The region’s roster of heavyweight publicly traded companies is growing, with a trio of new local initial public offerings along with a market cap comeback story.
The 41 largest public firms headquartered in Orange County recorded a collective valuation of $226 billion as of Sept. 21, up 12% from a year ago.
Edwards Lifesciences, headquartered in Irvine, jumped back into the No. 1 spot on this year’s list, with a market cap of $51 billion, up 12%.
The second-largest company in Orange County, Newport Beach-based
The second-largest company in Orange County, Newport Beach-based Chipotle Mexican Grill, has a market cap of $42 billion, down from $53 billion in 2025.
Last year, Chipotle struggled with comparable, or same-store, sales growth and began to focus on reviving foot traffic in stores during a time when consumer spending was waning. Same-store sales growth returned in the first quarter of 2026 and increased 2.2% in the second quarter.
“Our priorities are to drive transactions through exceptional food, throughput and hospitality; continue expanding our restaurant footprint; invest in technology and innovation that improve efficiency and the guest experience; and strengthen restaurant-level economics,” Vice President of Finance Michael Johnston said.
Ri, increased its valuation by 14% to $20 billion as of Sept. 21
The electric vehicle maker made a splash
The electric vehicle maker made a splash in June with the debut of its newest R2 vehicle. Riile also advancing its proprietary software and autonomy capabilities
“R2 takes the core of our brand, design, and engineering DNA and brings it into a more accessibly priced and maneuverable package, significantly expanding our addressable market,” CFO Claire McDonough told the Business Journal.
The automaker’s partnerships with Volkswagen Group and Uber have also proven to be votes of confidence to shareholders.
New to the list this year are SmartStop
New to the list this year are SmartStop Self Storage REIT, Karman Space & Defense and SpyGlass Pharma.
All three companies have gone public in the past year and their market caps have soared past the debut price.
SpyGlass Pharma, which is promising an intraocular lens that will reshape the treatment of glaucoma, went public on Feb. 6 with a $150 million IPO. The company’s market cap hit $934 million as of Sept. 21.
In just seven months into our life
“In just seven months into our life as a public company, we believe the SpyGlass team has continued to deliver on the expectations set during the IPO process,” CEO Patrick Mooney told the Business Journal.
The biotech company in August moved into a new two-story, 33,000-square-foot headquarters building in Irvine that is a better and larger space for commercialization.
Mooney outlined three key goals for the company: finishing Phase 3 enrollment for the BIM-IOL System (the company’s lead product candidate designed to treat open-angle glaucoma and ocular hypertension); maintain clinical data updates; and advance the BIM-DRS (built directly into an artificial lens implanted during routine cataract surgery) into clinical trials as its second major glaucoma product.
Karman Space & Defense, headquartered in Huntington Beach,
Karman Space & Defense, headquartered in Huntington Beach, debuted on Feb. 13, raising $506 million. The maker of components for military and aerospace systems has increased its market cap nine-fold to $4.7 billion as of Sept. 21 — the top grower on this year’s list.
SmartStop began trading on the New York Stock Exchange on April 2 and closed a few days later with a $931.5 million public offering. As of Sept. 21, the Ladera Ranch-based real estate investment trust was valued at $1.8 billion.
Tilly’s Inc. returned to the list this year with a market cap of $122 million as of September. A year ago, the retailer’s valuation had fallen to about $60 million.
After chasing a business turnaround for the past
After chasing a business turnaround for the past few years, the Irvine-based apparel company is close to achieving its first fiscal year of profitability since 2022. Tilly’s recent improvement follows the departure of former CEO Ed Thomas in 2024 and the appointment of CEO Nate Smith in mid-2025.
CFO Mike Henry told the Business Journal that the company has recorded 13 consecutive months of comparable net sales growth through August 2026 and has generated year-over-year cash growth.
“Our goal is to continue executing and building upon the positive momentum to further improve profitability and, by extension, our stock price over time,” he said.
Netlist Inc. recorded the second highest growth over
Netlist Inc. recorded the second highest growth over the past year, increasing its market cap seven times to $1.8 billion as of September. Its companywide revenue for 2025 grew 28% to $188 million.
TTM Technologies in Santa Ana more than doubled its value to $13 billion this year. Aliso Viejo-based Glaukos Corp. also doubled its market cap to $9 billion as of September.
“We believe the market value increase reflects…the significant opportunities ahead of us, including the further advancement of the interventional glaucoma treatment paradigm (and) a new treatment paradigm for keratoconus and rare diseases,” CEO Thomas Burns told the Business Journal.
Burns credits Glaukos’ innovation in the global minimally
Burns credits Glaukos’ innovation in the global minimally invasive glaucoma surgery marketplace, new categories of ophthalmic and transdermal pharmaceuticals and rare disease therapies for creating long-term value, calling his team “builders of new marketplaces.”
BJ’s Restaurants, Five Point Holdings and Pro-Dex Inc. also doubled in valuation.
BJ’s is valued at $1.3 billion as of Sept. 21, with the casual dining chain reporting eight consecutive quarters of sales and traffic growth and seven consecutive quarters of profit growth.
“Investors have responded positively to the broad-based nature of our growth and the investments we’re making to strengthen the brand,” Chief Executive Lyle Tick told the Business Journal.
Medical device maker Pro-Dex, valued at $237 million
Medical device maker Pro-Dex, valued at $237 million as of Sept. 21, credits the 115% increase from last year to “very good” operating and financial results.
“We have strong three record quarters in a row and have a healthy backlog,” CEO Rick Van Kirk said. The Irvine-based firm is also one of Orange County’s fastest-growing public companies, with two-year sales up 44.5% as of Dec. 31, 2025.
American Vanguard Corp. in Newport Beach dropped off the list this year after falling 60% to $64 million as of September, below the Business Journal’s cutoff of $100 million.
Both MeridianLink and Masimo are no longer included
Both MeridianLink and Masimo are no longer included on the list after being delisted from their respective markets.
Masimo was acquired for $9.9 billion in February by Danaher Corp., which also owns Brea-based Beckman Coulter Diagnostics. MeridianLink returned to private ownership in a $2 billion acquisition by investment firm Centerbridge Partners in November 2025.
