Azerbaijan Listed Companies
Number of listed domestic companies CM.MKT.LDOM.NO
Azerbaijan's listed companies was 38 in 2025, ranked 57th globally. This represents a 5.8% increase from 2024. Data from World Bank, covering 1997–2025.
Overview
Azerbaijan's listed companies stood at 38 in 2025, a rise of +2 from 2024. Based on recent trends, this figure is projected to reach 38 by 2025. Azerbaijan ranked 57th globally.
Azerbaijan’s listed‑company count has risen dramatically from a single firm in 1997 to 951 in the 2019 peak, reflecting the country’s rapid market liberalisation and the expansion of its Baku Stock Exchange. By 2025 the number stood at 38.10, ranking the nation 57th globally, a modest decline from the all‑time high but still far above the early post‑Soviet trough. The figure sits close to Bahrain’s 38.50 and Malta’s 37.00, the nearest peers in the World Bank ranking, indicating that Azerbaijan now competes with small, open economies that have similarly diversified their equity markets. The ten‑year coverage shows that after the 2019 surge the market contracted, likely due to regional geopolitical tensions and the COVID‑19 pandemic, which dampened investor confidence and limited new listings. Continued reforms, improved corporate governance and deeper integration with international capital markets could reverse the recent slide and sustain a gradual upward trajectory in listed companies.
Data & projection
| Year | Listed Companies | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 46 | - | - |
| 2026* trend | 42 | - | - |
| 2025* trend | 38 | - | - |
| 2025 | 38 | +2 | #57 |
| 2024 | 36 | +13 | #14 |
| 2023 | 23 | −6 | #8 |
| 2022 | 29 | +1 | #13 |
| 2021 | 28 | +15 | #14 |
| 2020 | 13 | −938 | #9 |
| 2019 | 951 | +949 | #65 |
| 1999 | 2 | +0 | #3 |
| 1998 | 2 | +1 | #2 |
| 1997 | 1 | – | #2 |
Detected Pattern
Analysis
Azerbaijan matched the Fiscal Dominance Trap pattern in 2022. Historically, 72% of countries showing this pattern (278 out of 386) saw listed companies improve within 24 months. View full analysis →
Frequently Asked Questions
Azerbaijan's listed companies was 38 in 2025. Ranked 57th globally. This represents a 5.8% increase from the previous year.
Azerbaijan's listed companies peaked at 951 in 2019.
The lowest listed companies in Azerbaijan was 1 in 1997.
Azerbaijan ranks 57th globally in listed companies as of 2025.
The World Bank indicator code is CM.MKT.LDOM.NO. Data sourced from World Bank.
Azerbaijan's listed companies is projected to reach 38 by 2025 based on trend extrapolation.
The listed companies of Azerbaijan in 2025 was 38. This ranks 57th in the world.
Cite this page
@misc{historysaid_azerbaijan_listed-companies,
title = {Azerbaijan Listed Companies},
url = {https://historysaid.com/azerbaijan/listed-companies/},
publisher = {HistorySaid},
year = {2026}
}