By Emmanuella Opara | October 27th 2026
KEY POINTS
- A BestBrokers report says 172 of the world’s 1,000 largest listed companies lost a combined $4.96tn in market capitalisation between August 2021 and September 2026.
- PayPal recorded the steepest percentage decline, losing 85.41 per cent of its market value.
- Nike and Adobe lost $217.1bn and $208.6bn, respectively.
- PayPal’s market value fell sharply despite growth in its payment volume and revenue in 2025.
MAIN STORY
PayPal, Nike and Adobe are among the global companies that have suffered major declines in market value over the past five years, as competition, changing consumer behaviour and weaker growth expectations affected investor confidence.
An analysis by investment research platform BestBrokers found that 172 of the world’s 1,000 largest publicly listed companies lost a combined $4.96tn in market capitalisation between August 13, 2021, and September 25, 2026.
The report identified 23 companies whose market values fell by more than half during the period, with digital payments company PayPal recording the largest percentage decline among those examined.
PayPal’s market capitalisation dropped by $275.6bn, or 85.41 per cent, from $322.65bn in August 2021 to $47.08bn in September 2026. Nike lost $217.1bn, representing an 80.37 per cent fall from $270.14bn to $53.04bn.
Software company Adobe recorded a $208.6bn reduction, equivalent to 69.03 per cent, while telecommunications and media group Comcast lost $193.2bn, or 71.30 per cent. Luxury goods group LVMH shed $201.6bn, although its percentage decline was lower at 47.75 per cent.
Saudi Aramco recorded a $227.7bn fall in market capitalisation, despite a comparatively smaller decline of 12.14 per cent. The difference reflects the oil company’s much larger starting valuation.
BestBrokers excluded companies affected by major acquisitions, mergers, corporate restructuring, stock splits and other changes that could distort comparisons.
The report’s author and BestBrokers data researcher, Stanislava Savisheva, said the losses reflected shifts in expectations about future growth, stronger competition and companies’ ability to respond to changes in technology and consumer behaviour.
“Market capitalisation ultimately reflects what investors believe a company will earn in the future, not simply what it earns today,” Savisheva said.
She added that valuations could decline rapidly when temporary growth trends faded, competition increased or businesses struggled to adapt.
PayPal’s decline was linked partly to a reassessment of digital payment companies that benefited from the surge in online shopping during the COVID-19 pandemic. As consumers returned to physical stores, expectations for continued rapid growth moderated, while competition from payment services offered by Apple, Google and Stripe intensified.
However, the fall in PayPal’s market value did not correspond to a similar contraction in its underlying payments business. The company processed $1.79tn in total payment volume in 2025, an increase of seven per cent from the previous year, while revenue rose four per cent to $33.2bn.
Its fourth-quarter 2025 results showed net revenue increasing four per cent to $8.7bn. Nevertheless, management acknowledged that execution, particularly in branded online checkout, had fallen short of expectations and signalled the need to strengthen performance and accelerate growth initiatives.
THE ISSUES
The report highlights the difference between a company’s operating performance and the value investors place on its shares.
Market capitalisation is influenced not only by current revenue and profits but also by expectations about future earnings, growth and competitive strength. A company may continue to generate substantial income while its valuation falls if investors become less confident about its prospects.
PayPal’s figures illustrate this distinction. Its payment volume and revenue increased in 2025, yet its market value remained far below its August 2021 level.
The losses recorded by Nike, Adobe and Comcast also show that established brands and large business operations do not automatically protect companies against changing market expectations.
WHAT’S BEING SAID
“Market capitalisation ultimately reflects what investors believe a company will earn in the future, not simply what it earns today,” Stanislava Savisheva, BestBrokers data researcher and report author, said.
“The biggest declines in this analysis show how quickly those expectations can unravel when pandemic-driven growth proves temporary, competition intensifies, or a business struggles to adapt,” Savisheva said.
“These companies haven’t all faced the same problems, but their losses point to a common risk: valuations can remain vulnerable even when a brand is globally recognised, and its business remains substantial,” she said.
WHAT’S NEXT
The report points to the need for companies to maintain growth and adapt to competitive and technological changes as investor expectations evolve. PayPal’s management has already acknowledged the need to improve execution in branded online checkout and accelerate growth initiatives.
BOTTOM LINE
Global companies lost a combined $4.96tn in market capitalisation over the five-year period examined by BestBrokers. PayPal recorded the steepest percentage decline, but its continued growth in payment volume and revenue demonstrates that a sharp fall in market value does not necessarily mean an equivalent collapse in business activity.
