UK headquartered companies listed in the US reach $2.2tn market capitalisation in Q1 2025

The market capitalisation of UK companies listed in the US reached $2.2tn in Q1 2025, an increase of 6% compared to the same period last year according to figures from PwC’s FPI Watch. The inaugural report looks at the size, geography and sector composition across the EMEA region of Foreign Private Issuers - international companies outside of the United States who are listed on the New York Stock Exchange or the Nasdaq. 

UK companies listed in the US by sector

The analysis shows the number of UK companies listed in the US at the end of Q1 2025 totalled 91, the most in Europe. The Healthcare sector accounted for more than a quarter of UK companies listed in the US with a total of 24 firms. The Consumer sector followed with 16 and followed by Financials and Industrials & Materials both with 14.  

Industrials & Materials held the largest market capitalisation among sectors at the end of Q1 2025 with $468.4bn followed by Consumer - $433.2bn and Financials- $407.8bn   

EMEA companies listed in the US by sector

The total market capitalisation of EMEA companies listed in the US reached $6.4tn at the end of Q1 2025, a 3% decrease as compared to the same period last year. The Healthcare sector again accounted for the largest number of EMEA companies listed in this period with 130, followed by Industrials & Materials with 83 and Information Technology (IT) with 73.   

Healthcare held the largest market capitalisation of EMEA companies listed in the US at the end of this period accounting for $1.4tn followed by IT with $1.2tn and Financials with $1tn. 

Overall, there were 415 EMEA headquartered companies listed in the US at the close of Q1. Israel, with 110, has the greatest number of companies by territory, followed by the UK with 91. A collection of other countries combined to make 70 with Ireland next with 34 issuers. With $2.2tn, the UK contributes the most to EMEA’s market cap followed by Ireland with $1tn and Switzerland with $600bn. 

Jenny Harper, Partner and US Capital Markets Leader at PwC UK, said:

“A flurry of May IPO activity and increasing numbers of UK and EMEA companies planning a Wall Street debut in the next 12 to 24 months suggest that caution over macroeconomic concerns, including US trade policy, is not hampering optimism for companies and investors playing the longer game. There remains a significant base of pent-up capital in the US, so companies are focusing on readiness to be at the front of the queue when conditions are right.” 

Justin Montgomery, Director, US Capital Markets at PwC UK, said: 

“Over the past few years, we’ve seen a shift in the types of UK and EMEA companies looking to the US to raise capital. We now have large, multinational industrials who are shifting their listings to the US to take advantage of US index inclusion, along with a new crop of exciting, fast growing technology companies who see US investors who understand their businesses and are willing to invest in their growth story.” 

Ends. 

Notes to editors

FPI Watch analyses US listed companies, both Foreign Private Issuers and Domestic Issuers, headquartered in Europe (including the United Kingdom), the Middle East, and Africa (the ‘EMEA Issuers’) on a quarterly basis.