Massachusetts’ economy is largely made up of technological research and development and the service sector. This is a major change from the 17th and 18th century, when agricultural and maritime trade was the biggest contributor to the state’s GDP. After losing pace due to the coronavirus pandemic, Massachusetts’ economy is now back on track. In Q4 2020, the Massachusetts real GDP (gross domestic product) increased by 7.9%, compared to a 4% increase in the U.S. GDP. Let’s take a look at the ten most profitable companies in Massachusetts.
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Ten Most Profitable Companies In Massachusetts
We have referred to the latest available profit figures to come up with the ten most profitable companies in Massachusetts. Following are the ten most profitable companies in Massachusetts:
Keurig Dr Pepper ($1,254 million)
Founded in 2018, this company makes and markets non-alcoholic beverages. Keurig Dr Pepper has the following business segments: Beverage Concentrates, Latin America Beverages, Packaged Beverages and Coffee Systems. Keurig Dr Pepper shares are up over 6% YTD and more than 15% in the last one year. The company reported revenue of $11.62 billion in 2020, up from $11.12 billion in 2019. Keurig Dr Pepper has its headquarters in Burlington, Mass.
Analog Devices ($1,363 million)
Founded in 1965, this company designs, makes and markets ICs (integrated circuits). The company offers its products for medical imaging equipment, industrial process control systems, patient vital signs monitoring devices, and more. Analog Devices shares are up over 15% YTD and more than 45% in the last one year. The company reported revenue of $5.6 billion in 2020, down from $5.99 billion in 2019. Analog Devices is headquartered in Wilmington, Mass.
American Tower ($1,887 million)
Founded in 1995, it offers real estate investment services. The company owns, operates, and develops multitenant communications real estate properties. American Tower has the following business segments: Asia-Pacific, Africa, Latin America, U.S. & Canada, Europe and Service. American Tower shares are up over 25% YTD and more than 10% in the last one year. The company reported revenue of $8.04 billion in 2020, up from $7.58 billion in 2019. American Tower has its headquarters in Boston.
State Street ($2,242 million)
Founded in 1969, it is a financial holding company that carries its business through State Street Bank. State Street has the following business segments: Investment Management and Investment Servicing. State Street shares are up over 22% YTD and more than 27% in the last one year. The company reported revenue of $2.58 billion in 2020, down from $3.94 billion in 2019. State Street is headquartered in Boston.
TJX ($3,272 million)
Founded in 1976, this company sells off-price apparel and home fashion products. TJX has the following business segments: TJX International, HomeGoods, Marmaxx and TJX Canada. TJX shares are up over 1% YTD and more than 22% in the last one year. The company reported revenue of $32.14 billion in 2020, down from $41.72 billion in 2019. TJX has its headquarters in Framingham, Mass.
Thermo Fisher Scientific ($3,696 million)
Founded in 1960, this company offers analytical equipment, reagents, software, services and instruments for the purpose of research, diagnostics, discovery and analysis. Thermo Fisher has the following business segments: Laboratory Products and Services, Analytical Instruments, Specialty Diagnostics and Life Sciences Solutions. Thermo Fisher Scientific shares are up over 15% YTD and more than 30% in the last one year. The company reported revenue of $32.22 billion in 2020, up from $25.54 billion in 2019. Thermo Fisher Scientific is headquartered in Waltham, Mass.
Massachusetts Mutual Life Insurance ($3,700 million)
Founded in 1851, it is a life insurance company that offers several products, including life insurance, term care insurance, annuities, disability income insurance, retirement/401(k) plan services, and more. Also known as MassMutual, it is a private company that is headquartered in Springfield, Mass. MassMutual employs more than 7,000 employees.
Boston Scientific ($4,700 million)
Founded in 1979, this company develops, makes and markets medical devices useful in interventional medical specialties. Boston Scientific has the following business segments: MedSurg, Rhythm and Neuro and Cardiovascular. Boston Scientific shares are up over 24% YTD and more than 14% in the last one year. The company reported revenue of $9.91 billion in 2020, down from $10.74 billion in 2019. Boston Scientific has its headquarters in Marlborough, Mass.
Raytheon Technologies ($5,537 million)
Founded in 2020, this company deals in aerospace and defense systems, as well as offer services to commercial, military, and government clients. Raytheon has the following business segments: Collins Aerospace Systems, Raytheon Intelligence and Space, Raytheon Missiles and Defense, and Pratt and Whitney. Raytheon’s shares are up over 22% YTD and more than 35% in the last one year. The company reported revenue of $56.67 billion in 2020, up from $45.4 billion in 2019.
Biogen ($5,888 million)
Founded in 1978, it is a biopharmaceutical company that discovers, develops and delivers therapies for neurological and neurodegenerative diseases. Biogen shares are up over 38% YTD and more than 13% in the last one year. The company reported revenue of $12.36 billion in 2020, down from $12.71 billion in 2019. Biogen is headquartered in Cambridge, Mass.