With $371.6B in revenue, UnitedHealth again tops list of Minnesota public companies

Star Tribune 50

UnitedHealth Group is by far the largest company in Minnesota — and one of the largest in the United States. However, speaking to the depth of Minnesota’s corporate culture, the state has 17 companies in the S&P 500 index, and 38 on the Star Tribune 50 list of the state’s largest public companies had 2023 revenue of $1 billion or more. Further, 13 companies here had increased their annual dividend rate for 25 years or more, qualifying them as corporate royalty, with eight on the elite S&P 500 Dividend Aristocrats Index (3M ended its 64-year streak this spring). In 2023, overall revenue for the companies on the list rose 5.6% to $795.9 billion.

By Patrick Kennedy • Star Tribune • May 31, 2024

By Patrick Kennedy
Star Tribune • May 31, 2024

This year, 38 of the top 50 Minnesota-run companies had $1 billion or more in revenue.

By Patrick Kennedy and Tom Nehil Star Tribune

May 31, 2024 — 7:37am

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The Star Tribune 50 is a list of the largest publicly held companies in Minnesota, ranked by 2023 revenue. Numbers for companies that don't have a Dec. 31 year-end are from the four quarters ending November, December, January or February. Another 23 companies were considered, but their revenue was not high enough for the list. Data for the 50 largest companies also include each company's net income before extraordinary items, assets and market capitalization as of April 26. Data for the list were taken from Refinitiv, Yahoo Finance, company news releases and Securities and Exchange Commission filings. Percent change in profit is calculated by dividing the difference between the current year's income and the previous year's income by the absolute value of the previous year's income. This means the figure is able to account for negative profits (a net loss).

The list excludes public companies that do not trade on major exchanges; cooperatives; fraternal benefit organizations; and closely held companies, which usually do not disclose financial data. Companies that were delayed in filing year-end results were also excluded. Companies that have management headquarters in Minnesota, including Medtronic, Pentair and nVent Electric, are included.

Star Tribune 50 data compiled by Patrick Kennedy.

Business reporter Patrick Kennedy covers executive compensation and public companies. He has reported on the Minnesota business community for more than 25 years.

patrick.kennedy@startribune.com 612-673-7926

Tom Nehil is the Star Tribune’s newsroom developer, using code to help find and tell stories.

tom.nehil@startribune.com