In this article, we will take a look at the 15 biggest non-tech companies in the world by market cap. To see more such companies, go to 5 Biggest Non-Tech Companies in the World by Market Cap.
Easy monetary policies, tech revolution, disposable income and societal changes after the coronavirus pandemic injected a euphoria-like optimism in the technology industry, causing a dramatic rise in tech stock valuations. During the summer of 2020, six major tech companies — Apple, Microsoft, Amazon, Alphabet, Facebook and Tesla — accounted for about half of the total value of the NASDAQ 100 index. Trends like work-from-home, internet streaming, online gaming, media and entertainment fueled the growth of tech companies. However, all this optimism around tech and growth stocks came crashing down in 2022 as inflation started to go through the roof and the Federal Reserve decided to begin belt tightening. Major tech companies that were betting big on future technologies like metaverse, AI, machine learning and robotics failed to woo investors and saw billions of dollars erased from their market value as investors flocked to value plays. Major growth investors like Cathie Wood suffered huge losses that are expected to continue this year.
Technology companies have now started to lay off employees and cut costs as warning calls for a recession in 2023 grow. According to a layoffs tracking website, there were about 150,000 jobs cuts in the tech industry in 2022. That’s despite the fact that the labor market remained strong in the year. Tech companies are expected to increase the number of layoffs as these firms run out of safety nets. Meta Platforms announced over 11,000 layoffs in November. In the same month, Amazon, which has a reputation of being a major tech recruiter, began its biggest layoff initiative in its 28-year history. This layoff plan is expected to affect about 10,000 employees.
Tech companies are expected to remain under pressure until the economy comes back to its normal trajectory.
Pixabay/Public Domain
Our Methodology
As investors look beyond tech stocks and try to find old-school, non-tech companies operating in a diverse range of sectors, we decided to give our readers a basic rundown of some of the biggest non-tech companies in the world. For this article we used stock screeners and manual search to list down the biggest companies in the world outside of the technology industry. After that we picked the top 15 companies from this selection based on market cap. These 15 companies are ranked according to their market cap. As expected, almost all of these companies are quite famous. We mentioned brief intros of these companies along with their latest performance and interesting news around these firms.
All market caps are as of January 4.
Biggest Non-Tech Companies in the World by Market Cap
15. Kweichow Moutai Co., Ltd. (SSE:600519.SS)
Market Capitalization: $315B
Kweichow Moutai Co., Ltd. (SSE:600519.SS) is a Chinese beverage company and ranks 15th in our list of the biggest non-tech companies in the world. Kweichow Moutai Co., Ltd. (SSE:600519.SS) is a partial publicly traded, partial state-owned enterprise and sells Maotai baijiu, a special beverage. As of the end of 2021, Kweichow Moutai Co., Ltd. (SSE:600519.SS) is the largest beverage company in the world and was China’s most valuable non-tech company.
14. Chevron Corporation (NYSE:CVX)
Market Capitalization: $331B
Chevron Corporation (NYSE:CVX) is one of the biggest oil companies in the world. Chevron Corporation (NYSE:CVX) has operations in 180 countries and is involved in hydrocarbon exploration and production, refineries, chemicals and much more. For the third quarter, Chevron (NYSE:CVX) crushed analyst estimates as the company’s net income jumped to a whopping $11.23 billion in the period, from $6.11 billion recorded in the same period last year.
13. Roche Holding AG (OTC:RHHBY)
Market Capitalization: $340B
Roche Holding AG (OTC:RHHBY) is a Swiss healthcare company. It also controls the American biotechnology company Genentech. Roche Holding AG (OTC:RHHBY) is known for drugs that are used for the treatment of cancer, virus and metabolic diseases. Roche is among the biggest spenders on R&D.
In December, Roche Holding AG (OTC:RHHBY)’s Actemra (tocilizumab) was given approval by the FDA for the treatment of COVID-19. The drug has become the first monoclonal antibody approved by the US FDA for COVID-19. Reports suggested that the approval is for the hospitalized COVID patients aged 18 and older.
12. The Home Depot, Inc. (NYSE:HD)
Market Capitalization: $324B
Ranking 12th on our list of the biggest non-tech companies in the world is The Home Depot, Inc. (NYSE:HD), an Atlanta, Georgia-based company that sells home improvement equipment and services. It offers installation and repair services related to flooring, cabinets and cabinet makeovers, countertops, furnaces and central air systems, and windows. In addition, it provides tool and equipment rental services.
In November, investors cheered strong quarterly results from The Home Depot, Inc. (NYSE:HD). Wells Fargo analyst Zachary Fadem praised the results and said that the Home Depot Pro format is working and the company’s results show that “underlying housing/remodeling metrics could prove less bad than feared.”
Matrix Asset Advisors made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2022 investor letter:
“During the quarter, we re-established a position in The Home Depot, Inc. (NYSE:HD) sold earlier this year, after the shares declined sharply on big picture concerns about a softer housing market and lower consumer spending. We believe that HD is a very well-managed company, positioned to continue showing good profits even as the economy decelerates. The products it carries in inventory are in year-round demand from contractors and homeowners wanting to maintain and improve their homes. The company has historically been shareholder friendly, repurchasing shares and increasing the dividend, most recently by 15% earlier this year. On September 30, HD’s current dividend yield was 2.8%.”
11. Nestlé S.A. (OTC:NSRGY)
Market Capitalization: $327B
From bottled water to biscuits, from chocolates to candies and juices, Nestlé S.A. (OTC:NSRGY) makes it all and perhaps every one of us consumes Nestlé S.A. (OTC:NSRGY) products on a regular basis. The Swiss conglomerate makes baby food, medical food, bottled water, breakfast cereals, coffee and tea, confectionery, dairy products, ice cream, and the list goes on and on.
In November, Nestlé S.A. (OTC:NSRGY) boosted its 2022 organic sales outlook. It now expects organic sales growth to come in between 8% and 8.5% vs. previous view of 8% with an underlying trading operating profit margin of around 17%.The company also said that it expects to repurchase 20B Swiss francs ($21.09B) worth of shares through 2022 to 2024.
10. Eli Lilly and Company (NYSE:LLY)
Market Capitalization: $344B
Eli Lilly and Company (NYSE:LLY) is an Indiana-based pharmaceutical company that is known for the famous anti-depressant drug, Prozac. Eli Lilly and Company (NYSE:LLY) also makes several other treatments and was among the first pharmaceutical companies to produce human insulin using recombinant DNA.
Last month, it was reported that the company’s diabetes drugs, Trulicity and Mounjaro, are experiencing a huge demand in the market, which has resulted in shortages of these drugs. The stock recently took a hit after giving a weak guidance for 2023. However, just last month, the company announced a 15% hike in its quarterly dividend.
A total of 75 hedge funds tracked by Insider Monkey reported having stakes in Eli Lilly and Company (NYSE:LLY) as of the end of the September quarter.
9. The Procter & Gamble Company (NYSE:PG)
Market Capitalization: $360B
The Procter & Gamble Company (NYSE:PG) is one of the biggest non-tech companies in the world. The Procter & Gamble Company (NYSE:PG) is known for major brands in segments like personal health/consumer health, personal care and hygiene products, home and baby care items.
Investors kept piling into Procter & Gamble due to its strong dividend history and diversified income streams. The company has upped its dividends consistently for over 65 years now.
A total of 69 hedge funds in Insider Monkey’s database of 920 funds reported having stakes in The Procter & Gamble Company (NYSE:PG) at the end of the September quarter.
8. Walmart Inc. (NYSE:WMT)
Market Capitalization: $386B
Walmart Inc. (NYSE:WMT) is perhaps among the most recognizable American companies in the world. Millions of Americans visit Walmart Inc. (NYSE:WMT) stores to do grocery shopping. Over the past few years the company has increased its ecommerce footprint to compete with Amazon.
To compete with Amazon Prime, Walmart Inc. (NYSE:WMT) launched its subscription service called Walmart+, which costs $49 and offers special discounts and other features to premium members. Recently, Bank of America analyst Robert Ohmes said that Walmart was a Black Friday winner in the US, thanks to the strong offers and discounts it offered at its stores. The analyst said that foot traffic at Walmart stores was very strong.
7. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY)
Market Capitalization: $393B
LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) is a French luxury apparel conglomerate that is perhaps the biggest and most famous luxury name in the world. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) was formed in 1987 through the merger of fashion house Louis Vuitton and Moët Hennessy. LVMH is behind several major brands, including Tiffany & Co., Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer, and Bulgari.
LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) CEO Bernard Arnault recently displaced Tesla CEO Elon Musk to become the richest man in the world. LVMH’s market cap also soared passed Tesla’s, which has been suffering lately due to several reasons.
6. JPMorgan Chase & Co. (NYSE:JPM)
Market Capitalization: $399B
With a market cap of $399 billion, JPMorgan Chase & Co. (NYSE:JPM) is one of the biggest banks in the world. As of the end of 2022, JPMorgan Chase & Co. (NYSE:JPM) is the biggest bank in the US, with assets worth $3.77 trillion.
JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon, who often remains in the news, recently said during an interview that crypto is a “complete sideshow”
“I made my views perfectly clear about crypto tokens are like pet rocks,” Dimon said. Dimon has long been a crypto skeptic. On one occasion he said that he believed Bitcoin is worthless and also labeled crypto as “decentralized ponzi schemes.”
5. Exxon Mobil Corporation (NYSE:XOM)
Market Capitalization: $446B
Exxon Mobil Corporation (NYSE:XOM) is perhaps the most famous oil and gas company in the world. The company had a banner year in 2023 amid rising oil prices and energy demand. Exxon Mobil Corporation (NYSE:XOM)’s stock gained 63% over the past year. 2023 is also expected to be a strong year for the company. In a latest program on CNBC, Energy Aspects founder and director of research Amrita Sen said that energy prices will move higher in 2023. The analyst also said that the global economy will start to recover from March and that would increase the demand for oil. Exxon Mobil Corporation (NYSE:XOM) is also a strong dividend payer and is a dividend aristocrat, having increased its dividends consistently for the last 39 years.
4. Johnson & Johnson (NYSE:JNJ)
Market Capitalization: $468B
With a market cap of over $468 billion, Johnson & Johnson (NYSE:JNJ) is one of the biggest non-tech companies in the world. It makes medical devices, consumer packaged goods and pharmaceuticals. Johnson & Johnson (NYSE:JNJ) was in the limelight in 2022 as investors piled into the stock for its dividends and stability. Johnson & Johnson has been increasing its dividends consistently for the last 60 years. That’s why Johnson & Johnson (NYSE:JNJ) is preferred by income and value investors.
As of the end of the third quarter, 85 hedge funds tracked by Insider Monkey reported having stakes in the company, compared to 83 funds in the previous quarter.
3. UnitedHealth Group Inc. (NYSE:UNH)
Market Capitalization: $470B
UnitedHealth Group Inc. (NYSE:UNH) is one of the biggest managed healthcare companies in the world. UnitedHealth Group Inc. (NYSE:UNH) is the 7th biggest company in the world by revenue. In November, the company reiterated its 2022 EPS and adj. EPS guidance ahead of its annual investor conference.
UnitedHealth Group Inc. (NYSE:UNH) said it was expecting to post an EPS of $20.85 to $21.05 for the year, while adj. EPS for the period was expected to come in at $21.85 to $22.05. The consensus EPS estimate is $22.03. For 2023, UnitedHealth Group expects its revenue to come in at $357 billion to $360 billion, compared to the consensus estimate of $352.95 billion.
2. Berkshire Hathaway Inc. (NYSE:BRK-B)
Market Capitalization: $702B
This conglomerate headed by the Oracle of Omaha, Warren Buffett, is one of the biggest non-tech companies in the world, even though its hedge fund arm has huge stakes in tech companies. Berkshire Hathaway Inc. (NYSE:BRK-B) operates several businesses, including financial services, insurance, confectionary, railroads, machinery, electrical power and gas. It is also one of the most expensive stocks in the market, trading at around $475,798 as of January 4. In December, it was reported that Berkshire Hathaway Inc. (NYSE:BRK-B) sold about 1.33 million shares of BYD (OTCPK:BYDDF) for HK$267.69M ($34.43M). When Buffett’s firm buys or sells stakes in companies, the world pays attention.
Here is what Black Bear Value Fund has to say about Berkshire Hathaway Inc. (NYSE:BRK-A) in its Q3 2022 investor letter:
“Going forward I expect Berkshire to compound at above average returns from this price. BRK is a collection of high-quality businesses, excellent management, and a good amount of optionality in their cash position. If the cash were to be deployed accretively, the true value would be greater than an 8% premium (as mentioned above). The combination of a pie that is growing, an increasing share of said pie due to stock buybacks, upside optionality from cash and a tight range of likely business outcomes that span a variety of economic futures gives me comfort in continuing to own Berkshire.”
1. Saudi Aramco Base Oil Company – Luberef (TADAWUL:2223.SR)
Market Capitalization: $1.8 trillion
Saudi Aramco Base Oil Company – Luberef (TADAWUL:2223.SR) is the biggest non-tech company in the world. The Saudi oil giant has the second-largest proven crude oil reserves which are estimated to be at a whopping 270 billion barrels. Naturally, Saudi Aramco Base Oil Company – Luberef (TADAWUL:2223.SR) is the single biggest carbon emissions producer in the world. Saudi Aramco Base Oil Company – Luberef (TADAWUL:2223.SR) has been enjoying a huge uptick in profits amid a rising demand of energy fueled by the war in Ukraine. Last month, the Saudi government posted a whopping $27 billion budget surplus. While the world suffers from soaring energy prices and general inflation, oil-rich nations like Saudi Arabia are enjoying huge revenues as European nations line up to secure oil and gas deals in hopes of cutting their reliance on Russia.
You can also take a peek at 10 Stocks to Buy According to Mark T. Gallogly’s Centerbridge Partners and 8 Stocks to Buy According to Alexander Captain’s Cat Rock Capital.
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Disclosure: None. 15 Biggest Non-Tech Companies in the World by Market Cap is originally published on Insider Monkey.
