Geography of $100B+ Companies by US State

[dimondpark]

With the stock market constantly in record territory these days, here is the very latest list of $100B+ companies by market capitalization, by state---this is an extremely violatile stat that can have huge swings up or down sometimes in a single day, but it's still interesting to see how the US is seeing a huge uptick in the number of $100B+ companies.

As of New York Close, 10/04/2023

CALIFORNIA: 26 companies, $14.624T Market Cap
$3.448T---Apple
$3.064T---NVIDIA
$2.074T---Alphabet
$1,507T---Meta
$825.0B---Broadcom
$506.4B---Visa
$308.6B---Netflix
$276.5B---Advanced Micro Devices
$275.0B---Salesforce
$223.3B---Adobe
$210.5B---Cisco Systems
$193.8B---Wells Fargo
$189.0B---ServiceNow
$188.1B---QUALCOMM
$175.5B---Walt Disney
$171.7B---Amgen
$171.2B---Intuitive Surgical
$171.1B---Intuit
$166.5B---Applied Materials
$156.0B---Uber Technologies
$124.3B---Arista Networks
$113.3B---ProLogis
$111.4B---Palo Alto Networks
$105.8B---KLA
$105.6B---Lam Research
$105.3B---Gilead Sciences

NEW YORK: 16 companies, $3.325T Market Cap
$600.9B---JP Morgan Chase
$459.7B---Mastercard
$278.2B---Merck
$230.7B---PepsiCo
$208.1B---IBM
$185.9B---Verizon
$174.5B---Morgan Stanley
$161.9B---Pfizer
$160.3B---S&P Global
$156.0B---Goldman Sachs
$140.6B---BlackRock
$119.5B---Citigroup
$118.8B---KKR & Co
$111.6B---Regeneron Pharmaceuticals
$109.3B---Blackstone
$109.2B---Marsh & McLennan

TEXAS: 8 companies, $2.625T Market Cap
$798.9B---Tesla
$554.8B---Exxon Mobil
$276.6B---Chevron
$192.5B---Caterpillar
$185.0B---Texas Instruments
$181.6B---AT&T
$133.0B---ConocoPhillips
$118.4B---Charles Schwab

MASSACHUSETTS: 7 companies, $1.020T Market Cap
$228.6B---Thermo Fisher Scientific
$202.8B---General Electric
$129.3B---TJX Companies
$124.4B---Boston Scientific
$117.5B---Vertex Pharmaceuticals
$113.3B---Analog Devices
$104.4B---American Tower

WASHINGTON: 5 companies, $5.792T Market Cap
$3.092T---Microsoft
$1.957T---Amazon
$391.5B---Costco
$243.0B---T-Mobile US
$109.4B---Starbucks

ILLINOIS: 4 companies, $868.5B Market Cap
$343.2B---AbbVie
$217.9B---McDonald's
$195.8B---Abbott Laboratories
$111.6B---Deere & Co

NEW JERSEY: 3 companies, $619.3B Market Cap
$385.8B---Johnson & Johnson
$117.3B---Chubb
$116.2B---ADP

NORTH CAROLINA: 3 companies, $595.3B Market Cap
$311.2B---Bank of America
$151.8B---Lowe's Companies
$132.3B---Honeywell

CONNECTICUT: 2 companies, $325.4B Market Cap
$185.1B---Philip Morris
$140.3B---Booking Holdings

GEORGIA: 3 companies, $820.4B Market Cap
$405.6B---Home Depot
$302.4B---Coca-Cola
$112.4B---UPS

INDIANA: 2 companies, $957.2B Market Cap
$843.1B---Eli Lilly
$114.1B---Elevance Health

NEBRASKA: 2 companies, $1.165T Market Cap
$1.020---Berkshire Hathaway
$145.5B--Union Pacific

OHIO: 2 companies, $543.0B Market Cap
$397.5B---Proctor & Gamble
$149.5B---Progressive

TENNESSEE: 2 cpmpanies, $575.0B Market Cap
$473.4B---Oracle
$101.6B---HCA Healthcare

ARKANSAS:
$650.6B0---Walmart

FLORIDA:
$172.5B---NextEra Energy

IDAHO:
$113.3B---Micron Technology

MICHIGAN:
$133.8B---Stryker

MINNESOTA:
$113.1B---Medtronic

OREGON:
$123.3B---Nike

PENNSYLVANIA:
$227.0B---Comcast

WASHINGTON DC:
$195.0B---Danaher

WISCONSIN:
$106.7B---Fiserv

[Shawn]

I didn't expect to see Mass that high. Also crazy to think that WA is #2 in total market cap.

[Mr Saturn64]

No Vanguard for PA?

[BnaBreaker]

Wow how is FedEx not a $100 billion company? It must be right on the cusp.

[Crawford]

Originally Posted by Mr Saturn64

No Vanguard for PA?

Vanguard is privately held.

[jmecklenborg]

Take a moment to admire the incredible lifetime achievement of Warren Buffet and Charlie Munger.

[iheartthed]

Tesla, lol

[N90]

Isn’t Amazon a dual HQ with both Virginia and Washington?

And Comcast being the only $100 billion+ company Pennsylvania has is interesting…

Florida’s also really lacking for its size.

[The ATX]

Oracle is still based in Austin. The future Nashville site hasn't been built yet. Once it is built, the HQ title will probably be awarded to Nashville.

[3rd&Brown]

Originally Posted by N90

Isn’t Amazon a dual HQ with both Virginia and Washington?

And Comcast being the only $100 billion+ company Pennsylvania has is interesting…

Florida’s also really lacking for its size.

Yeah, a bit surprising...but some of it feels like a technicality.

Example: Merck is technically hq'd in Whitehouse Station, NJ, but for all intents and purposes it is actually headquartered in West Point, PA. (Although, I don't think Merck is actually on this list...but my point is in pharmaceuticals particularly, there are all these massive campuses in the Philly burbs but most of the companies are "headquartered" elsewhere). Edit: Merck is on this list and it's "Hq'd" in New York City. Laughable really. Probably a few floors in a skyscraper so the top execs can live there. Merck has zero operations in New York state.

I mean, Boeing is technically hq'd in Chicago, but does it functionally operate that way? No.

Also, I'm almost certain Chubb (on the Jersey list) is moving its HQ to Philly. It is in the process of building a new office building in Center City and I'm almost certain it will serve as HQ once it's done.

[Steely Dan]

Originally Posted by 3rd&Brown

I mean, Boeing is technically hq'd in Chicago

Not anymore.

That sad trainwreck of a corporation left Chicago and is now HQ'ed in Arlington, VA.

[Crawford]

Originally Posted by 3rd&Brown

Also, I'm almost certain Chubb (on the Jersey list) is moving its HQ to Philly. It is in the process of building a new office building in Center City and I'm almost certain it will serve as HQ once it's done.

Chubb is based in Switzerland. Its North American HQ is in Midtown Manhattan. But global HQ should be in Zurich.

[3rd&Brown]

Originally Posted by Crawford

Chubb is based in Switzerland. Its North American HQ is in Midtown Manhattan. But global HQ should be in Zurich.

Chubb is the world's largest publicly traded property and casualty insurance company, with 34,000 employees and operations in 54 countries and territories. Headquartered in Zurich, Switzerland, the company currently has another executive office in Philadelphia at 436 Walnut St., which employs 1,950 people.

Looks like it is "headquartered" in Zurich, but according to this article at least, Chubb was acquired by US company ACE (which was HQ'd in Philadelphia) in 2015 but opted to operate under the Chubb (Swiss) name, perhaps because it was more recognizable in the market. So functionally, at least, it appears to be effectively governed from Philadelphia.

Chubb's oldest subsidiary, the Insurance Company of North America, was founded at Independence Hall in 1792 as the nation's first stock insurance company and the first U.S. insurer to cover property for house fires. The company was located along Philadelphia's "Insurer's Row," between Second and Sixth streets on Walnut Street, for much of the 19th century. It later moved to the INA Building at 1600 Arch St. from 1925-1991. ACE acquired the company in 1999 and then acquired Chubb in 2015. ACE opted to operate under the Chubb name

[Ric 0_0]

Georgia could potentially have two new entrants to this list in the next few years with Southern Company and Intercontinental Exchange. Both companies are currently at the 90+ mark.

[mhays]

Whether Seattle is the only Amazon HQ or not, it's still the main center for HQ-type workers. The numbers near DC and in Nashville are small potatoes...in relative terms.

As for dual HQs, one is still the "real" HQ while the other(s) are more operational/marketing co-HQs.

[Six Corners]

It's wild to me that half of Texas's eight companies moved to the state within the past 3 years (Tesla, Chevron, Caterpillar, and Charles Schwab).

[Gordo]

Originally Posted by mhays

Whether Seattle is the only Amazon HQ or not, it's still the main center for HQ-type workers. The numbers near DC and in Nashville are small potatoes...in relative terms.

As for dual HQs, one is still the "real" HQ while the other(s) are more operational/marketing co-HQs.

A good measure here is where the members of the S-team are located (Amazon's senior leadership team): https://www.aboutamazon.com/news/wor...s-team-members

24: Seattle area
3: SF Bay area
1: LA area
1: Boston area
1: DC area

The HQ2 thing was a marketing stunt, Amazon is a more Seattle-centric company from a HQ perspective than it has ever been.

[East7thStreet]

Originally Posted by Six Corners

It's wild to me that half of Texas's eight companies moved to the state within the past 3 years (Tesla, Chevron, Caterpillar, and Charles Schwab).

And Oracle is still headquartered in Austin.....so it's really 5 of 9 being recent hq relocations.

[homebucket]

Tesla is similar to Amazon in that the "real" HQ remains in its original location. In this case, the meat and potatoes of the company as far as engineering talent and highest paid jobs remains in Palo Alto, CA. Whereas Austin is more of the operational/marketing/tax break HQ.

People also tend to overvalue what it means to have a HQ. Back in the day it automatically meant a lot of jobs, but these days a HQ can just be an address and maybe a few high level employees. Or in Austin's case, Tesla's HQ there is an address and a few thousand low level manufacturing employees.

[The ATX]

Originally Posted by homebucket

Tesla is similar to Amazon in that the "real" HQ remains in its original location. In this case, the meat and potatoes of the company as far as engineering talent and highest paid jobs remains in Palo Alto, CA. Whereas Austin is more of the operational/marketing/tax break HQ.

People also tend to overvalue what it means to have a HQ. Back in the day it automatically meant a lot of jobs, but these days a HQ can just be an address and maybe a few high level employees. Or in Austin's case, Tesla's HQ there is an address and a few thousand low level manufacturing employees.

I agree with the HQ title being nothing more than a name for a lot of companies like Oracle. Likewise, AMD is really headquartered in Austin, but the company has always wanted to portray themselves as an SV company. Tesla has over 20K Austin employees even after the large layoffs earlier this year.