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MacroSnaps16 July 2026
No. 11

Seven companies make 70% of the economic profit of the entire S&P 500.

Mag 7
70%
Other 493
30%

Share of S&P 500 economic profit: the Magnificent Seven versus the other 493.

Why this is happening
  • Economic profit is what a company earns above the cost of the money it uses. It is a far harsher test than ordinary profit.
  • The seven giants run capital-light near-monopolies, so they clear that bar by a mile.
  • Most of the other 493 barely earn back their cost of capital, so they add little economic profit at all.
The take

By the measure that actually counts, value created above the cost of capital, the US stock market is seven companies and a long tail just keeping up.

Source: RBC, Bloomberg analysis (2026)
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The underlying data

MacroSnaps drew this chart. The numbers in it are from RBC, Bloomberg analysis (2026). Their terms, not ours, govern the underlying data.