Minnesota Lands 17 Companies On Fortune 500 List, 2 More Than Last Year

The number of Minnesota companies in the Fortune 500 has risen from the 15 that made the list last year. In Fortune's 2024 ranking, the state jumped up to 17 publicly traded companies making the cut.

UnitedHealth Group, headquartered in Minnetonka, ranked the highest of all Minnesota companies again this year, rising one spot to 4th with a 2023 revenue of $371.6 billion, up from $324.1 billion the year prior.

Minnesota gained two companies on the list, Securian Financial, which fell off the list in 2023, and Fastenal.

Among the state's biggest risers were U.S. Bancorp, which climbed 43 spots to 107th, and Ameriprise Financial, which rose 35 spots to 254th.

At the other end of the spectrum, Eden Prairie's C.H. Robinson fell more spots than any other Minnesota company, dropping 73 to 233rd. Other companies that slid in this year's ranking include Best Buy, 3M, Xcel Energy, Hormel Foods.

Here are all the Minnesota companies that landed inside the Fortune 500 (Revenue in parenthesis).

• 4: UnitedHealth Group ($371.6 billion; last year 5th)
• 37: Target ($107.4 billion; last year 33rd)
• 97: CHS ($45.5 billion; last year 90th)
• 100: Best Buy ($43.5 billion; last year 94th)
• 107: U.S. Bancorp ($40.6 billion; last year 149th)
• 134: 3M ($32.7 billion; last year 116th)
• 203: General Mills ($20.1 billion; last year 219th)
• 233: C.H. Robinson ($17.6 billion; last year 160th)
• 245: Land O'Lakes ($16.8 billion; last year 213th)
• 254: Ameriprise Financial ($16.1 billion; last year 289th)
• 269: Ecolab ($15.3 billion; last year 293rd)
• 302: Xcel Energy ($14.2 billion; last year 271st)
• 343 Hormel Foods ($12.1 billion; last year 330th)
• 405: Thrivent Financial for Lutherans ($9.7 billion; last year 412th)
• 431: Polaris ($9 billion; last year 424th)
• 462: Securian Financial Group ($8 billion; last year 567th)
• 488: Fastenal ($7.3 billion; last year 525th)
• Three of those companies — 3M, General Mills, and Hormel Foods— rank among the 49 companies that have made the Fortune 500 in all 70 years the publication has released its ranking.
• Outside the top 500, Minnesota had another eight companies in the top 1,000.
• 509: APi Group ($7 billion; last year 533rd)
• 542 Patterson ($6.4 billion; last year 536th)
• 682: Toro ($4.6 billion; last year 694th)
• 814: H.B. Fuller ($3.5 billion; last year 781st)
• 816: Winnebago Industries ($3.5 billion; last year 654th)
• 831: Donaldson ($3.4 billion; last year 851st)
• 872: Federated Mutual Insurance ($3.1 billion; last year 912th)
• 878: Vista Outdoor ($3.1 billion; last year 885th)

Overall, while Securian and Fastenal cracking the top 500 gives Minnesota a positive spin, there is one less Minnesota company in the top 1,000, with Bright Health falling off the list entirely.

Nonetheless, Minnesota continues to punch above its weight, with more companies outright and per capita than most other Midwestern states, with the exception of Illinois' 32.

Here's a look at how many companies other regional states had in the Fortune 500, with the number of companies in the top 1,000 in parenthesis.

• Illinois: 32 (58)
• Minnesota: 17 (25)
• Michigan: 16 (28)
• Wisconsin: 8 (22)
• Indiana: 8 (20)
• Missouri: 7 (20)
• Nebraska: 4 (8)
• Iowa: 2 (3)
• North Dakota: 0 (3)
• South Dakota: 0 (0)

SOURCE: Bring Me The News