(FORTUNE Magazine) – They're back! American companies have rebounded in the world's esteem--and our latest World's Most Admired Companies list proves it. (See www.fortune.com for the full list, selected by 10,000 businesspeople in 23 countries; we've included just the non-U.S. top ten in the table.) This year as last year, 14 European and Asian corporations made the international 50 Most Admired Companies list, but most of them slipped lower in the ranks. One reason for the shift: U.S. GDP grew an estimated 3.1% in 2003, outpacing Japan's 2% and Europe's 0.5%. Scandal doubtless played a role too. European companies such as Parmalat and Royal Ahold made it clear that questionable accounting is not a uniquely American phenomenon. The world's most admired company, by the way, is the same as America's most admired: Wal-Mart.

Despite the lowered esteem for non-U.S. firms, Toyota--the most admired foreign company for the second year in a row--bucked the trend: It climbed to No. 8 internationally from No. 11 last year. Why? The Japanese giant continues to be the world's leanest and most profitable automaker. The non-U.S. top ten boasts one newcomer: copier and camera maker Canon, which delivered record profits for the fourth year in a row. "If your products stand out, not only can you lead the market but you can also secure a high profit margin," explains CEO Fujio Mitarai. Can he continue Canon's streak? Stay tuned. --Paola Hjelt

The Top Ten Outside the U.S.

1 Toyota Motor Japan 2 BMW Germany 3 Sony Japan 4 Nokia Finland 5 Nestle Switzerland 6 Honda Motor Japan 7 BP Britain 8 Singapore Airlines Singapore 9 Canon Japan 10 L'Oreal France