In this article, we will be taking a look at the top 15 manufacturing companies in the U.S. To skip our detailed analysis, you can go directly to see the Top 5 Manufacturing Companies in the U.S.
The manufacturing sector in the United States is among the biggest in the world and a key driver of the biggest economy in the world. It is the second largest manufacturer in the world after China and the third largest in terms of regions, with the European Union coming in second place. In Q1 2018, the output of the manufacturing sector in the U.S. was $2 trillion. The manufacturing sector employs more than 12.5 million people. Currently, manufacturing accounts for $2.3 trillion of the GDP and is comprised of more than 20% of the country’s total capital investment, 35% of productivity growth and around 60% of the total exports of the country, not to mention 70% of business R&D spending.
Despite being a manufacturing giant, the U.S. has seen high growth in other sectors including the service sector which dominates its GDP. Growth in the manufacturing sector meanwhile has stagnated from 4.9% in the 1990s to 1.4% in the last two decades. Further, the number of manufacturing plants have also decreased in the U.S. over the past quarter of a century, declining by nearly 25%. While only contributing 8% to the national workforce and 11% to the country’s GDP, there are some signs of a potential resurgence. From 2010 to 2019, around 1.3 million manufacturing jobs were added in the U.S. after the loss of close to 6 million jobs in the previous decade. According to McKinsey, maintaining and improving this growth in the manufacturing sector could result in the U.S. GDP being boosted by 15% in the future. This will also add more than 1.5 million jobs. In around 500 U.S. counties, manufacturing is easily the biggest sector. The manufacturing sector is more inclusive in its selection of employees not to mention that people don’t need four-year degrees in order to be eligible to work which makes it easier for people of differing backgrounds to get in. Middle-skill workers would benefit the most from an improvement in the manufacturing sector which in turn would bolster the middle class.
The top manufacturing companies in the U.S. belong to wildly differing industries, from aerospace and defense to tech products to healthcare products. These companies are generally among the biggest in their industry not just in the U.S. but also globally. Some of these companies are counted among the largest companies in the world regardless of sector or industry. Their combined revenue exceeds a staggering $1 trillion while their combined market cap is closer to $2 trillion. So, without further ado, let’s take a look at the companies driving one of the most important sectors of the U.S. economy, starting with number 15:
15. The Boeing Company (NYSE:BA)
Total revenue of the company (in billions): 62.3
Total profits of the company (in billions): -4.2
Total assets of the company (in billions): 138.6
Total market cap of the company (in billions): 100.6
One of the biggest aerospace and defense companies in the world, The Boeing Company (NYSE:BA) is considered to be the biggest exporter in the U.S. The Boeing Company (NYSE:BA) has survived one of the biggest issues faced by a company in recent times after its 737 Max jet was grounded worldwide following two fatal crashes in 2018 and 2019, resulting in costs of billions of dollars. This was followed by the pandemic in 2020 which led to The Boeing Company (NYSE:BA) seeing its revenue and profits nosedive.
14. HP Inc. (NYSE:HPQ)
Total revenue of the company (in billions): 65
Total profits of the company (in billions): 6.5
Total assets of the company (in billions): 38.9
Total market cap of the company (in billions): 28.8
Providing various information technology products such as personal computers and printers, HP Inc. (NYSE:HPQ) is the second largest computer vendor in the world. HP Inc. (NYSE:HPQ) currently has more than 50,000 employees and in March 2022, acquired a communication hardware and software provider known as Poly for $3.3 billion.
13. General Electric Company (NYSE:GE)
Total revenue of the company (in billions): 74.1
Total profits of the company (in billions): 1.2
Total assets of the company (in billions): 198.9
Total market cap of the company (in billions): 90.9
General Electric Company (NYSE:GE) is a major conglomerate engaged in various industries. While it was among the most profitable companies in the country in 2011, its profitability fell significantly later on, resulting in General Electric Company (NYSE:GE) underperforming the market by a large margin. Towards the end of 2021, General Electric Company (NYSE:GE) announced that it would split into three companies.
12. Raytheon Technologies Corporation (NYSE:RTX)
Total revenue of the company (in billions): 64.4
Total profits of the company (in billions): 3.9
Total assets of the company (in billions): 161.4
Total market cap of the company (in billions): 139.8
One of three aerospace and defense companies in our list of the top manufacturing companies in U.S., Raytheon Technologies Corporation (NYSE:RTX) is one of the premier defense equipment providers.
11. Cardinal Health, Inc. (NYSE:CAH)
Total revenue of the company (in billions): 171.3
Total profits of the company (in billions): 0.6
Total assets of the company (in billions): 43.7
Total market cap of the company (in billions): 21.1
One of the biggest healthcare companies in the world and one of the biggest companies in terms of revenue in the United States, Cardinal Health, Inc. (NYSE:CAH) has headquarters in Ohio and Ireland. Cardinal Health, Inc. (NYSE:CAH) produces and supplies pharmaceutical and medical products in addition to surgical apparel and surgical products.
10. International Business Machines Corporation (NYSE:IBM)
Total revenue of the company (in billions): 67.3
Total profits of the company (in billions): 5.5
Total assets of the company (in billions): 133.3
Total market cap of the company (in billions): 123.1
Headquartered in New York, International Business Machines Corporation (NYSE:IBM) has operations in 171 countries globally selling hardware, software and middleware. International Business Machines Corporation (NYSE:IBM) holds the record of the most patents generated by a business.
9. Dell Technologies Inc. (NYSE:DELL)
Total revenue of the company (in billions): 106.8
Total profits of the company (in billions): 5.6
Total assets of the company (in billions): 92.7
Total market cap of the company (in billions): 28.8
Dell Technologies Inc. (NYSE:DELL) is one of the biggest tech products producers globally, selling personal computers, data storage devices, software, network switches and many other tech related products. Dell Technologies Inc. (NYSE:DELL) is one of the biggest companies headquartered in Texas. Currently, Dell Technologies Inc. (NYSE:DELL) has more than 165,000 employees globally.
8. Lockheed Martin Corporation (NYSE:LMT)
Total revenue of the company (in billions): 65.8
Total profits of the company (in billions): 6.2
Total assets of the company (in billions): 51.5
Total market cap of the company (in billions): 127.1
Among the biggest aerospace and defense companies in the world, Lockheed Martin Corporation (NYSE:LMT) counts more than 60,000 scientists and engineers among its 115,000 employees worldwide. The vast majority of Lockheed Martin Corporation’s (NYSE:LMT) revenue comes from its contracts with the U.S. military. Lockheed Martin Corporation (NYSE:LMT) is currently working on the development of the F-35 Lightning II, considered to be the premier fighting jet for the next several decades.
7. General Motors Company (NYSE:GM)
Total revenue of the company (in billions): 127
Total profits of the company (in billions): 10
Total assets of the company (in billions): 244.7
Total market cap of the company (in billions): 54.1
The second biggest automotive manufacturer in the world, General Motors Company (NYSE:GM) is the largest automotive manufacturer in the U.S. in terms of number of cars produced. General Motors Company (NYSE:GM) owns many famous car brands which include Buick, GMC, Cadillac and Chevrolet. General Motors Company (NYSE:GM) is also engaged in the production of defense vehicles for use of the U.S. military. In 2021, the company announced that it was aiming to end the sales of vehicles using internal combustion engines and hybrid cars by 2035, in a bit to achieve carbon neutrality by 2040.
6. PepsiCo, Inc. (NASDAQ:PEP)
Total revenue of the company (in billions): 79.5
Total profits of the company (in billions): 7.6
Total assets of the company (in billions): 92.4
Total market cap of the company (in billions): 246
One of the biggest beverage manufacturers in the world, PepsiCo, Inc. (NASDAQ:PEP) owns more than 23 brands each of which exceed more than $1 billion in sales. The products of PepsiCo, Inc. (NASDAQ:PEP) are sold in more than 200 countries and territories and it is the second biggest food and beverage company in the world, only behind Nestle. PepsiCo, Inc. (NASDAQ:PEP) is also well-known for its battles with Coca Cola, commonly known as the Cola-wars.
Please click to continue reading and see the Top 5 Manufacturing Companies in the U.S.
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Disclosure: None. Top 10 manufacturing companies in the U.S is originally published at Insider Monkey.