Fortune 500 · 2026 list · 80/20 cost model

Where $17.3T goes. The Fortune 500, seen as one machine.

Five hundred companies spend 44% of their operating cost buying or making goods and 17% paying people. Here is the rest of the shape.

$20.1T

revenue

$17.3T

operating cost

$2.8T

operating income

30.5M

people employed

1 · If the Fortune 500 were one company

Its P&L fits on one bar

Every dollar of combined revenue, split by what it pays for. The outlined end is operating income: what the machine keeps.

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space
Other (unclassified)
Outside the 80/20 buckets

Goods made19%

Goods resold19%

People15%

Kept14%

$0$20.1T revenue

2 · The cost waffle

Every square is $10 billion

The entire operating cost base, 1,726 squares. Goods made and goods resold are the two biggest piles, 44% of the board between them. Claims paid by insurers and health plans ($1.8T) outweigh all the freight, fuel, rent and depreciation combined ($1.6T).

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space
Other (unclassified)
Outside the 80/20 buckets

Table view

Cost group	Amount	Share	Cost types
Goods made	$3.9T	22.4%	materials_cogs
Goods resold	$3.8T	21.8%	merchandise_resale
People	$3.0T	17.2%	labor
Claims & benefits	$1.8T	10.6%	claims_losses_benefits
Know-how & reach	$1.8T	10.7%	research_development, marketing_selling, content_programming, technology, purchased_services
Energy & freight	$481B	2.8%	fuel_energy, purchased_transportation
Capital & space	$1.1T	6.7%	depreciation_amortization, occupancy_rent
Other (unclassified)	$874B	5.1%	other
Outside the 80/20 buckets	$492B	2.9%	-

3 · Five hundred tiles

Sized by revenue, colored by what the money pays for

Each tile is a company, grouped into its sector. Color is its biggest cost group: the pile that takes the largest share of its operating cost.

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space

4 · Where every dollar goes, by sector

Twenty-two industries, twenty-two different machines

One bar per sector, 100% of its operating cost. Sorted by which color dominates, so you can watch the economy shade from factories to shelves to payrolls to claims.

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space
Other (unclassified)
Outside the 80/20 buckets

Energy, oil & gas34 cos · $1.4T

77%

Automotive10 cos · $550B

73%

12%

Materials, chemicals & metals28 cos · $387B

62%

18%

Hardware & semiconductors25 cos · $991B

59%

17%

Industrial manufacturing24 cos · $398B

58%

24%

Aerospace & defense12 cos · $451B

57%

33%

Food, beverage & consumer27 cos · $618B

54%

14%

13%

Construction & real estate23 cos · $343B

50%

23%

17%

Wholesale distribution28 cos · $1.6T

80%

Retail46 cos · $2.9T

66%

Capital markets & asset mgmt20 cos · $226B

54%

26%

Healthcare providers8 cos · $154B

19%

49%

14%

Business services27 cos · $360B

45%

21%

Banking & payments20 cos · $544B

44%

14%

20%

17%

Transportation & logistics19 cos · $505B

38%

28%

Hospitality & leisure14 cos · $193B

17%

36%

20%

13%

Pharma, biotech & medtech25 cos · $572B

23%

29%

Insurance & managed care54 cos · $3.2T

14%

55%

Media & entertainment8 cos · $229B

15%

69%

Software & internet16 cos · $858B

32%

44%

Telecom7 cos · $389B

19%

35%

19%

Utilities25 cos · $350B

20%

42%

19%

Table view

Sector	n	Cost	Goods made	Goods resold	People	Claims & benefits	Know-how & reach	Energy & freight	Capital & space	Other (unclassified)	Unbucketed
Energy, oil & gas	34	$1.4T	77%	2%	5%	0%	2%	1%	9%	1%	3%
Automotive	10	$550B	73%	0%	12%	0%	3%	0%	6%	0%	6%
Materials, chemicals & metals	28	$387B	62%	2%	18%	0%	1%	5%	7%	2%	3%
Hardware & semiconductors	25	$991B	59%	0%	17%	0%	10%	0%	7%	6%	1%
Industrial manufacturing	24	$398B	58%	0%	24%	0%	5%	0%	4%	4%	4%
Aerospace & defense	12	$451B	57%	0%	33%	0%	3%	0%	3%	1%	3%
Food, beverage & consumer	27	$618B	54%	0%	14%	0%	13%	4%	4%	8%	3%
Construction & real estate	23	$343B	50%	0%	23%	0%	17%	0%	8%	1%	2%
Wholesale distribution	28	$1.6T	0%	80%	5%	0%	0%	4%	2%	4%	6%
Retail	46	$2.9T	0%	66%	12%	0%	2%	3%	8%	5%	4%
Capital markets & asset mgmt	20	$226B	0%	0%	54%	1%	26%	0%	8%	9%	1%
Healthcare providers	8	$154B	19%	0%	49%	0%	14%	0%	7%	11%	0%
Business services	27	$360B	11%	0%	45%	1%	21%	0%	10%	10%	1%
Banking & payments	20	$544B	0%	0%	44%	14%	20%	0%	5%	17%	0%
Transportation & logistics	19	$505B	1%	0%	38%	0%	9%	28%	12%	8%	5%
Hospitality & leisure	14	$193B	17%	0%	36%	0%	20%	1%	13%	10%	4%
Pharma, biotech & medtech	25	$572B	23%	0%	29%	0%	29%	0%	11%	8%	0%
Insurance & managed care	54	$3.2T	9%	14%	9%	55%	7%	0%	1%	3%	2%
Media & entertainment	8	$229B	0%	0%	15%	0%	69%	0%	6%	7%	3%
Software & internet	16	$858B	0%	0%	32%	0%	44%	0%	12%	12%	0%
Telecom	7	$389B	10%	8%	19%	0%	35%	0%	19%	7%	3%
Utilities	25	$350B	2%	0%	20%	0%	8%	42%	19%	9%	0%

5 · People machines vs. money machines

What each head earns, and how much of the cost is heads

Revenue per employee spans 4 orders of magnitude. Top-left: companies that are mostly payroll. Bottom-right: refiners, traders and resellers where a few thousand people move hundreds of billions. Dot size is revenue. 21 companies without a labor bucket or headcount are left out.

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space

6 · The biggest single bills

Fifteen line items, each over $141B

The largest individual cost buckets anywhere in the Fortune 500. Hover for the company.

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space
Other (unclassified)

Walmart Merchandise cost of sales

$455B

Amazon Merchandise for resale

$359B

McKesson Merchandise for resale

$331B

UnitedHealth Group Medical costs

$314B

Cencora Cost of products sold

$265B

Exxon Mobil Holdings Materials & production inputs

$242B

Berkshire Hathaway Materials & production inputs

$229B

Costco Wholesale Merchandise costs

$225B

CVS Health Cost of products sold

$221B

Cigna Group Pharmacy and other service costs

$215B

Cardinal Health Cost of products sold

$208B

Apple Materials & production inputs

$188B

Centene Medical costs

$171B

Elevance Health Benefit expense

$148B

Ford Motor Materials & production inputs

$141B

7 · Same revenue, different machines

Twins on the income statement, strangers underneath

Pairs of companies within 3% of each other's revenue (both above $20B, different sectors) whose cost mixes differ the most.

Goods made
Goods resold
People
Claims & benefits
Know-how & reach
Energy & freight
Capital & space
Other (unclassified)
Outside the 80/20 buckets

Plains GP Holdings $44.3B · Energy, oil & gas

Goods made

Molina Healthcare $45.4B · Insurance & managed care

Claims & benefits

Jones Lang LaSalle $26.1B · Construction & real estate

People

Know-how & reach

Gold.com $25.5B · Wholesale distribution

Goods resold

TIAA $36.3B · Insurance & managed care

Claims & benefits

World Kinect $36.9B · Energy, oil & gas

Goods resold

Phillips 66 $132B · Energy, oil & gas

Goods made

Humana $130B · Insurance & managed care

Claims & benefits

All 500

The table

Show every company

#	Company	Sector	Revenue	Op. cost	Employees	Biggest cost group
1	Amazon	Retail	$717B	$637B	1,576,000	Goods resold 56%
2	Walmart	Retail	$713B	$683B	2,100,000	Goods resold 67%
3	UnitedHealth Group	Insurance & managed care	$448B	$429B	390,000	Claims & benefits 73%
4	Apple	Hardware & semiconductors	$416B	$283B	166,000	Goods made 67%
5	Alphabet	Software & internet	$403B	$274B	190,820	Know-how & reach 51%
6	CVS Health	Insurance & managed care	$402B	$392B	300,000	Goods resold 56%
7	Berkshire Hathaway	Insurance & managed care	$371B	$313B	387,800	Goods made 73%
8	McKesson	Wholesale distribution	$403B	$397B	43,000	Goods resold 83%
9	Exxon Mobil Holdings	Energy, oil & gas	$324B	$290B	58,000	Goods made 83%
10	Cencora	Wholesale distribution	$321B	$318B	47,000	Goods resold 83%
11	Microsoft	Software & internet	$332B	$177B	223,000	Know-how & reach 36%
12	JPMorgan Chase	Banking & payments	$182B	$110B	318,512	People 50%
13	Costco Wholesale	Retail	$303B	$291B	341,000	Goods resold 77%
14	Cigna Group	Insurance & managed care	$275B	$266B	67,700	Goods resold 81%
15	Cardinal Health	Wholesale distribution	$254B	$252B	63,900	Goods resold 83%
16	Nvidia	Hardware & semiconductors	$216B	$85.6B	42,000	Goods made 57%
17	Meta Platforms	Software & internet	$201B	$118B	78,865	Know-how & reach 39%
18	Elevance Health	Insurance & managed care	$199B	$191B	97,100	Claims & benefits 78%
19	Centene	Insurance & managed care	$195B	$202B	61,100	Claims & benefits 84%
20	Bank of America	Banking & payments	$113B	$75.4B	213,000	People 56%
21	Chevron	Energy, oil & gas	$184B	$168B	43,039	Goods made 73%
22	Ford Motor	Automotive	$187B	$185B	169,000	Goods made 76%
23	General Motors	Automotive	$185B	$182B	155,000	Goods made 74%
24	Citigroup	Banking & payments	$85.2B	$65.4B	226,000	People 45%
25	Home Depot	Retail	$165B	$144B	472,400	Goods resold 65%
26	Fannie Mae	Banking & payments	$29.0B	$11.0B	7,000	Know-how & reach 29%
27	Kroger	Retail	$148B	$146B	403,000	Goods resold 66%
28	Verizon Communications	Telecom	$138B	$109B	89,900	Goods resold 27%
29	Phillips 66	Energy, oil & gas	$132B	$129B	12,600	Goods made 90%
30	Marathon Petroleum	Energy, oil & gas	$133B	$127B	18,500	Goods made 91%
31	StoneX Group	Capital markets & asset mgmt	$4.1B	$3.7B	5,400	People 30%
32	State Farm Insurance	Insurance & managed care	$132B	$126B	62,000	Claims & benefits 78%
33	Freddie Mac	Banking & payments	$23.3B	$9.9B	7,334	People 29%
34	Humana	Insurance & managed care	$130B	$128B	67,060	Claims & benefits 86%
35	AT&T	Telecom	$126B	$101B	133,030	Know-how & reach 28%
36	Goldman Sachs Group	Capital markets & asset mgmt	$58.3B	$36.4B	47,400	People 52%
37	Comcast	Telecom	$124B	$103B	179,000	Know-how & reach 49%
38	Wells Fargo	Banking & payments	$83.7B	$58.5B	197,466	People 62%
39	Morgan Stanley	Capital markets & asset mgmt	$70.6B	$48.7B	83,000	People 60%
40	Valero Energy	Energy, oil & gas	$123B	$118B	9,811	Goods made 94%
41	Dell Technologies	Hardware & semiconductors	$114B	$105B	97,000	Goods made 76%
42	Target	Retail	$105B	$99.7B	415,000	Goods resold 64%
43	Tesla	Automotive	$94.8B	$90.5B	134,785	Goods made 71%
44	Walt Disney	Media & entertainment	$94.4B	$80.6B	231,000	Know-how & reach 63%
45	Johnson & Johnson	Pharma, biotech & medtech	$94.2B	$68.6B	138,200	Know-how & reach 32%
46	PepsiCo	Food, beverage & consumer	$93.9B	$80.4B	306,000	Goods made 38%
47	Boeing	Aerospace & defense	$89.5B	$94.9B	182,000	Goods made 56%
48	United Parcel Service	Transportation & logistics	$88.7B	$80.8B	460,000	People 60%
49	RTX	Aerospace & defense	$88.6B	$79.3B	180,000	Goods made 53%
50	FedEx	Transportation & logistics	$94.7B	$88.1B	233,000	People 38%
51	Progressive	Insurance & managed care	$87.6B	$73.4B	70,000	Claims & benefits 84%
52	Lowe's	Retail	$86.3B	$76.1B	167,000	Goods resold 64%
53	Energy Transfer	Energy, oil & gas	$82.6B	$73.2B	22,311	Goods made 81%
54	Procter & Gamble	Food, beverage & consumer	$87.0B	$67.3B	104,000	Goods made 41%
55	Sysco	Wholesale distribution	$84.6B	$81.5B	75,000	Goods resold 72%
56	American Express	Banking & payments	$72.2B	$58.4B	76,800	Know-how & reach 64%
57	Albertsons	Retail	$83.2B	$82.5B	280,000	Goods resold 64%
58	Archer Daniels Midland	Food, beverage & consumer	$80.3B	$78.8B	41,496	Goods made 88%
59	MetLife	Insurance & managed care	$77.1B	$72.4B	46,000	Claims & benefits 68%
60	HCA Healthcare	Healthcare providers	$75.6B	$63.6B	320,000	People 52%
61	Lockheed Martin	Aerospace & defense	$75.1B	$67.3B	123,000	Goods made 68%
62	New York Life Insurance	Insurance & managed care	$73.1B	$72.7B	14,713	Know-how & reach 45%
63	Capital One Financial	Banking & payments	$53.4B	$51.2B	76,300	Claims & benefits 40%
64	Allstate	Insurance & managed care	$66.5B	$53.3B	53,000	Claims & benefits 83%
65	Caterpillar	Industrial manufacturing	$67.6B	$56.4B	118,000	Goods made 58%
66	International Business Machines	Software & internet	$67.5B	$55.0B	264,300	Know-how & reach 46%
67	Eli Lilly	Pharma, biotech & medtech	$65.2B	$35.5B	50,000	Know-how & reach 41%
68	Merck	Pharma, biotech & medtech	$64.9B	$41.4B	75,000	Know-how & reach 34%
69	Nationwide	Insurance & managed care	$64.9B	$61.7B	24,000	Know-how & reach 42%
70	Broadcom	Hardware & semiconductors	$63.9B	$38.4B	33,000	Goods made 32%
71	Delta Air Lines	Transportation & logistics	$63.4B	$57.5B	100,000	People 33%
72	Publix Super Markets	Retail	$63.2B	$58.6B	260,000	Goods resold 68%
73	Pfizer	Pharma, biotech & medtech	$62.6B	$47.1B	75,000	Know-how & reach 35%
74	TD Synnex	Wholesale distribution	$62.5B	$61.1B	24,000	Goods resold 81%
75	ConocoPhillips	Energy, oil & gas	$58.9B	$47.6B	9,900	Goods made 65%
76	Galaxy Digital	Capital markets & asset mgmt	$1.2B	$1.5B	700	People 21%
77	AbbVie	Pharma, biotech & medtech	$61.2B	$41.1B	57,000	People 30%
78	Prudential Financial	Insurance & managed care	$61.0B	$56.3B	36,824	Claims & benefits 75%
79	TJX	Retail	$60.4B	$53.2B	377,000	Goods resold 67%
80	Performance Food Group	Wholesale distribution	$67.8B	$67.0B	44,000	Goods resold 87%
81	United Airlines Holdings	Transportation & logistics	$59.1B	$54.4B	113,200	People 32%
82	Oracle	Software & internet	$67.4B	$46.6B	141,000	People 37%
83	Cisco Systems	Hardware & semiconductors	$63.3B	$48.0B	82,400	People 40%
84	HP	Hardware & semiconductors	$55.3B	$51.7B	55,000	Goods made 75%
85	Charter Communications	Telecom	$54.8B	$41.5B	91,900	Know-how & reach 39%
86	American Airlines Group	Transportation & logistics	$54.6B	$53.2B	139,100	People 33%
87	Tyson Foods	Food, beverage & consumer	$54.4B	$53.0B	133,000	Goods made 80%
88	Intel	Hardware & semiconductors	$52.9B	$55.1B	85,100	People 35%
89	Enterprise Products Partners	Energy, oil & gas	$52.6B	$45.7B	8,000	Goods made 89%
90	Ingram Micro Holding	Wholesale distribution	$52.6B	$51.6B	22,200	Goods resold 81%
91	General Dynamics	Aerospace & defense	$52.5B	$47.2B	117,000	Goods made 60%
92	Uber Technologies	Software & internet	$52.0B	$46.5B	34,000	Know-how & reach 66%
93	United Services Automobile Assn.	Insurance & managed care	$48.6B	$44.7B	37,000	Claims & benefits 54%
94	TIAA	Insurance & managed care	$36.3B	$34.4B	13,000	Claims & benefits 78%
95	Liberty Mutual Insurance Group	Insurance & managed care	$50.5B	$46.1B	40,000	Claims & benefits 52%
96	Travelers	Insurance & managed care	$48.8B	$41.0B	34,000	Claims & benefits 66%
97	Bristol-Myers Squibb	Pharma, biotech & medtech	$48.2B	$34.5B	32,500	Know-how & reach 36%
98	Coca-Cola	Food, beverage & consumer	$47.9B	$34.2B	65,900	Goods made 51%
99	Nike	Retail	$46.4B	$42.6B	73,000	Goods resold 74%
100	Massachusetts Mutual Life Insurance	Insurance & managed care	$34.2B	$31.4B	11,000	Claims & benefits 56%
101	GE Aerospace	Aerospace & defense	$45.9B	$37.1B	57,000	Goods made 63%
102	Deere	Industrial manufacturing	$44.7B	$36.2B	73,100	Goods made 43%
103	Plains GP Holdings	Energy, oil & gas	$44.3B	$42.8B	3,900	Goods made 96%
104	Molina Healthcare	Insurance & managed care	$45.4B	$44.6B	19,000	Claims & benefits 88%
105	Netflix	Media & entertainment	$45.2B	$31.9B	16,000	Know-how & reach 75%
106	Thermo Fisher Scientific	Pharma, biotech & medtech	$44.6B	$36.4B	125,000	Goods made 44%
107	Abbott Laboratories	Pharma, biotech & medtech	$44.3B	$36.3B	115,000	People 60%
108	Qualcomm	Hardware & semiconductors	$44.3B	$31.9B	52,000	People 37%
109	Northwestern Mutual	Insurance & managed care	$38.1B	$29.3B	8,293	Claims & benefits 79%
110	U.S. Bancorp	Banking & payments	$28.7B	$19.1B	68,520	People 54%
111	Dollar General	Retail	$42.7B	$40.5B	194,000	Goods resold 62%
112	Northrop Grumman	Aerospace & defense	$42.0B	$37.7B	95,000	Goods made 53%
113	Best Buy	Retail	$41.7B	$39.9B	82,000	Goods resold 69%
114	Salesforce	Software & internet	$41.5B	$32.6B	83,334	People 55%
115	Bank of New York (BNY)	Capital markets & asset mgmt	$20.1B	$13.1B	48,100	People 55%
116	Honeywell Technologies	Aerospace & defense	$37.4B	$30.9B	101,000	Goods made 45%
117	Philip Morris International	Food, beverage & consumer	$40.6B	$25.7B	84,900	Know-how & reach 48%
118	CBRE Group	Construction & real estate	$40.5B	$39.3B	155,000	Know-how & reach 57%
119	Visa	Business services	$40.0B	$16.0B	34,100	People 43%
120	Dow	Materials, chemicals & metals	$40.0B	$39.7B	34,600	Goods made 78%
121	US Foods Holding	Wholesale distribution	$39.4B	$38.2B	30,000	Goods resold 72%
122	Mondelez International	Food, beverage & consumer	$38.5B	$34.9B	91,000	Goods made 66%
123	Lithia Motors	Retail	$37.6B	$36.2B	30,000	Goods resold 75%
124	GE Vernova	Industrial manufacturing	$38.1B	$36.7B	75,000	Goods made 67%
125	Micron Technology	Hardware & semiconductors	$37.4B	$27.6B	53,000	Goods made 45%
126	Warner Bros. Discovery	Media & entertainment	$37.3B	$36.0B	35,500	Know-how & reach 63%
127	Starbucks	Hospitality & leisure	$37.2B	$33.6B	381,000	People 51%
128	World Kinect	Energy, oil & gas	$36.9B	$36.7B	4,003	Goods resold 84%
129	Amgen	Pharma, biotech & medtech	$36.7B	$26.1B	31,500	Know-how & reach 31%
130	CHS	Wholesale distribution	$35.5B	$35.4B	10,683	Goods resold 82%
131	Advanced Micro Devices	Hardware & semiconductors	$34.6B	$30.9B	31,000	Goods made 40%
132	Coupang	Retail	$34.5B	$34.1B	108,000	Goods resold 61%
133	Hewlett Packard Enterprise	Hardware & semiconductors	$34.3B	$32.7B	67,000	Goods made 54%
134	D.R. Horton	Construction & real estate	$34.3B	$29.8B	14,341	Goods made 80%
135	Lennar	Construction & real estate	$34.2B	$31.4B	12,532	Goods made 92%
136	PNC Financial Services Group	Banking & payments	$23.1B	$14.6B	53,859	People 53%
137	Cummins	Industrial manufacturing	$33.7B	$29.8B	67,400	Goods made 65%
138	Oneok	Energy, oil & gas	$33.6B	$26.7B	6,326	Goods made 44%
139	PayPal Holdings	Business services	$33.2B	$27.1B	23,800	Know-how & reach 72%
140	GuideWell Mutual Holding	Insurance & managed care	$32.9B	$32.7B	18,000	Claims & benefits 76%
141	Mastercard	Business services	$32.8B	$13.9B	39,800	People 46%
142	Nucor	Materials, chemicals & metals	$32.5B	$29.8B	33,000	Goods made 73%
143	Apollo Global Management	Insurance & managed care	$32.0B	$25.4B	4,130	Claims & benefits 67%
144	Penske Automotive Group	Retail	$31.8B	$30.5B	27,700	Goods resold 74%
145	Duke Energy	Utilities	$32.2B	$23.7B	26,441	Energy & freight 38%
146	United Natural Foods	Wholesale distribution	$31.2B	$30.8B	23,431	Goods resold 74%
147	Ferguson Enterprises	Wholesale distribution	$30.8B	$28.2B	35,000	Goods resold 64%
148	Arrow Electronics	Wholesale distribution	$30.9B	$29.9B	22,230	Goods resold 78%
149	NRG Energy	Utilities	$30.7B	$28.9B	16,702	Energy & freight 78%
150	Truist Financial	Banking & payments	$20.3B	$14.0B	37,849	People 49%
151	Jabil	Hardware & semiconductors	$36.0B	$34.1B	135,000	Goods made 88%
152	Southern	Utilities	$29.6B	$22.3B	29,800	Energy & freight 34%
153	Gilead Sciences	Pharma, biotech & medtech	$29.4B	$17.7B	17,000	Know-how & reach 33%
154	PBF Energy	Energy, oil & gas	$29.3B	$29.4B	3,678	Goods made 96%
155	Paramount Skydance	Media & entertainment	$28.9B	$28.0B	17,600	Know-how & reach 76%
156	KKR & Co	Insurance & managed care	$19.5B	$12.4B	5,043	Claims & benefits 72%
157	Quanta Services	Construction & real estate	$28.4B	$26.7B	69,500	Goods made 57%
158	Paccar	Industrial manufacturing	$28.4B	$25.5B	25,900	Goods made 80%
159	Medline	Wholesale distribution	$28.4B	$26.2B	45,000	Goods resold 68%
160	Applied Materials	Hardware & semiconductors	$28.4B	$20.1B	36,500	Goods made 57%
160	Hartford Insurance Group	Insurance & managed care	$28.4B	$23.6B	19,200	Claims & benefits 65%
162	CarMax	Retail	$25.9B	$26.3B	27,796	Goods resold 75%
163	Southwest Airlines	Transportation & logistics	$28.1B	$27.6B	72,790	People 47%
164	Baker Hughes	Energy, oil & gas	$27.7B	$24.2B	56,000	Goods made 65%
165	Charles Schwab	Capital markets & asset mgmt	$23.9B	$12.5B	33,000	People 52%
166	AutoNation	Retail	$27.6B	$26.3B	24,800	Goods resold 73%
167	NextEra Energy	Utilities	$27.4B	$19.1B	17,300	Capital & space 34%
168	Marsh & McLennan	Business services	$27.0B	$20.8B	95,000	People 75%
169	Booking Holdings	Hospitality & leisure	$26.9B	$17.6B	24,300	Know-how & reach 71%
170	McDonald's	Hospitality & leisure	$26.9B	$14.5B	150,000	Capital & space 33%
171	HF Sinclair	Energy, oil & gas	$26.9B	$25.9B	5,165	Goods made 86%
172	AIG	Insurance & managed care	$26.8B	$22.9B	22,100	Claims & benefits 62%
173	Occidental Petroleum	Energy, oil & gas	$21.6B	$17.9B	10,412	Capital & space 43%
174	Marriott International	Hospitality & leisure	$26.2B	$22.0B	148,000	People 88%
175	Jones Lang LaSalle	Construction & real estate	$26.1B	$24.9B	113,000	Know-how & reach 51%
176	International Paper	Materials, chemicals & metals	$24.9B	$27.7B	62,602	Goods made 41%
177	Freeport-McMoRan	Materials, chemicals & metals	$25.7B	$19.5B	29,000	Goods made 64%
178	Constellation Energy	Utilities	$25.5B	$22.4B	15,291	Energy & freight 65%
179	Waste Management	Business services	$25.2B	$20.6B	60,500	Know-how & reach 30%
180	Live Nation Entertainment	Media & entertainment	$25.2B	$23.7B	17,700	Know-how & reach 85%
181	Stryker	Pharma, biotech & medtech	$25.1B	$20.2B	56,000	People 29%
182	Dollar Tree	Retail	$19.4B	$17.8B	150,000	Goods resold 67%
183	3M	Industrial manufacturing	$24.9B	$20.4B	60,500	Goods made 52%
184	Kraft Heinz	Food, beverage & consumer	$24.9B	$29.6B	35,000	Goods made 35%
185	PG&E	Utilities	$24.9B	$20.2B	29,010	People 37%
186	Danaher	Pharma, biotech & medtech	$24.6B	$19.4B	60,000	People 28%
187	Union Pacific	Transportation & logistics	$24.5B	$14.7B	29,287	People 33%
188	Genuine Parts	Wholesale distribution	$24.3B	$23.1B	65,000	Goods resold 69%
189	Exelon	Utilities	$24.3B	$19.1B	20,571	Energy & freight 45%
190	BlackRock	Capital markets & asset mgmt	$24.2B	$17.2B	24,900	People 49%
191	Block	Software & internet	$24.2B	$21.1B	10,205	Know-how & reach 64%
192	Adobe	Software & internet	$23.8B	$15.1B	31,360	People 64%
193	Reinsurance Group of America	Insurance & managed care	$22.8B	$21.3B	4,300	Claims & benefits 80%
194	Sherwin-Williams	Materials, chemicals & metals	$23.6B	$19.8B	64,249	Goods made 52%
195	WESCO International	Wholesale distribution	$23.5B	$22.3B	21,000	Goods resold 71%
196	Lear	Automotive	$23.3B	$22.2B	164,300	Goods made 79%
197	Synchrony	Banking & payments	$15.0B	$10.4B	20,000	Claims & benefits 50%
198	Amphenol	Hardware & semiconductors	$23.1B	$17.1B	170,000	Goods made 60%
199	Ross Stores	Retail	$22.8B	$20.0B	107,000	Goods resold 70%
200	Newmont	Materials, chemicals & metals	$22.1B	$11.7B	17,500	Goods made 58%
201	EOG Resources	Energy, oil & gas	$22.6B	$14.6B	3,400	Capital & space 32%
202	State Street	Capital markets & asset mgmt	$13.9B	$10.2B	52,000	People 49%
203	Macy's	Retail	$22.6B	$21.6B	90,134	Goods resold 64%
204	Group 1 Automotive	Retail	$22.6B	$21.6B	20,452	Goods resold 75%
205	CDW	Wholesale distribution	$22.4B	$20.8B	14,800	Goods resold 72%
206	Avnet	Wholesale distribution	$27.6B	$26.8B	15,040	Goods resold 79%
207	Halliburton	Energy, oil & gas	$22.2B	$19.9B	46,000	Goods made 64%
208	Super Micro Computer	Hardware & semiconductors	$39.1B	$36.3B	7,000	Goods made 94%
209	American Electric Power	Utilities	$21.8B	$16.5B	17,581	Energy & freight 43%
210	L3Harris Technologies	Aerospace & defense	$21.9B	$19.7B	45,000	Goods made 50%
211	Becton Dickinson	Pharma, biotech & medtech	$21.8B	$19.3B	72,000	Goods made 28%
212	Carrier Global	Industrial manufacturing	$21.7B	$19.8B	47,000	Goods made 64%
213	BJ's Wholesale Club	Retail	$21.5B	$20.6B	35,000	Goods resold 72%
214	Tenet Healthcare	Healthcare providers	$21.3B	$17.9B	100,000	People 49%
215	Fiserv	Business services	$21.2B	$15.5B	38,000	People 28%
216	Cognizant Technology Solutions	Business services	$21.1B	$17.6B	351,600	People 59%
217	GE HealthCare Technologies	Pharma, biotech & medtech	$20.6B	$17.9B	54,000	People 30%
218	Automatic Data Processing	Business services	$21.9B	$17.9B	67,000	People 34%
219	Colgate-Palmolive	Food, beverage & consumer	$20.4B	$16.0B	33,600	Goods made 39%
220	Carvana	Retail	$20.3B	$18.4B	23,100	Goods resold 74%
221	Altria Group	Food, beverage & consumer	$20.1B	$8.1B	5,900	Know-how & reach 35%
222	Boston Scientific	Pharma, biotech & medtech	$20.1B	$16.1B	59,000	People 32%
223	Cheniere Energy	Energy, oil & gas	$19.6B	$14.3B	1,714	Goods made 81%
224	Parker-Hannifin	Industrial manufacturing	$21.5B	$16.9B	59,850	Goods made 50%
225	Kimberly-Clark	Food, beverage & consumer	$17.2B	$14.7B	36,000	Goods made 59%
226	American Family Insurance Group	Insurance & managed care	$20.0B	$17.5B	17,522	Claims & benefits 65%
227	General Mills	Food, beverage & consumer	$18.4B	$15.6B	30,000	Goods made 63%
228	Edison International	Utilities	$19.3B	$12.2B	13,725	Energy & freight 40%
229	AutoZone	Retail	$20.3B	$16.6B	130,000	Goods resold 58%
230	Ameriprise Financial	Capital markets & asset mgmt	$18.5B	$14.0B	13,600	Know-how & reach 58%
231	Intuit	Software & internet	$21.4B	$15.3B	18,600	Know-how & reach 45%
232	Guardian Life Ins. Co. of America	Insurance & managed care	$14.5B	$12.1B	10,114	Claims & benefits 61%
233	Cleveland-Cliffs	Materials, chemicals & metals	$18.6B	$20.0B	25,000	Goods made 71%
234	Global Partners	Energy, oil & gas	$18.6B	$18.4B	3,265	Goods made 93%
235	Aramark	Business services	$18.5B	$17.7B	278,390	People 44%
236	Corebridge Financial	Insurance & managed care	$18.5B	$19.0B	4,800	Claims & benefits 77%
237	Loews	Insurance & managed care	$18.2B	$15.9B	13,100	Claims & benefits 64%
238	Lam Research	Hardware & semiconductors	$23.2B	$15.0B	23,300	Goods made 62%
239	Goodyear Tire & Rubber	Automotive	$18.3B	$17.6B	63,000	Goods made 61%
240	Pacific Life	Insurance & managed care	$15.4B	$13.9B	4,666	Claims & benefits 78%
241	Auto-Owners Insurance	Insurance & managed care	$18.1B	$14.9B	6,345	Claims & benefits 68%
242	Peter Kiewit Sons'	Construction & real estate	$18.2B	$17.3B	32,000	Goods made 36%
243	Lincoln National	Insurance & managed care	$18.2B	$16.9B	9,423	Claims & benefits 46%
244	Steel Dynamics	Materials, chemicals & metals	$18.2B	$16.7B	14,400	Goods made 80%
245	Emerson Electric	Industrial manufacturing	$18.0B	$14.5B	71,000	Goods made 38%
246	Asbury Automotive Group	Retail	$18.0B	$17.0B	15,000	Goods resold 75%
247	ManpowerGroup	Business services	$18.0B	$17.7B	25,400	People 84%
248	W.W. Grainger	Wholesale distribution	$17.9B	$15.3B	22,100	Goods resold 61%
249	Jones Financial (Edward Jones)	Capital markets & asset mgmt	$17.7B	$15.6B	55,000	People 79%
250	O'Reilly Automotive	Retail	$17.8B	$14.3B	78,258	Goods resold 62%
251	Vistra	Utilities	$17.7B	$15.8B	6,390	Energy & freight 57%
252	Texas Instruments	Hardware & semiconductors	$17.7B	$11.7B	33,000	Goods made 32%
253	MGM Resorts International	Hospitality & leisure	$17.5B	$16.5B	44,000	Goods made 32%
254	Corteva	Materials, chemicals & metals	$17.4B	$14.8B	21,500	Goods made 51%
255	Universal Health Services	Healthcare providers	$17.4B	$15.4B	101,500	People 53%
256	PulteGroup	Construction & real estate	$17.3B	$14.3B	6,506	Goods made 83%
257	Omnicom Group	Business services	$17.3B	$14.7B	120,000	People 61%
258	Dick's Sporting Goods	Retail	$17.2B	$15.9B	31,600	Goods resold 62%
259	Devon Energy	Energy, oil & gas	$17.2B	$13.3B	2,200	Goods made 66%
260	Leidos Holdings	Business services	$17.2B	$15.1B	47,000	People 49%
261	Aflac	Insurance & managed care	$17.4B	$12.8B	12,716	Claims & benefits 83%
262	Targa Resources	Energy, oil & gas	$17.1B	$13.7B	3,570	Goods made 77%
263	Murphy USA	Retail	$19.4B	$18.6B	5,900	Goods resold 84%
264	LPL Financial Holdings	Capital markets & asset mgmt	$5.6B	$4.4B	10,000	People 36%
265	EMCOR Group	Construction & real estate	$17.0B	$15.3B	44,000	Goods made 59%
266	Kinder Morgan	Energy, oil & gas	$16.9B	$12.1B	11,028	Goods made 50%
267	Consolidated Edison	Utilities	$16.9B	$14.0B	15,407	People 30%
268	Keurig Dr Pepper	Food, beverage & consumer	$16.6B	$12.9B	30,600	Goods made 41%
269	Republic Services	Business services	$16.6B	$13.3B	42,000	Know-how & reach 28%
270	Markel Group	Insurance & managed care	$16.6B	$13.9B	22,900	Know-how & reach 42%
271	Farmers Insurance Exchange	Insurance & managed care	$16.6B	$14.4B	-	Claims & benefits 69%
272	Dominion Energy	Utilities	$16.5B	$12.1B	15,200	Energy & freight 40%
273	Land O'Lakes	Food, beverage & consumer	$16.2B	$16.0B	9,004	Goods made 50%
274	IQVIA Holdings	Pharma, biotech & medtech	$16.3B	$14.0B	93,000	People 88%
275	Fox	Media & entertainment	$17.1B	$13.8B	10,550	Know-how & reach 76%
276	AECOM	Construction & real estate	$16.1B	$15.1B	51,000	Goods made 65%
277	C.H. Robinson Worldwide	Transportation & logistics	$16.2B	$15.4B	11,855	Energy & freight 79%
278	Bitgo Holdings	Capital markets & asset mgmt	$199.1M	$222.6M	603	People 47%
279	United Rentals	Construction & real estate	$16.1B	$12.1B	28,500	Know-how & reach 49%
280	Ecolab	Materials, chemicals & metals	$16.1B	$13.2B	48,000	Goods made 51%
281	Illinois Tool Works	Industrial manufacturing	$16.0B	$11.8B	43,000	Goods made 47%
282	Casey's General Stores	Retail	$17.6B	$16.5B	23,490	Goods resold 68%
283	Raymond James Financial	Capital markets & asset mgmt	$14.1B	$11.4B	19,500	People 80%
284	PPG Industries	Materials, chemicals & metals	$15.9B	$13.7B	43,500	Goods made 55%
285	DTE Energy	Utilities	$15.8B	$13.4B	9,650	Energy & freight 64%
286	Corning	Hardware & semiconductors	$15.6B	$13.3B	67,200	Goods made 40%
287	Principal Financial Group	Insurance & managed care	$15.6B	$14.2B	19,700	Claims & benefits 62%
288	Mutual of Omaha	Insurance & managed care	$15.5B	$15.3B	7,594	Claims & benefits 75%
289	Kohl's	Retail	$15.5B	$15.0B	29,000	Goods resold 77%
290	Tractor Supply	Retail	$15.5B	$14.1B	26,000	Goods resold 63%
291	Whirlpool	Industrial manufacturing	$15.5B	$14.8B	41,000	Goods made 77%
292	Fluor	Construction & real estate	$15.5B	$15.9B	17,112	Goods made 87%
293	Gap	Retail	$15.4B	$14.3B	79,000	Goods resold 76%
294	S&P Global	Business services	$15.3B	$8.9B	44,500	Know-how & reach 44%
295	Ally Financial	Banking & payments	$7.9B	$6.9B	10,300	Claims & benefits 30%
296	Builders FirstSource	Wholesale distribution	$15.2B	$14.4B	28,000	Goods resold 64%
297	Sonic Automotive	Retail	$15.2B	$14.6B	11,000	Goods resold 74%
298	Stanley Black & Decker	Industrial manufacturing	$15.1B	$14.0B	43,500	Goods made 59%
299	Kenvue	Food, beverage & consumer	$15.1B	$12.4B	22,000	Goods made 41%
300	Kyndryl Holdings	Business services	$15.1B	$14.5B	72,000	People 28%
301	Diamondback Energy	Energy, oil & gas	$15.0B	$10.1B	1,762	Capital & space 50%
302	EchoStar	Telecom	$15.0B	$15.1B	12,100	Know-how & reach 63%
303	Textron	Aerospace & defense	$14.8B	$13.8B	34,000	Goods made 54%
304	Expedia Group	Hospitality & leisure	$14.7B	$12.6B	16,000	Know-how & reach 83%
305	W.R. Berkley	Insurance & managed care	$14.7B	$12.4B	8,804	Claims & benefits 63%
306	Xcel Energy	Utilities	$14.7B	$11.8B	11,534	Energy & freight 42%
307	FirstEnergy	Utilities	$15.1B	$12.3B	11,186	Energy & freight 43%
308	Erie Insurance Group	Insurance & managed care	$4.1B	$3.4B	6,667	Know-how & reach 100%
309	First Citizens BancShares	Banking & payments	$9.5B	$6.6B	17,876	People 50%
310	Blackstone	Capital markets & asset mgmt	$14.5B	$7.3B	5,285	People 77%
311	Fidelity National Financial	Insurance & managed care	$14.5B	$13.1B	24,535	Know-how & reach 50%
312	Otis Worldwide	Industrial manufacturing	$14.4B	$12.3B	72,000	People 45%
313	Amentum Holdings	Business services	$14.4B	$13.9B	50,000	People 39%
314	Regeneron Pharmaceuticals	Pharma, biotech & medtech	$14.3B	$10.8B	15,410	Know-how & reach 44%
315	Estee Lauder	Food, beverage & consumer	$15.0B	$13.4B	55,000	Know-how & reach 33%
316	BorgWarner	Automotive	$14.3B	$13.8B	37,500	Goods made 70%
317	Northern Trust	Capital markets & asset mgmt	$8.1B	$5.7B	23,800	People 53%
318	Viatris	Pharma, biotech & medtech	$14.3B	$17.0B	30,000	Goods made 29%
319	MasTec	Construction & real estate	$14.3B	$13.6B	36,000	Goods made 66%
320	Reliance	Materials, chemicals & metals	$14.3B	$13.3B	15,700	Goods resold 65%
321	Western & Southern Financial Group	Insurance & managed care	$7.6B	$6.9B	3,500	Claims & benefits 74%
322	Alaska Air Group	Transportation & logistics	$14.2B	$13.9B	35,951	People 36%
323	BrightSpring Health Services	Healthcare providers	$12.9B	$12.6B	23,500	Goods made 33%
324	CSX	Transportation & logistics	$14.1B	$9.6B	23,000	People 34%
325	LKQ	Automotive	$13.9B	$12.8B	44,000	Goods made 58%
326	Labcorp Holdings	Healthcare providers	$14.0B	$12.4B	71,000	People 47%
327	Arthur J. Gallagher	Business services	$13.9B	$11.4B	72,000	People 69%
328	Venture Global	Energy, oil & gas	$13.8B	$8.7B	2,000	Goods made 75%
329	DoorDash	Software & internet	$13.7B	$13.0B	31,400	Know-how & reach 78%
330	Sempra	Utilities	$13.7B	$11.3B	15,938	People 31%
331	DaVita	Healthcare providers	$13.6B	$11.6B	78,000	People 63%
332	Eversource Energy	Utilities	$13.5B	$10.6B	10,731	Energy & freight 40%
333	ServiceNow	Software & internet	$13.3B	$11.5B	29,187	People 68%
334	M&T Bank	Banking & payments	$9.7B	$6.0B	21,839	People 56%
335	Henry Schein	Wholesale distribution	$13.2B	$12.4B	25,000	Goods resold 64%
336	GXO Logistics	Transportation & logistics	$13.2B	$12.8B	105,000	People 46%
337	Ball	Materials, chemicals & metals	$13.2B	$11.8B	16,000	Goods made 75%
338	Unum Group	Insurance & managed care	$13.1B	$12.1B	10,684	Claims & benefits 67%
339	Las Vegas Sands	Hospitality & leisure	$13.0B	$9.9B	41,000	Capital & space 27%
340	Entergy	Utilities	$12.9B	$9.9B	12,233	Energy & freight 36%
341	Fifth Third Bancorp	Banking & payments	$9.0B	$5.8B	18,676	People 48%
342	Graybar Electric	Wholesale distribution	$12.9B	$12.3B	10,000	Goods resold 72%
343	DXC Technology	Business services	$12.6B	$12.4B	115,000	People 38%
344	Alcoa	Materials, chemicals & metals	$12.8B	$12.1B	14,900	Goods made 73%
345	Assurant	Insurance & managed care	$12.8B	$11.7B	14,800	Know-how & reach 31%
346	Ryder System	Transportation & logistics	$12.7B	$11.6B	51,600	People 32%
347	Intercontinental Exchange	Capital markets & asset mgmt	$9.9B	$5.0B	12,844	People 39%
348	Cincinnati Financial	Insurance & managed care	$12.6B	$9.7B	5,705	Claims & benefits 69%
349	Chewy	Retail	$12.6B	$12.3B	18,000	Goods resold 61%
350	Community Health Systems	Healthcare providers	$12.5B	$11.0B	57,000	People 49%
350	Huntington Bancshares	Banking & payments	$8.2B	$5.5B	20,424	People 55%
352	Huntington Ingalls Industries	Aerospace & defense	$12.5B	$11.9B	44,000	Goods made 51%
353	Wayfair	Retail	$12.5B	$12.4B	11,800	Goods resold 77%
354	Lumen Technologies	Telecom	$12.4B	$12.6B	24,000	Know-how & reach 53%
355	Ulta Beauty	Retail	$12.4B	$10.8B	65,000	Goods resold 72%
356	Crown Holdings	Materials, chemicals & metals	$12.4B	$10.7B	23,000	Goods made 76%
357	Airbnb	Hospitality & leisure	$12.2B	$9.7B	8,200	Know-how & reach 63%
358	AES	Utilities	$12.2B	$10.3B	8,336	Goods made 76%
359	Norfolk Southern	Transportation & logistics	$12.2B	$8.2B	19,300	People 36%
360	Public Service Enterprise Group	Utilities	$12.2B	$9.2B	13,189	Energy & freight 45%
361	KLA	Hardware & semiconductors	$13.6B	$7.9B	17,000	Goods made 46%
362	Expand Energy	Energy, oil & gas	$11.6B	$9.6B	1,600	Goods made 42%
363	Hormel Foods	Food, beverage & consumer	$12.1B	$11.4B	20,000	Goods made 76%
364	Darden Restaurants	Hospitality & leisure	$13.2B	$11.6B	209,931	People 36%
365	Citizens Financial Group	Banking & payments	$8.2B	$5.9B	17,398	People 47%
366	Mosaic	Materials, chemicals & metals	$12.1B	$11.0B	13,249	Goods made 76%
367	Hilton Worldwide Holdings	Hospitality & leisure	$12.0B	$9.3B	182,000	People 85%
368	Air Products & Chemicals	Materials, chemicals & metals	$12.0B	$12.9B	21,300	Goods made 52%
369	Jacobs Solutions	Construction & real estate	$12.0B	$11.2B	43,000	People 44%
370	Vertex Pharmaceuticals	Pharma, biotech & medtech	$12.1B	$7.3B	6,400	Know-how & reach 44%
371	J.B. Hunt Transport Services	Transportation & logistics	$12.0B	$11.1B	31,750	Energy & freight 53%
372	Booz Allen Hamilton Holding	Business services	$11.2B	$10.1B	31,500	People 64%
373	Williams	Energy, oil & gas	$11.9B	$7.5B	5,987	Capital & space 31%
374	Chipotle Mexican Grill	Hospitality & leisure	$11.9B	$9.9B	130,301	Goods made 36%
375	Yum China Holdings	Hospitality & leisure	$11.8B	$10.3B	130,000	Goods made 33%
376	Oscar Health	Insurance & managed care	$11.7B	$12.1B	2,305	Claims & benefits 83%
377	Hershey	Food, beverage & consumer	$11.7B	$10.3B	17,550	Goods made 61%
378	Motorola Solutions	Hardware & semiconductors	$11.7B	$8.7B	23,000	Goods made 40%
379	Equitable Holdings	Insurance & managed care	$11.7B	$12.9B	8,000	Claims & benefits 42%
380	Avis Budget Group	Transportation & logistics	$11.7B	$10.4B	25,000	Capital & space 43%
381	Conagra Brands	Food, beverage & consumer	$11.3B	$12.9B	17,400	Goods made 41%
382	Baxter International	Pharma, biotech & medtech	$11.2B	$11.6B	37,500	People 31%
383	Burlington Stores	Retail	$11.6B	$10.7B	83,309	Goods resold 72%
384	Caesars Entertainment	Hospitality & leisure	$11.5B	$9.4B	50,000	People 27%
385	Owens Corning	Industrial manufacturing	$10.1B	$8.4B	25,000	Goods made 57%
386	KeyCorp	Banking & payments	$7.5B	$5.2B	17,226	People 56%
387	Thrivent Financial	Insurance & managed care	$11.1B	$10.5B	3,550	Claims & benefits 77%
388	Westlake	Materials, chemicals & metals	$11.2B	$12.7B	14,600	Goods made 67%
389	Westinghouse Air Brake	Industrial manufacturing	$11.2B	$9.3B	31,000	Goods made 60%
390	Molson Coors Beverage	Food, beverage & consumer	$11.1B	$13.5B	16,200	Goods made 24%
391	Lululemon athletica	Retail	$11.1B	$8.9B	39,000	Goods resold 67%
392	FM (Factory Mutual Insurance Company)	Insurance & managed care	$11.1B	$10.5B	5,500	Claims & benefits 74%
393	Ebay	Software & internet	$11.1B	$8.8B	12,300	Know-how & reach 50%
394	Expeditors Intl. of Washington	Transportation & logistics	$11.1B	$10.0B	20,000	Energy & freight 74%
395	Quest Diagnostics	Healthcare providers	$11.0B	$9.4B	57,000	People 44%
396	Analog Devices	Hardware & semiconductors	$11.0B	$8.1B	24,500	Goods made 33%
397	Andersons	Food, beverage & consumer	$11.0B	$10.9B	2,137	Goods made 54%
398	Gold.com	Wholesale distribution	$25.5B	$25.4B	1,355	Goods resold 84%
399	Toll Brothers	Construction & real estate	$11.0B	$9.2B	4,900	Goods made 81%
400	International Flavors & Fragrances	Materials, chemicals & metals	$10.9B	$10.0B	21,500	Goods made 50%
401	Welltower	Construction & real estate	$10.7B	$10.3B	712	Capital & space 83%
402	Jefferies Financial Group	Capital markets & asset mgmt	$7.3B	$6.5B	7,787	People 60%
403	Autoliv	Automotive	$10.8B	$9.7B	64,300	Goods made 62%
404	Mohawk Industries	Industrial manufacturing	$10.8B	$10.3B	40,500	Goods made 56%
405	Delek US Holdings	Energy, oil & gas	$10.7B	$10.3B	1,902	Goods made 84%
406	Fidelity National Information (FIS)	Business services	$10.7B	$8.9B	44,000	People 28%
407	Accendra Health	Wholesale distribution	$2.8B	$2.5B	6,500	Goods resold 55%
408	American Tower	Construction & real estate	$10.6B	$5.8B	4,866	Capital & space 80%
409	NVR	Construction & real estate	$10.3B	$8.7B	6,300	Goods made 84%
410	Interactive Brokers Group	Capital markets & asset mgmt	$6.2B	$1.4B	3,182	People 44%
411	Oshkosh	Industrial manufacturing	$10.4B	$9.5B	18,400	Goods made 71%
412	Cintas	Business services	$11.3B	$8.7B	48,100	People 55%
413	Campbell's	Food, beverage & consumer	$9.7B	$8.9B	13,500	Goods made 63%
414	Vertiv Holdings	Industrial manufacturing	$10.2B	$8.3B	34,000	Goods made 64%
415	Global Payments	Business services	$7.7B	$6.0B	26,000	People 35%
416	Constellation Brands	Food, beverage & consumer	$9.1B	$6.3B	9,400	Goods made 59%
417	AGCO	Industrial manufacturing	$10.1B	$9.4B	22,000	Goods made 63%
418	Intuitive Surgical	Pharma, biotech & medtech	$10.1B	$7.1B	17,021	People 39%
419	Ace Hardware	Wholesale distribution	$9.5B	$9.2B	12,500	Goods resold 72%
420	Dana	Automotive	$7.5B	$7.3B	26,900	Goods made 68%
421	Biogen	Pharma, biotech & medtech	$9.8B	$7.9B	7,500	Know-how & reach 33%
422	News Corp.	Media & entertainment	$9.0B	$8.0B	21,700	Know-how & reach 49%
423	Concentrix	Business services	$9.8B	$9.2B	455,000	People 41%
424	WEC Energy Group	Utilities	$9.8B	$7.4B	7,151	Energy & freight 44%
425	VF	Retail	$9.6B	$9.0B	26,000	Goods resold 71%
426	Seaboard	Food, beverage & consumer	$9.7B	$9.5B	14,000	Goods made 84%
427	Icahn Enterprises	Energy, oil & gas	$9.4B	$9.4B	15,000	Goods made 78%
428	Regions Financial	Banking & payments	$7.5B	$4.8B	19,969	People 55%
429	Thor Industries	Automotive	$9.6B	$9.4B	19,500	Goods made 73%
430	Workday	Software & internet	$9.6B	$8.5B	21,000	People 70%
431	Celanese	Materials, chemicals & metals	$9.5B	$8.8B	11,434	Goods made 67%
432	Western Digital	Hardware & semiconductors	$12.9B	$8.5B	40,000	Goods made 70%
433	QVC Group	Retail	$8.3B	$10.3B	16,900	Goods resold 53%
434	Zoetis	Pharma, biotech & medtech	$9.5B	$5.9B	14,500	Know-how & reach 29%
435	CenterPoint Energy	Utilities	$9.4B	$7.2B	8,794	Energy & freight 29%
436	Equinix	Construction & real estate	$9.3B	$7.4B	13,716	People 31%
437	Palo Alto Networks	Software & internet	$11.5B	$10.8B	21,921	People 60%
438	APA	Energy, oil & gas	$8.9B	$6.2B	1,791	Goods made 45%
439	Old Republic International	Insurance & managed care	$9.1B	$7.9B	9,500	Claims & benefits 57%
440	Comfort Systems USA	Construction & real estate	$9.1B	$7.8B	22,700	Goods made 65%
441	JetBlue Airways	Transportation & logistics	$9.1B	$9.4B	19,647	People 37%
442	PPL	Utilities	$9.0B	$6.9B	6,546	Energy & freight 40%
443	Xylem	Industrial manufacturing	$9.0B	$7.8B	22,000	Goods made 49%
444	Arista Networks	Hardware & semiconductors	$9.0B	$5.1B	5,115	Goods made 46%
445	Packaging Corp. of America	Materials, chemicals & metals	$9.0B	$7.7B	16,800	Goods made 61%
446	PVH	Retail	$9.0B	$8.3B	26,000	Goods resold 74%
447	Ovintiv	Energy, oil & gas	$8.7B	$6.8B	1,465	Goods made 57%
448	Avery Dennison	Materials, chemicals & metals	$8.9B	$7.8B	35,000	Goods made 71%
449	TransDigm Group	Aerospace & defense	$8.8B	$4.7B	16,500	Goods made 46%
450	Sprouts Farmers Market	Retail	$8.8B	$8.1B	36,000	Goods resold 67%
451	Prologis	Construction & real estate	$8.8B	$5.3B	2,802	Capital & space 87%
452	Franklin Templeton	Capital markets & asset mgmt	$8.8B	$8.2B	9,800	People 47%
453	Eastman Chemical	Materials, chemicals & metals	$8.8B	$7.8B	13,000	Goods made 62%
454	ABM Industries	Business services	$8.7B	$8.4B	113,000	People 71%
455	NOV	Energy, oil & gas	$8.7B	$8.2B	31,605	Goods made 51%
456	J.M. Smucker	Food, beverage & consumer	$9.1B	$7.7B	8,000	Goods made 64%
457	Securian Financial Group	Insurance & managed care	$8.2B	$7.9B	6,413	Claims & benefits 70%
458	EQT	Energy, oil & gas	$9.1B	$5.9B	1,523	Capital & space 44%
459	CACI International	Business services	$9.6B	$8.6B	27,000	People 51%
460	Graphic Packaging Holding	Materials, chemicals & metals	$8.6B	$7.7B	23,000	Goods made 64%
461	Advance Auto Parts	Retail	$8.6B	$8.4B	28,274	Goods resold 73%
462	Optimum Communications	Telecom	$8.6B	$7.0B	9,500	Know-how & reach 38%
463	Sirius XM Holdings	Media & entertainment	$8.6B	$7.1B	5,119	Know-how & reach 64%
464	CMS Energy	Utilities	$8.5B	$6.8B	8,350	Energy & freight 48%
465	Hertz Global Holdings	Transportation & logistics	$8.5B	$8.5B	26,000	Know-how & reach 65%
466	Ameren	Utilities	$8.8B	$6.8B	8,913	Energy & freight 39%
467	Rockwell Automation	Industrial manufacturing	$8.3B	$6.9B	26,000	Goods made 45%
468	Solventum	Pharma, biotech & medtech	$8.3B	$6.1B	10,000	Know-how & reach 33%
469	Monster Beverage	Food, beverage & consumer	$8.3B	$5.9B	6,891	Goods made 47%
470	Nasdaq	Capital markets & asset mgmt	$5.2B	$2.9B	9,525	People 48%
471	Howmet Aerospace	Aerospace & defense	$8.3B	$6.1B	25,430	Goods made 57%
472	Insight Enterprises	Wholesale distribution	$8.2B	$7.9B	14,505	Goods resold 70%
473	Zimmer Biomet Holdings	Pharma, biotech & medtech	$8.2B	$6.9B	17,000	People 26%
474	Yum Brands	Hospitality & leisure	$8.2B	$5.7B	49,000	Know-how & reach 32%
475	Fastenal	Wholesale distribution	$8.2B	$6.5B	24,489	Goods resold 70%
476	Marvell Technology	Hardware & semiconductors	$8.2B	$6.9B	7,480	Goods made 31%
477	Voya Financial	Insurance & managed care	$8.2B	$7.4B	11,000	Claims & benefits 46%
478	American Financial Group	Insurance & managed care	$8.1B	$7.0B	8,500	Claims & benefits 67%
479	Post Holdings	Food, beverage & consumer	$8.2B	$7.3B	13,180	Goods made 58%
480	XPO	Transportation & logistics	$8.2B	$7.4B	22,500	People 46%
481	DuPont	Materials, chemicals & metals	$6.8B	$6.0B	15,000	Goods made 49%
482	Sanmina	Hardware & semiconductors	$8.1B	$7.8B	39,000	Goods made 86%
483	Taylor Morrison Home	Construction & real estate	$8.1B	$7.0B	3,000	Goods made 83%
484	Dover	Industrial manufacturing	$8.1B	$6.7B	24,000	Goods made 50%
485	Vulcan Materials	Materials, chemicals & metals	$7.9B	$6.3B	11,172	Goods made 56%
486	APi Group	Construction & real estate	$7.9B	$7.4B	29,000	Goods made 44%
487	Roper Technologies	Software & internet	$7.9B	$5.7B	19,400	People 45%
488	KBR	Business services	$7.8B	$7.2B	36,000	People 56%
489	Sonoco Products	Materials, chemicals & metals	$7.5B	$6.8B	22,000	Goods made 56%
490	Williams-Sonoma	Retail	$7.8B	$6.4B	19,800	Goods resold 73%
491	Commercial Metals	Materials, chemicals & metals	$7.8B	$7.3B	12,690	Goods made 70%
492	Moody's	Business services	$7.7B	$4.3B	16,076	People 61%
493	Continental Resources	Energy, oil & gas	$7.7B	$4.8B	1,378	Capital & space 56%
494	Ingersoll Rand	Industrial manufacturing	$7.7B	$6.2B	21,000	Goods made 51%
495	Core & Main	Wholesale distribution	$7.6B	$6.9B	5,600	Goods resold 69%
496	Coterra Energy	Energy, oil & gas	$7.6B	$5.2B	1,075	Capital & space 46%
497	Primoris Services	Construction & real estate	$7.6B	$7.2B	3,055	Goods made 90%
498	Masco	Industrial manufacturing	$7.6B	$6.3B	18,000	Goods made 61%
499	Somnigroup International	Retail	$7.5B	$6.5B	19,000	Goods resold 67%
500	Resideo Technologies	Wholesale distribution	$7.5B	$6.8B	14,800	Goods resold 67%