S&P 500 Fundamental Concentration Atlas: Revenue, Profits, Cash Flow, and Balance Sheets
The S&P 500 looks very different depending on which operating fundamental you measure.
The ten largest positive contributors generated 26.32% of covered revenue, but accounted for 50.68% of covered capital spending. On the balance sheet, Financials held 55.95% of covered assets and 74.79% of covered liabilities.
Top-10 concentration ranges from 26% of covered revenue to roughly half of covered capex and liabilities
These shares use only positive observations so losses do not shrink the denominator and mechanically inflate a concentration percentage. The signed aggregate remains available separately in the explorer and downloads.
Share of each covered positive-value pool generated by the 10 largest contributors
Revenue top-10 share is 26.32%. Operating cash flow is 31.03%. Net income is 37.89%. Gross profit is 45.31%. Capital expenditures are 50.68%. Total liabilities are 51.33%.
Explore all 15 fundamentals
Switch metrics to inspect the covered-company count, concentration, largest positive contributors, leading sectors, and any negative observations. The default view starts with revenue, while the table below keeps every metric visible without requiring interaction.
Largest positive contributors
Top 10 shown- AMZNAmazon$716.9B4.21% of positive pool
- WMTWalmart$706.4B4.15% of positive pool
- UNHUnitedHealth Group$447.6B2.63% of positive pool
- AAPLApple Inc.$416.2B2.44% of positive pool
- MCKMcKesson Corporation$403.4B2.37% of positive pool
- GOOG/GOOGLAlphabet Inc.$402.8B2.37% of positive pool
- CVSCVS Health$402.1B2.36% of positive pool
- XOMExxonMobil$332.2B1.95% of positive pool
- MSFTMicrosoft$331.8B1.95% of positive pool
- CORCencora$321.3B1.89% of positive pool
Largest positive-value sectors
Top 5 shown- Health Care60 positive issuers21.40%$3.64T
- Information Technology72 positive issuers13.59%$2.31T
- Consumer Discretionary44 positive issuers12.34%$2.10T
- Consumer Staples30 positive issuers11.64%$1.98T
- Financials68 positive issuers10.28%$1.75T
Coverage is part of the result, not a footnote
The SEC Company Facts vocabulary is broad, but not every issuer reports every concept in a directly comparable annual fact. This table keeps the denominator next to every concentration result.
| Metric | Coverage | Top 10 | HHI | Largest sector |
|---|---|---|---|---|
| Revenue | 468/500 (93.6%) | 26.32% | 113.58 | Health Care (21.40%) |
| Gross profit | 186/500 (37.2%) | 45.31% | 355.38 | Information Technology (52.86%) |
| Operating income | 384/500 (76.8%) | 39.55% | 236.84 | Information Technology (31.92%) |
| Net income | 457/500 (91.4%) | 37.89% | 197.93 | Information Technology (25.96%) |
| Operating cash flow | 489/500 (97.8%) | 31.03% | 144.59 | Information Technology (22.81%) |
| Free cash flow | 325/500 (65.0%) | 31.32% | 171.97 | Information Technology (26.91%) |
| Capital expenditures | 331/500 (66.2%) | 50.68% | 431.40 | Information Technology (27.19%) |
| Dividends paid | 397/500 (79.4%) | 20.77% | 90.93 | Financials (17.17%) |
| Stock repurchases | 405/500 (81.0%) | 34.94% | 202.32 | Information Technology (28.51%) |
| Cash and cash equivalents | 417/500 (83.4%) | 32.07% | 193.32 | Financials (28.57%) |
| Current assets | 419/500 (83.8%) | 23.38% | 94.61 | Information Technology (20.45%) |
| Current liabilities | 419/500 (83.8%) | 24.15% | 101.26 | Information Technology (17.49%) |
| Total assets | 499/500 (99.8%) | 37.64% | 219.96 | Financials (55.95%) |
| Total liabilities | 359/500 (71.8%) | 51.33% | 403.41 | Financials (74.79%) |
| Stockholders equity | 467/500 (93.4%) | 31.59% | 145.48 | Financials (31.71%) |
Gross profit covers 37.2% of the issuer universe and free cash flow covers 65.0%. Those partial pools are useful measurements, but they are not substitutes for a complete 500-company denominator.
Methodology and interpretation boundaries
The September 21, 2026 S&P 500 snapshot contains 503 security rows representing 500 issuer CIKs. Multi-class issuers are counted once at the issuer level.
Each issuer contributes one latest normalized annual period at or before the September 21, 2026 cutoff. Missing metrics are not backfilled from older fiscal years.
Capital expenditures, dividends paid, and stock repurchases are treated as payment magnitudes. Free cash flow is operating cash flow minus the absolute capital-expenditure amount.
Coverage is metric-specific. Concentration shares for partial metrics describe only the covered observation pool, not all 500 issuers.
Cash-flow, capital-spending, cash, current-asset/current-liability, and balance-sheet measures can have different economic meanings across financial and nonfinancial companies. The atlas is descriptive, not a sector-normalized quality ranking.
The underlying financial facts come from the SEC XBRL Company Facts bulk archive ↗. Grizzly Bulls publishes the derived atlas, not the raw SEC corpus.
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Research data
- Download CSVCSVMetric summary CSVOne row per reviewed metric with coverage, sign counts, aggregate dollars, top-1/5/10/20 concentration, HHI, and the leading sector.Data snapshot September 21, 2026 · Reuse with attribution to the canonical study.
- Download JSONJSONAtlas JSONStructured derived atlas data including metric summaries, sector concentration, top contributors, negative contributors, and methodology boundaries. Raw SEC Company Facts are not included.Data snapshot September 21, 2026 · Reuse with attribution to the canonical study.
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When citing a concentration percentage, preserve its data date and covered-company denominator. For methodology questions or corrections, contact Grizzly Bulls research.