Margins Up, Shares Down
24 S&P 500 companies whose operating margin rose last quarter while their share price fell.
What this list is
The reverse of our divergence list: companies whose accounts improved while the share price went the other way. Operating margin is higher than in the same quarter a year earlier; the share price is lower than it was twelve months ago. Both halves are measured over the same window.
That is not a verdict either. A price can fall for reasons the income statement does not show yet — a lost contract, a cut to guidance, a whole sector being repriced. The list says which companies are in this position; it does not say why, or what happens next.
The first 8, ranked by margin gained
| Issuer | Operating margin | Change | Share price | |
|---|---|---|---|---|
| 1 | SMCIFiscal Q4 2026 · accession 0001375365-26-000022 | 4.0% → 13.4% | +9.4 pt | −40% |
| 2 | MDLZFiscal Q2 2026 · accession 0001628280-26-050179 | 13.0% → 20.8% | +7.8 pt | −14% |
| 3 | PAYXFiscal Q4 2026 · accession 0001193125-26-307785 | 30.2% → 37.7% | +7.5 pt | −39% |
| 4 | SYKFiscal Q2 2026 · accession 0000310764-26-000050 | 18.5% → 25.2% | +6.7 pt | −20% |
| 5 | ZBRAFiscal Q2 2026 · accession 0001628280-26-052550 | 14.2% → 20.6% | +6.4 pt | −15% |
| 6 | STZFiscal Q1 2026 · accession 0000016918-26-000029 | 28.4% → 34.7% | +6.3 pt | −22% |
| 7 | ORCLFiscal Q1 2027 · accession 0001193125-26-389274 | 28.7% → 34.8% | +6.1 pt | −34% |
| 8 | DXCMFiscal Q2 2026 · accession 0001093557-26-000143 | 18.4% → 24.3% | +5.9 pt | −23% |
| 16 more companiesOn the page after signup | — | — | — |
- Margin is operating income over revenue, both as reported for the fiscal quarter shown.
- Each quarter is compared with the same fiscal quarter a year earlier, not with the quarter before it.
- Share-price change is measured across the same twelve months, from the closing price nearest the end of each quarter.
- Companies whose margin swung more than 20 points, or from or into a loss, are listed separately.
Where the numbers come from
Every figure is taken from the issuer's own filing with the Securities and Exchange Commission, and the accession number of that filing is printed beside it so any row can be checked against the source document. Margins are derived from reported revenue and reported operating income; the inputs are shown so the arithmetic can be repeated. Nothing here is an estimate, a consensus number, or a projection.
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Send me the listDisclosure
The Intraday is a financial data and research publisher. It is not an investment adviser, broker-dealer, or financial planner, and nothing it publishes is a recommendation to buy or sell any security, or advice about the suitability of any investment for any person.
Figures are taken from companies' own filings with the Securities and Exchange Commission and are labelled with their fiscal period. Filings are restated and amended; derived figures such as margins and growth rates are calculated by us from those filings. Past reported results say nothing about future results.