It would never happen but where would Apple rank in the top 25 businesses based on market capitalization if it spun-off its cash holdings as a stand alone business? The folks at Bespoke Investment Group took a look and came up with the chart below.
Even if you stripped out all of its cash, AAPL would still be the largest company in the S&P 500 by a margin of $190 billion over Microsoft. Even more impressive, though, is where its cash would rank in the list of largest US companies. AAPL’s cash is larger than companies like Oracle (ORCL), Disney (DIS), Coco-Cola (KO), and IBM, and at a level of $194 billion, it would be the 17th largest company in the S&P 500!