVI
59
MTI
40
MOI
77
Cap
$35.4B
Growth
+67%6
Atlassian CorporationTEAM🇦🇺
Revenue +22%/yr · +21%/yr per share · asset light
G 73V 58O 76Cap $41.2B
MGI
73
MVI
58
MTI
44
MOI
76
Cap
$41.2B
Growth
+20%7
Zscaler, Inc.ZS🇺🇸
Revenue +33%/yr · +29%/yr per share · asset light
G 71V 56O 73Cap $29.7B
MGI
71
MVI
56
MTI
46
MOI
73
Cap
$29.7B
Growth
+25%8
argenx SEARGX🇳🇱
Revenue +58%/yr · +50%/yr per share · asset light
G 71V 57O 74Cap $55.6B
MGI
71
MVI
57
MTI
43
MOI
74
Cap
$55.6B
Growth
+60%9
Triple Flag Precious Metals Corp.TFPM🇨🇦
Revenue +27%/yr · +18%/yr per share · asset light
G 71V 51O 71Cap $7.6B
MGI
71
MVI
51
MTI
37
MOI
71
Cap
$7.6B
Growth
+37%10
Sectra ABSECT.B.SE🇸🇪
Revenue +15%/yr · +15%/yr per share · asset light
G 71V 52O 71Cap $5.0B
MGI
71
MVI
52
MTI
28
MOI
71
Cap
$5.0B
Growth
+13%11
ServiceTitan, Inc.TTAN🇺🇸
Revenue +20%/yr · -15%/yr per share · asset light
G 71V 58O 75Cap $8.6B
MGI
71
MVI
58
MTI
42
MOI
75
Cap
$8.6B
Growth
+25%12
Guidewire Software, Inc.GWRE🇺🇸
Revenue +14%/yr · +13%/yr per share · asset light
G 71V 61O 78Cap $13.2B
MGI
71
MVI
61
MTI
32
MOI
78
Cap
$13.2B
Growth
+27%13
Pure Cycle CorporationPCYO🇺🇸
Revenue +13%/yr · +13%/yr per share · scale economics
G 70V 59O 72Cap $263.1M
MGI
70
MVI
59
MTI
28
MOI
72
Cap
$263.1M
Growth
+60%14
Rubrik, Inc.RBRK🇺🇸
Revenue +34%/yr · -35%/yr per share · asset light
G 70V 48O 69Cap $21.0B
MGI
70
MVI
48
MTI
44
MOI
69
Cap
$21.0B
Growth
+39%15
United Therapeutics CorporationUTHR🇺🇸
Revenue +13%/yr · +14%/yr per share · asset light
G 70V 56O 72Cap $22.3B
MGI
70
MVI
56
MTI
55
MOI
72
Cap
$22.3B
Growth
-2%16
Diploma PLCDPLM.GB🇬🇧
Revenue +15%/yr · +13%/yr per share · scale economics
G 70V 55O 73Cap $12.1B
MGI
70
MVI
55
MTI
37
MOI
73
Cap
$12.1B
Growth
+12%17
Eagle Eye Solutions Group plcEYE.GB🇬🇧
Revenue +17%/yr · +11%/yr per share · asset light
G 70V 66O 75Cap $203.5M
MGI
70
MVI
66
MTI
42
MOI
75
Cap
$203.5M
Growth
+11%18
Constellation Software Inc.CSU.CA🇨🇦
Revenue +20%/yr · +20%/yr per share · scale economics
G 70V 57O 74Cap $51.9B
MGI
70
MVI
57
MTI
38
MOI
74
Cap
$51.9B
Growth
+20%19
Hamilton Lane IncorporatedHLNE🇺🇸
Revenue +18%/yr · +10%/yr per share · asset light
G 69V 52O 70Cap $7.0B
MGI
69
MVI
52
MTI
43
MOI
70
Cap
$7.0B
Growth
+57%20
Nordrest Holding ABNREST.SE🇸🇪
Revenue +38%/yr · +31%/yr per share · scale economics
G 69V 68O 74Cap $383.6M
MGI
69
MVI
68
MTI
45
MOI
74
Cap
$383.6M
Growth
+30%21
Tatton Asset Management plcTAM.GB🇬🇧
Revenue +14%/yr · +14%/yr per share · scale economics
G 69V 65O 74Cap $527.6M
MGI
69
MVI
65
MTI
37
MOI
74
Cap
$527.6M
Growth
+20%22
Adyen N.V.ADYEN.NL🇳🇱
Revenue +21%/yr · +20%/yr per share · asset light
G 69V 60O 73Cap $34.4B
MGI
69
MVI
60
MTI
45
MOI
73
Cap
$34.4B
Growth
+19%23
JFrog Ltd.FROG🇺🇸
Revenue +24%/yr · +18%/yr per share · asset light
G 69V 53O 70Cap $11.4B
MGI
69
MVI
53
MTI
38
MOI
70
Cap
$11.4B
Growth
+29%24
Agilysys, Inc.AGYS🇺🇸
Revenue +17%/yr · +14%/yr per share · asset light
G 68V 55O 71Cap $3.1B
MGI
68
MVI
55
MTI
46
MOI
71
Cap
$3.1B
Growth
+14%25
Red Violet, Inc.RDVT🇺🇸
Revenue +18%/yr · +16%/yr per share · asset light
G 68V 54O 69Cap $1.0B
MGI
68
MVI
54
MTI
43
MOI
69
Cap
$1.0B
Growth
+17%26
HubSpot, Inc.HUBS🇺🇸
Revenue +22%/yr · +19%/yr per share · asset light
G 68V 70O 74Cap $10.3B
MGI
68
MVI
70
MTI
46
MOI
74
Cap
$10.3B
Growth
+20%27
AvePoint, Inc.AVPT🇺🇸
Revenue +19%/yr · +9%/yr per share · asset light
G 68V 67O 74Cap $2.6B
MGI
68
MVI
67
MTI
45
MOI
74
Cap
$2.6B
Growth
+22%28
Datadog, Inc.DDOG🇺🇸
Revenue +31%/yr · +27%/yr per share · asset light
G 68V 49O 67Cap $92.6B
MGI
68
MVI
49
MTI
40
MOI
67
Cap
$92.6B
Growth
+31%29
Duolingo, Inc.DUOL🇺🇸
Revenue +35%/yr · +17%/yr per share · asset light
G 68V 63O 73Cap $5.8B
MGI
68
MVI
63
MTI
45
MOI
73
Cap
$5.8B
Growth
+18%30
OR Royalties Inc.OR.CA🇨🇦
Revenue +15%/yr · +13%/yr per share · asset light
G 68V 56O 70Cap $7.3B
MGI
68
MVI
56
MTI
43
MOI
70
Cap
$7.3B
Growth
+87%31
Cloudflare, Inc.NET🇺🇸
Revenue +31%/yr · +28%/yr per share · asset light
G 67V 41O 63Cap $99.9B
MGI
67
MVI
41
MTI
43
MOI
63
Cap
$99.9B
Growth
+36%32
DoubleVerify Holdings, Inc.DV🇺🇸
Revenue +18%/yr · +18%/yr per share · asset light
G 67V 69O 76Cap $1.9B
MGI
67
MVI
69
MTI
43
MOI
76
Cap
$1.9B
Growth
+3%33
The Descartes Systems Group Inc.DSG.CA🇨🇦
Revenue +13%/yr · +13%/yr per share · asset light
G 67V 56O 70Cap $7.5B
MGI
67
MVI
56
MTI
37
MOI
70
Cap
$7.5B
Growth
+16%34
MongoDB, Inc.MDB🇺🇸
Revenue +27%/yr · +21%/yr per share · asset light
G 67V 44O 65Cap $37.0B
MGI
67
MVI
44
MTI
40
MOI
65
Cap
$37.0B
Growth
+25%35
Life360, Inc.LIF🇺🇸
Revenue +38%/yr · +25%/yr per share · asset light
G 67V 58O 70Cap $4.3B
MGI
67
MVI
58
MTI
52
MOI
70
Cap
$4.3B
Growth
+38%36
AppFolio, Inc.APPF🇺🇸
Revenue +24%/yr · +24%/yr per share · asset light
G 67V 62O 73Cap $6.5B
MGI
67
MVI
62
MTI
47
MOI
73
Cap
$6.5B
Growth
+19%37
The Trade Desk, Inc.TTD🇺🇸
Revenue +20%/yr · +21%/yr per share · asset light
G 67V 77O 76Cap $7.6B
MGI
67
MVI
77
MTI
50
MOI
76
Cap
$7.6B
Growth
+20%38
Lumine Group Inc.LMN.CA🇨🇦
Revenue +30%/yr · +28%/yr per share · scale economics
G 67V 60O 71Cap $5.0B
MGI
67
MVI
60
MTI
42
MOI
71
Cap
$5.0B
Growth
+32%39
innoscripta SE1INN.DE🇩🇪
Revenue +43%/yr · +13%/yr per share · asset light
G 66V 70O 73Cap $867.5M
MGI
66
MVI
70
MTI
53
MOI
73
Cap
$867.5M
Growth
+58%40
IVU Traffic Technologies AGIVU.DE🇩🇪
Revenue +10%/yr · +11%/yr per share · asset light
G 66V 62O 70Cap $455.5M
MGI
66
MVI
62
MTI
38
MOI
70
Cap
$455.5M
Growth
+10%41
Intapp, Inc.INTA🇺🇸
Revenue +19%/yr · +6%/yr per share · asset light
G 66V 67O 73Cap $3.1B
MGI
66
MVI
67
MTI
42
MOI
73
Cap
$3.1B
Growth
+17%42
CVC Capital Partners plcCVC.GB🇬🇧
Revenue +26%/yr · +10%/yr per share · asset light
G 66V 56O 68Cap $17.7B
MGI
66
MVI
56
MTI
38
MOI
68
Cap
$17.7B
Growth
+19%43
Clear Secure, Inc.YOU🇺🇸
Revenue +32%/yr · +24%/yr per share · asset light
G 66V 67O 73Cap $5.9B
MGI
66
MVI
67
MTI
52
MOI
73
Cap
$5.9B
Growth
+27%44
Procore Technologies, Inc.PCOR🇺🇸
Revenue +23%/yr · +11%/yr per share · asset light
G 66V 51O 67Cap $9.1B
MGI
66
MVI
51
MTI
43
MOI
67
Cap
$9.1B
Growth
+16%45
Apollo Global Management, Inc.APO🇺🇸
Revenue +43%/yr · +19%/yr per share · scale economics
G 66V 59O 70Cap $75.6B
MGI
66
MVI
59
MTI
53
MOI
70
Cap
$75.6B
Growth
-9%46
Planisware SAPLNW.FR🇫🇷
Revenue +14%/yr · +14%/yr per share · asset light
G 66V 55O 68Cap $2.1B
MGI
66
MVI
55
MTI
42
MOI
68
Cap
$2.1B
Growth
+8%47
CareTrust REIT, Inc.CTRE🇺🇸
Revenue +24%/yr · +5%/yr per share · asset light
G 65V 55O 66Cap $9.3B
MGI
65
MVI
55
MTI
42
MOI
66
Cap
$9.3B
Growth
+65%48
Halozyme Therapeutics, Inc.HALO🇺🇸
Revenue +30%/yr · +35%/yr per share · asset light
G 65V 63O 73Cap $10.1B
MGI
65
MVI
63
MTI
50
MOI
73
Cap
$10.1B
Growth
+48%
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