The Market Value 100

Companies ranked by market value, which is stock price times the number of shares outstanding. Also shown: book value, which is a company’s theoretical liquidation value, and the market-to-book ratio for each company.

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4/18/97 Book Market- ’95 market value Value to-book Rank Rank Company (millions) (millions) ratio 1 1 Intel Corp. $112,100 $16,872 6.64% 2 3 Walt Disney Co. 51,817 16,086 3.22 3 2 Hewlett-Packard Co. 50,682 13,438 3.77 4 4 Chevron Corp. 42,223 15,623 2.7 5 BankAmerica Corp. 37,276 18,471 2.02 6 6 Cisco Systems Inc. 32,104 2,820 11.39 7 Oracle Corp. 24,425 1,870 13.06 8 12 Wells Fargo & Co. 22,740 13,512 1.68 9 8 Atlantic Richfield Co. 21,210 7,800 2.72 10 9 Amgen Inc. 15,260 1,906 8.01 11 11 AirTouch Communications 12,322 4,021 3.06 12 13 Rockwell Intl. Corp. 11,971 4,256 2.81 13 33 Seagate Technology Inc. 11,063 2,466 4.49 14 20 Safeway Inc. 10,078 1,187 8.49 15 15 Sun Microsystems Inc. 9,984 2,251 4.43 16 14 PG&E; Corp. 9,893 8,363 1.18 17 17 Unocal Corp. 9,378 2,275 4.12 18 18 Gap Inc. 8,936 1,640 5.45 19 21 Edison International 8,922 6,397 1.39 20 22 Applied Materials 8,602 2,370 3.63 21 16 Occidental Petrol. Corp. 7,337 2,415 3.04 22 29 Franklin Resources 6,730 1,401 4.81 23 19 Mattel Inc. 6,679 1,448 4.61 24 28 Hilton Hotels Corp. 6,444 3,211 2.01 25 36 Clorox Co. 6,134 933 6.58 26 31 Tenet Healthcare Corp. 5,721 2,636 2.17 27 27 Transamerica Corp. 5,673 3,826 1.48 28 40 Charles Schwab Corp. 5,662 855 6.63 29 45 Great Western Finl. Corp. 5,555 2,430 2.29 30 23 3Com Corp. 5,147 979 5.26 31 82 Advanced Micro Devices 5,106 2,022 2.53 32 37 Times Mirror Co. 5,095 922 5.52 33 64 PacifiCare Health Sys. 4,875 823 1.84 34 24 Ascend Communications 4,848 547 8.86 35 34 LSI Logic Corp. 4,787 1,316 3.64 36 32 Computer Sciences Corp. 4,704 1,306 3.6 37 51 Northrop Grumman Corp. 4,645 2,128 2.18 38 49 Avery Dennison Corp. 4,513 832 5.42 39 26 Fluor Corp. 4,448 1,670 2.66 40 38 Genentech Inc. 4,444 1,801 2.47 41 56 SunAmerica Inc. 4,390 1,276 3.44 42 72 Altera Corp. 4,076 370 11.01 43 54 PeopleSoft Inc. 3,838 253 15.16 44 81 National Semiconductor 3,837 1,577 2.43 45 52 Adaptec Inc. 3,834 512 7.49 46 62 Linear Technology Corp. 3,674 440 8.34 47 55 H.F. Ahmanson & Co. 3,621 2,433 1.49 48 48 Golden West Financial 3,573 2,350 1.52 49 65 Xilinx Inc. 3,497 368 9.5 50 25 Bay Networks Inc. 3,477 1,095 3.18 51 69 Foundation Health Sys. $3,308 $286 2.73% 52 Ingram Micro Inc. 3,246 842 0.73 53 71 Qualcomm Inc. 3,243 845 3.84 54 46 Western Atlas Inc. 3,191 1,357 2.35 55 39 Chiron Corp. 3,161 765 4.13 56 79 Maxim Integrated Prods. 3,116 325 9.58 57 44 Raychem Corp. 3,004 841 3.57 58 78 UnionBanCal Corp. 2,957 2,360 1.25 59 58 Adobe Systems Inc. 2,885 707 4.08 60 107 Thermo Instrument Sys. 2,872 746 3.85 61 WellPoint Health Networks 2,818 870 3.24 62 68 McKesson Corp. 2,809 1,065 2.64 63 Quantum Corp. 2,794 545 5.13 64 70 Countrywide Credit Ind. 2,781 1,320 2.11 65 77 Solectron Corp. 2,728 701 3.89 66 Western Digital Corp. 2,666 454 5.87 67 93 Public Storage Inc. 2,605 1,472 1.77 68 74 Pacific Enterprises 2,599 1,360 1.91 69 57 Enova Corp. 2,595 1,570 1.65 70 59 Cadence Design Systems 2,569 428 6.01 71 30 Netscape Communications 2,387 173 13.77 72 63 Dole Food Co. 2,380 550 4.33 73 43 Atmel Corp. 2,379 790 3.01 74 80 Callaway Golf Co. 2,373 225 10.55 75 61 ALZA Corp. 2,324 597 3.9 76 91 Robert Half Intl. Inc. 2,311 308 7.49 77 47 Apple Computer Inc. 2,291 2,058 1.11 78 35 Silicon Graphics Inc. 2,271 1,658 1.37 79 United States Filter 2,185 341 6.4 80 110 McAfee Associates Inc. 2,163 64 34.04 81 100 KLA Instruments Corp. 2,151 537 4 82 53 Homestake Mining Co. 2,035 769 2.65 83 97 Electronics For Imaging 1,967 249 7.89 84 75 Litton Industries Inc. 1,888 915 2.06 85 67 Allergan Inc. 1,852 750 2.47 86 111 Mercury General Corp. 1,707 641 2.66 87 94 PMI Group Inc. 1,700 871 1.95 88 101 PairGain Technologies 1,597 156 10.22 89 109 Wesco Financial Corp. 1,550 958 1.62 90 Spieker Properties Inc. 1,538 294 5.23 91 108 Tandem Computers Inc. 1,530 1,086 1.41 92 Dura Pharmaceuticals 1,504 444 3.39 93 89 Komag Inc. 1,497 698 2.15 94 Univision Communications 1,481 262 5.65 95 86 Varian Associates Inc. 1,472 468 3.15 96 83 Autodesk Inc. 1,403 342 4.1 97 Ross Stores Inc. 1,398 292 4.8 98 87 Watson Pharmaceuticals 1,397 383 3.65 99 Read-Rite Corp. 1,384 454 3.05 100 114 Consolidated Freightways 1,298 484 2.68

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INSIDE THE NUMBERS

The Market Value 100:

This chart ranks companies by their stock market value, determined by multiplying stock price by the number of total shares outstanding. Intel, thus, is valued more highly than any other company headquartered in California.

Generally, it’s when a company’s market cap is measured against other indicators--particularly the company’s book value as listed here--that the figure begins to take shape as a useful tool for investors.

Book value is essentially what a company would be worth if liquidated today.

The ratio of market cap to book value for strong companies is always going to be positive, because such companies should always be worth more than the sum of their parts.