Irvine Businesses Contribute to Regional Market Cap Surge, Edwards Lifesciences Leads

The collective valuation of Orange County’s 41 largest publicly traded companies reached $226 billion as of September 21, marking a 12% increase from a year prior. Irvine-headquartered Edwards Lifesciences has re-secured the top position on this list, with its market capitalization rising 12% to $51 billion.

Several other Irvine-based companies also experienced notable growth and developments. Tilly’s Inc., the apparel retailer, has returned to the list with a market cap of $122 million as of September, up from approximately $60 million a year ago. Following leadership changes, including the appointment of CEO Nate Smith in mid-2025 after former CEO Ed Thomas departed in 2024, the company is nearing its first profitable fiscal year since 2022. Chief Financial Officer Mike Henry stated that Tilly's has achieved thirteen consecutive months of comparable net sales growth through August 2026, alongside year-over-year cash growth.

Pro-Dex Inc., an Irvine-based medical device maker, saw its valuation double to $237 million as of September 21. This 115% increase from the previous year is attributed to strong operating and financial results. CEO Rick Van Kirk stated, “We have strong three record quarters in a row and have a healthy backlog.” Pro-Dex is also recognized as one of Orange County’s fastest-growing public companies, with two-year sales increasing by 44.5% as of December 31, 2025.

Another new addition to the regional public company roster is SpyGlass Pharma, also based in Irvine. The biotech company, which focuses on glaucoma treatment, went public on February 6 with a $150 million initial public offering. Its market capitalization reached $934 million as of September 21. In August, SpyGlass Pharma moved into a new two-story, 33,000-square-foot headquarters building in Irvine, described as a larger space suitable for commercialization efforts. CEO Patrick Mooney outlined the company’s goals, which include finishing Phase 3 enrollment for the BIM-IOL System (the company’s lead product candidate designed to treat open-angle glaucoma and ocular hypertension), maintaining clinical data updates, and advancing the BIM-DRS (built directly into an artificial lens implanted during routine cataract surgery) into clinical trials as its second major glaucoma product.

Beyond Irvine, other significant Orange County companies also contributed to the overall regional surge. Newport Beach-based Chipotle Mexican Grill holds the second-largest position with a market cap of $42 billion. While this is a decrease from $53 billion in 2025, the company has seen a return to same-store sales growth, increasing by 2.2% in the second quarter of 2026 after struggling previously. Vice President of Finance Michael Johnston emphasized the company’s priorities, which include driving transactions, expanding its restaurant footprint, investing in technology, and strengthening restaurant-level economics.

Rivian Automotive Inc., Orange County's third-largest public firm, saw its valuation increase by 14% to $20 billion as of September 21. The electric vehicle manufacturer debuted its R2 vehicle in June. Chief Financial Officer Claire McDonough noted that the R2 model expands the company's market by offering a more accessibly priced and maneuverable package. Partnerships with Volkswagen Group and Uber were also noted as factors for shareholder confidence.

Several other companies are new to the list or experienced significant growth. Ladera Ranch-based SmartStop Self Storage REIT began trading on April 2, closing a few days later with a $931.5 million public offering, and reaching a valuation of $1.8 billion as of September 21. Huntington Beach-based Karman Space & Defense, which debuted on February 13 raising $506 million, saw its market cap increase nine-fold to $4.7 billion, making it the top grower on this year’s list. Netlist Inc. recorded the second-highest growth, with its market cap increasing seven times to $1.8 billion, alongside a 28% revenue growth to $188 million for 2025.

Other firms that doubled in valuation include Santa Ana-based TTM Technologies, reaching $13 billion, and Aliso Viejo-based Glaukos Corp., now valued at $9 billion. Glaukos CEO Thomas Burns cited innovation in the global minimally invasive glaucoma surgery marketplace, new categories of ophthalmic and transdermal pharmaceuticals, and rare disease therapies as drivers for creating long-term value. BJ’s Restaurants, valued at $1.3 billion, also doubled, reporting eight consecutive quarters of sales and traffic growth and seven consecutive quarters of profit growth. Medical device maker Pro-Dex, valued at $237 million, credits the 115% increase from last year to “very good” operating and financial results.

Meanwhile, some companies departed the list. American Vanguard Corp. in Newport Beach fell below the $100 million cutoff after its value decreased by 60% to $64 million. MeridianLink and Masimo were no longer included on the list after being delisted. Masimo was acquired for $9.9 billion in February by Danaher Corp., which also owns Brea-based Beckman Coulter Diagnostics. MeridianLink returned to private ownership in November 2025 through a $2 billion acquisition by investment firm Centerbridge Partners.

This overview illustrates a dynamic period for Orange County’s public companies, with Irvine-based firms playing a significant role in the overall market expansion and innovation across various sectors.