In this article, we will be taking a look at the 20 biggest Ohio companies and stocks.
The seventh most populous state in the U.S., Ohio has a GDP of over $656 billion. If it was a country, Ohio would be in the top 26 countries in the world ranked by GDP. In 2013, the state was ranked among the top 10 states for best business climate by Site Selection. It is also among the biggest states in the U.S. in terms of manufacturing, home to more than 12,000 manufacturers.
Recognizing its allure for business headquarters, Ohio has taken significant actions to ensure that it continues to be an attractive proposition for companies. The state also offers performance-based incentives which are in place to assist companies that are either starting, relocating or expanding operations in Ohio. Some of these incentives include the job creation tax credit, which is a tax credit based on performance which is calculated as a percentage of the company’s total payroll and credit is set against its commercial tax liability. Another such tax break is the DataCenter tax abatement, which allows a company to take advantage of either a partial of full sales tax exemption if you purchase eligible data center equipment. According to PwC, the state has also modified and enacted new tax incentive programs in the 2022 – 2023 budget such as allowing work from home employees to qualify for tax credits while taxpayers that qualify for megaprojects can receive additional tax benefits, which is great news for the 20 biggest Ohio companies and stocks.
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In addition to these tax credits, there are several loan and grant programs that companies can utilize especially for the development of emerging technologies and products and for businesses which are owned by minorities in the state. Recently, the Ohio Chamber of Commerce has been working on a proposal for a public private partnership that would provide incentives for people and corporations to move here.
The job market in Ohio is strong too, even though there’s still room for improvement. In August 2022 alone, the state added 7,500 jobs, adding more than 80,000 jobs over the past 12 months. Ohio’s labor participation is close to 62%, while its unemployment rate is just 4.2% with total employment being over 5.5 million jobs, a strong recovery after total employment fell to under 4.8 million in April 2020 when the pandemic hit. The state is just over 100,000 jobs short of pre-pandemic levels.
The 20 biggest Ohio companies and stocks include some of the biggest companies in the country. They have a combined revenue of more than $785 billion and a market cap exceeding $800 billion. We have taken revenue statistics from the latest Fortune 500 data while market cap has been taken from Yahoo Finance. Where a company isn’t listed, we have considered its ranking based on its revenue alone; for all other companies, we have apportioned 70% weightage to revenue and 30% to market cap. We will also be discussing the 2022 performance of the stock price of listed companies below. Overall, despite some stocks performing really well, 2022 has been a terrible year for stocks as rising inflation and interest rates, combined with an imminent recessions, the biggest Ohio stocks have on average lost 4% in share price over the past year. Now, let’s continue to find out some of the biggest employers in the state, starting with number 20:
20. Bath & Body Works, Inc. (NYSE:BBWI)
Total revenue (in millions): $,7882
Total market cap as at 2nd Jan 2023 (in millions): $9,625
Bath & Body Works, Inc. (NYSE:BBWI) is one of the biggest Ohio companies and stocks and one of the most recognizable brands in the U.S. In July 2022, Bath & Body Works, Inc. (NYSE:BBWI) lowered its second quarter and full year sales guidance, citing inflation which led to its share price falling to its lowest point in 2022. While the share price of Bath & Body Works, Inc. (NYSE:BBWI) recovered since, it has still lost over 42% in 2022 alone.
19. The J. M. Smucker Company (NYSE:SJM)
Total revenue (in millions): $8,003
Total market cap as at 2nd Jan 2023 (in millions): $16,898
The J. M. Smucker Company (NYSE:SJM) is one of the biggest food and beverages company in the U.S. including consumer foods and pet foods. In 2022, The J. M. Smucker Company (NYSE:SJM) saw its share price rise by nearly 16% with sales in 2022 totaling $8 billion. 71% of The J. M. Smucker Company’s (NYSE:SJM) portfolio has either grown or maintained market share.
18. Owens Corning (NYSE:OC)
Total revenue (in millions): $8,498
Total market cap as at 2nd Jan 2023 (in millions): $8,059
Owens Corning (NYSE:OC) is engaged in the general building materials business and currently has over 20,000 employees. Owens Corning (NYSE:OC) recorded revenue of $2.1 billion in 2021 despite seeing its share price declining by 5% in 2022.
17. Dana Incorporated (NYSE:DAN)
Total revenue (in millions): $8,945
Total market cap as at 2nd Jan 2023 (in millions): $2,169
Dana Incorporated (NYSE:DAN) provides various parts and equipment for conventional, electric and hybrid vehicles. Dana Incorporated (NYSE:DAN) has operates in more than 30 countries with over 33,000 employees. Dana Incorporated (NYSE:DAN) has had a poor 2022 losing more than 34% of its share price, but reported a strong Q3 2022 which bodes well for its future.
16. Fifth Third Bancorp (NASDAQ:FITB)
Total revenue (in millions): $8,329
Total market cap as at 2nd Jan 2023 (in millions): $22,418
Fifth Third Bancorp (NASDAQ:FITB) is one of the largest banks in the Midwest, with more than 1,100 branches and 50,000 ATMs in nearly a dozen states. Fifth Third Bancorp (NASDAQ:FITB) currently has nearly 20,000 employees and gained 7% in share price in 2022.
15. Western & Southern Financial Group
Total revenue (in millions): $9,442
Total market cap as at 2nd Jan 2023 (in millions): N/A
Western & Southern Financial Group is a financial services company which recently received a AA- Very Strong rating from Standard & Poors.
14. The Andersons, Inc. (NASDAQ:ANDE)
Total revenue (in millions): $12,729
Total market cap as at 2nd Jan 2023 (in millions): $1,172
The Andersons, Inc. (NASDAQ:ANDE) is the biggest agribusiness company in Ohio. Losing around 11% of its stock price in 2022, The Andersons, Inc. (NASDAQ:ANDE) has recently also been in the news for a major fire that burned its corn storage facility in Hemlock.
13. Cincinnati Financial Corporation (NASDAQ:CINF)
Total revenue (in millions): $9,630
Total market cap as at 2nd Jan 2023 (in millions): $16,094
Cincinnati Financial Corporation (NASDAQ:CINF) is one of the biggest finance companies in Ohio, and is easily counted among the biggest Ohio companies and stocks. In 2022, Cincinnati Financial Corporation (NASDAQ:CINF) declined by over 10% with H2 being particularly tough. Multiple insiders have purchased Cincinnati Financial Corporation (NASDAQ:CINF) in 2022 which shows that there is a good potential for the stock to grow in 2023.
12. FirstEnergy Corp. (NYSE:FE)
Total revenue (in millions): $10,758
Total market cap as at 2nd Jan 2023 (in millions): $23,979
FirstEnergy Corp. (NYSE:FE) is an electric utility company and serves more than 6 million customers in several states. FirstEnergy Corp. (NYSE:FE) earned goodwill during the pandemic when it declared that it would not shut off power to those customers who had failed to pay bills. Recently, an audit by Pennsylvania Public Utilities Commission audit revealed that FirstEnergy Corp. (NYSE:FE) charged inappropriate costs to the tune of $2.4 million to customers in Pennsylvania.
11. The Goodyear Tire & Rubber Company (NASDAQ:GT)
Total revenue (in millions): $17,478
Total market cap as at 2nd Jan 2023 (in millions): $2,871
The Goodyear Tire & Rubber Company (NASDAQ:GT) manufactures tires for all kinds of vehicles and is the most successful tire supplier in F1 history. The Goodyear Tire & Rubber Company (NASDAQ:GT) was also the first tire company to enter China. 2022 has been a tough year for The Goodyear Tire & Rubber Company (NASDAQ:GT) which lost over half its share price over the year.
10. Parker-Hannifin Corporation (NYSE:PH)
Total revenue (in millions): $14,348
Total market cap as at 2nd Jan 2023 (in millions): $37,366
Parker-Hannifin Corporation (NYSE:PH) is a motion and control technology company, and is one of the biggest companies in motion control technology. Globally, Parker-Hannifin Corporation (NYSE:PH) has around 55,000 employees and is one of the biggest employers in Ohio.
9. Cleveland-Cliffs Inc. (NYSE:CLF)
Total revenue (in millions): $20,444
Total market cap as at 2nd Jan 2023 (in millions): $8,302
Cleveland-Cliffs Inc. (NYSE:CLF) is Ohio’s biggest steelmaking and iron ore company, not to mention that it’s the biggest flat-rolled steel producer in the U.S. After a strong H1 2022, Cleveland-Cliffs Inc. (NYSE:CLF) saw its share price plummet in H2, especially after its third quarter earnings were lower than expected.
8. American Electric Power Company, Inc. (NASDAQ:AEP)
Total revenue (in millions): $16,792
Total market cap as at 2nd Jan 2023 (in millions): $48,791
American Electric Power Company, Inc. (NASDAQ:AEP) is an electric utility company which has over five million customers in eleven states. Owner of the largest electricity transmission company in the U.S., American Electric Power Company, Inc. (NASDAQ:AEP) is also among the biggest Ohio companies and stocks. In 2022, American Electric Power Company, Inc. (NASDAQ:AEP) saw its share price rise by over 7% though recently their has been a significant increase in short positions in the company.
7. The Sherwin-Williams Company (NYSE:SHW)
Total revenue (in millions): $19,945
Total market cap as at 2nd Jan 2023 (in millions): $61,502
The Sherwin-Williams Company (NYSE:SHW), a paint and coating manufacturing company, has operations in over 120 countries globally. However, The Sherwin-Williams Company (NYSE:SHW) has had a poor 2022 with its share price dropping by more than 30%. Recently, The Sherwin-Williams Company (NYSE:SHW) sold a 90% stake in its new headquarters for around $210 million.
6. Nationwide
Total revenue (in millions): $47,376
Total market cap as at 2nd Jan 2023 (in millions): N/A
Nationwide Mutual Insurance Company is one of only two non-listed companies among the 20 biggest Ohio companies and stocks and currently has over 25,000 employees.
5. The Kroger Co. (NYSE:KR)
Total revenue (in millions): $137,888
Total market cap as at 2nd Jan 2023 (in millions): $31,911
The Kroger Co. (NYSE:KR) is one of the oldest companies in Ohio, having been founded in 1883 and currently operates over 2,800 stores. In addition, The Kroger Co. (NYSE:KR) is also the biggest employer in the state, with more than 465,000 employees. The largest supermarket chain in the world, The Kroger Co.’s (NYSE:KR) share price has stayed almost the same across 2022.
4. The Progressive Corporation (NYSE:PGR)
Total revenue (in millions): $47,702
Total market cap as at 2nd Jan 2023 (in millions): $75,880
One of the biggest insurance companies in the country, The Progressive Corporation (NYSE:PGR) is easily among the biggest Ohio companies and stocks. The Progressive Corporation (NYSE:PGR) is mainly focused on auto insurance but also provides home and life insurance among other products. In 2022, The Progressive Corporation (NYSE:PGR) saw its share price rise by over 27%.
3. Cardinal Health, Inc. (NYSE:CAH)
Total revenue (in millions): $162,467
Total market cap as at 2nd Jan 2023 (in millions): $20,150
In terms of revenue, Cardinal Health, Inc. (NYSE:CAH) is the biggest company in terms of revenue headquartered in Ohio. Currently, Cardinal Health, Inc. (NYSE:CAH) has close to 50,000 employees. While Cardinal Health, Inc. (NYSE:CAH) has outperformed the S&P 500 by a large margin in 2022, over a longer term (from late 2017 onwards), the company has actually underperformed the S&P 500.
2. The Procter & Gamble Company (NYSE:PG)
Total revenue (in millions): $76,118
Total market cap as at 2nd Jan 2023 (in millions): $359,152
One of the largest FMCG companies in the world, The Procter & Gamble Company (NYSE:PG) is also one of the largest employers in Ohio. In 2022, The Procter & Gamble Company (NYSE:PG) saw its share price fall to its lowest level in October before increasing in the last quarter to close the year at a loss of 7%. While most companies have stopped operations in Russia after its invasion of Ukraine, The Procter & Gamble Company (NYSE:PG) has continued operating two major factories in the country.
1. Marathon Petroleum Corporation (NYSE:MPC)
Total revenue (in millions): $141,032
Total market cap as at 2nd Jan 2023 (in millions): $54,547
Topping the list of the 20 biggest Ohio companies and stocks is Marathon Petroleum Corporation (NYSE:MPC), one of the largest oil companies in the world. Marathon Petroleum Corporation (NYSE:MPC) has been one of the outstanding performers of 2022, with its share price increasing by more than 77%. Recently, Marathon Petroleum Corporation (NYSE:MPC) set a refining industry record when six of its refineries earned efficiency certifications from the EPA.
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Disclosure: None. 20 Biggest Ohio Companies and Stocks is originally published at Insider Monkey.
