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Apple’s gross revenues of $170B were enough for the world’s most valuable company by market cap to climb one place in the Fortune 500 ranking, from 6th to 5th place.

Apple was placed behind Walmart, Exxon, Chevron and conglomerate holding company Berkshire Hathaway (which owns large chunks of such well-known brands as Heinz, Coca-Cola, Mars and American Express). Phillips 66, General Motors, Ford Motor, General Electric and Valero Energy make up the rest of the top 10.

While Apple ranks fifth in terms of revenues, its huge cash reserves mean that it has tended to alternate with Exxon as the world’s most valuable company when measured by market capitalization, and is arguably significantly undervalued by most measures … 

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Apple has demonstrated its own belief that the company is under-valued by carrying out a large-scale buy-back program.

“We are announcing a significant increase to our capital return program,” said Tim Cook, Apple’s CEO. “We’re confident in Apple’s future and see tremendous value in Apple’s stock, so we’re continuing to allocate the majority of our program to share repurchases.”

The company also announced a 7-to-1 stock split due to take place later today which will make investment in the company more accessible to small-scale investors.

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