Top 20 S&P 500 Companies by Market Cap (1990 – 2023)

Top 20 S&P 500 companies by market cap in 2023

(as of 1/1/2023, in millions USD)

2023

Total: 12,232,490

2,067,000Apple
1,788,000Microsoft
1,148,000Alphabet
856,940Amazon
678,720Berkshire Hathaway
495,920UnitedHealth
461,850Johnson & Johnson
454,250Exxon Mobil
440,020Visa
393,340JPMorgan Chase
388,970Tesla
382,380Walmart
359,500NVIDIA
359,150Procter & Gamble
347,610Eli Lilly
347,070Chevron
334,330Mastercard
321,920Home Depot
319,890Meta Platforms
287,630Pfizer
Source: own data compilation from Ycharts.com, Wikipedia.org, Fortune.com and CNN.com.
  • Basic Materials
  • Communication Services
  • Consumer Cyclical
  • Consumer Defensive
  • Energy
  • Financial Services
  • HealthCare
  • Industrials
  • Technology
  • Utilities

Market Capitalization vs. Market Value

Market value and market capitalization are two frequently used – and usually confused – terms when discussing the profitability and viability of companies.

Market Capitalization

Market capitalization, or market cap, is a simple indicator based on stock price. A company’s market capitalization is calculated by multiplying the number of shares outstanding by the current price per share. For example, a company with 50 million outstanding shares and a share price of $100 per share would have a market capitalization of $5 billion. Market capitalization is essentially a synonym for the market value of equity.

Market Value

While market cap is often referred to as the value of a company, or what a company is worth, determining the true market value of a company is much more complicated. It is determined by the valuations or multiples that investors attribute to companies, such as price to sales, price to earnings, enterprise value to EBITDA, etc. These various metrics take into account several factors in addition to shareholder equity, such as outstanding bonds, long-term growth potential, company debt, taxes, and interest payments. The higher the valuation, the higher the market value.

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