The 30th annual report Star Tribune 50

The effects of the pandemic have not been even across all companies. The three largest companies on the list — UnitedHealth, Target and Best Buy — fared the best, collectively adding $398 billion in revenue as they adapted to major trends in retail and health care that have played out in the previous year. Together, the big three’s sales were up 9.4% over 2019, while nearly half of the remaining companies lost revenue.–165696877/–165696877/–165696877/–165696877/–165696877/–165696877/–165696877/–165696877/

Even the top three, though, saw some effects from the pandemic. Target and UnitedHealth had to add employees last year as a shift to online ordering and safety measures in retail and an expansion in the health services businesses required more resources. As e-commerce continued to change retail, Best Buy ended the year with employment falling more than 18%. Companies managed their costs and liquidity through the pandemic, but collectively, the 50 companies saw net income decline more than 12% as the broader economy was hurt by COVID-19. The stock market showed the earliest and most sustained recovery of the pandemic. With market cap measured from April 30, 2020, to April 30, 2021, only two companies saw their market capitalization decrease. The market was also conducive to initial public offerings, adding four new companies to the list via IPOs.

The Star Tribune 50 is a measure of the largest publicly held companies in Minnesota ranked by 2020 revenue. Numbers for companies that don’t have a Dec. 31 year-end are from the four quarters ending November, December, January or February. Another 26 companies were considered but whose revenues were too small for the list. Data for the 50 largest companies also includes each company’s net income before extraordinary items, assets and market capitalization as of April 30. Data for the list was taken from Refinitiv, Yahoo Finance, company news releases and Securities and Exchange Commission filings.

The list excludes public companies that do not trade on major exchanges, closely held companies, which usually do not disclose financial data, cooperatives and fraternal benefits organizations. Companies that were delayed filing year-end results were also excluded. Companies who have management headquarters in Minnesota, including Medtronic, Pentair, nVent Electric, Investors Real Estate Trust, and Winnebago Industries are included.

Star Tribune graphic: Patrick Kennedy, Thomas Oide

Next Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe in a reader