Apple, Microsoft, and Amazon rank as top 3 most admired companies in the world

Good morning.

Reputation matters in business. Just think of what has happened to Boeing, which five years ago ranked in the top 20 of Fortune’s World’s Most Admired all-stars. These days it’s the butt of screw-loose jokes. Meanwhile Nvidia has soared up the list over the last four years, landing at No. 10 in our latest ranking, out this morning. Ask anyone at either company if these reputational changes matter, and they will tell you: They do. Big time.

Which is why Fortune’s annual World’s Most Admired Companies list deserves some attention. The more than 3,700 executives, directors, and analysts polled in this effort by our partners at Korn Ferry don’t, for the most part, have any special window into what’s going on at these companies. But they do have a good sense of how they are viewed by the people who matter.

So what can we learn from this year’s list? Well first of all, when it comes to reputation, tech rules. Apple is No. 1, Microsoft No. 2, and Amazon No. 3. But that’s why I think special credit should be given to legacy companies who continue to rank well. Take Walmart, a company that many once thought would be defeated by the ascent of Amazon. Instead, its reputation continues to rise, hitting the No. 9 spot this year, up from 13 last year. (If, like me, you are fascinated by the Walmart-Amazon rivalry, I recommend Fortune reporter Jason Del Rey’s excellent new book Winner Sells All, which you can buy on Walmart.com or Amazon.com—or buy a copy on both and compare the experience!)

So what else can you learn from this year’s list? Well, kudos to Eli Lilly, which jumped onto the all-star list at No. 34 this year, and ended Johnson & Johnson’s 10-year reign as the most admired pharmaceutical company. And regrets to Disney, which fell to No. 12 from No. 6, and ceded its spot as the most admired entertainment company to Netflix. (Note that the methodology for choosing the top-ranked companies within industries is different than that for choosing all-stars, which is why Netflix still ranks below Disney on the all-star list at No. 23.)

Credit also goes to Moderna (No. 37), Mastercard (No. 40), L’Oreal (No. 43), and Adobe (No. 46), which made the top 50 after not being ranked last year. And bye-bye to last year’s winners McDonald’s, Nestle, Unilever, Lockheed Martin, and Charles Schwab, which dropped off the list.

You can explore the full list here. More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

This story was originally featured on Fortune.com