(FORTUNE Magazine) – Investing in stocks is a highly personal activity. You hand your hard-earned cash over to a company and trust that its managers will make you wealthier. Scary stuff, when you think about it. So how can you best determine whether they're making good use of all that capital that you've given them?

For several years, the consultants at Stern Stewart in New York City have been building a convincing case that the best measure of financial performance is something called market value added, or MVA. As its name suggests, MVA looks at how much a company's stock has fattened (or impoverished) investors' pocketbooks over its life, and compares it with the capital those same investors have plunked down. If a company has a positive MVA, that means it is truly creating wealth.

For years MVA has been a closely watched metric at dozens of companies like Coca-Cola and AT&T. This year, however, securities firms like CS First Boston, Smith Barney, and Goldman Sachs began to apply it widely as well. These Wall Streeters see MVA as a good measure of a company's performance, as telling as earnings-per-share growth or return on equity.

So how do these numbers get crunched? Stern Stewart adds up all the capital a company has taken in over the years. This includes money that has come in from equity and debt offerings (that's from you, the investor), loans from the bank, and any retained earnings over the company's life span. The consultants then throw a few other things into the brew, including R&D spending, which is viewed as an investment in future earnings and capitalized as such. The other key figure calculated is total market value, which is simply the current value of a company's stock and debt. The difference between the total market value (what the investors can take out) and invested capital (the amount investors put in) is MVA. If it's a positive number, break out the champagne: The company has made its shareholders richer. A negative number indicates how much shareholder wealth has been obliterated.

MVA tends to move in tandem with the market. So it's no surprise that the vast majority of the companies on the list, buoyed by one of the longest bull markets in history, have done quite well. For the second year in a row Coca-Cola ranks as the top wealth creator, cumulatively generating some $87.8 billion for its shareholders. General Electric, again in the second spot, has generated $80.8 billion. The big news this year comes from the companies that took a tumble. Wal-Mart, the MVA champion in 1993, fell from third in 1995 to tenth this year as its MVA stalled. The stock market, it seems, doubts whether CEO David Glass can fill the late Sam Walton's shoes. "It would be difficult to replace manager Joe Torre if he left the New York Yankees, and the same thing is true here," says Stern Stewart's Joel Stern. Indeed, with the U.S. nearly saturated with Wal-Mart stores, Glass is having a hard time wringing out the kind of great returns Walton got.

Motorola plummeted from the tenth spot to 31st, destroying $3.4 billion of shareholder wealth in the process. The market responded negatively to an unfortunate trifecta in Motorola's cellular phone and chip businesses--bloated inventories, price pressure, and declining U.S. demand. The company's MVA also got hit by some heavy capital expenditures needed to bring new semiconductor capacity on line. Motorola, though, hopes this investment will pay off over the long haul.

Winner and still champion in the category of wealth destroyed by an industry is the automobile business. "You have to ask yourself, what are the boards of directors at these companies spending their time doing?" says Stern. "Clearly they are focused on market share, but how can they permit persistent erosion in shareholder wealth over long periods of time?"

Closely related to MVA is another Wall Street favorite called economic value added, or EVA. (For more on EVA, see Personal Fortune.) EVA is a company's after-tax net operating profit minus its cost of capital (both borrowed and equity) that year. Studies have shown that a company that racks up positive EVA year after year will see its MVA soar, while negative EVA will drag down MVA as the market loses faith that the company will ever provide a decent return on invested capital. Look for the top five wealth creators on our list--Coke, GE, Microsoft, Merck, and Philip Morris, all of whom have strong EVAs--to continue to do well in the years to come.

WHO CREATES VALUE? Taken from a list of 1,000 companies ranked by MVA, here's how the 200 largest, based on market capitalization, stack up.

WHAT MARKET VALUE ADDED MEANS TO YOU MVA, in effect, shows the difference between the capital investors have put into a company and the money they can take out.

WEALTH PREDICTOR EVA is after-tax net operating profit minus cost of capital. A growing EVA is a good sign that a stock will soar.

THE REAL STORY Does the return on capital exceed the cost of capital? If so, then the company is using investors' money wisely.

MVA RANK [note 1] MARKET VALUE ADDED 1996 1995 1991 COMPANY [note 3] $ millions [note 2]

1 1 4 COCA-COLA $87,820 2 2 6 GENERAL ELECTRIC $80,792 3 4 2 MERCK $63,440 4 7 1 PHILIP MORRIS $51,628 5 5 20 MICROSOFT $44,850 6 8 8 JOHNSON & JOHNSON $42,541 7 9 931 AT&T $40,205 8 6 7 PROCTER & GAMBLE $40,000 9 13 17 EXXON $39,048 10 3 3 WAL-MART STORES $35,974 11 12 5 BRISTOL-MYERS SQUIBB $32,878 12 18 61 INTEL $31,308 13 17 11 PEPSICO $31,081 14 16 28 PFIZER $31,033 15 11 9 ABBOTT LABORATORIES $26,303 16 26 976 HEWLETT-PACKARD $26,037 17 43 18 BELLSOUTH $24,498 18 21 12 AMERICAN HOME PRODUCTS $23,084 19 23 34 MCDONALD'S $23,064 20 15 16 WALT DISNEY $22,980 21 38 39 GTE $22,641 22 30 10 ELI LILLY $22,591 23 25 149 MOBIL $21,378 24 32 50 SBC COMMUNICATIONS $20,651 25 20 35 GILLETTE $20,005 26 31 26 AMERICAN INFO. TECHNOLOGIES $19,032 27 37 289 CISCO SYSTEMS $18,900 28 19 170 E.I. DU PONT DE NEMOURS $18,607 29 22 14 MINNESOTA MINING & MFG. $18,367 30 14 48 HOME DEPOT $17,735 31 10 230 MOTOROLA $17,653 32 76 52 KIMBERLY-CLARK $17,086 33 28 24 SCHERING-PLOUGH $16,809 34 24 307 ORACLE $16,637 35 36 22 BELL ATLANTIC $15,768 36 33 37 AMOCO $14,715 37 29 25 KELLOGG $14,378 38 34 33 CHEVRON $14,310 39 53 86 AMGEN $13,268 40 44 533 COLUMBIA/HCA HEALTHCARE $13,256 41 35 38 EMERSON ELECTRIC $12,363 42 215 23 BOEING $12,164 43 74 -- FIRST DATA $11,311 44 61 94 MEDTRONIC $11,201 45 40 41 CAMPBELL SOUP $10,853 46 39 43 SARA LEE $10,814 47 210 49 PHARMACIA & UPJOHN $10,771 48 56 760 COMPUTER ASSOCIATES INTL. $10,721 49 47 21 ANHEUSER-BUSCH $10,204 50 259 133 NYNEX $10,096 51 55 15 SCHLUMBERGER $10,003 52 27 -- AIRTOUCH COMMUNICATIONS $9,899 53 48 320 UNITED HEALTHCARE $9,494 54 51 27 H.J. HEINZ $8,884 55 50 32 WARNER-LAMBERT $8,373 56 42 29 GENERAL MILLS $8,154 57 46 36 DUN & BRADSTREET $8,093 58 49 71 AUTOMATIC DATA PROCESSING $8,052 59 83 79 NIKE $7,866 60 58 47 CONAGRA $7,476 61 177 953 EASTMAN KODAK $7,540 62 225 -- BOSTON SCIENTIFIC $7,502 63 45 13 WMX TECHNOLOGIES $7,419 64 73 68 VIACOM $7,276 65 60 44 CPC INTERNATIONAL $7,228 66 52 66 COMPAQ COMPUTER $7,054 67 227 979 LOCKHEED MARTIN $6,873 68 114 797 3COM $6,785 69 110 -- BAY NETWORKS $6,652 70 54 64 COLGATE-PALMOLIVE $6,602 71 127 160 SPRINT $6,367 72 106 172 RAYTHEON $6,197 73 130 992 XEROX $6,154 74 59 51 ALBERTSON'S $6,085 75 62 19 ATLANTIC RICHFIELD $6,036 76 94 871 MICRON TECHNOLOGY $6,024 77 493 162 TEXACO $5,998 78 63 56 UST $5,936 79 128 977 ALLIEDSIGNAL $5,578 80 41 996 TIME WARNER $5,445 81 145 62 BAXTER INTERNATIONAL $5,444 83 70 59 GANNETT $5,389 84 886 981 MONSANTO $5,332 85 96 323 CUC INTERNATIONAL $5,315 86 57 109 US WEST $5,302 87 323 227 SUN MICROSYSTEMS $5,288 88 81 40 RALSTON PURINA GROUP $5,252 89 64 113 WM. WRIGLEY JR. $5,247 90 66 54 TELE-COMMUNICATIONS $5,139 91 108 286 MATTEL $5,131 92 89 83 MAY DEPARTMENT STORES $5,120 94 296 112 MCI COMMUNICATIONS $5,095 95 80 57 KROGER $5,017 96 69 70 PHILLIPS PETROLEUM $4,933 98 100 102 WALGREEN $4,915 99 72 76 AMP $4,861 100 139 804 APPLIED MATERIALS $4,800 101 99 124 ILLINOIS TOOL WORKS $4,800 102 115 72 TURNER BROADCASTING SYSTEM $4,664 103 103 948 ENRON $4,659 104 84 152 PPG INDUSTRIES $4,629 105 67 309 DOW CHEMICAL $4,612 106 414 30 PACIFIC TELESIS GROUP $4,459 107 79 194 CARNIVAL $4,446 109 277 557 WORLDCOM $4,363 110 105 90 GAP $4,363 111 95 75 SYSCO $4,324 113 136 963 HERCULES $4,299 114 93 -- DURACELL INTERNATIONAL $4,262 115 -- -- US WEST MEDIA GROUP $4,252 116 122 119 WINN-DIXIE STORES $4,207 118 147 184 PITNEY BOWES $4,143 119 121 340 TEXAS INSTRUMENTS $4,123 120 251 -- NORTHWEST AIRLINES $4,036 121 971 990 MCDONNELL DOUGLAS $4,005 123 87 84 CORNING $3,948 124 159 336 SAFEWAY $3,928 125 149 92 FLUOR $3,776 126 102 176 GENENTECH $3,764 129 138 -- TYCO INTERNATIONAL $3,632 130 124 -- MARRIOTT INTERNATIONAL $3,616 132 77 474 LOWE'S $3,523 135 111 116 COMCAST $3,481 140 141 87 HERSHEY FOODS $3,408 141 154 277 ALCO STANDARD $3,385 142 212 189 HONEYWELL $3,317 143 155 177 R.R. DONNELLEY & SONS $3,285 145 966 985 UNITED TECHNOLOGIES $3,187 146 113 69 QUAKER OATS $3,186 148 133 243 AIR PRODUCTS & CHEMICALS $3,119 150 120 114 UNOCAL $3,073 151 351 917 W.R. GRACE $3,065 154 104 781 J.C. PENNEY $3,031 156 90 42 LIMITED $2,988 157 86 134 ALLTEL $2,957 158 217 -- PRAXAIR $2,955 161 988 998 SEARS ROEBUCK $2,883 164 65 65 ARCHER DANIELS MIDLAND $2,823 168 -- -- COX COMMUNICATIONS $2,753 169 469 117 HALLIBURTON $2,740 175 178 46 AMERICAN BRANDS $2,687 176 107 987 CATERPILLAR $2,684 178 919 973 DEERE $2,676 180 924 673 ROCKWELL INTERNATIONAL $2,641 182 180 55 RHONE-POULENC RORER $2,607 188 280 327 SERVICE CORP. INTERNATIONAL $2,545 190 176 74 CONTINENTAL AIRLINES $2,473 192 245 263 MASCO $2,453 197 219 127 BURLINGTON RESOURCES $2,296 206 235 239 TENNECO $2,232 209 974 997 CHRYSLER $2,153 210 135 104 BROWNING-FERRIS INDUSTRIES $2,148 214 749 972 NORFOLK SOUTHERN $2,098 219 247 -- SOUTHERN PACIFIC RAIL $2,055 223 68 45 TOYS "R" US $2,011 226 160 107 DAYTON HUDSON $1,958 238 173 304 CROWN CORK & SEAL $1,884 245 -- -- ITT $1,842 256 230 -- EASTMAN CHEMICAL $1,768 272 979 898 UNION PACIFIC $1,634 283 -- -- ITT INDUSTRIES $1,559 288 271 862 FEDERAL EXPRESS $1,535 295 241 967 WEYERHAEUSER $1,470 320 435 207 UAL $1,354 348 620 962 TEXTRON $1,204 350 927 991 ALUMINUM CO. OF AMERICA $1,194 367 662 150 TENET HEALTHCARE $1,141 381 592 852 AMERADA HESS $1,087 416 143 952 GEORGIA-PACIFIC $978 427 372 905 INGERSOLL-RAND $950 428 885 -- USX-MARATHON GROUP $949 445 315 911 WHIRLPOOL $877 470 965 989 GOODYEAR TIRE & RUBBER $819 518 602 949 TRW $710 528 929 213 COOPER INDUSTRIES $699 531 298 597 AMERICAN STORES $685 538 676 964 USAIR GROUP $678 552 967 980 CONSOLIDATED RAIL $648 593 962 974 BURLINGTON NORTHERN $578 609 742 988 UNION CARBIDE $552 618 937 957 BLACK & DECKER $545 699 996 995 DIGITAL EQUIPMENT $391 726 986 994 CSX $350 831 788 937 ASHLAND OIL $150 851 978 958 DELTA AIR LINES $110 941 944 927 REYNOLDS METALS ($172) 955 466 965 STONE CONTAINER ($268) 958 984 971 AMR ($300) 970 987 269 COASTAL ($475) 977 993 -- FEDERATED DEPARTMENT STORES ($708) 980 500 970 INTERNATIONAL PAPER ($804) 985 995 60 WESTINGHOUSE ELECTRIC ($965) 991 983 984 CHAMPION INTERNATIONAL ($1,245) 992 991 878 COCA-COLA ENTERPRISES ($1,417) 994 992 955 OCCIDENTAL PETROLEUM ($1,948) 996 994 978 KMART ($4,190) 997 997 31 INTL. BUSINESS MACHINES ($5,878) 998 1000 1000 GENERAL MOTORS ($8,172) 999 998 -- RJR NABISCO HOLDINGS ($11,882) 1000 999 999 FORD MOTOR ($12,915)

ECONOMIC VALUE Capital Return Cost ADDED on of [COMPANY [note 3]] $millions $millions capital capital

[COCA-COLA] $2,140 $9,276 37.2% 12.0% [GENERAL ELECTRIC] $1,852 $51,017 17.5% 13.5% [MERCK] $1,115 $19,792 19.6% 13.5% [PHILIP MORRIS] $1,165 $40,911 17.3% 14.4% [MICROSOFT] $1,345 $4,889 50.0% 13.1% [JOHNSON & JOHNSON] $841 $15,603 19.8% 13.9% [AT&T] ($2,173) $95,008 7.3% 9.9% [PROCTER & GAMBLE] $624 $24,874 14.4% 11.7% [EXXON] $1,113 $83,192 10.8% 9.4% [WAL-MART STORES] $265 $30,668 12.8% 11.8% [BRISTOL-MYERS SQUIBB] $1,098 $13,417 22.3% 13.2% [INTEL] $2,431 $15,826 35.7% 14.5% [PEPSICO] ($215) $23,373 11.8% 12.7% [PFIZER] $562 $10,943 21.2% 15.4% [ABBOTT LABORATORIES] $1,038 $7,875 27.5% 11.8% [HEWLETT-PACKARD] $295 $20,807 17.4% 15.7% [BELLSOUTH] ($375) $32,629 8.3% 9.5% [AMERICAN HOME PRODUCTS] $471 $18,352 12.4% 9.8% [MCDONALD'S] $181 $15,796 12.4% 11.1% [WALT DISNEY] $497 $10,495 17.8% 12.3% [GTE] $183 $39,229 9.7% 9.2% [ELI LILLY] ($47) $12,886 11.6% 11.9% [MOBIL] ($926) $33,862 7.2% 9.9% [SBC COMMUNICATIONS] $454 $22,917 11.6% 9.7% [GILLETTE] $185 $5,402 18.6% 14.6% [AMERICAN INFO. TECHNOLOGIES] $457 $21,425 11.9% 9.6% [CISCO SYSTEMS] $439 $1,572 51.8% 15.8% [E.I. DU PONT DE NEMOURS] ($53) $35,882 10.8% 11.0% [MINNESOTA MINING & MFG.] $301 $12,883 13.0% 10.5% [HOME DEPOT] $195 $6,396 16.1% 12.2% [MOTOROLA] $853 $20,133 17.1% 11.6% [KIMBERLY-CLARK] $387 $9,574 16.1% 11.1% [SCHERING-PLOUGH] $646 $3,955 27.5% 11.6% [ORACLE] $259 $2,098 32.6% 15.2% [BELL ATLANTIC] ($346) $23,461 7.9% 9.4% [AMOCO] ($572) $27,686 7.4% 9.6% [KELLOGG] $365 $3,345 22.1% 11.3% [CHEVRON] ($1,763) $30,190 3.8% 9.6% [AMGEN] $468 $1,666 47.3% 18.1% [COLUMBIA/HCA HEALTHCARE] $555 $18,153 13.6% 9.8% [EMERSON ELECTRIC] $270 $8,276 16.8% 13.1% [BOEING] ($1,306) $18,034 2.7% 10.4% [FIRST DATA] ($53) $6,080 11.0% 12.0% [MEDTRONIC] $127 $1,657 23.2% 14.6% [CAMPBELL SOUP] $249 $5,765 17.7% 12.2% [SARA LEE] $68 $8,967 11.0% 10.2% [PHARMACIA & UPJOHN] $429 $9,974 18.6% 13.0% [COMPUTER ASSOCIATES INTL.] $579 $3,695 35.5% 12.8% [ANHEUSER-BUSCH] ($48) $9,401 10.8% 11.3% [NYNEX] ($828) $28,483 5.7% 8.6% [SCHLUMBERGER] ($206) $7,539 9.8% 12.8% [AIRTOUCH COMMUNICATIONS] ($253) $5,306 6.3% 13.2% [UNITED HEALTHCARE] $138 $1,848 25.1% 15.5% [H.J. HEINZ] $372 $7,127 16.6% 9.8% [WARNER-LAMBERT] $272 $6,668 16.0% 11.6% [GENERAL MILLS] $103 $2,657 13.0% 10.6% [DUN & BRADSTREET] $25 $4,642 11.3% 10.8% [AUTOMATIC DATA PROCESSING] $229 $3,173 20.4% 11.8% [NIKE] $125 $2,672 19.5% 13.5% [CONAGRA] $29 $7,081 10.4% 9.9% [EASTMAN KODAK] ($655) $17,214 8.5% 12.4% [BOSTON SCIENTIFIC] $220 $1,128 42.7% 14.2% [WMX TECHNOLOGIES] ($267) $18,360 9.5% 11.1% [VIACOM] ($1,047) $25,962 4.2% 8.4% [CPC INTERNATIONAL] $282 $6,326 15.9% 9.9% [COMPAQ COMPUTER] $593 $6,039 26.4% 13.9% [LOCKHEED MARTIN] $451 $16,017 12.4% 9.3% [3COM] $169 $853 36.3% 11.9% [BAY NETWORKS] $150 $802 47.9% 18.2% [COLGATE-PALMOLIVE] $316 $7,772 15.4% 10.1% [SPRINT] ($387) $14,512 9.8% 12.6% [RAYTHEON] $301 $8,469 17.0% 12.2% [XEROX] $296 $26,450 9.3% 8.8% [ALBERTSON'S] $209 $3,683 16.4% 9.9% [ATLANTIC RICHFIELD] ($38) $21,510 8.9% 9.1% [MICRON TECHNOLOGY] $698 $1,758 65.8% 15.6% [TEXACO] ($1,426) $25,218 3.8% 9.3% [UST] $344 $580 73.4% 13.3% [ALLIEDSIGNAL] $238 $10,677 13.7% 11.2% [TIME WARNER] ($1,495) $21,859 1.4% 10.4% [BAXTER INTERNATIONAL] ($216) $9,276 9.0% 11.3% [GANNETT] ($32) $6,261 12.0% 12.6% [MONSANTO] ($475) $11,776 8.2% 12.7% [CUC INTERNATIONAL] $106 $1,219 25.9% 13.3% [US WEST ($125) $18,817 8.7% 9.4% [SUN MICROSYSTEMS] $71 $2,676 16.7% 13.9% [RALSTON PURINA GROUP] $144 $3,832 14.3% 9.8% [WM. WRIGLEY JR.] $142 $790 33.9% 12.8% [TELE-COMMUNICATIONS] ($1,839) $22,559 1.0% 10.4% [MATTEL] $265 $2,318 23.8% 10.1% [MAY DEPARTMENT STORES] $24 $9,192 10.4% 10.1% [MCI COMMUNICATIONS] ($476) $17,020 9.3% 12.6% [KROGER] $199 $3,843 14.4% 9.4% [PHILLIPS PETROLEUM] ($298) $9,229 6.7% 10.0% [WALGREEN] $42 $2,619 14.9% 13.1% [AMP] $194 $4,257 16.3% 10.6% [APPLIED MATERIALS] $224 $2,156 29.7% 16.8% [ILLINOIS TOOL WORKS] $201 $3,127 20.0% 10.7% [TURNER BROADCASTING SYSTEM] ($135) $3,950 6.8% 10.4% [ENRON] ($197) $11,006 7.7% 9.7% [PPG INDUSTRIES] $299 $5,671 17.0% 11.6% [DOW CHEMICAL] $108 $21,309 9.7% 9.2% [PACIFIC TELESIS GROUP] ($457) $17,261 7.2% 9.7% [CARNIVAL] $115 $3,412 15.8% 12.1% [WORLDCOM] ($25) $6,292 13.0% 13.5% [GAP] $130 $2,855 18.0% 12.4% [SYSCO] $51 $2,239 15.1% 12.6% [HERCULES] ($79) $2,325 9.2% 12.0% [DURACELL INTERNATIONAL] $27 $2,346 13.2% 12.0% [US WEST MEDIA GROUP] ($390) $7,918 4.5% 10.3% [WINN-DIXIE STORES] $97 $2,637 14.3% 9.8% [PITNEY BOWES] $207 $3,029 19.4% 12.8% [TEXAS INSTRUMENTS] $631 $7,234 24.8% 13.0% [NORTHWEST AIRLINES] $69 $7,928 10.3% 9.4% [MCDONNELL DOUGLAS] ($729) $6,710 0.8% 11.0% [CORNING] ($354) $6,107 5.8% 11.7% [SAFEWAY] $23 $4,653 10.8% 10.3% [FLUOR] ($69) $2,137 11.2% 14.6% [GENENTECH] ($13) $2,081 10.1% 10.8% [TYCO INTERNATIONAL] $122 $2,547 17.1% 10.5% [MARRIOTT INTERNATIONAL] $104 $3,002 16.3% 11.7% [LOWE'S] ($12) $2,838 12.6% 13.1% [COMCAST] ($265) $8,452 4.6% 8.8% [HERSHEY FOODS] $8 $2,603 13.1% 12.8% [ALCO STANDARD] $149 $3,329 16.7% 10.8% [HONEYWELL] $41 $3,989 12.3% 11.2% [R.R. DONNELLEY & SONS] ($26) $4,472 10.9% 11.6% [UNITED TECHNOLOGIES] ($519) $13,184 6.5% 10.4% [QUAKER OATS] $33 $3,545 10.3% 9.0% [AIR PRODUCTS & CHEMICALS] ($14) $4,875 11.9% 12.2% [UNOCAL] ($415) $9,568 4.9% 9.5% [W.R. GRACE] ($409) $5,387 2.4% 10.3% [J.C. PENNEY] ($191) $16,000 7.9% 9.2% [LIMITED] $304 $4,997 14.3% 9.1% [ALLTEL] $199 $4,674 13.6% 9.0% [PRAXAIR] $61 $3,798 13.4% 11.6% [SEARS ROEBUCK] ($3,889) $31,790 3.1% 7.4% [ARCHER DANIELS MIDLAND] $200 $7,392 14.6% 11.4% [COX COMMUNICATIONS] ($285) $5,259 2.8% 10.9% [HALLIBURTON] ($259) $3,897 5.6% 11.3% [AMERICAN BRANDS] ($259) $7,382 8.7% 11.8% [CATERPILLAR] $337 $10,358 15.0% 11.6% [DEERE] $82 $7,272 11.8% 10.7% [ROCKWELL INTERNATIONAL] $305 $11,526 12.9% 9.5% [RHONE-POULENC RORER] ($17) $9,123 10.5% 10.7% [SERVICE CORP. INTERNATIONAL] ($25) $5,160 10.1% 10.9% [CONTINENTAL AIRLINES] $105 $3,361 12.7% 9.5% [MASCO] ($264) $4,282 6.8% 13.3% [BURLINGTON RESOURCES] ($757) $4,233 (6.0%) 10.4% [TENNECO] $21 $11,907 9.8% 9.6% [CHRYSLER] $1,291 $19,782 16.3% 9.1% [BROWNING-FERRIS INDUSTRIES] ($104) $7,089 11.3% 13.2% [NORFOLK SOUTHERN] ($187) $10,373 8.4% 10.3% [SOUTHERN PACIFIC RAIL] ($237) $4,543 4.0% 10.2% [TOYS "R" US] ($168) $6,361 8.7% 11.7% [DAYTON HUDSON] ($52) $9,413 7.3% 7.9% [CROWN CORK & SEAL] ($80) $4,417 6.5% 8.5% [ITT] ($176) $7,832 8.0% 10.8% [EASTMAN CHEMICAL] $163 $4,455 15.5% 11.7% [UNION PACIFIC] ($310) $20,130 8.9% 10.8% [ITT INDUSTRIES] ($388) $4,342 6.5% 10.3% [FEDERAL EXPRESS] ($105) $7,597 7.3% 8.8% [WEYERHAEUSER] $15 $10,646 11.9% 10.8% [UAL] $293 $11,673 9.3% 6.8% [TEXTRON] $97 $5,904 13.6% 11.7% [ALUMINUM CO. OF AMERICA] ($64) $12,819 9.6% 10.1% [TENET HEALTHCARE] ($194) $7,924 6.9% 10.3% [AMERADA HESS] ($812) $7,302 (0.6%) 9.6% [GEORGIA-PACIFIC] $432 $10,942 13.3% 8.8% [INGERSOLL-RAND] ($90) $5,068 10.3% 12.4% [USX-MARATHON GROUP] ($612) $9,274 3.4% 9.7% [WHIRLPOOL ($66) $5,080 10.1% 11.7% [GOODYEAR TIRE & RUBBER] $140 $8,482 11.5% 9.7% [TRW] ($70) $5,563 10.8% 12.1% [COOPER INDUSTRIES] ($482) $5,628 3.2% 11.5% [AMERICAN STORES] ($5) $6,518 9.0% 9.1% [USAIR GROUP] ($155) $7,780 5.7% 7.6% [CONSOLIDATED RAIL] ($204) $8,439 8.3% 10.8% [BURLINGTON NORTHERN] ($376) $18,684 7.9% 10.7% [UNION CARBIDE] $306 $6,893 15.4% 10.2% [BLACK & DECKER] ($194) $5,411 6.3% 10.1% [DIGITAL EQUIPMENT] ($1,829) $11,951 (4.3%) 10.6% [CSX] ($698) $14,998 6.2% 10.9% [ASHLAND OIL] ($279) $5,703 2.3% 8.2% [DELTA AIR LINES] ($294) $12,163 6.1% 8.5% [REYNOLDS METALS] $52 $6,698 11.6% 10.7% [STONE CONTAINER] $425 $6,112 15.6% 9.0% [AMR] ($336) $18,635 6.7% 8.5% [COASTAL] ($172) $9,285 6.8% 8.7% [FEDERATED DEPARTMENT STORES] ($248) $13,086 6.3% 8.6% [INTERNATIONAL PAPER] $418 $22,293 10.9% 8.4% [WESTINGHOUSE ELECTRIC] ($1,093) $16,699 1.9% 10.0% [CHAMPION INTERNATIONAL] $332 $8,527 13.0% 9.0% [COCA-COLA ENTERPRISES] ($223) $9,375 5.7% 8.2% [OCCIDENTAL PETROLEUM] ($459) $18,022 5.6% 8.1% [KMART] ($1,294) $16,476 1.5% 9.0% [INTL. BUSINESS MACHINES]$2,541 $69,057 12.1% 8.9% [GENERAL MOTORS] $3,225 $94,268 11.6% 8.1% [RJR NABISCO HOLDINGS] ($1,390) $33,942 5.2% 9.3% [FORD MOTOR] $1,591 $55,995 12.8% 9.8%

[note 1] Calculations are based on figures as of the previous year-end.

[note 2] Historical rankings reflect alterations due to mergers and other financial changes.

[note 3] The rankings exclude electric utilities, banks, and financial and real estate firms.

SOURCE: PREPARED BY JOHN ALLEN AND NAREENA KHAN OF STERN STEWART USING PUBLICLY AVAILABLE DATA