Some Arizona companies gain, others drop on latest Fortune 500 list
Arizona registered 10 companies on the latest Fortune 500 list of the nation’s largest public companies. Several other companies were close to cracking the prestigious annual ranking, based on revenue.
Leading the way for the Grand Canyon State was No. 157 Avnet Inc., which also happens to be the largest public company in the state, according to Business Journal research. According to Fortune, Avnet’s revenue of $26.53 billion (as of June 30, 2023) grew by 9.20%, and the company rose six spots on the list since last year.
Behind Avnet was Phoenix-based mining giant Freeport-McMoRan Inc. at No. 178, the only other Arizona company in the top half of the list. Freeport’s revenue figure of $22.85 billion was just a slight 0.3% higher for the year, and its profits were down 46.7%. The company fell seven spots on the list from last year.
Arizona’s next companies in the top 500 were No. 276 Phoenix-based Republic Services Inc., which leapt up 33 spots with 10.8% revenue growth, and No. 280 Scottsdale-based Reliance Inc., which fell 33 spots after revenue dropped 13%.
Tempe-based Carvana, at No. 377, saw revenue growth of more than 20%, but it plummeted 69 spots in the rankings. No. 427, Chandler-based Insight Enterprises Inc., dropped 48 spots with revenue that was down 12%. Another Chandler company, Microchip Technology Inc. – whose revenue was up 23.7% – made a big leap of 75 spots to No. 447 to earn its place in the top 500.
Rounding out the top companies for Arizona were No. 452 ON Semiconductor Corp., or Onsemi, No. 483 Scottsdale-based Taylor Morrison Home Corp. and No. 495 Phoenix-based Knight-Swift Transportation Holdings Inc.
The top five companies on the list nationally were Walmart, Amazon, Apple, UnitedHealth Group and Berkshire Hathaway.
Several Arizona companies found themselves not too far from the top 500 on the list: No. 520 Phoenix-based Sprouts Farmer’s Market (up 21 spots); No. 540 Tempe-based Amkor Technology (down 32 spots); No. 553 Scottsdale-based Resideo Technologies (down seven spots); No. 560 Scottsdale-based Meritage Homes (down three spots) and No. 588 Scottsdale-based Carlisle Companies Inc. (down 58 spots).
Fortune’s ranking is in its 70th year. The magazine said that the top 500 companies on its list represent two-thirds of the U.S. gross domestic product with revenues that total $18.8 trillion, along with profits of $1.7 trillion.