NY’s top public companies are roaring back
Crain’s list shows a collective 75% spike in income last year for the region’s 250 largest public businesses. The group’s $2.44 trillion-with-a-T market cap is now so big that it rivals the GDP of France.
Big business in New York is bouncing back from the Great Recession—big time, according to the latest Crain’s ranking of the region’s top publicly held companies.
The total stock-market value of the 250 biggest public companies in the New York metro area, for instance, climbed 11% last year, to $2.44 trillion, compared with a total market capitalization of $2.19 trillion for the top 250 in 2009.
To put that $2.44 trillion figure into perspective: The total market cap for New York’s 250 biggest public companies exceeds the gross domestic of the United Kingdom (around $2.25 trillion last year, according to International Monetary Fund estimates) and comes in just under the GDP of France ($2.58 trillion).
Total revenue for the Crain’s 250 also rose 11% last year, to $1.75 trillion (that would be around the GDP figure for Canada), while overall profits soared 75% to $158.9 billion (somewhere between Peru and Romania).
Revenue winners last year included health care and consumer goods companies, such as Pfizer and PepsiCo, with gains of 35% and 33.8%, respectively.
But the finance sector was the biggest winner, with companies in the financial field accounting for 47% of all the revenue reported by the Top 250 companies, mostly due to stronger markets and more acquisitions than in recent years.
Bank of New York Mellon, mainly a custodian of corporate assets, saw revenues shoot up more than 75%, to around $14.5 billion after its 2010 acquisitions of PNC Financial Services Group and BHF Assets. And at BlackRock, the world’s largest money manager, revenues soared 83.2%, to more than $8.6 billion, in a year that saw BlackRock’s merger with Barclay’s Global Investors finalized.
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