Largest Companies by Market Cap - November 2025
How these values were calculated
- Reconstructed, not recorded
- The share counts in force at the close of November 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 November 2025 carries the largest error. Months recorded while their inputs were current carry no marker.
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Arm Holdings plc American (ARM) fell 28 ranks, from rank 72 to rank 100. Arista Networks (ANET) fell 21 ranks, from rank 60 to rank 81. Amgen Inc (AMGN) and Welltower Inc. (WELL) each rose 19 ranks. AMGN finished at rank 65. WELL finished at rank 93.
The top 10 also saw order changes. Alphabet Inc. (GOOGL) moved to No. 3. It overtook Microsoft Corp (MSFT). Broadcom Inc. (AVGO) moved to No. 6. It overtook Tesla, Inc. (TSLA). Eli Lilly & Co. (LLY) moved to No. 10. It overtook JPMorgan Chase & Co. (JPM).
Software companies Salesforce, Inc. (CRM), SERVICENOW, INC. (NOW), and Shopify Inc. (SHOP) all fell. PDD Holdings Inc. American (PDD) and Palo Alto Networks, Inc. (PANW) each fell 15 ranks. Eaton Corporation, plc (ETN) fell 14 ranks. Merck & Co., Inc. (MRK) rose 12 ranks to rank 41. TJX Companies, Inc. (The) (TJX) rose 11 ranks to rank 78. Intuitive Surgical Inc. (ISRG), Applied Materials Inc (AMAT), NextEra Energy, Inc. (NEE), and AT&T Inc. (T) each rose 10 ranks.
Four companies appeared after being absent in the previous period: Fiserv, Inc. (FISV), AXIA Energia American (AXIA), Qnity Electronics, Inc. (Q), and Embraer S.A. American (EMBJ). FISV was at rank 414. AXIA was at rank 616. Q was at rank 645. EMBJ was at rank 824. Three companies disappeared: Fiserv, Inc. (FI), Centrais Elétricas Brasileiras S.A.- Eletrobrás American (EBR), and Embraer S.A. (ERJ). FI left from rank 380. EBR left from rank 566. ERJ left from rank 781. 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 943 US-listed companies by the market capitalization each one carried at the close of November 2025. The values do not change, because November 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 November 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 November 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.