In this article, we will be taking a look at the 25 Biggest New York Companies and Stocks. To skip our detailed analysis, you can go directly to see the top 5 Biggest New York Companies and Stocks.
If all U.S. states were countries, New York would be the 11th largest country in the world, bigger than Russia, Australia and Brazil. The third largest state in the U.S. by GDP, New York’s current GDP was worth over $1.9 trillion in 2021, according to the U.S. Bureau of Analysis. The vast majority of this GDP is derived from New York City, which is home to the most number of millionaires in the world at more the 345,000. New York City is considered to be the financial center of the world, home to Wall Street where most of the American financial services industry is based. This is why a lot of the biggest New York Companies and Stocks are financial services and insurance companies. This includes some of the biggest banks in not just the country but the world. Furthermore, the state is also home to some of the biggest drug companies in the world.
New York Wall Street sign.
Apart from finance, the state of New York is also home to one of the largest manufacturing sectors in the country, including publishing and printing in addition to the production of furs, railroad rolling stock and bus line vehicles. Other industries which maintain a significant including the ceramics and glass industry, nanotechnology and the microchip industry.
Despite being an incredibly important part of the U.S. economy, New York actually has relatively high unemployment, even though it’s decreased by 0.4% from August 2022 to November 2022. However, even after this decrease, unemployment in the state of New York is 4.3% with just 6 other states in the U.S. having a higher rate of unemployment. In March 2020, when the Covid-19 pandemic reached its peak, New York City had an unemployment rate of 7.6% which was among the worst when considering the biggest cities in the country and it seems like the problem hasn’t really properly gone away till now.
Thus, there is great incentive for the state of New York to entice more businesses to consider moving their businesses from other states to here, with a success case being GLOBALFOUNDRIES Inc. (NASDAQ:GFS), a company engaged in the semiconductor industry which moved its headquarters from Silicon Valley to New York. To attract new businesses, New York does offer tax-free operations for ten years while being able to access state of the art facilities and get job credits in addition to manufacturing incentives for companies manufacturing in the state. There are a myriad of incentives, be it tax or otherwise, that companies can take advantage of if they are present or incorporating themselves in the state of New York.
In 2022, while New York had a strong start, in the second half its growth rate trailed the national growth rate while the expectation according to TD Economics, is that the economy of the state will slow down to 0.8% in 2023 mainly because its financial industry is slowing down as a recession is imminent and interest rates are significantly higher. Even now, New York’s labor market is 3.8% below its pre-pandemic level as the labor market has struggled to recover since. The national average has basically recovered fully which shows that the state is quite far behind the national average in this regard as well. Many people are starting to migrate from New York to other states as well, as remote working is a much bigger deal now because of the pandemic and people prefer to relocate to low cost of living areas, reducing the available talent pool for the biggest New York companies and stocks, especially those who want people to come to office.
Methodology
The biggest New York companies and stocks have a total market cap almost $3 trillion and over $1.3 trillion in revenue. We initially consulted Fortune 500 to get the 25 biggest New York companies by revenue and then determined their latest market cap according to Yahoo Finance. We then assigned 60% weightage to revenue and 40% to market cap. In a tough 2022, these 25 companies have on average loss of 6.6% in market cap, outperforming the S&P 500 Index by double digits. So, let’s now take a look at New York’s largest companies many of which are giants of the finance world, starting with:
25. Colgate-Palmolive Company (NYSE:CL)
Total revenue (in billions): $17.4
Market cap as at 6th Jan 2022: $66.8
Colgate-Palmolive Company (NYSE:CL) is one of the biggest consumer products companies in the country, and definitely among the biggest New York companies and stocks. The most famous product of Colgate-Palmolive Company (NYSE:CL) is of course Colgate’s toothpaste, which has been sold since 1873. In the past year, Colgate-Palmolive Company (NYSE:CL) lost 5.3% in market cap.
24. Macy’s, Inc. (NYSE:M)
Total revenue (in billions): $25.3
Market cap as at 6th Jan 2022: $6.0
Most people in the U.S. are aware of Macy’s, Inc. (NYSE:M) which owns many major departmental stores such as Abraham & Straus, Bloomingdale’s and Lazarus. As consumer spending has declined, Macy’s, Inc. (NYSE:M) has seen its value decline by 16% in the past year.
23. Marsh & McLennan Companies, Inc. (NYSE:MMC)
Total revenue (in billions): $19.8
Market cap as at 6th Jan 2022: $84.8
Marsh & McLennan Companies, Inc. (NYSE:MMC) is a professional services firm which has over 83,000 employees across the world. In the past year, Marsh & McLennan Companies, Inc. (NYSE:MMC) has gained 4.3% in share price.
22. Paramount Global (NASDAQ:PARA)
Total revenue (in billions): $29.6
Market cap as at 6th Jan 2022: $12.5
Paramount Global (NASDAQ:PARA) is a media conglomerate which owns Paramount Pictures, CBS Entertainment Group and several media networks which include MTV, Nickelodeon and Comedy Central. Currently, Paramount Global (NASDAQ:PARA) owns more than 190 networks. However, the past year has been especially turbulent for Paramount Global (NASDAQ:PARA) which lost 46.2% in stock value over the past year.
21. BlackRock, Inc. (NYSE:BLK)
Total revenue (in billions): $19.4
Market cap as at 6th Jan 2022: $110.8
BlackRock, Inc. (NYSE:BLK) the biggest asset management company in the world with more than $10 trillion in assets under management. Being the biggest asset management company didn’t help much in navigating a year as turbulent as 2022 for BlackRock, Inc. (NYSE:BLK), which lost 17.3% in stock price in the past year.
20. KKR & Co. Inc. (NYSE:KKR)
Total revenue (in billions): $26.1
Market cap as at 6th Jan 2022: $55.7
KKR & Co. Inc. (NYSE:KKR) is an investment giant which saw its share price decline by almost 31% in the last year. As at September 2022, KKR & Co. Inc. (NYSE:KKR) had close to $500 billion in assets under management.
19. Blackstone Inc. (NYSE:BX)
Total revenue (in billions): $22.6
Market cap as at 6th Jan 2022: $95.0
Blackstone Inc. (NYSE:BX) is an alternative investment company over $951 billion in total assets under management, making it the biggest alternative investment company globally. It has been a tough year for investment companies, so it shouldn’t come as much surprise to see Blackstone Inc. (NYSE:BX) see its market cap decline by 32% in the past year.
18. The Travelers Companies, Inc. (NYSE:TRV)
Total revenue (in billions): $34.8
Market cap as at 6th Jan 2022: $45.4
The Travelers Companies, Inc. (NYSE:TRV) is one of the biggest writers of U.S. commercial property casualty insurance in the country. Currently, The Travelers Companies, Inc. (NYSE:TRV) has around 31,000 employees and operations in six countries. In the past year, The Travelers Companies, Inc. (NYSE:TRV) saw its share price jump by 16.6%.
17. StoneX Group Inc. (NASDAQ:SNEX)
Total revenue (in billions): $42.5
Market cap as at 6th Jan 2022: $2.0
StoneX Group Inc. (NASDAQ:SNEX) is among the biggest New York companies and stocks even though its market cap was the lowest among all listed companies in the list. StoneX Group Inc. (NASDAQ:SNEX) operates in several areas which include securities, forex, physical commodities and global payments. In the past year, StoneX Group Inc. (NASDAQ:SNEX) actually gained over 47% in share value.
16. Mastercard Incorporated (NYSE:MA)
Total revenue (in billions): $18.9
Market cap as at 6th Jan 2022: $353.5
Mastercard Incorporated (NYSE:MA) is one of the largest financial services company in the country, and among the two premier payment processing companies in the world. Despite a turbulent year for financial services companies, Mastercard Incorporated (NYSE:MA) managed to more or less maintain its share price over the past year.
15. TIAA
Total revenue (in billions): $40.5
Market cap as at 6th Jan 2022: $N/A
TIAA is a financial services company which serves more than 15,000 institutions and $1 trillion in assets under management.
14. American International Group, Inc. (NYSE:AIG)
Total revenue (in billions): $52.1
Market cap as at 6th Jan 2022: $48
American International Group, Inc. (NYSE:AIG) is one of the biggest finance and insurance companies in the country. Currently, American International Group, Inc. (NYSE:AIG) has operations in more than 80 countries and employs around 50,000 people. One of the few finance and insurance companies to have a positive 2022, American International Group, Inc. (NYSE:AIG) saw its share price rise by 6.3%.
13. Philip Morris International Inc. (NYSE:PM)
Total revenue (in billions): $31.4
Market cap as at 6th Jan 2022: $160.4
Philip Morris International Inc. (NYSE:PM) is the largest manufacturer of cigarettes in the world, with its biggest brand being Marlboro. Currently, Philip Morris International Inc. (NYSE:PM) has operations in 180 countries and the company gained 4.4% in share price over the past year.
12. American Express Company (NYSE:AXP)
Total revenue (in billions): $43.7
Market cap as at 6th Jan 2022: $112.2
American Express Company (NYSE:AXP) is known for its consumer and corporate credit cards, and is the biggest provider of traveler cheques in the world. In the past year, American Express Company (NYSE:AXP) has lost around 14% in total value. Currently, American Express Company (NYSE:AXP) is considered to be among the most valuable brands in the world.
11. New York Life Insurance
Total revenue (in billions): $51.2
Market cap as at 6th Jan 2022: $N/A
One of only two unlisted companies among the biggest New York companies and stocks, New York Life Insurance is the third-biggest insurance company in the country.
10. MetLife, Inc. (NYSE:MET)
Total revenue (in billions): $71.1
Market cap as at 6th Jan 2022: $57.7
MetLife, Inc. (NYSE:MET) is among the biggest insurance companies in the U.S. Currently, MetLife, Inc. (NYSE:MET) has over 90 million customers in more than 60 countries. In the past year, MetLife, Inc. (NYSE:MET) gained 9.4% in 2022.
9. Bristol-Myers Squibb Company (NYSE:BMY)
Total revenue (in billions): $46.4
Market cap as at 6th Jan 2022: $155.2
Pharmaceuticals have done quite well in 2022 despite an overall really disappointing year for stocks, with Bristol-Myers Squibb Company (NYSE:BMY) gaining 16% in the past year. Bristol-Myers Squibb Company (NYSE:BMY) is involved in pharmaceuticals and biologics in several therapeutics and has operations in dozens of countries.
8. The Goldman Sachs Group, Inc. (NYSE:GS)
Total revenue (in billions): $65.0
Market cap as at 6th Jan 2022: $117.9
One of several banks among the biggest New York companies and stocks, with regional headquarters in multiple cities around the world. The second largest investment bank in the world, The Goldman Sachs Group, Inc. (NYSE:GS) is considered to be a systemically important financial institution by the Financial Stability Board. In 2022, lost 12.4% in share price over the past year.
7. Morgan Stanley (NYSE:MS)
Total revenue (in billions): $61.1
Market cap as at 6th Jan 2022: $148
Morgan Stanley (NYSE:MS) has offices in over 40 countries with around 75,000 employees. In the past year, Morgan Stanley (NYSE:MS) lost around 16% of its total stock value. Morgan Stanley (NYSE:MS) was one of the companies which was very vocal on employees returning to office once the pandemic restrictions subsided.
6. Citigroup Inc. (NYSE:C)
Total revenue (in billions): $79.9
Market cap as at 6th Jan 2022: $91.6
Citigroup Inc. (NYSE:C) is one of the biggest financial services companies in the world and among the largest New York companies and stocks. Citigroup Inc. (NYSE:C) lost 28% in share price in the past year.
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Disclosure: None. 25 Biggest New York Companies and Stocks is originally published at Insider Monkey.
