Apple's Worth More Than Every Public PIGS Company Combined

A blog about business and economics.
Sept. 22 2012 11:12 AM

Apple's Market Cap Is Bigger Than All Of Greece, Spain, Portugal, and Ireland Put Together

Normall when you hear someone compare a big company to a small country they're poised to commit some kind of stock-vs-flow error or other apples and oranges blunder. But this is the real deal. Apple's market capitalization is bigger than the combined value of every publicly listed PIGS company:

Apple became the world’s most valuable-ever company two weeks ago. It is worth $624bn, more than all the listed companies in Portugal, Ireland, Greece and Spain together. The employer of 63,300 people – each valued at $10m – is more valuable than all the shares available to investors in the MSCI China index, the international benchmark.
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That's pretty amazing. But what's particularly amazing about it is that (unlike Amazon or Google today or Microsoft in its late-nineties peak) Apple's doesn't have a particulalry high P/E ratio. Which is to say that its lofty value doesn't reflect expectations that it's going to be become much bigger or more profitable in the future. It's just a company that current earns a ridiculous volume of profits, and has an amazingly high market capitalization in response.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.