Largest Companies by Market Cap - May 2025
How these values were calculated
- Reconstructed, not recorded
- The share counts in force at the close of May 2025 were not recorded at the time. Each value marked est. is that month's closing price multiplied by the share count on record today, so a buyback or an issuance since then moves it. The closing prices are exact; the share counts are today's.
- What that changes
- Ranks near each other can swap, and a company whose share count changed sharply since May 2025 carries the largest error. Months recorded while their inputs were current carry no marker.
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Applovin Corporation (APP) made the ranking's biggest move, climbing 49 places to rank 93 from rank 142. The Walt Disney Company (DIS) also rose 16 places, while Texas Instruments Incorporated (TXN), Caterpillar Inc. (CAT) and Shopify Inc. (SHOP) each rose 12 places. GE Aerospace (GE) gained 11 places; Intuit Inc (INTU) and Boeing Company (BA) each gained 10.
Downside was led by Vertex Pharmaceuticals Inc (VRTX), Sanofi American (SNY) and Thermo Fisher Scientific, Inc. (TMO), all of which fell sharply. VRTX fell 24 places to rank 115 from rank 91. Merck & Co., Inc. (MRK) and PDD Holdings Inc. American (PDD) each fell 12 places, while Strategy Inc (MSTR) fell 10. The shared sector pattern on the upside was prepackaged software, where SHOP, INTU and Adobe Inc. (ADBE) all climbed.
At the top, Apple Inc. (AAPL) fell to rank 3 from rank 1. Microsoft Corp (MSFT) climbed to rank 1 from rank 2, moving past AAPL. Nvidia Corp (NVDA) climbed to rank 2 from rank 3, also moving past AAPL. Walmart Inc. (WMT) climbed to rank 10 from rank 11. Eli Lilly & Co. (LLY) fell to rank 12 from rank 10 after WMT moved past it.
Barrick Mining Corporation (B) and Emera Incorporated (EMA) joined the ranking. B entered at rank 390. EMA entered at rank 672. Discover Financial Services (DFS) last appeared at rank 283 before leaving the ranking. Figma, Inc. (FIG) last appeared at rank 716 before leaving. BitMine Immersion Technologies, Inc. (BMNR) was absent at the universe boundary rather than because of a departure.
Both the
Compares this month's close with the previous month's close. A company that shifted only because another entered or left the ranking above it is not counted as having moved.
About this ranking
This page ranks 945 US-listed companies by the market capitalization each one carried at the close of May 2025. The values do not change, because May 2025 is over; this is what the ranking looked like then, and it will look the same the next time you visit.
Market capitalization is the share price multiplied by the number of shares outstanding. Each figure on this page uses that month's closing share price, so the ranking reflects the market as it stood at the close of May 2025 rather than today. Rank Change compares each company's position with its position at the end of the previous month. A company whose position shifted only because another company entered or left the ranking above it shows no change, because it did not move.
This month was reconstructed: the closing prices are the ones recorded for May 2025, but the share counts are today's, so every value marked est. carries the share-count drift since then.
For the ranking at today's prices, see the live market cap ranking.