With $324.2 billion in revenue, UnitedHealth again tops list of Minnesota public companies

Star Tribune 50

This past year was a challenging one for Minnesota’s public companies. The companies battled through supply chain issues, rising interest rates and inflationary pressures, some seeking prices increases to offset them. But collectively, their growth slowed, with overall revenue at $750.7 billion. While that figure was up 7%, the year before overall revenue grew 13%. Collective net income declined 6.4% to $59.7 billion, and market capitalization for the companies dropped even further, with a 8.3% decrease to $1.15 trillion. Company leaders remain concerned about challenging economic conditions forecast for the remainder of 2023. Through the first quarter of 2023, even the companies that performed better than expectations remained cautions and were hesitant to increase their guidance. Economic pressures will reshape next year’s list, which also will change because of pending spin-offs from companies like 3M, Medtronic and Vista Outdoor.

By Patrick Kennedy • Star Tribune • June 6, 2023

By Patrick Kennedy
Star Tribune • June 6, 2023

The top 50 companies as a whole posted revenue of $750.7 billion, up 7% from the year before. However, growth was slower than in 2021.

By Patrick Kennedy Star Tribune

June 1, 2023 — 8:23am

The Star Tribune 50 is a list of the largest publicly held companies in Minnesota, ranked by 2022 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 28 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 28. Data for the list were taken from Refinitiv, Yahoo Finance, company news releases and Securities and Exchange Commission filings.

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

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Star Tribune 50

With $324.2 billion in revenue, UnitedHealth again tops list of Minnesota public companies