The margin ladder.

Net margin for every name in the 50-name universe, one row per sector with the sector median marked. Net margin is the lens because every firm — a bank, a network, a pre-profit fintech — reports revenue and net income, so they land on the same axis honestly. The spread is the story: you can’t compare Visa and a lending startup with a single number.

LTM through 2026-06-30

Why one metric never fits

Net margin by sector · 50 of 50 names

One dot per companySector medianDashed line = break-even (0% net margin)

This week’s read· 2026-09-06

Visa's 52% net margin reflects the network's structural moat, while below-break-even fintech names like Coinbase and Klarna face a brutal math: payment rails don't scale until you own the rails themselves.

How to read this

The spread isthe thesis: networks at 50%+, fintech and the emerging rails straddling break-even. You can’t rank the whole stack on one number — which is the point. A dot far left of its sector’s median diamond is the outlier worth a second look, but “below zero” means pre-profit, not doomed; the scatter tells you whether it’s buying that with growth.

The Payments Corner

The margin ladder.

Net margin by sector · 50 of 50 names

El escritorio de Mercados completo.