In this article, we will be taking a look at the 20 Most Profitable Stocks of the Last 20 Years.
Investing in the stock market could be both advantageous and difficult, especially for those seeking companies with robust long-term development and profitability. Since profitability demonstrates operational effectiveness, competitive advantages, and the capacity to endure erratic market conditions, it remains a significant concern. As 2026 begins, market players are paying more attention to how shifts in the economy and world politics can affect returns in the coming year.
According to Bloomberg’s January 2 article, “Here’s (Almost) Everything Wall Street Expects in 2026,” Wall Street broadly acknowledges the growing risks tied to the artificial intelligence boom. However, most firms continue to view AI as a transformational force rather than a trend to avoid. JPMorgan Wealth Management emphasized that the greater risk lies in not having exposure to AI at all. Even though there are still issues like trade restrictions, geopolitical tensions, and a weakening U.S. labor market, there is cause for optimism due to the rapid adoption of AI, the anticipation of looser monetary policy, and significant fiscal stimulus programs like Germany’s expansionary spending plans and President Donald Trump’s One Big Beautiful Bill Act.
Market optimism was echoed by Joe Tanious, Chief Investment Strategist at Northern Trust, who recently highlighted improving conditions on CNBC’s Power Lunch in December 2025. Tanious pointed to substantial fiscal stimulus, double-digit earnings growth, a more supportive Federal Reserve, and a growing market boom that extended beyond mega-cap technology companies. Tanious pointed out that significant downside risks have decreased in comparison to prior months, even though worries about inflation, market concentration, and valuation risk still exist.
Meanwhile, consumer trends remain uneven. TD Cowen’s Oliver Chen observed in November 2025 that higher-income consumers continue to support spending, while middle- and lower-income households face mounting pressure, reinforcing a bifurcated economic landscape heading into 2026.
Stocks
Our Methodology
To compile our list of the 20 most profitable stocks of the last 20 years, we used the screener to filter for US stocks with a market capitalization of more than $2 billion, profit margins of atleast 20%. From this pool, we shortlisted the top 20 stocks with the highest trailing twelve-month (TTM) net income. These are then ranked in ascending order according to their net income.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Here is our list of 20 most profitable stocks of the last 20 years.
20. EQT Corporation (NYSE:EQT)
Net Income (TTM): $1.78 billion
Operating Margin: 37.04%
Market Capitalization: $34.65 billion
EQT Corporation (NYSE:EQT) is among the most profitable stocks.
TheFly reported on January 22 that Stephens analyst Mike Scialla lowered the price target on EQT to $68 from $69 and maintained an Overweight rating. The firm noted that its Q4 cash flow per share and production estimates are 5% and 1% below consensus, respectively. Despite this, Stephens anticipates that EQT’s integrated asset base and low-cost operational structure will allow it to maintain a premium valuation in comparison to its natural gas peers.
Similarly, a day earlier on January 21, Scotiabank analyst Cameron Bean lowered the price target on EQT Corporation (NYSE:EQT) to $63 from $67 and maintained a Sector Perform rating. The adjustment was part of a broader update to Scotiabank’s coverage of North American natural gas stocks. The company’s projections, which support predictions for higher natural gas prices and associated equity valuations over the coming year, continue to indicate supply shortages in the United States and Western Canada despite the reduced goal.
EQT Corporation (NYSE:EQT) is a leading U.S. energy company focused on the production, gathering, and transmission of natural gas, primarily in the Appalachian Basin.
19. Fortinet, Inc. (NASDAQ:FTNT)
Net Income (TTM): $1.87 billion
Operating Margin: 31.01%
Market Capitalization: $60.71 billion
The next stock on our list is Fortinet, Inc. (NASDAQ:FTNT).
TheFly reported on January 23 that TD Cowen analyst Shaul Eyal upgraded FTNT to Buy from Hold with an unchanged price target of $100. The firm’s channel checks indicate stability throughout fiscal 2026, with upside potential for Q4 billings and revenue, and the possibility that the company’s 11.6% billings estimate for 2026 could be revised higher. Eyal noted that artificial intelligence is “not eating security software but rather augmenting it” and described Fortinet’s current valuation as “reasonable.”
Similarly, on the same day, on January 23, Oppenheimer maintained its Perform rating on Fortinet, Inc. (NASDAQ:FTNT). The firm noted that while firewall share dynamics were stable in Q4 2025, the 2026 End-of-Service (EoS) refresh opportunity is declining. Oppenheimer consequently reduced its forecast for the growth of product and services revenue in 2026 and anticipates that services would slow down in the first half of 2026 before picking up speed in the second. The company described Fortinet as a “mixed story” overall and noted that SASE growth should improve in the near future as Lacework stabilizes.
Fortinet, Inc. (NASDAQ:FTNT) is a U.S. cybersecurity and network security company that develops and sells integrated security solutions, such as firewalls, endpoint protection, and threat detection, to protect enterprises, service providers, and government organizations worldwide.
18. Public Storage (NYSE:PSA)
Net Income (TTM): $1.89 billion
Operating Margin: 46.97%
Market Capitalization: $49.72 billion
Public Storage (NYSE:PSA) is one of the most profitable stocks on our list.
TheFly reported on January 20 that Truist Securities raised its price target on PSA to $317 from $315 and maintained a Buy rating. The adjustment was made as part of Truist’s 2026 outlook for the REIT sector. The firm noted that REIT fundamentals are improving as new supply slows and demand remains steady for high-quality assets, though valuations across the sector do not appear particularly cheap.
In contrast, earlier on January 13, Barclays lowered its price target on Public Storage (NYSE:PSA) to $331 from $349 while maintaining an Overweight rating. This adjustment was also a part of the PSA’s 2026 outlook for the REIT sector. Barclays sees the most upside in apartments, storage, and single-family rentals, while it is least positive on cold storage and retail, and remains Neutral on REITs overall for 2026.
Public Storage (NYSE:PSA) is a U.S. real estate investment trust (REIT) and the largest self‑storage owner and operator, with thousands of facilities across the United States and Europe. It acquires, develops, owns, and manages self‑storage properties, generates stable rental income, and provides storage solutions for individuals and businesses.
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