The ranking measure: Ranked by trailing-twelve-month gross profit (revenue minus cost of revenue) divided by total assets at the period end, from SEC filings. Where a company doesn't tag gross profit it is computed as revenue minus cost of revenue; companies reporting neither are left out, not estimated.

Who is included: Passes data-quality checks; revenue of at least $100M; gross profit or cost of revenue reported; not a bank, insurer or REIT.

A new edition is published each calendar quarter; past editions are kept unchanged. Observations, not recommendations — a position on this ranking is a description of reported figures, never advice.

Research cited

  • Novy-Marx, R. (2013). The other side of value: The gross profitability premium. Journal of Financial Economics.