Research · refreshed nightly · July 28, 2026
The Toll Roads of Tech: Moats With Fat Margins (July 2026)
Asset-light with fat margins and a moat.
A toll road does not need to win the race; it charges everyone who runs it. This list ranks the 50 toll roads of tech, asset-light names sorted by our moat dimension, and the top reads like the infrastructure bill of the digital economy: TSMC at a moat reading of 90 and a $1.75 trillion cap, S&P Global and KLA at 88, Broadcom at 85.
The median moat score here is 75, so even mid-list members carry serious structural protection. Note what the lens leaves out: it says nothing about the price attached to that protection, and Nvidia at $5 trillion scores 82 alongside firms a fraction of its size. Click any name for the full citation-backed analysis.
50companies qualify
74median moat
61median MGI
22joined this week
The ranking
Sorted by moat
1
Taiwan Semiconductor Manufacturing Company LimitedTSM🇹🇼
moat 88 · revenue +23%/yr · asset light
G 50V 47O 48Cap $2.03T
MGI
50
MVI
47
MTI
55
MOI
48
Cap
$2.03T
Growth
+35%2
Visa Inc.V🇺🇸
moat 88 · revenue +11%/yr · asset light
G 60V 52O 61Cap $629.5B
MGI
60
MVI
52
MTI
42
MOI
61
Cap
$629.5B
Growth
+17%3
KLA CorporationKLAC🇺🇸
moat 85 · revenue +10%/yr · asset light
G 66V 45O 63Cap $229.5B
MGI
66
MVI
45
MTI
43
MOI
63
Cap
$229.5B
Growth
+12%4
Cadence Design Systems, Inc.CDNS🇺🇸
moat 83 · revenue +14%/yr · asset light
G 68V 48O 67Cap $95.1B
MGI
68
MVI
48
MTI
52
MOI
67
Cap
$95.1B
Growth
+19%5
NVIDIA CorporationNVDA🇺🇸
moat 82 · revenue +60%/yr · asset light
G 38V 49O 37Cap $4.90T
MGI
38
MVI
49
MTI
60
MOI
37
Cap
$4.90T
Growth
+60%6
Games Workshop Group PLCGAW.GB🇬🇧
moat 82 · revenue +16%/yr · asset light
G 61V 55O 64Cap $8.7B
MGI
61
MVI
55
MTI
27
MOI
64
Cap
$8.7B
Growth
+18%7
Arm Holdings plcARM🇬🇧
moat 82 · revenue +19%/yr · asset light
G 64V 36O 59Cap $284.5B
MGI
64
MVI
36
MTI
42
MOI
59
Cap
$284.5B
Growth
+20%8
Microsoft CorporationMSFT🇺🇸
moat 82 · revenue +11%/yr · asset light
G 49V 52O 50Cap $2.82T
MGI
49
MVI
52
MTI
48
MOI
50
Cap
$2.82T
Growth
+18%9
Texas Pacific Land CorporationTPL🇺🇸
moat 82 · revenue +13%/yr · asset light
G 70V 45O 67Cap $30.0B
MGI
70
MVI
45
MTI
40
MOI
67
Cap
$30.0B
Growth
+21%10
Synopsys, Inc.SNPS🇺🇸
moat 82 · revenue +16%/yr · asset light
G 56V 51O 57Cap $83.4B
MGI
56
MVI
51
MTI
38
MOI
57
Cap
$83.4B
Growth
+42%11
Sectra ABSECT.B.SE🇸🇪
moat 82 · revenue +15%/yr · asset light
G 71V 52O 72Cap $4.9B
MGI
71
MVI
52
MTI
28
MOI
72
Cap
$4.9B
Growth
+13%12
Gaztransport et Technigaz S.A.GTT.FR🇫🇷
moat 80 · revenue +15%/yr · asset light
G 68V 64O 76Cap $7.3B
MGI
68
MVI
64
MTI
42
MOI
76
Cap
$7.3B
Growth
+25%13
Vertex Pharmaceuticals IncorporatedVRTX🇺🇸
moat 80 · revenue +10%/yr · asset light
G 62V 51O 63Cap $117.5B
MGI
62
MVI
51
MTI
38
MOI
63
Cap
$117.5B
Growth
+8%14
KANZHUN LIMITEDBZ🇨🇳
moat 78 · revenue +15%/yr · asset light
G 68V 61O 73Cap $7.0B
MGI
68
MVI
61
MTI
46
MOI
73
Cap
$7.0B
Growth
+8%15
Getlink SEGET.FR🇫🇷
moat 78 · revenue +17%/yr · asset light
G 24V 54O 25Cap $11.4B
MGI
24
MVI
54
MTI
32
MOI
25
Cap
$11.4B
Growth
+17%16
Guidewire Software, Inc.GWRE🇺🇸
moat 78 · revenue +14%/yr · asset light
G 71V 64O 79Cap $12.1B
MGI
71
MVI
64
MTI
32
MOI
79
Cap
$12.1B
Growth
+27%17
S&P Global Inc.SPGI🇺🇸
moat 78 · revenue +14%/yr · asset light
G 60V 53O 62Cap $128.0B
MGI
60
MVI
53
MTI
35
MOI
62
Cap
$128.0B
Growth
+10%18
Veeva Systems Inc.VEEV🇺🇸
moat 78 · revenue +14%/yr · asset light
G 75V 68O 87Cap $28.5B
MGI
75
MVI
68
MTI
37
MOI
87
Cap
$28.5B
Growth
+14%19
Aena S.M.E., S.A.AENA.ES🇪🇸
moat 78 · revenue +21%/yr · asset light
G 53V 51O 53Cap $44.9B
MGI
53
MVI
51
MTI
47
MOI
53
Cap
$44.9B
Growth
-52%20
Meta Platforms, Inc.META🇺🇸
moat 78 · revenue +13%/yr · asset light
G 44V 54O 45Cap $1.48T
MGI
44
MVI
54
MTI
38
MOI
45
Cap
$1.48T
Growth
+33%21
Autodesk, Inc.ADSK🇺🇸
moat 76 · revenue +12%/yr · asset light
G 60V 60O 65Cap $48.9B
MGI
60
MVI
60
MTI
42
MOI
65
Cap
$48.9B
Growth
+18%22
CrowdStrike Holdings, Inc.CRWD🇺🇸
moat 75 · revenue +32%/yr · asset light
G 65V 44O 62Cap $183.4B
MGI
65
MVI
44
MTI
44
MOI
62
Cap
$183.4B
Growth
+26%23
Intuit Inc.INTU🇺🇸
moat 75 · revenue +15%/yr · asset light
G 61V 66O 68Cap $95.3B
MGI
61
MVI
66
MTI
40
MOI
68
Cap
$95.3B
Growth
+10%24
Intuitive Surgical, Inc.ISRG🇺🇸
moat 75 · revenue +14%/yr · asset light
G 66V 51O 67Cap $134.3B
MGI
66
MVI
51
MTI
38
MOI
67
Cap
$134.3B
Growth
+23%25
LandBridge Company LLCLB🇺🇸
moat 74 · revenue +41%/yr · asset light
G 69V 52O 70Cap $5.6B
MGI
69
MVI
52
MTI
40
MOI
70
Cap
$5.6B
Growth
+16%26
Jungfraubahn Holding AGJFN.CH🇨🇭
moat 74 · revenue +19%/yr · asset light
G 43V 44O 41Cap $2.0B
MGI
43
MVI
44
MTI
33
MOI
41
Cap
$2.0B
Growth
+19%27
CCC Intelligent Solutions Holdings Inc.CCC🇺🇸
moat 74 · revenue +10%/yr · asset light
G 48V 61O 51Cap $3.5B
MGI
48
MVI
61
MTI
35
MOI
51
Cap
$3.5B
Growth
+14%28
Analog Devices, Inc.ADI🇺🇸
moat 74 · revenue +12%/yr · asset light
G 63V 49O 62Cap $187.4B
MGI
63
MVI
49
MTI
40
MOI
62
Cap
$187.4B
Growth
+37%29
AppLovin CorporationAPP🇺🇸
moat 74 · revenue +17%/yr · asset light
G 72V 58O 76Cap $136.2B
MGI
72
MVI
58
MTI
60
MOI
76
Cap
$136.2B
Growth
+24%30
Prologis, Inc.PLD🇺🇸
moat 74 · revenue +14%/yr · asset light
G 54V 52O 55Cap $133.4B
MGI
54
MVI
52
MTI
36
MOI
55
Cap
$133.4B
Growth
+7%31
Palantir Technologies Inc.PLTR🇺🇸
moat 74 · revenue +28%/yr · asset light
G 61V 46O 59Cap $333.0B
MGI
61
MVI
46
MTI
42
MOI
59
Cap
$333.0B
Growth
+85%32
Franco-Nevada CorporationFNV🇨🇦
moat 74 · revenue +10%/yr · asset light
G 59V 55O 61Cap $41.3B
MGI
59
MVI
55
MTI
42
MOI
61
Cap
$41.3B
Growth
+77%33
Eli Lilly and CompanyLLY🇺🇸
moat 74 · revenue +21%/yr · asset light
G 50V 46O 48Cap $944.9B
MGI
50
MVI
46
MTI
46
MOI
48
Cap
$944.9B
Growth
+56%34
Alnylam Pharmaceuticals, Inc.ALNY🇺🇸
moat 73 · revenue +38%/yr · asset light
G 76V 58O 80Cap $40.7B
MGI
76
MVI
58
MTI
42
MOI
80
Cap
$40.7B
Growth
+96%35
Doximity, Inc.DOCS🇺🇸
moat 73 · revenue +15%/yr · asset light
G 60V 63O 65Cap $4.0B
MGI
60
MVI
63
MTI
40
MOI
65
Cap
$4.0B
Growth
+5%36
Palo Alto Networks, Inc.PANW🇺🇸
moat 73 · revenue +18%/yr · asset light
G 59V 47O 57Cap $258.6B
MGI
59
MVI
47
MTI
37
MOI
57
Cap
$258.6B
Growth
+31%37
DoubleVerify Holdings, Inc.DV🇺🇸
moat 73 · revenue +18%/yr · asset light
G 67V 73O 78Cap $1.6B
MGI
67
MVI
73
MTI
43
MOI
78
Cap
$1.6B
Growth
+10%38
Roper Technologies, Inc.ROP🇺🇸
moat 73 · revenue +11%/yr · asset light
G 45V 59O 49Cap $35.6B
MGI
45
MVI
59
MTI
38
MOI
49
Cap
$35.6B
Growth
+11%39
LeMaitre Vascular, Inc.LMAT🇺🇸
moat 73 · revenue +11%/yr · asset light
G 61V 54O 63Cap $2.4B
MGI
61
MVI
54
MTI
37
MOI
63
Cap
$2.4B
Growth
+11%40
ResMed Inc.RMD🇺🇸
moat 73 · revenue +10%/yr · asset light
G 67V 62O 75Cap $31.0B
MGI
67
MVI
62
MTI
42
MOI
75
Cap
$31.0B
Growth
+11%41
AutoStore Holdings Ltd.AUTO.NO🇳🇴
moat 73 · revenue +14%/yr · asset light
G 67V 58O 70Cap $4.3B
MGI
67
MVI
58
MTI
46
MOI
70
Cap
$4.3B
Growth
-89%42
Insulet CorporationPODD🇺🇸
moat 73 · revenue +21%/yr · asset light
G 72V 62O 78Cap $13.0B
MGI
72
MVI
62
MTI
37
MOI
78
Cap
$13.0B
Growth
+34%43
Terna S.p.A.TRN.IT🇮🇹
moat 73 · revenue +10%/yr · asset light
G 40V 66O 46Cap $22.0B
MGI
40
MVI
66
MTI
22
MOI
46
Cap
$22.0B
Growth
-1%44
EssilorLuxottica S.A.EL.FR🇫🇷
moat 73 · revenue +15%/yr · asset light
G 53V 58O 57Cap $86.3B
MGI
53
MVI
58
MTI
40
MOI
57
Cap
$86.3B
Growth
+8%45
Wheaton Precious Metals Corp.WPM🇨🇦
moat 73 · revenue +18%/yr · asset light
G 55V 60O 60Cap $50.9B
MGI
55
MVI
60
MTI
38
MOI
60
Cap
$50.9B
Growth
+92%46
Exosens S.A.EXENS.FR🇫🇷
moat 72 · revenue +33%/yr · asset light
G 69V 56O 72Cap $3.2B
MGI
69
MVI
56
MTI
42
MOI
72
Cap
$3.2B
Growth
-18%47
Paxman ABPAX.GB🇬🇧
moat 72 · revenue +27%/yr · asset light
G 65V 62O 69Cap $128.5M
MGI
65
MVI
62
MTI
24
MOI
69
Cap
$128.5M
Growth
+33%48
Bentley Systems, IncorporatedBSY🇺🇸
moat 72 · revenue +10%/yr · asset light
G 69V 57O 72Cap $10.5B
MGI
69
MVI
57
MTI
38
MOI
72
Cap
$10.5B
Growth
+15%
Changed this week
Week over week, from the nightly refresh.
Entered
AutoStore Holdings Ltd. (AUTO.NO) · joined at #41 · moat 73 · revenue +14%/yr · asset light
EnteredPaxman AB (PAX.GB) · joined at #47 · moat 72 · revenue +27%/yr · asset light
EnteredCambi ASA (CAMBI.NO) · joined at #49 · moat 72 · revenue +13%/yr · asset light
EnteredATOSS Software SE (AOF.DE) · joined at #50 · moat 72 · revenue +17%/yr · asset light
EnteredHALO (HALO) · since left the ranking
+7 more
BSY, CCC, FNV, MSFT, INTU, CDI.FR, LLY also joined
Left
CFR.CH, CDI.FR, AZN, HALO, TNIE.DE, ANET, OR.FR, BSY, MSCI, AVGO, NOW, VACN.CH
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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.