Companies earning more than 20% on equity
Reported net income divided by reported total equity, both from the same annual filing. A company that has bought back enough stock to leave little equity can show a high ratio without earning more, so the figure rewards reading alongside the balance sheet.
| Company | Revenue | Net income | Gross margin | Free cash flow |
|---|---|---|---|---|
| WMTWalmart Inc. | $713.16B | $21.89B | 24.9% | $14.92B |
| AAPLApple Inc. | $416.16B | $112.01B | 46.9% | $98.77B |
| GOOGLAlphabet Inc. | $402.84B | $132.17B | 59.7% | $73.27B |
| MSFTMICROSOFT CORP | $331.84B | $133.75B | 67.9% | $66.99B |
| CORCencora, Inc. | $321.33B | $1.55B | 3.6% | $3.21B |
| COSTCOSTCO WHOLESALE CORP /NEW | $303.15B | $9.23B | 12.8% | $9.38B |
| NVDANVIDIA CORP | $215.94B | $120.07B | 71.1% | Unavailable |
| METAMeta Platforms, Inc. | $200.97B | $60.46B | 82.0% | $46.11B |
| HDHOME DEPOT, INC. | $164.68B | $14.16B | 33.3% | Unavailable |
| MUMICRON TECHNOLOGY INC | $133.19B | $84.97B | 80.7% | $58.96B |
| CMCSACOMCAST CORP | $123.71B | $20.00B | Unavailable | $21.89B |
| TGTTARGET CORP | $104.78B | $3.70B | 27.9% | $2.84B |
| JNJJOHNSON & JOHNSON | $94.19B | $26.80B | 67.9% | $19.70B |
| PEPPEPSICO INC | $93.92B | $8.24B | 54.1% | Unavailable |
| BABOEING CO | $89.46B | $2.24B | 4.8% | -$1.88B |
| UPSUNITED PARCEL SERVICE INC | $88.66B | $5.57B | Unavailable | $4.76B |
| PGR InsurerPROGRESSIVE CORP/OH/ | $87.67B | $11.31B | Unavailable | $17.20B |
| PGPROCTER & GAMBLE Co | $87.03B | $16.05B | 50.2% | $15.15B |
| SYYSYSCO CORP | $84.55B | $1.76B | 18.5% | Unavailable |
| LMTLOCKHEED MARTIN CORP | $75.05B | $5.02B | 10.2% | Unavailable |
| ACNAccenture plc | $74.18B | $8.37B | 32.0% | $11.62B |
| AXP BankAMERICAN EXPRESS CO | $72.23B | $10.83B | Unavailable | $16.00B |
| ALL InsurerALLSTATE CORP | $67.68B | $10.28B | Unavailable | $9.88B |
| IBMINTERNATIONAL BUSINESS MACHINES CORP | $67.54B | $10.59B | 58.2% | $12.10B |
| ORCLORACLE CORP | $67.36B | $17.09B | Unavailable | -$23.69B |
| LLYELI LILLY & Co | $65.18B | $20.64B | 83.0% | Unavailable |
| MRKMerck & Co., Inc. | $65.01B | $18.25B | 74.8% | $12.36B |
| DALDELTA AIR LINES, INC. | $63.36B | $5.00B | Unavailable | Unavailable |
| CSCOCISCO SYSTEMS, INC. | $63.32B | $13.27B | 64.5% | $12.77B |
| TJXTJX COMPANIES INC /DE/ | $60.37B | $5.49B | 31.0% | $4.92B |
| UALUnited Airlines Holdings, Inc. | $59.07B | $3.35B | Unavailable | Unavailable |
| CHTRCHARTER COMMUNICATIONS, INC. /MO/ | $54.77B | $4.99B | Unavailable | $4.42B |
| UBERUber Technologies, Inc | $52.02B | $10.05B | Unavailable | $9.76B |
| BMYBRISTOL MYERS SQUIBB CO | $48.19B | $7.05B | 71.1% | $12.84B |
| KOCOCA COLA CO | $47.94B | $13.11B | 61.6% | $5.30B |
| NKENIKE, Inc. | $46.40B | $3.11B | 42.9% | $2.18B |
| GEGENERAL ELECTRIC CO | $45.86B | $8.70B | Unavailable | Unavailable |
| NFLXNETFLIX INC | $45.18B | $10.98B | 48.5% | $9.46B |
| QCOMQUALCOMM INC/DE | $44.28B | $5.54B | 55.4% | Unavailable |
| NOCNORTHROP GRUMMAN CORP /DE/ | $41.95B | $4.18B | Unavailable | $3.31B |
| BBYBEST BUY CO INC | $41.69B | $1.07B | 22.5% | $1.26B |
| VVISA INC. | $40.00B | $20.06B | Unavailable | Unavailable |
| GEVGE Vernova Inc. | $38.07B | $4.88B | 19.8% | Unavailable |
| HONHONEYWELL INTERNATIONAL INC | $37.44B | $4.73B | 36.9% | $5.42B |
| AMGNAMGEN INC | $36.75B | $7.71B | 67.2% | $8.10B |
| JBLJABIL INC | $35.95B | $1.04B | 9.2% | $1.37B |
| PYPLPayPal Holdings, Inc. | $33.17B | $5.23B | Unavailable | $5.56B |
| FERGFerguson Enterprises Inc. /DE/ | $30.76B | $1.86B | 30.7% | Unavailable |
| NRGNRG ENERGY, INC. | $30.71B | $864.00M | Unavailable | $766.00M |
| GILDGILEAD SCIENCES, INC. | $29.44B | $8.51B | 78.8% | $9.46B |
| MELIMERCADOLIBRE INC | $28.89B | $2.00B | 44.5% | Unavailable |
| AMATAPPLIED MATERIALS INC /DE | $28.37B | $7.00B | 48.7% | $5.70B |
| HIG InsurerHARTFORD INSURANCE GROUP, INC. | $28.37B | $3.84B | Unavailable | $5.75B |
| ANAUTONATION, INC. | $27.63B | $649.10M | 17.9% | -$197.50M |
| ETNEaton Corp plc | $27.45B | $4.09B | 37.6% | $3.55B |
| MRSH InsurerMARSH & MCLENNAN COMPANIES, INC. | $26.98B | $4.16B | Unavailable | $5.00B |
| CCLCarnival Corp Ltd. | $26.62B | $2.76B | Unavailable | $2.61B |
| WMWASTE MANAGEMENT INC | $25.20B | $2.71B | 40.4% | Unavailable |
| LYVLive Nation Entertainment, Inc. | $25.20B | $495.97M | Unavailable | $333.61M |
| MMM3M CO | $24.95B | $3.25B | 39.9% | $1.40B |
How common this has been
7.5% of companies met this in 2016 and 6.9% in 2025; the share has roughly held.
| Year | Share | Companies | |
|---|---|---|---|
| 2016 | 7.5% | 181 of 2,421 | |
| 2017 | 8.6% | 262 of 3,029 | |
| 2018 | 9.6% | 311 of 3,238 | |
| 2019 | 7.6% | 270 of 3,534 | |
| 2020 | 6.7% | 258 of 3,849 | |
| 2021 | 10.1% | 409 of 4,065 | |
| 2022 | 10.5% | 457 of 4,332 | |
| 2023 | 8.9% | 405 of 4,573 | |
| 2024 | 7.6% | 361 of 4,764 | |
| 2025 | 6.9% | 337 of 4,909 |
Each year is the screen re-run against the figures each company had reported by that December, so it is what the answer would have been at the time rather than today’s companies with old numbers. The denominator is companies with usable figures that year, which grows as coverage does.
Fiscal year ends differ between companies; each row shows that company’s own latest annual period. Figures are the filers’ own, normalized from their SEC filings.
This screen runs as net_income / equity > 20% AND revenue > 1b. Open it in the screener to change the conditions, or read the methodology for how each figure is chosen.