Top 20 S&P 500 Companies by Market Cap (1989–2025)

Largest 20 S&P 500 Companies by Market Cap in 2025

(as of 1/1/2025, in billions USD)

2025

Top 20 market cap: 25,505.68

S&P 500 market cap: 49,810.00

3,785Apple
3,289NVIDIA
3,134Microsoft
2,331Alphabet
2,307Amazon
1,478Meta/Facebook
1,296Tesla
1,087Broadcom
977.46Berkshire Hathaway
732.87Eli Lilly
725.82Walmart
674.87JPMorgan Chase
612.00Visa
483.30Mastercard
472.78Exxon Mobil
466.08Oracle
465.54UnitedHealth
406.73Costco
394.82Procter & Gamble
386.41Home Depot
Source: compilation of data from Ycharts, Bloomberg.com, Fortune.com and Yahoo Finance.
  •  Basic Materials
  •  Communication Services
  •  Consumer Cyclical
  •  Consumer Defensive
  •  Energy
  •  Financial Services
  •  HealthCare
  •  Industrials
  •  Technology
  •  Utilities

Aggregate Market Cap of the TOP 20 S&P 500 Companies in 1989–2025

Aggregate market capitalization of the 20 largest S&P 500 companies in trillions of USD.

Aggregate Market Cap of the S&P 500 in 2000–2025

Aggregate market capitalisation of the S&P 500 in trillions of USD.

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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