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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What changed in this ranking
AI-generated summary by Rhea-AI, written on . How Rhea-AI works.
Arm Holdings (ARM) was the biggest faller, dropping 28 places from rank 72 to rank 100 between
Software was the clearest shared decline: Salesforce, Inc. (CRM), ServiceNow, Inc. (NOW) and Shopify Inc. (SHOP) all fell. PDD Holdings Inc. (PDD) and Palo Alto Networks, Inc. (PANW) each fell 15 places, while Eaton Corporation plc (ETN) fell 14.
On the positive side, Merck & Co., Inc. (MRK) climbed 12 places and The TJX Companies, Inc. (TJX) climbed 11. Intuitive Surgical Inc. (ISRG), Applied Materials, Inc. (AMAT), NextEra Energy, Inc. (NEE) and AT&T (T) each climbed 10 places.
At the top, Alphabet Inc. (GOOGL) overtook Microsoft Corp (MSFT), Broadcom Inc. (AVGO) overtook Tesla, Inc. (TSLA), and Eli Lilly and Company (LLY) overtook JPMorgan Chase & Co. (JPM).
AXIA Energia American (AXIA) and Embraer S.A. (EMBJ) entered the ranking. Fiserv, Inc. (FI), Centrais Elétricas Brasileiras S.A.- Eletrobrás American (EBR) and the ERJ listing left it.
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.