雅虎香港財經 25 Biggest Massachusetts Companies and Stocks
In this article, we will be taking a look at the 25 biggest Massachusetts companies and stocks. To skip our detailed analysis, you can go directly to see the 5 biggest Massachusetts companies and stocks.
If all U.S. states were countries, Massachusetts would be 32nd largest economy in the world based on a 2021 GDP of $641 billion, which makes it bigger than Sweden, Belgium, Norway and Austria. The economy of Massachusetts is strongly based on technological research and development as well as the service sector, which dictates a major switch from its preindustrial economy which was largely dependent on agriculture and maritime trade. That is not to say that agriculture isn't an important contributor as it definitely is; it's just that it isn't as significant to the state's economy as it used to be. The pharmaceutical industry has a major presence in the state as well and several of the biggest Massachusetts companies and stocks are pharma / biotech companies.
Education has always been considered important in Massachusetts and this should come as no surprise considering the fact that the oldest and one of the most prestigious ranked universities in Harvard University is located in the state. In addition, the state is considered to be a pioneer in kindergarten and secondary education as well, and this historic focus on education is no double linked to the success of the state in various metrics including being among the biggest states in the country.
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In November 2022, the unemployment rate of Massachusetts was 3.4%, which ranks it 22nd among all U.S. states. According to Boston Indicators, Massachusetts started to drop into recession after the Covid-19 pandemic hit but posted a quick and strong recovery which was needed after unemployment increased to a record 16% in April 2020. Even in 2022, the unemployment rate has continued to drop as it was 3.9% in 2021, and over half a million jobs have been regained since 2020. However, there are still challenges remaining relating to unemployment which includes an outflux of workers, and higher unemployment for minorities.
Right now, Massachusetts is moving more slowly than other New England states as the aforementioned labor outflux has exacerbated labor supply issues while higher interest rates have negatively impacted high growth companies such as tech and research and development, which we mentioned were the main sectors in the state. On the other hand, the professional services sector, which employs the highest number of people in the state, has posted a strong recovery in 2022.
To encourage growth of businesses, Massachusetts provides several tax and other benefits including tax credits for cleaning up contaminated property, credits for investing in housing development projects, tax credits for taxpayers and businesses which make cash contributions to investment projects, and the Economic Development Incentive Program Credit to create and stimulate business within Massachusetts.
The 25 biggest Massachusetts companies and stocks have a combined revenue of $486 billion and a market cap exceeding $1.22 trillion with three companies worth more than $100 billion headquartered in the state. To determine these companies, we obtained the 25 largest companies in the state from Fortune 500 based on revenue and determined their market cap from Yahoo finance. We then assigned 60% weightage to revenue and 40% to market cap, and where the company wasn't listed, assigned it a ranking based on revenue alone. So now, let's take a look at these giants, starting with:
25. Charles River Laboratories International, Inc. (NYSE:CRL)
Total revenue (in billions): $3.5
Market cap as at 15th Jan 2023 (in billions): $11.8
Charles River Laboratories International, Inc. (NYSE:CRL) is a pharmaceutical company whose revenue increased 10.4% in the previous quarter. In the last one year, Charles River Laboratories International, Inc. (NYSE:CRL) saw its share price decline by 31.6%.
24. Clean Harbors, Inc. (NYSE:CLH)
Total revenue (in billions): $3.8
Market cap as at 15th Jan 2023 (in billions): $6.6
Clean Harbors, Inc. (NYSE:CLH) is a provider of hazardous waste disposal for companies. In the last one year, Clean Harbors, Inc. (NYSE:CLH) saw its market cap fall by 27.7%.
23. Teradyne, Inc. (NASDAQ:TER)
Total revenue (in billions): $3.7
Market cap as at 15th Jan 2023 (in billions): $15.2
Teradyne, Inc. (NASDAQ:TER) is a test equipment designer and manufacturer with close to 6,000 employees. The 1 year share price of Teradyne, Inc. (NASDAQ:TER) has fallen by 37.4%.
22. The Hanover Insurance Group, Inc. (NYSE:THG)
Total revenue (in billions): $5.2
Market cap as at 15th Jan 2023 (in billions): $4.9
The Hanover Insurance Group, Inc. (NYSE:THG) is one of the biggest insurance companies in Massachusetts. The Hanover Insurance Group, Inc. (NYSE:THG) has maintained its share price in the last one year.
21. Iron Mountain Incorporated (NYSE:IRM)
Total revenue (in billions): $4.5
Market cap as at 15th Jan 2023 (in billions): $15.3
Iron Mountain Incorporated (NYSE:IRM) is an information management services with over 25,000 employees. In the last one year, Iron Mountain Incorporated (NYSE:IRM) saw its share price improve by 19.4%.
20. PerkinElmer, Inc. (NYSE:PKI)
Total revenue (in billions): $5.1
Market cap as at 15th Jan 2023 (in billions): $16.9
PerkinElmer, Inc. (NYSE:PKI) is a tech medical company with over 16,000 employees. In the previous year, PerkinElmer, Inc.'s (NYSE:PKI) share price declined by 23%.
19. Hologic, Inc. (NASDAQ:HOLX)
Total revenue (in billions): $5.6
Market cap as at 15th Jan 2023 (in billions): $19.7
Hologic, Inc. (NASDAQ:HOLX) is a medical tech company which mainly focuses on women's health. Hologic, Inc. (NASDAQ:HOLX) gained 15.2% in share price in the last year.
18. Global Partners LP (NYSE:GLP)
Total revenue (in billions): $13.2
Market cap as at 15th Jan 2023 (in billions): $1.1
Global Partners LP (NYSE:GLP) is an energy company which imports and markets petroleum products. In the last year, Global Partners LP (NYSE:GLP) saw its market cap increase by 25%.
17. Eversource Energy (NYSE:ES)
Total revenue (in billions): $9.9
Market cap as at 15th Jan 2023 (in billions): $29.3
Eversource Energy (NYSE:ES) is the biggest energy company in the state. Eversource Energy (NYSE:ES) lost 3.2% in market value in the previous year.
16. Wayfair Inc. (NYSE:W)
Total revenue (in billions): $13.7
Market cap as at 15th Jan 2023 (in billions): $4.6
Wayfair Inc. (NYSE:W) is an e-commerce company engaged in selling furniture and home goods. It had the worst past year among any of the biggest Massachusetts companies and stocks, losing 73.4% in the last year.
15. Analog Devices, Inc. (NASDAQ:ADI)
Total revenue (in billions): $7.3
Market cap as at 15th Jan 2023 (in billions): $86.1
Analog Devices, Inc. (NASDAQ:ADI) is one of the largest semiconductor companies in the world. In the last one year, Analog Devices, Inc. (NASDAQ:ADI) saw an increase of 1.5% in its share price.
14. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)
Total revenue (in billions): $7.6
Market cap as at 15th Jan 2023 (in billions): $77.2
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) was one of the first biotech companies in the world to use rational drug design rather than combinatorial chemistry. A strong year for pharmaceutical companies has been quite beneficial to Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) as well, with its share price jumping by 30.2% in the last year.
13. Biogen Inc. (NASDAQ:BIIB)
Total revenue (in billions): $11.0
Market cap as at 15th Jan 2023 (in billions): $41.5
Biogen Inc. (NASDAQ:BIIB) is a biotech company as the name suggests. Currently, Biogen Inc. (NASDAQ:BIIB) is specializing in the treatment of neurological diseases to patients. Biogen Inc. (NASDAQ:BIIB) saw its market value increase massively by 23.2% in the last one year.
12. BJ's Wholesale Club Holdings, Inc. (NYSE:BJ)
Total revenue (in billions): $16.7
Market cap as at 15th Jan 2023 (in billions): $9.3
BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) is a warehouse club chain which has over 34,000 employees. Currently, BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) has over 220 locations across the country. In the last year, BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) saw its share price jump by 15.1%.
11. State Street Corporation (NYSE:STT)
Total revenue (in billions): $12.0
Market cap as at 15th Jan 2023 (in billions): $30.4
State Street Corporation (NYSE:STT) is the biggest financial services company in Massachusetts. State Street Corporation (NYSE:STT) is considered to be the second-oldest continually operating bank in the entire country. In a tough year for finance companies, State Street Corporation (NYSE:STT) saw its stock price decrease by 17.9%.
10. Boston Scientific Corporation (NYSE:BSX)
Total revenue (in billions): $11.9
Market cap as at 15th Jan 2023 (in billions): $66.6
Boston Scientific Corporation (NYSE:BSX) is one of the biggest biomedical companies in the country. Boston Scientific Corporation (NYSE:BSX) saw its market cap increase by 5.2% in the previous one year.
9. American Tower Corporation (NYSE:AMT)
Total revenue (in billions): $9.4
Market cap as at 15th Jan 2023 (in billions): $108.4
American Tower Corporation (NYSE:AMT) is one of the most valuable telecom companies in the world and is among the biggest Massachusetts companies and stocks. In addition to the U.S., American Tower Corporation (NYSE:AMT) owns close to 200,000 communication sites worldwide. The market cap of American Tower Corporation (NYSE:AMT) fell by 7% in the last year.
8. Keurig Dr Pepper Inc. (NASDAQ:KDP)
Total revenue (in billions): $12.7
Market cap as at 15th Jan 2023 (in billions): $50.5
One of the largest food and beverage companies in the world, Keurig Dr Pepper Inc. (NASDAQ:KDP) owns several popular brands and products including Dr Pepper, Snapple, RC Cola, 7 UP, Hawaiian Punch and Schweppes. In the last year, Keurig Dr Pepper Inc. (NASDAQ:KDP) saw its market cap fell by 6.5%.
7. Moderna, Inc. (NASDAQ:MRNA)
Total revenue (in billions): $18.5
Market cap as at 15th Jan 2023 (in billions): $73.8
Moderna, Inc. (NASDAQ:MRNA) is a pharmaceutical company which focuses on RNA therapeutics including mRNA vaccines. In fact, Moderna, Inc. (NASDAQ:MRNA) was one of the few pharma companies which were able to develop a viable vaccine which was successful against the Covid-19 virus. A good 2022 for pharma companies has extended to Moderna, Inc. (NASDAQ:MRNA) whose share price jumped by 2.9% in the previous year.
6. Massachusetts Mutual Life Insurance
Total revenue (in billions): $35.9
Market cap as at 15th Jan 2023 (in billions): N/A
Massachusetts Mutual Life Insurance is the biggest life insurance company in Massachusetts.
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Disclosure: None. 25 Biggest Massachusetts Companies and Stocks is originally published at Insider Monkey.
