In this article, we will be taking a look at the 25 biggest California companies and stocks. To skip our detailed analysis, you can go directly to see the 5 Biggest California Companies and Stocks.
California is not just the most populous state in the U.S. with over 39 million residents, but it is also the largest economy in the U.S., with its 2021 GDP worth over $3.4 trillion. Texas is the next biggest with a GDP of just over $2 billion, which shows how wide the gap between the first and the second biggest state is. Just for some perspective on how truly large the economy of California is, it is the biggest subnational economy in the world. If California was a country, it would be the 4th largest economy in the world, surpassed only by China, Germany and Japan!
California is home to Silicon Valley which is considered to be the technological hub of the world, with many of the biggest tech companies in the world headquartered there, including some of the biggest California companies and stocks. More than 30 businesses in the Fortune 1000 are headquartered in Silicon Valley not to mention thousands of startup companies which are headquartered in the region to take advantage of the wealth of talent not to mention venture capital. After all, around a third of the total venture capital fund in the U.S. is spent in Silicon Valley.
Of course, the tech industry isn't the only industry in the state worth over $3.4 trillion. Finance, manufacturing and business sectors are all important contributors to the economy of California while its agricultural output is the highest of any state in the country. Some of the biggest media companies are also located in the state, which shouldn't be surprising. After all, Los Angeles, home to Hollywood, is also located in California. Overall, unemployment in the state is at 4.1%, an increase of 0.1% from October despite almost 27,000 nonfarm payroll jobs being added. However, the state is in a much better situation compared to November 2021 when the unemployment rate was 5.8%.
Of course, it isn't all doom and gloom for companies in California as the state does provide several financial incentives for businesses including consulting and low-cost training pertaining to loans and grants, startup business plans, strengthening operations and entering new markets among others. While taxes are comparatively high in the state, companies are also provided tax incentive programs which are presented to encourage innovation, development and growth.
California is a Democratic state, and unlike most Republican states, it imposes high taxes on corporations to derive revenue that is used to fund the state's budget. Because of this difference in tax rates, many companies have started to move their headquarters from California, with perhaps the most recent high profile move being Tesla, Inc. (NASDAQ:TSLA), which moved its headquarters to Texas from California, something that Elon Musk had been threatening for a while. According to a report from the Hoover Institution, the rate of companies leaving California in 2021 was twice that of 2020 and 2019, and three times that of 2018, which includes 11 Fortune 1,000 companies. With costs being exceptionally high in the state, many other companies might follow suit in a bit to reduce costs.
Methodology
To determine the biggest California companies and stocks, we first found out the 25 top companies by revenue headquartered in California from Fortune 500 and then determined their latest market cap from Yahoo Finance. In what has been a volatile year especially for tech stocks, which are well-represented among the largest companies in California, which is why the top 25 stocks in the state had an average loss of 20% over the previous year. We then assigned 60% weightage to revenue and 40% to market cap for our rankings. So, let's take a look at the giants of the biggest subnational economy in the world, starting with number 25:
25. Block, Inc. (NYSE:SQ)
Total revenue (in billions): $17.7
Market cap as at 6th Jan 2023 (in billions): $38.7
Block, Inc. (NYSE:SQ) is a tech company which has lost over 52% of its value in the past yea. A large part of Block, Inc.'s (NYSE:SQ) revenue is derived from brick and mortar retail shops and the Census Bureau has reported disappointing sales data from retail.
24. Uber Technologies, Inc. (NYSE:UBER)
Total revenue (in billions): $17.5
Market cap as at 6th Jan 2023 (in billions): $51.0
Uber Technologies, Inc. (NYSE:UBER) may be among the most hated companies in America, but it is also among the biggest California companies and stocks. Uber Technologies, Inc. (NYSE:UBER) lost 37.3% in the last year as losses of over $10 billion mounted. A proposal by the U.S. Department of Labor recently issued a proposal which stated that independent contractors should get the same benefits as employees, which will spell big trouble for Uber Technologies, Inc. (NYSE:UBER).
23. PG&E Corporation (NYSE:PCG)
Total revenue (in billions): $20.6
Market cap as at 6th Jan 2023 (in billions): $33.2
PG&E Corporation (NYSE:PCG) is a utility company which provides natural gas and electricity to 5.2 million households in California and a couple of other states. Recently, PG&E Corporation (NYSE:PCG) announced teaming up with Energy Vault to come together to build as well as operate the "biggest green hydrogen long-duration energy storage system in the U.S.". PG&E Corporation (NYSE:PCG) saw its share price rise by over 30% in the past year.
22. Ross Stores, Inc. (NASDAQ:ROST)
Total revenue (in billions): $18.9
Market cap as at 6th Jan 2023 (in billions): $40.8
Ross Stores, Inc. (NASDAQ:ROST) is a chain of discount stores which is the biggest off-price retailer in the country. Currently, Ross Stores, Inc. (NASDAQ:ROST) has more than 1,500 locations in 39 states. It is one of the only biggest California companies and stocks to have performed well in the past year, with its stock price increasing by 11.32%.
21. Applied Materials, Inc. (NASDAQ:AMAT)
Total revenue (in billions): $23.1
Market cap as at 6th Jan 2023 (in billions): $83.2
Applied Materials, Inc. (NASDAQ:AMAT) provides software, services and equipment to the semiconductor industry. Currently, Applied Materials, Inc. (NASDAQ:AMAT) has over 33,000 employees and over $6.5 billion in net income in 2022. In the past year, Applied Materials, Inc. (NASDAQ:AMAT) lost more than 33% in stock value in the past year.
20. PayPal Holdings, Inc. (NASDAQ:PYPL)
Total revenue (in billions): $25.4
Market cap as at 6th Jan 2023 (in billions): $87.0
PayPal Holdings, Inc. (NASDAQ:PYPL) is one of the largest payment processing companies in the word with over 400 million users. PayPal Holdings, Inc. (NASDAQ:PYPL) has had a devastating year losing 60% in value due to slower growth because of the pandemic.
19. Molina Healthcare, Inc. (NYSE:MOH)
Total revenue (in billions): $27.8
Market cap as at 6th Jan 2023 (in billions): $17.4
Molina Healthcare, Inc. (NYSE:MOH) may not be among the 15 largest healthcare companies in the world, it is among the biggest California companies and stocks. Molina Healthcare, Inc. (NYSE:MOH) saw its share price increase by over 4% over the past year.
18. TD SYNNEX Corporation (NYSE:SNX)
Total revenue (in billions): $31.6
Market cap as at 6th Jan 2023 (in billions): $9.1
TD SYNNEX Corporation (NYSE:SNX) is an information technology services company which was established just two years ago when Tech Data merged with Synnex. Currently, TD SYNNEX Corporation (NYSE:SNX) has over 22,000 employees in more than 100 countries. TD SYNNEX Corporation (NYSE:SNX) ended up seeing its market cap reduce by 13% in the past year.
17. Gilead Sciences, Inc. (NASDAQ:GILD)
Total revenue (in billions): $27.3
Market cap as at 6th Jan 2023 (in billions): $107.7
Gilead Sciences, Inc. (NASDAQ:GILD) is the biggest HIV company in the world. Pharmaceutical companies have generally had a good year in 2022 and Gilead Sciences, Inc. (NASDAQ:GILD) embodied this by seeing its share price increase around 23%.
16. Salesforce, Inc. (NYSE:CRM)
Total revenue (in billions): $26.5
Market cap as at 6th Jan 2023 (in billions): $136.3
Salesforce, Inc. (NYSE:CRM) has long been cited among the most innovative companies in the world which provides different software and applications. Currently one of the largest tech companies in the world, Salesforce, Inc. (NYSE:CRM) is currently in a turbulent situation after it didn't reveal a forecast for 2024 which is quite an unprecedented move. Salesforce, Inc. (NYSE:CRM) also cut its workforce recently by 10% as it attempts to rally from its share price being slashed by 38% in the past year.
15. Amgen Inc. (NASDAQ:AMGN)
Total revenue (in billions): $26.0
Market cap as at 6th Jan 2023 (in billions): $142.4
The largest biotech company in California is Amgen Inc. (NASDAQ:AMGN). Currently, Amgen Inc. (NASDAQ:AMGN) has over 24,000 employees currently. It is one of the only companies among the biggest California companies and stocks to have a good year, with its share price increasing by 22.6%.
14. HP Inc. (NYSE:HPQ)
Total revenue (in billions): $63.5
Market cap as at 6th Jan 2023 (in billions): $26.7
HP Inc. (NYSE:HPQ) is the second largest personal computer vendor in the world. Declining revenue and cashflows have resulted in HP Inc. (NYSE:HPQ) losing 26.5% in stock value.
13. Visa Inc. (NYSE:V)
Total revenue (in billions): $24.1
Market cap as at 6th Jan 2023 (in billions): $447.1
Visa Inc. (NYSE:V) is one of the biggest financial services companies in the world. With a value of close to half a trillion dollars, Visa Inc. (NYSE:V) is among the most valuable companies in the world. Over the past year, Visa Inc. (NYSE:V) has done quite well to lose less than 1%.
12. Netflix, Inc. (NASDAQ:NFLX)
Total revenue (in billions): $29.7
Market cap as at 6th Jan 2023 (in billions): $137.8
Netflix, Inc. (NASDAQ:NFLX) is among the pioneers of the streaming service and boasts 223 million subscribers. 2022 was particularly tough for Netflix, Inc. (NASDAQ:NFLX) which lost subscribers for the first time in the year. Netflix, Inc. (NASDAQ:NFLX) also lost around 43% of its stock value in the last year.
11. QUALCOMM Incorporated (NASDAQ:QCOM)
Total revenue (in billions): $33.6
Market cap as at 6th Jan 2023 (in billions): $122.6
QUALCOMM Incorporated (NASDAQ:QCOM) is one of the biggest semiconductor companies out there, with QUALCOMM Incorporated's (NASDAQ:QCOM) chips often being used in mobile phones. In the past year, QUALCOMM Incorporated (NASDAQ:QCOM) has lost around 38% of its stock price.
10. Broadcom Inc. (NASDAQ:AVGO)
Total revenue (in billions): $27.5
Market cap as at 6th Jan 2023 (in billions): $231.9
Tech companies dominate the biggest Californian companies which includes Broadcom Inc. (NASDAQ:AVGO), which is engaged in several spaces in the tech industry. In 2019, the European Union issued an antitrust order against Broadcom Inc. (NASDAQ:AVGO) for anticompetitive practices. Compared to other companies in our lists, Broadcom Inc. (NASDAQ:AVGO) losing just 7.4% in stock price in the last year doesn't seem that bad.
9. NVIDIA Corporation (NASDAQ:NVDA)
Total revenue (in billions): $26.9
Market cap as at 6th Jan 2023 (in billions): $355.5
NVIDIA Corporation (NASDAQ:NVDA) produces graphic cards and has lately pivoted into artificial intelligence. In the past year, NVIDIA Corporation (NASDAQ:NVDA) lost nearly half of its total value and would have otherwise been ranked much higher among the biggest California companies and stocks.
8. Intel Corporation (NASDAQ:INTC)
Total revenue (in billions): $79
Market cap as at 6th Jan 2023 (in billions): $113.7
Intel Corporation (NASDAQ:INTC) has brilliantly positioned itself as the provider of an integral product, which has made it the biggest semiconductor company in the world. Even though Intel Corporation (NASDAQ:INTC) products are still present in most personal computers around the world, Intel Corporation (NASDAQ:INTC) has lost nearly 47% value in the past year as the PC market slows down.
7. Cisco Systems, Inc. (NASDAQ:CSCO)
Total revenue (in billions): $49.8
Market cap as at 6th Jan 2023 (in billions): $192.6
Cisco Systems, Inc. (NASDAQ:CSCO) is one of the biggest digital companies in the world, known for its high-tech products. In 2022, Cisco Systems, Inc. (NASDAQ:CSCO) posted a net profit of $11.81 billion. Despite being one of the biggest California companies and stocks, Cisco Systems, Inc. (NASDAQ:CSCO) lost over 20% in the past year.
6. The Walt Disney Company (NYSE:DIS)
Total revenue (in billions): $67.4
Market cap as at 6th Jan 2023 (in billions): $167.6
The Walt Disney Company (NYSE:DIS) is one of the biggest media companies in the world, known for its major film studios and theme parks. Recently, The Walt Disney Company (NYSE:DIS) launched Disney+, a streaming service which now has more than 164 million people and is making a space in this emerging, fast growing industry. Despite this success, The Walt Disney Company (NYSE:DIS) has lost nearly 40% in share price in the last year.
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Disclosure: None. 25 Biggest California Companies and Stocks is originally published at Insider Monkey.
