Key figures from the graphic
- Yahoo Finance compares the ten largest companies by market cap in January 1997, when it launched its homepage, with where the same companies ranked 28 years later, in 2025.
- General Electric was first in 1997 at $170 billion. By 2025 it ranked 68th, at $194 billion.
- Microsoft is the only one of the ten that moved up, from 5th to 3rd. Its value rose from $122 billion to $3.17 trillion, about 26 times.
- Intel and Altria fell furthest, to 206th and 202nd, and both are worth less than in 1997.
- Nine of the ten are no longer in the top ten.
Largest companies by market cap, 1997 and 2025, in text
All ranks and values are from the graphic. The last column is our own division of the 2025 value by the 1997 value.
| Company | 1997 market cap rank | 2025 market cap rank | 1997 market cap | 2025 market cap | Change in value (our calculation) |
|---|---|---|---|---|---|
| General Electric | 1 | 68 | $170B | $194B | 1.1 times |
| Coca-Cola | 2 | 36 | $144B | $266B | 1.8 times |
| Intel | 3 | 206 | $133B | $85B | 0.6 times |
| ExxonMobil (Exxon) | 4 | 16 | $128B | $489B | 3.8 times |
| Microsoft | 5 | 3 | $122B | $3.17T | 26.0 times |
| Merck | 6 | 37 | $109B | $254B | 2.3 times |
| Altria (Philip Morris) | 7 | 202 | $96B | $86B | 0.9 times |
| IBM | 8 | 58 | $80B | $204B | 2.5 times |
| Procter & Gamble | 9 | 23 | $78B | $377B | 4.8 times |
| Johnson & Johnson | 10 | 27 | $77B | $356B | 4.6 times |
Together the ten were worth $1,137 billion in 1997 and $5.48 trillion in 2025 by our sum. Without Microsoft, the other nine went from $1,015 billion to $2.31 trillion.
What happened to some of the 1997 leaders
General Electric. The company as it stood in 1997 no longer exists. On 2 April 2024 its assets were split between three independent listed companies, GE Aerospace, GE HealthCare and GE Vernova, with GE Aerospace as the legal successor [3]. The graphic does not say whether its 2025 figure covers GE Aerospace alone.
Altria (Philip Morris). In 1997 the company was called Philip Morris Companies, and it took the name Altria in 2003 [4]. Kraft Foods was spun off in 2007 and Philip Morris International in 2008, which is why Altria left the Dow Jones Industrial Average that year [4]. Its 2025 value therefore covers a much smaller business than the 1997 figure.
Microsoft. According to Wikipedia’s record of market cap milestones, Microsoft first passed $1 trillion on 25 April 2019, $2 trillion on 22 June 2021 and $3 trillion on 24 January 2024 [2].
Notes on this infographic
- Date. The 2025 values are for January 2025, 28 years after 17 January 1997. Market caps change daily and will not match today’s figures.
- Not adjusted for inflation. Both years are shown in dollars of the day.
- Logos. All logos are shown as they looked in 1997, according to the footer.
- Company changes. General Electric and Altria were restructured after 1997 [3][4], so their rows do not compare like with like.
Questions about the largest companies by market cap
Which is the largest company by market cap in the world?
It changes with share prices. On this graphic, for January 2025, Microsoft ranked 3rd. Wikipedia’s list of market cap milestones records Nvidia as the first company to pass both $4 trillion, on 9 July 2025, and $5 trillion, on 29 October 2025 [2].
What was the largest company in the world in 1997?
General Electric was the largest company by market cap in January 1997, at $170 billion. Coca-Cola was second at $144 billion and Intel third at $133 billion. By January 2025 General Electric ranked 68th, at $194 billion, and nine of the 1997 top ten were no longer in the top ten.
How much has Microsoft's market cap grown since 1997?
Microsoft's market cap rose from $122 billion in January 1997 to $3.17 trillion in January 2025, about 26 times. It was the only one of the 1997 top ten to move up, from 5th to 3rd. Microsoft first passed $1 trillion on 25 April 2019, $2 trillion on 22 June 2021 and $3 trillion on 24 January 2024 [2].
What happened to General Electric?
On 2 April 2024 General Electric's assets were split between three independent listed companies, GE Aerospace, GE HealthCare and GE Vernova, with GE Aerospace as the legal successor [3]. The company that ranked first in 1997 at $170 billion therefore no longer exists in that form. Its January 2025 figure of $194 billion, ranked 68th, may not compare like with like.
Sources
- Yahoo Finance, finance.yahoo.com, publisher of the graphic.
- Wikipedia, List of public corporations by market capitalization.
- Wikipedia, General Electric.
- Wikipedia, Altria.
Last reviewed 29 October 2026
