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The 25 Best Stocks by Shareholder Wealth Creation (1926-2022)

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The 25 best stocks shown as bubbles, sized according to the shareholder wealth they have generated since 1926 or when they were first listed on a U.S. stock exchange. Apple is number one and has generated $2.7 trillion in shareholder wealth.

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The 25 Best Stocks by Shareholder Wealth Creation (1926-2022)

Out of 28,114 publicly-listed U.S. companies analyzed over the last century, the 25 best stocks have created nearly a third of all shareholder wealth. Put another way, just 0.1% of stocks have added over $17.6 trillion to investors’ wallets.

In this graphic, we use data from Henrik Bessembinder of Arizona State University to show the best stocks of the last century.

How is Shareholder Wealth Creation Calculated?

Bessembinder took three steps to measure lifetime shareholder wealth creation:

  1. Considered U.S. stocks in the Center for Research in Security Prices database from 1926 (or when the stock was first listed) until 2022 (or when the stock was delisted).
  2. Measured share price changes as well as cash flows to/from shareholders including dividends, spinoffs, share buybacks, and new share issuances.
  3. Calculated the excess wealth generated compared to investing in one-month Treasury bills over the same time period.

If a company exited the database during the period, Bessembinder calculated its delisting return based on any proceeds from mergers or acquisitions as well as estimates of any remaining value after delistings for negative reasons.

GM is the only company within the top 25 to be delisted prior to December 2022. Its second IPO in 2010 was considered a new company and not continuous wealth creation.

The 25 Best Stocks in Modern History

With this definition in mind, here are the best stocks since 1926.

RankCompany Lifetime Wealth Creation First MonthLast Month
1APPLE$2.7TJan‐81Dec‐22
2MICROSOFT$2.1TApr‐86Dec‐22
3EXXON MOBIL$1.2TJul‐26Dec‐22
4ALPHABET$1.0TSep‐04Dec‐22
5AMAZON$764BJun‐97Dec‐22
6BERKSHIRE HATHAWAY$704BNov‐76Dec‐22
7JOHNSON & JOHNSON$661BOct‐44Dec‐22
8WALMART$629BDec‐72Dec‐22
9CHEVRON$583BJul‐26Dec‐22
10PROCTER & GAMBLE$581BSep‐29Dec‐22
11IBM$563BJul‐26Dec‐22
12UNITEDHEALTH GROUP$551BNov‐84Dec‐22
13ALTRIA GROUP$490BJul‐26Dec‐22
14MERCK & CO$478BJun‐46Dec‐22
15HOME DEPOT$477BOct‐81Dec‐22
16COCA COLA$474BJul‐26Dec‐22
17GENERAL ELECTRIC$463BJul‐26Dec‐22
18JPMORGAN CHASE$459BApr‐69Dec‐22
19GENERAL MOTORS$454BJul‐26Jun‐09
20ELI LILLY$418BAug‐70Dec‐22
21ORACLE$383BApr‐86Dec‐22
22VISA$372BApr‐08Dec‐22
23MASTERCARD$370BJun‐06Dec‐22
24PEPSICO$369BJul‐26Dec‐22
25PFIZER$350BFeb‐44Dec‐22

Apple takes the top spot, having created nearly 5% of all shareholder wealth. From the iPod to the iPhone, Apple’s ability to keep innovating has helped it gain a loyal fan base and given the company pricing power. Notably, Apple is America’s most profitable company.

ExxonMobil is the only non-technology company among the five best stocks. When Exxon and Mobil merged in 1999, it was the biggest merger in history and ExxonMobil temporarily became the world’s largest public company by market capitalization. More recently, the company experienced record profits in 2022 due to high oil prices.

The list also shows how wealth-generating patterns have changed over time. While energy and consumer staples are more frequent among older companies in the ranking, the stocks that have created massive wealth in recent years are more likely to be technology or financial companies.

Finding the Next Winners

Given that the names on this list account for 0.1% of all public U.S. stocks, picking out one of the next long-term winners could be a difficult task. In fact, 95% of actively-managed large cap funds—which aim to beat the market through stock picking—underperformed their benchmark over a 20-year period.

Investing in index funds is one possible way to get exposure to top performers. For instance, Apple has been part of the S&P 500 since 1982, about a year after it went public.

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Sports

Ranked: Which NHL Team Takes Home the Most Revenue?

The Oilers are the second-highest earning team in the NHL and the Panthers are 26th. We show the top teams in the NHL by revenue in 2023.

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Visualization of NHL team revenues

Which NHL Team Takes Home the Most Revenues?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This graphic shows every NHL team’s revenue from the 2022/23 season using data from Forbes, compiled by JP Morgan Asset Management.

Ranked: The Highest-Earning NHL Teams

As the final round of the Stanley Cup Playoffs wears on, two teams on different ends of the revenue spectrum face off.

Despite representing a much smaller city than the other teams at the top of the ranking, the Edmonton Oilers have the second highest revenue in the league at $281 million. The Oilers have seen the fastest revenue growth over the past five years (13%) as the team has improved.

Team2022-23 Season RevenueValuation
Toronto Maple Leafs$281M$2.8B
Edmonton Oilers$281M$1.9B
Los Angeles Kings$279M$2.0B
New York Rangers$265M$2.7B
Montreal Canadiens$265M$2.3B
New Jersey Devils$240M$1.5B
Boston Bruins$239M$1.9B
Vegas Golden Knights$233M$1.1B
Chicago Blackhawks$228M$1.9B
Philadelphia Flyers$219M$1.7B
Washington Capitals$218M$1.6B
Dallas Stars$210M$1.1B
Pittsburgh Penguins$207M$1.2B
Detroit Red Wings$199M$1.2B
Vancouver Canucks$198M$1.3B
Seattle Kraken$197M$1.2B
Tampa Bay Lightning$196M$1.3B
Minnesota Wild$185M$1.1B
St Louis Blues$184M$1.0B
New York Islanders$183M$1.6B
Calgary Flames$183M$1.1B
Colorado Avalanche$182M$1.2B
Nashville Predators$180M$1.0B
Carolina Hurricanes$177M$0.8B
Anaheim Ducks$164M$0.9B
Winnipeg Jets$162M$0.8B
Florida Panthers$161M$0.8B
Buffalo Sabres$159M$0.8B
San Jose Sharks$158M$0.9B
Columbus Blue Jackets$151M$0.8B
Ottawa Senators$128M$1.0B
Arizona Coyotes$120M$0.5B

In the 2022/23 season, the Florida Panthers pulled off a major upset in the first round of the playoffs and fought their way to the finals before losing to the Vegas Golden Knights.

Despite the success last season, the Panthers still find themselves in the bottom six in this ranking, with $161 million in revenue. The team also has the second lowest operating income in the league, after Ottawa. Florida is an emerging hockey market though, with revenue increasing 9% over the past five years.

Other Hockey Revenue Highlights

  • Along with the Oilers, the Toronto Maple Leafs sit at the top of the revenue ranking. There is a key difference though: the Maple Leafs have a higher valuation-to-revenue multiple (10x vs 6.6x).
  • Professional hockey remains attractive to advertisers. In the 2022/23 season, team-specific sponsorship revenue was 36% higher than in 2018/19.
  • The team with the lowest revenue, the Arizona Coyotes, will be moving to Utah next season.
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