The ranking measure: Ranked by trailing-twelve-month research and development expense as a percentage of revenue, from SEC filings. Shown alongside, descriptively: R&D relative to market value (third-party market data), R&D growth on a year earlier, and a flag for a large R&D increase: R&D of at least 5% of total assets that rose at least 5% on a year earlier (thresholds after Eberhart, Maxwell and Siddique, 2004). The ranking itself stays on R&D as a share of revenue.

Who is included: Passes data-quality checks; revenue of at least $100M; R&D expense reported; not a bank, insurer or REIT.

Market values are from third-party market data as of 2026-11-02 and may be delayed; every other figure comes from SEC filings.

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

  • Chan, L. K. C., Lakonishok, J., & Sougiannis, T. (2001). The stock market valuation of research and development expenditures. Journal of Finance.
  • Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long-term abnormal stock returns and operating performance following R&D increases. Journal of Finance.