The Divergence List
31 S&P 500 companies whose operating margin fell last quarter while their share price rose.
What this list is
A share price and a set of accounts can point in opposite directions for a long time. This list finds the companies where they currently do: operating margin lower than the same quarter a year earlier, share price higher than it was twelve months ago. Both halves are measured over the same window, so neither side is flattered by the dates.
That divergence is not a verdict. A company can earn a thinner margin on purpose — buying growth, absorbing tariffs, integrating an acquisition — and be worth more for it. Just as often the market has not read the filing yet. The list says which companies are in that position; it does not say which explanation applies.
The first 8, ranked by margin lost
| Issuer | Operating margin | Change | Share price | |
|---|---|---|---|---|
| 1 | PANWFiscal Q4 2026 · accession 0001327567-26-000023 | 19.6% → 5.0% | −14.6 pt | +91% |
| 2 | QCOMFiscal Q3 2026 · accession 0000804328-26-000086 | 26.6% → 16.3% | −10.3 pt | +16% |
| 3 | AKAMFiscal Q2 2026 · accession 0001086222-26-000086 | 14.5% → 7.3% | −7.2 pt | +48% |
| 4 | NEMFiscal Q2 2026 · accession 0001164727-26-000036 | 57.7% → 50.6% | −7.1 pt | +60% |
| 5 | VTRSFiscal Q2 2026 · accession 0001792044-26-000041 | 6.5% → 0.2% | −6.3 pt | +78% |
| 6 | NSCFiscal Q2 2026 · accession 0001628280-26-049326 | 37.8% → 32.4% | −5.4 pt | +23% |
| 7 | ESFiscal Q2 2026 · accession 0001628280-26-051906 | 23.4% → 18.6% | −4.8 pt | +14% |
| 8 | AEPFiscal Q2 2026 · accession 0000004904-26-000059 | 27.5% → 22.8% | −4.7 pt | +32% |
| 23 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 into a loss, are listed separately as write-offs.
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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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.