Research · refreshed nightly · August 17, 2026
The Toll Roads of Tech: Moats With Fat Margins (October 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
65median MGI
26joined this week
The ranking
Sorted by moat
1
Visa Inc.V🇺🇸
moat 91 · revenue +12%/yr · asset light
G 62V 53O 64Cap $660.4B
MGI
62
MVI
53
MTI
46
MOI
64
Cap
$660.4B
Growth
+14%2
Microsoft CorporationMSFT🇺🇸
moat 88 · revenue +12%/yr · asset light
G 39V 50O 39Cap $3.22T
MGI
39
MVI
50
MTI
43
MOI
39
Cap
$3.22T
Growth
+18%3
Taiwan Semiconductor Manufacturing Company LimitedTSM🇹🇼
moat 88 · revenue +23%/yr · asset light
G 50V 45O 47Cap $2.22T
MGI
50
MVI
45
MTI
55
MOI
47
Cap
$2.22T
Growth
+36%4
KLA CorporationKLAC🇺🇸
moat 88 · revenue +11%/yr · asset light
G 67V 39O 58Cap $266.2B
MGI
67
MVI
39
MTI
43
MOI
58
Cap
$266.2B
Growth
+12%5
S&P Global Inc.SPGI🇺🇸
moat 82 · revenue +14%/yr · asset light
G 61V 61O 68Cap $121.8B
MGI
61
MVI
61
MTI
34
MOI
68
Cap
$121.8B
Growth
+10%6
Sectra ABSECT.B.SE🇸🇪
moat 82 · revenue +15%/yr · asset light
G 71V 52O 71Cap $5.0B
MGI
71
MVI
52
MTI
28
MOI
71
Cap
$5.0B
Growth
+13%7
NVIDIA CorporationNVDA🇺🇸
moat 82 · revenue +60%/yr · asset light
G 38V 47O 36Cap $5.25T
MGI
38
MVI
47
MTI
60
MOI
36
Cap
$5.25T
Growth
+85%8
Games Workshop Group PLCGAW.GB🇬🇧
moat 82 · revenue +10%/yr · asset light
G 60V 51O 61Cap $8.7B
MGI
60
MVI
51
MTI
38
MOI
61
Cap
$8.7B
Growth
+18%9
Texas Pacific Land CorporationTPL🇺🇸
moat 82 · revenue +15%/yr · asset light
G 70V 47O 69Cap $27.5B
MGI
70
MVI
47
MTI
40
MOI
69
Cap
$27.5B
Growth
+31%10
Arm Holdings plcARM🇬🇧
moat 82 · revenue +21%/yr · asset light
G 74V 33O 65Cap $338.6B
MGI
74
MVI
33
MTI
46
MOI
65
Cap
$338.6B
Growth
+22%11
Synopsys, Inc.SNPS🇺🇸
moat 82 · revenue +16%/yr · asset light
G 56V 50O 56Cap $86.5B
MGI
56
MVI
50
MTI
38
MOI
56
Cap
$86.5B
Growth
+42%12
Vertex Pharmaceuticals IncorporatedVRTX🇺🇸
moat 80 · revenue +11%/yr · asset light
G 62V 49O 61Cap $127.0B
MGI
62
MVI
49
MTI
38
MOI
61
Cap
$127.0B
Growth
+8%13
CCC Intelligent Solutions Holdings Inc.CCC🇺🇸
moat 80 · revenue +10%/yr · asset light
G 50V 56O 52Cap $3.6B
MGI
50
MVI
56
MTI
35
MOI
52
Cap
$3.6B
Growth
+14%14
Getlink SEGET.FR🇫🇷
moat 78 · revenue +17%/yr · asset light
G 24V 53O 25Cap $11.8B
MGI
24
MVI
53
MTI
32
MOI
25
Cap
$11.8B
Growth
-1%15
Guidewire Software, Inc.GWRE🇺🇸
moat 78 · revenue +14%/yr · asset light
G 71V 61O 78Cap $13.2B
MGI
71
MVI
61
MTI
32
MOI
78
Cap
$13.2B
Growth
+27%16
Veeva Systems Inc.VEEV🇺🇸
moat 78 · revenue +14%/yr · asset light
G 75V 60O 83Cap $39.6B
MGI
75
MVI
60
MTI
37
MOI
83
Cap
$39.6B
Growth
+14%17
KANZHUN LIMITEDBZ🇨🇳
moat 78 · revenue +15%/yr · asset light
G 68V 61O 73Cap $6.9B
MGI
68
MVI
61
MTI
46
MOI
73
Cap
$6.9B
Growth
+8%18
RENK Group AGR3NK.DE🇩🇪
moat 77 · revenue +15%/yr · asset light
G 68V 59O 72Cap $5.4B
MGI
68
MVI
59
MTI
34
MOI
72
Cap
$5.4B
Growth
+4%19
Gaztransport et Technigaz S.A.GTT.FR🇫🇷
moat 76 · revenue +21%/yr · asset light
G 62V 59O 67Cap $8.4B
MGI
62
MVI
59
MTI
42
MOI
67
Cap
$8.4B
Growth
+25%20
Intuitive Surgical, Inc.ISRG🇺🇸
moat 75 · revenue +14%/yr · asset light
G 66V 50O 66Cap $141.0B
MGI
66
MVI
50
MTI
38
MOI
66
Cap
$141.0B
Growth
+19%21
CrowdStrike Holdings, Inc.CRWD🇺🇸
moat 75 · revenue +32%/yr · asset light
G 65V 39O 58Cap $220.9B
MGI
65
MVI
39
MTI
44
MOI
58
Cap
$220.9B
Growth
+26%22
Intuit Inc.INTU🇺🇸
moat 75 · revenue +15%/yr · asset light
G 61V 65O 68Cap $101.0B
MGI
61
MVI
65
MTI
40
MOI
68
Cap
$101.0B
Growth
+10%23
Franco-Nevada CorporationFNV🇨🇦
moat 74 · revenue +12%/yr · asset light
G 59V 49O 59Cap $51.2B
MGI
59
MVI
49
MTI
42
MOI
59
Cap
$51.2B
Growth
+77%24
LandBridge Company LLCLB🇺🇸
moat 74 · revenue +46%/yr · asset light
G 69V 50O 69Cap $6.1B
MGI
69
MVI
50
MTI
40
MOI
69
Cap
$6.1B
Growth
+41%25
AppLovin CorporationAPP🇺🇸
moat 74 · revenue +20%/yr · asset light
G 72V 65O 79Cap $106.0B
MGI
72
MVI
65
MTI
60
MOI
79
Cap
$106.0B
Growth
+24%26
Palantir Technologies Inc.PLTR🇺🇸
moat 74 · revenue +32%/yr · asset light
G 61V 40O 56Cap $418.2B
MGI
61
MVI
40
MTI
42
MOI
56
Cap
$418.2B
Growth
+85%27
Eli Lilly and CompanyLLY🇺🇸
moat 74 · revenue +23%/yr · asset light
G 50V 42O 46Cap $1.09T
MGI
50
MVI
42
MTI
46
MOI
46
Cap
$1.09T
Growth
+56%28
Analog Devices, Inc.ADI🇺🇸
moat 74 · revenue +12%/yr · asset light
G 63V 48O 62Cap $191.7B
MGI
63
MVI
48
MTI
40
MOI
62
Cap
$191.7B
Growth
+37%29
Jungfraubahn Holding AGJFN.CH🇨🇭
moat 74 · revenue +19%/yr · asset light
G 43V 45O 41Cap $1.9B
MGI
43
MVI
45
MTI
33
MOI
41
Cap
$1.9B
Growth
+5%30
Prologis, Inc.PLD🇺🇸
moat 74 · revenue +14%/yr · asset light
G 50V 47O 48Cap $131.7B
MGI
50
MVI
47
MTI
38
MOI
48
Cap
$131.7B
Growth
+11%31
Palo Alto Networks, Inc.PANW🇺🇸
moat 73 · revenue +18%/yr · asset light
G 59V 42O 53Cap $313.2B
MGI
59
MVI
42
MTI
37
MOI
53
Cap
$313.2B
Growth
+31%32
Doximity, Inc.DOCS🇺🇸
moat 73 · revenue +16%/yr · asset light
G 60V 63O 65Cap $4.1B
MGI
60
MVI
63
MTI
40
MOI
65
Cap
$4.1B
Growth
+7%33
LeMaitre Vascular, Inc.LMAT🇺🇸
moat 73 · revenue +11%/yr · asset light
G 61V 58O 65Cap $2.0B
MGI
61
MVI
58
MTI
37
MOI
65
Cap
$2.0B
Growth
+10%34
AutoStore Holdings Ltd.AUTO.NO🇳🇴
moat 73 · revenue +16%/yr · asset light
G 67V 52O 68Cap $5.3B
MGI
67
MVI
52
MTI
46
MOI
68
Cap
$5.3B
Growth
-89%35
DoubleVerify Holdings, Inc.DV🇺🇸
moat 73 · revenue +18%/yr · asset light
G 67V 69O 76Cap $1.9B
MGI
67
MVI
69
MTI
43
MOI
76
Cap
$1.9B
Growth
+3%36
Insulet CorporationPODD🇺🇸
moat 73 · revenue +23%/yr · asset light
G 72V 68O 80Cap $10.2B
MGI
72
MVI
68
MTI
37
MOI
80
Cap
$10.2B
Growth
+24%37
ResMed Inc.RMD🇺🇸
moat 73 · revenue +10%/yr · asset light
G 67V 62O 75Cap $30.3B
MGI
67
MVI
62
MTI
42
MOI
75
Cap
$30.3B
Growth
+11%38
Wheaton Precious Metals Corp.WPM🇨🇦
moat 73 · revenue +21%/yr · asset light
G 55V 53O 57Cap $66.7B
MGI
55
MVI
53
MTI
38
MOI
57
Cap
$66.7B
Growth
+85%39
AL
Allegro.eu S.A.ALE.PL🇵🇱
moat 73 · revenue +17%/yr · asset light
G 70V 75O 78Cap $7.2B
MGI
70
MVI
75
MTI
44
MOI
78
Cap
$7.2B
Growth
+17%40
Datadog, Inc.DDOG🇺🇸
moat 72 · revenue +31%/yr · asset light
G 68V 49O 67Cap $92.6B
MGI
68
MVI
49
MTI
40
MOI
67
Cap
$92.6B
Growth
+31%41
Arista Networks, Inc.ANET🇺🇸
moat 72 · revenue +29%/yr · asset light
G 68V 53O 70Cap $232.5B
MGI
68
MVI
53
MTI
48
MOI
70
Cap
$232.5B
Growth
+29%42
CoStar Group, Inc.CSGP🇺🇸
moat 72 · revenue +13%/yr · asset light
G 63V 58O 66Cap $12.3B
MGI
63
MVI
58
MTI
45
MOI
66
Cap
$12.3B
Growth
+18%43
Planisware SAPLNW.FR🇫🇷
moat 72 · revenue +14%/yr · asset light
G 66V 55O 68Cap $2.1B
MGI
66
MVI
55
MTI
42
MOI
68
Cap
$2.1B
Growth
+8%44
Zscaler, Inc.ZS🇺🇸
moat 72 · revenue +33%/yr · asset light
G 71V 56O 73Cap $29.7B
MGI
71
MVI
56
MTI
46
MOI
73
Cap
$29.7B
Growth
+25%45
Halozyme Therapeutics, Inc.HALO🇺🇸
moat 72 · revenue +30%/yr · asset light
G 65V 63O 73Cap $10.1B
MGI
65
MVI
63
MTI
50
MOI
73
Cap
$10.1B
Growth
+48%46
Fortinet, Inc.FTNT🇺🇸
moat 72 · revenue +18%/yr · asset light
G 63V 53O 65Cap $115.0B
MGI
63
MVI
53
MTI
42
MOI
65
Cap
$115.0B
Growth
+18%47
Straumann Holding AGSTMN.CH🇨🇭
moat 72 · revenue +13%/yr · asset light
G 58V 45O 56Cap $19.3B
MGI
58
MVI
45
MTI
40
MOI
56
Cap
$19.3B
Growth
+4%48
Alnylam Pharmaceuticals, Inc.ALNY🇺🇸
moat 72 · revenue +42%/yr · asset light
G 73V 59O 77Cap $35.4B
MGI
73
MVI
59
MTI
40
MOI
77
Cap
$35.4B
Growth
+67%
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