Mirant Corp.'s rise was fast, but so was its fall.

The latest evidence of the company's dramatic change in fortune comes from one of America's most-watched corporate rankings, the Fortune 500.

The Atlanta-based energy supplier, which ranked 52nd on the list a year ago, plummeted to 259th on the latest list.

In 2002, Mirant's ranking was lofty enough to make the company Georgia's second-ranked entrant. Now the granddaddy of all business lists puts Mirant in more modest company.

Mirant aside, last year was mostly one of improvement for Georgia companies on the Fortune 500. Of the 14 giants on the list in 2002, 11 climbed in the rankings for 2003. The biggest gainer was Mohawk Industries, which jumped from 455 to 361.

Georgia's biggest Fortune 500 company remained Home Depot, at 13th overall and up from 18th. Wal-Mart was Fortune's biggest company once again, thanks to a staggering $246.5 billion in annual revenue.

Georgia now claims 15 companies on the Fortune 500 with the addition of Newell Rubbermaid. The company, which is shifting its headquarters from Freeport, Ill., to Atlanta, is 251st.