In this article, we will be looking at the largest publicly traded industrial companies in the US.
Manufacturing In the US: At A Glance
The manufacturing sector is a strong pillar of the US economy. According to the data from the Bureau of Economic Analysis, in the fourth quarter of 2023, the manufacturing industry made up 10.3% of the total economic output or GDP in the US. The large share corresponds to almost $2.8 trillion in nominal added value. In terms of real value, Industrials as a sector in the US surged almost 8.5%. The increase corresponded to the 0.85% contribution to the GDP during this time.
Factors including softening demand for goods and higher borrowing costs and interest rates caused a slump in production at the US factories during March and April of 2024. However, the momentum is getting restored reflected in the latest numbers published by the Federal Reserve. On June 18, the Federal Reserve reported that industrial production increased 0.9% in May. Manufacturing output also experienced a 0.9% increase in May after going through a decline during the previous two months. The total industrial production in May was 0.4% higher than its year-earlier level. Capacity utilization moved up to 78.7% in May compared to 78.2% in April. In May, market gains were widespread: consumer goods rose 1.3%, business equipment 0.2%, defense and space equipment 1.0%, and materials 0.8%. Durable goods surged 0.6% and nondurables increased by 1.1%. The indexes for wood products, machinery, and computer and electronic products saw the largest increases, rising by 2.6%, 2.3%, and 0.8%, respectively.
One of the Top Industrial Companies in the US
GE Aerospace (NYSE:GE), formerly General Electric Company, is one of the biggest industrial companies in the US. General Electric recently completed the spin-offs of its businesses. It launched GE Aerospace (NYSE:GE) and GE Vernova (NYSE:GEV) as independent companies, which are now traded publicly in addition to GE Healthcare (NASDAQ:GEHC), which was listed back in January 2023. The company has an installed base of almost 44,000 commercial engines and 26,000 military and defense engines across the globe. In 2023, the company generated $32 billion in adjusted revenue. Almost 70% of the generated revenue came from the services rendered by the company in engine aftermarket. The company has approximately 52,000 employees working globally.
In the latest earnings call in April, the Chairman and CEO, Larry Culp, said that the company is raising its full-year operating profit guidance and is poised to achieve a $10 billion operating profit target by 2028. It aims to attain its goal using a proprietary lean operating model called FLIGHT DECK. The model is designed to drive focused execution and deliver unmatched value for the public company.
FLIGHT DECK enhances business operations by prioritizing customer-centric outcomes. It is also a signficant approach to combat material availability challenges the company faces. The company traced 80% of the delivery challenges to 15 supplier sites. It is leveraging FLIGHT DECK and working directly with the suppliers to identify and remove constraints. This strategy enabled the company to increase output by more than 25% at one of its Tier 1 suppliers.
On March 12, GE Aerospace (NYSE:GE) announced its plans to invest $650 million in 2024 to enhance its manufacturing facilities and supply chain. The investment aims to support both commercial and defense sectors. It entails $450 million for upgrades and new equipment across 22 US facilities and $100 million for US-based suppliers. An additional $100 million will be invested internationally.
Now let’s have a look at the 20 largest industrial companies in the US. You can also check out the 20 Cities with the Highest Average IQ in the US and 30 Wealthiest People in Hong Kong.
Industry workers in a natural gas distribution facility, monitoring the location of pipelines.
Our Methodology
To make our list of the largest publicly traded industrial companies in the US, we reviewed several sources, including industry reports, our rankings, and multiple similar rankings. We also scanned the Finviz and Yahoo Finance stock screeners. We then checked each company’s market capitalization on Yahoo Finance. Our list is in ascending order of market caps as of June 23.
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20 Largest Publicly Traded Industrial Companies In The US
20. Emerson Electric Co (NYSE:EMR)
Market Capitalization as of June 23: $62.02 Billion
Emerson Electric Co (NYSE:EMR) is an American multinational corporation that manufactures products and provides engineering services for industrial, commercial, and consumer markets. Emerson Electric Co (NYSE:EMR) also designs and manufactures automation solutions for industrial and commercial markets, including control systems, valves, and measurement instruments. As of June 23, the company’s market capitalization stands at $62.02 billion.
19. FedEx Corp (NYSE:FDX)
Market Capitalization as of June 23: $62.42 Billion
FedEx Corp (NYSE:FDX) was founded in 1971 and is headquartered in Memphis, Tennessee. The company offers a broad portfolio of services and products including FedEx Express. FedEx Express was one of the first major shipping companies to offer overnight delivery as a flagship service. FedEx Corp (NYSE:FDX) also has a strong focus on the healthcare industry, using its cold chain network and dedicated healthcare team to ship temperature-sensitive items including vaccines.
18. Northrop Grumman Corp (NYSE:NOC)
Market Capitalization as of June 23: $63.94 Billion
Northrop Grumman Corp (NYSE:NOC) is an American aerospace and defense technology company. As of June 23, the company has a market capitalization of $63.94 billion. The company offers a variety of industrial products including acoustic sensors for aircraft carriers, submarines, and Mission-critical computer systems. Northrop Grumman Corp (NYSE:NOC) has a diverse customer base including the US government.
17. Parker-Hannifin Corp (NYSE:PH)
Market Capitalization as of June 23: $64.8 Billion
Parker-Hannifin Corp (NYSE:PH) is a noteworthy company in motion and control technologies. The company was founded in 1917 and headquartered in Mayfield Heights, Ohio. Parker-Hannifin Corp (NYSE:PH) has two main business segments including Diversified Industrial and Aerospace Systems. The company offers a variety of industrial products including electromechanical controls and power systems.
16. CSX Corp (NASDAQ:CSX)
Market Capitalization as of June 23: $65.31 Billion
CSX Corp (NASDAQ:CSX) is an American transportation and logistics company. The company offers rail-based freight services in North America. CSX Corp (NASDAQ:CSX) offers traditional rail freight transportation services, including the transport of intermodal containers and trailers and bulk commodity operations. It is one of the largest publically traded industrial companies in the US.
15. Illinois Tool Works Inc. (NYSE:ITW)
Market Capitalization as of June 23: $71.74 Billion
Illinois Tool Works Inc. (NYSE:ITW) was founded in 1912 by Byron L. Smith. The company is headquartered in Glenview, Illinois, a suburb of Chicago. Illinois Tool Works Inc. (NYSE:ITW) offers a diverse range of products including light trucks, food processing equipment, metal arc welding consumables, lubrication, and cutting fluids.
14. Cintas Corp (NASDAQ:CTAS)
Market Capitalization as of June 23: $71.89 Billion
Cintas Corp (NASDAQ:CTAS) was founded in 1929 and is headquartered in Mason, Ohio. It offers fire protection systems, first aid supplies, and uniforms for rental and direct purchase. Some of the most popular products by Cintas Corp (NASDAQ:CTAS) include microfiber towels, extinguishers, fire alarm systems, and water coolers.
13. TransDigm Group Inc (NYSE:TDG)
Market Capitalization as of June 23: $73.93 Billion
TransDigm Group Inc (NYSE:TDG) designs, manufactures, and supplies highly engineered aircraft components, systems, and subsystems. The company is headquartered in Cleveland, Ohio, and was founded in 1993. Some of the products offered by TransDigm Group Inc (NYSE:TDG) include pumps, valves, ignition systems, and thermal/fluid management systems. As of June 23, the company has a market capitalization of $73.93 billion. It is one of the largest publically traded industrial companies in the US.
12. General Dynamics Corp (NYSE:GD)
Market Capitalization as of June 23: $81.83 Billion
General Dynamics Corp (NYSE:GD) is an aerospace and defense company providing diverse products and services. The company is headquartered in Falls Church, Virginia, and was founded in 1899. Some of the most renowned products by General Dynamics Corp (NYSE:GD) include weapons systems, and munitions including battle tanks, and armored personnel carriers.
11. Waste Management Inc. (NYSE:WM)
Market Capitalization as of June 23: $83.82 Billion
Waste Management Inc. (NYSE:WM) is a notable company providing comprehensive waste management and environmental services in North America. The company is headquartered in Houston, Texas. The company has been widely recognized for its leadership in bioenergy and bio-based product development. Waste Management Inc. (NYSE:WM) has diverse offerings including electricity generation through landfill gas-to-energy facilities and recycling of diverse materials including paper, glass, and metal.
10. Automatic Data Processing Inc (NASDAQ:ADP)
Market Capitalization as of June 23: $101.49 Billion
Automatic Data Processing Inc (NASDAQ:ADP) was founded in 1949 as Automatic Payrolls, Inc. and is headquartered in Roseland, New Jersey. As of June 23, the company has a market capitalization of $101.49 billion. The company has a presence in over 140 countries serving a diverse range of industries including hospitality and manufacturing. Automatic Data Processing Inc (NASDAQ:ADP) offers a variety of products and services including Payroll Services, Human Capital Management (HCM) Solutions, and Workforce Management Solutions. It is one of the largest publically traded industrial companies in the US.
9. Deere & Co (NYSE:DE)
Market Capitalization as of June 23: $103.35 Billion
Deere & Co (NYSE:DE) is an American corporation that manufactures and designs various products including agricultural machinery and heavy equipment. The company was founded in 1837. It offers tractors, forestry equipment, lawn care equipment, and specialized vehicles. The company operates in over 140 countries and has made several strategic acquisitions to expand its product portfolio, including Blue River Technology. Deere & Co (NYSE:DE) is headquartered in Moline, Illinois.
8. Boeing Co (NYSE:BA)
Market Capitalization as of June 23: $108.39 Billion
Boeing Co (NYSE:BA) is an American multinational corporation that designs, manufactures, and sells a range of products including airplanes and missiles worldwide. Boeing Co (NYSE:BA) was founded in 1916 in Seattle, Washington. Popular products by the company include commercial aircraft including Boeing 737 and Boeing 747 and the Boeing Business Jets (BBJ) line of private jets.
7. Lockheed Martin Corp (NYSE:LMT)
Market Capitalization as of June 23: $112.2 Billion
Lockheed Martin Corp (NYSE:LMT) was formed in March 1995 and is headquartered in North Bethesda, Maryland. As of June 23, the company has a market capitalization of $112.2 billion. The company has four main business segments including Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space. Renowned products by Lockheed Martin Corp (NYSE:LMT) include the Lockheed P-38 Lightning fighter-interceptor, Lockheed Titan II rocket, and Sikorsky UH-60 Black Hawk helicopter. It is one of the largest publically traded industrial companies in the US.
6. United Parcel Service Inc. (NYSE:UPS)
Market Capitalization as of June 23: $116.87 Billion
United Parcel Service Inc. (NYSE:UPS) was founded in 1907. It provides package delivery and supply chain management solutions. United Parcel Service Inc. (NYSE:UPS) has three main segments including the U.S. Domestic Package, International Package, and Supply Chain & Freight. Some of the main services offered by the company include time-definite delivery, logistics, and freight transportation.
5. Union Pacific Corp (NYSE:UNP)
Market Capitalization as of June 23: $137.95 Billion
Union Pacific Corp (NYSE:UNP) is a notable company in America in the Industrials sector. The company is headquartered in Omaha, Nebraska. It is the parent company of the Union Pacific Railroad. The company has a significant presence in the Western and Mid-Western United States, operating in 23 states. It offers a range of services and products including freight hauling.
