And Zumiez makes 2
For the first time in more than four years there are two billion-dollar companies in Snohomish County, as measured by market capitalization.
Market capitalization is calculated by multiplying the value of one share of stock by the number of shares outstanding.
Everett-based Zumiez is the most recent addition to the billion-dollar club.
Zumiez had been worth more than one billion dollars in 2007, but had lost value with the rest of the stock market. Now it is back.
According to the most recent report filed at the SEC, Zumiez has 31,128,018 shares outstanding.
On Friday, March 9, Zumiez shares closed at $34.33 a share. Multiplying those two numbers together gives Zumiez a market capitalization of $1.06 billion.
Zumiez joins Bothell-based Seattle Genetics in the billion-dollar club.
According to the most recent report filed at the SEC, Seattle Genetics has 116,361,172 shares outstanding.
The closing share price for Seattle Genetics on Friday, March 9, was $17.93.
Multiplying those two numbers together results in a market capitalization of $2.08 billion for Seattle Genetics.
Historically, Snohomish County has had few billion-dollar companies. ICOS, Intermec, and Frontier Financial were all billion-dollar companies at one time.
Zumiez and Seattle Genetics are only the 4th and 5th companies to ever reach that lofty level in Snohomish County.
I have no position in either company mentioned in this report.