Apple (AAPL) is the most valuable firm in the state of California and the whole United States, with a market capitalization above $3 trillion.
Early in December, the manufacturer of iPhones crossed the $3 trillion threshold once more. With $2.79 trillion, IT giant Microsoft (MSFT), headquartered in Washington, isn’t far behind.
Based on market capitalization and the locations of corporate headquarters as of 2023, Yahoo Finance created a list of the largest publicly listed corporations in each state as well as Washington, D.C.
Among the biggest US corporations, the healthcare industry dominates. Two such giants are UnitedHealth (UNH) based in Minnesota at $485.49 billion and Humana (HUM) based in Kentucky at $56.1 billion.
Many of those businesses are located in the Northeast, as are other well-known healthcare brands like Thermo Fisher Scientific (TMO), which is valued at $205.91 billion, Johnson & Johnson (JNJ), which is based in New Jersey and valued at $376.93 billion, and CVS Health (CVS), which is based in Rhode Island and valued at $101.61 billion.
Other biotech businesses on the list include AbbVie Inc. (ABBV), valued at $273.09 billion, and Eli Lilly (LLY), valued at $552.87 billion, both based in Illinois.
Numerous financial institutions rank among the biggest in their respective states. The massive financial institution JP Morgan Chase (JPM) in New York City is valued at $492.34 billion, while the conglomerate Berkshire Hathaway (BRK-A), situated in Nebraska and owned by billionaire Warren Buffett, is worth an astounding $776.04 billion. The financial services industry’s epicentre, Charlotte, North Carolina, is home to Bank of America’s (BAC) headquarters. At $268.12 billion, BAC is the most valuable corporation in the state.
The top publicly listed firms were heavily weighted towards the technology sector; eight companies, including the highly valuable Micron (MU) of Idaho and Marvell Technology (MRVL) of Delaware, stood out as the most valued in their respective states.
With a valuation of $804.84 billion, Tesla (TSLA), which relocated from California to the more tax-friendly state of Texas back in 2021, is the most valuable business in the Lone Star State.
The largest retailers in Georgia are Home Depot (HD) and Walmart (WMT), respectively. At $343.47 billion, Procter & Gamble (PG), which has its headquarters in Cincinnati, is the most valued firm in Ohio.
The largest firm in Maryland is the aerospace and defence corporation Lockheed Martin (LMT), whereas the largest company in neighbouring Virginia is the aeroplane manufacturer Boeing (BA).
With a valuation of $177.59 billion, Philadelphia’s Comcast Corporation (CMCSA) is the most valuable firm in Pennsylvania, while Nike (NKE), a major player in the footwear industry, continues to lead the state of Oregon with a $165.61 billion valuation.