10/07/2026
Fewer companies are public than at any point in decades.
In 1997, the U.S. had about 7,450 publicly listed companies. At the end of 2025, about 3,650. That’s a drop of more than half.
Meanwhile, about 87% of U.S. businesses with more than $100 million in revenue are private.
The companies we hear about every day have also stayed private longer. The median tech company used to go public around age 6. Now it’s closer to 15. Much of the growth happens before the stock market ever sees it.
At the same time, the biggest ten names make up roughly 38% of the S&P 500. So a public-only portfolio can mean owning a smaller slice of the economy, concentrated in fewer companies.
That’s why our portfolios include private and alternative investments alongside public markets.
We dug into this in the August Ridgeline, along with why the Fed raised rates again in September.
