Previously, the largest company in Europe was Novo Nordisk; today, it is the largest in Denmark (its market capitalisation stands at $168.6 billion). In 2024, its market capitalisation exceeded $650 billion. But since then, the manufacturer of the weight-loss drugs ‘Ozempic’ and ‘Wegovy’ has lost more than 70 per cent of that value, as competing drugs from Eli Lilly – ‘Mounjaro’ and ‘Zepbound’ – have captured a share of the market.
Banks lead the way
In a ranking compiled by StockAnalysis.com based on data as at 29 September 2026, financial and energy companies occupy leading positions in 28 out of 42 countries. Banks and other financial firms top the list in 18 countries, whilst energy and utilities companies lead in 10.
The largest company in the Republic of Moldova is also a bank. This is maib (Moldova Agroindbank), with assets of $0.91 billion.
Banks predominate among Europe’s largest companies, a reflection of the region’s economic model: firms in the eurozone traditionally rely much more heavily on bank loans, whilst American companies tend to turn to capital markets.
Banks hold leading positions in both large and small markets: for example, Spain’s Santander is valued at $205 billion, whilst Italy’s UniCredit is valued at $143 billion. In the markets of smaller countries, the leaders are often subsidiaries of Western European groups: for instance, UniCredit controls the Croatian bank Zagrebačka banka and the Bosnian bank mentioned in the list, whilst the German company Allianz owns the Slovak insurance company Slovenská poisťovňa.
Energy companies are gaining ground
In Moldova, the state-owned enterprise Energocom has closed in on the financial leader. In 2025, its revenue reached 20.28 billion lei (up from 14.57 billion lei in 2024). The company thus became the first in Moldova’s history to have an annual turnover (domestic) exceeding 1 billion euros. It is possible that by the end of 2026, given the rise in energy prices and the consequent increase in turnover, Energocom will be recognised as the republic’s largest company.
Many leading energy companies are under state control: the Norwegian government owns 67 per cent of Equinor’s shares, whilst the Czech state holds almost 70 per cent of ČEZ’s shares.
Companies in the real sector
Nevertheless, manufacturing companies still hold leading positions in some European countries.
In Switzerland, this is the pharmaceutical manufacturer Roche ($341.4 billion, ranked third).
In Germany, it is the electronics giant Siemens ($246.27 billion, fourth place). In France, it is the consumer goods manufacturer L’Oréal ($230.18 billion – fifth place). Also in this group is AB InBev in Belgium – $146.41 billion and ninth place.
In Romania, Hidroelectrica ($16.55 billion) is considered the largest company, whilst in Ukraine it is the mobile network operator Kyivstar ($2.96).
Calculation error
However, there is one flaw in stockanalysis.com’s methodology. The website bases its calculations on data published on stock exchanges. If a company is not listed, its figures are not taken into account.
For the Republic of Moldova, another company could well have been the leading operator. For example, the Trans Oil group, whose total turnover (revenue) in 2025 amounted to $2.17 billion, which far exceeds Energocom’s figures. (Admittedly, only $27.5 million of this was generated in Moldova). But then again, ASML also sells its products worldwide.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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