Decoupling growth from cost: an empirical analysis of EBITDA margins in the era of data capitalism

Abstract

The transition toward Data Capitalism has redefined data as a central economic resource, yet empirical evidence of its financial superiority in small, open economies remains limited. This study investigates the “data dividend” by examining whether “Primary Data Capitalists”—firms commodifying data as their core value—exhibit significantly higher profitability margins. Utilizing a sample of Latvia’s 101 most valuable enterprises across a 2022–2024 panel, firms were stratified into four tiers using the Data-Capitalism Maturity Framework (DCMF) based on extraction, commodification, exploitation, and centrality. Non-parametric statistical analysis (Kruskal-Wallis and Mann-Whitney U) was employed to evaluate EBITDA margins. The results confirm a systemic profitability premium; Primary Data Capitalists achieved a median EBITDA margin of 34.82% in 2024, representing a 20.72 percentage point lead over the rest of the market (p < 0.05). Longitudinal analysis confirms this advantage persists across sectors, suggesting that data-centric models facilitate a structural decoupling of revenue growth from operational costs. This study provides empirical validation for the data capitalism paradigm, demonstrating that the “data dividend” is a potent financial reality in regional economies.