Top 15 Infrastructure Software Stocks, Ranked by Marvin Scores
Marvin's rules picked 15 infrastructure software stocks, led by Gen Digital, Microsoft and Remitly. They are ranked by Overall score, which compares each company with others in its own industry.
Infrastructure software is the behind-the-scenes technology that other programs and businesses run on. It includes security tools, networking and data systems, and the services that keep online operations working. This list covers 15 companies that Marvin's rules placed in that industry, starting with the highest Overall score.
The group is varied. Some companies show fast revenue growth, some show very high margins, and some carry a lot of debt. Reading the figures side by side helps you see what each score is built from.
Keep in mind that a high score only describes how a company compares with its industry peers today. It is not a prediction, and some figures are missing for certain companies, which is noted where it matters.
The list
How Marvin ranked these stocks
Marvin included companies above a minimum size, then ranked them by Marvin scores, which run on a scale up to a top mark. The list covers the Software - Infrastructure industry, with the highest Overall score first. Scores are relative to each company's own industry, so they show how a company compares with its direct peers, not with the whole market.
Companies above about $300 million in size, ranked by Marvin scores (0-100, relative to each company's own industry). The Software - Infrastructure industry, highest Overall score first.
The stocks, one by one
Gen Digital Inc. GEN
Gen Digital has an Overall score of 97, with revenue growth of 27.1% and an operating margin of 41.7%. That points to fast growth and strong profitability. The caution is borrowing: a debt-to-equity ratio of 3.08 is well above what some peers on this list carry.
Microsoft Corporation MSFT
Microsoft has a quality score of 97, an operating margin of 46.8% and a low debt-to-equity ratio of 0.29, which suggests strong profits and a cautious balance sheet. The caution is that revenue growth of 17.8% is steady rather than the fastest on the list.
Remitly Global, Inc. RELY
Remitly has revenue growth of 29.4%, a free cash flow margin of 21.4% and very little debt, with a debt-to-equity ratio of 0.03. The caution is a thinner operating margin of 9.5%, and its gross margin figure is not available.
VeriSign, Inc. VRSN
VeriSign shows exceptionally high margins, with an operating margin of 67.9% and a free cash flow margin of 62.4%. The caution is that revenue growth of 6.4% is modest, and its return on equity and debt figures are not available.
Nutanix, Inc. NTNX
Nutanix has a gross margin of 86.8% and a free cash flow margin of 29.5%, which suggests it keeps much of what it earns as cash. The cautions are a thin operating margin of 9.6% and a return on equity of 214.5% that may be inflated by small equity. Debt data is missing.
Corpay, Inc. CPAY
Corpay has an operating margin of 43.7% and a free cash flow margin of 32.6%, pointing to strong profitability, with revenue growth of 13.9%. The caution is a debt-to-equity ratio of 3.00, which is high, and its gross margin figure is not available.
Progress Software Corporation PRGS
Progress Software combines revenue growth of 29.8% with a free cash flow margin of 31.9%, a solid mix of expansion and cash generation. The caution is debt, with a debt-to-equity ratio of 2.39, and an operating margin of 17.7% that is only middling.
Qualys, Inc. QLYS
Qualys has a free cash flow margin of 44.7% and an operating margin of 34.4%, which suggest a very profitable business. The caution is that revenue growth of 10.1% is moderate, and its debt figure is not available.
GigaCloud Technology Inc. GCT
GigaCloud Technology has an operating margin of 11.6% and a free cash flow margin of 10.7%, so it is profitable but with slim cushions. The caution is a gross margin of 24.0%, far lower than most software peers here. Debt data is not available.
OneSpan Inc. OSPN
OneSpan has an operating margin of 18.0% and a free cash flow margin of 16.3%, which show solid profitability. The caution is that revenue growth of 0.0% means sales were essentially flat last year, and its quality score of 70 is lower than most. Debt data is missing.
LiveRamp Holdings, Inc. RAMP
LiveRamp has a gross margin of 70.8% and revenue growth of 9.0%, suggesting healthy software economics and steady expansion. The cautions are an operating margin of 11.6% and a return on equity of 15.9%, both modest. Free cash flow and debt figures are not available.
NetScout Systems, Inc. NTCT
NetScout Systems has a quality score of 92 and a free cash flow margin of 29.6%, showing good cash generation. The caution is slow growth: revenue growth was 4.5% and return on equity was only 7.3%. Debt data is not available.
Fortinet, Inc. FTNT
Fortinet has a free cash flow margin of 42.6%, a return on equity of 136.7% and a low debt-to-equity ratio of 0.36, a strong and conservative profile. The caution is its opportunity score of 48, which is middling compared with its quality score.
F5, Inc. FFIV
F5 has a quality score of 74, an operating margin of 24.5% and a free cash flow margin of 29.3%, pointing to a solid, cash-rich business. The caution is a modest opportunity score of 58, and its debt figure is not available.
Palantir Technologies Inc. PLTR
Palantir stands out for revenue growth of 56.2%, alongside an operating margin of 42.8% and a free cash flow margin of 54.6%. The caution is its opportunity score of 51, the lowest on this list. Its debt figure is not available.
Common questions
What is infrastructure software?
Infrastructure software is the technology that sits underneath other applications and keeps business systems running. It includes things like security, networking, data management and online services. Marvin groups companies by industry, and this list covers those in the Software - Infrastructure group.
Why are some figures missing for certain stocks?
Some companies do not report a particular figure in a form Marvin can use, such as gross margin, free cash flow or debt. When a figure is not available, it is left out of that company's description rather than guessed.
Does a higher Marvin score mean a stock is a better choice?
No. Marvin's scores only describe how a company compares with others in its industry today, based on measures like quality and opportunity. They are not advice or a prediction, so it helps to look at the underlying figures, such as growth, margins and debt, and decide what matters to you.
Keep reading
- Top 11 Software Stocks by Marvin Scores
- Top 15 Technology Stocks Right Now, Ranked by Marvin Scores
- Top 15 Technology Stocks by Marvin Opportunity Score
- Top 15 Technology Companies With the Strongest Businesses
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Marvin's scores (0-100) compare each company with others in its industry today. Growth and margin figures come from SEC filings. This is general information, not personal investment advice or a recommendation to buy or sell anything. Do your own research.