5 Biggest Companies Headquartered in Massachusetts by Revenue (2021)

Written by Ricky Nave in Money Maps & Rankings

These are the five largest companies headquartered in Massachusetts by 2021 revenue.

#1 General Electric ($74 Billion)

Summary: GE is an aviation, healthcare, and energy company that generated $74 billion in revenue in 2021 but actually plans to split into three separate companies during 2023 and 2024.

General Electric (NYSE: GE) is a tech & industrial company that operates across four business segments:

  • Aviation — Including the manufacturing of commercial and military aircraft engines
  • Healthcare — Including the manufacutring and distribution of radioactive medical imaging agents
  • Renewable Energy — Including the manufacturing of windmills and other renewable energy generation equipment
  • Power — Including equipment for energy production from gas, steam, and nuclear plants
Steam turbines bound for Algeria are manufactured at General Electric in Schenectady, N.Y. (General Electric)

Note: In November 2021, the company announced plans to spin off and split into three separate public companies focused on aviation, healthcare, and energy. In July 2022, the company announced these three companies would be named GE HealthCare, GE Aerospace, and GE Vernova (energy).

GE plans to execute the tax-free spin-off of GE HealthCare in early 2023 and the tax-free spin-off of GE Vernova in early 2024, at which point the remaining company will be renamed GE Aerospace. GE Aerospace would own the GE trademark but would provide long-term licenses to the other companies. What happens to names of GE HealthCare and GE Vernova if/when those licenses expire? Who knows. Maybe they will merge with or be acquired by other companies before then.

Official Company NameGENERAL ELECTRIC COMPANY
State of IncorporationNew York
Address of Principal Executive Offices5 Necco Street
Boston, MA 02210
2021 Annual Report10-K
Investor Relations WebsiteInvestor Relations

#2 Raytheon ($64 Billion)

Summary: Raytheon Technologies Corporation is an aerospace and defense contractor that is the result of a merger between United Technologies Corporation (UTC) and the original Raytheon Company after UTC spun off Carrier Global and Otis Worldwide in 2020. Raytheon Technologies generated $64 billion in revenue in 2021.

Raytheon Technologies Corporation (NYSE: RTX) is an aerospace and defense company which is actually the renamed United Technologies Corporation (UTC) after UTC spun off Carrier Global and Otis Worldwide as separate publicly traded companies and then merged with “Raytheon Company” which now exists as a subsidiary of “Raytheon Technologies Corporation”. The new Raytheon Technologies Corporation operates with four principal business segments:

  • Collins Aerospace Systems
  • Pratt & Whitney
  • Raytheon Intelligence & Space
  • Raytheon Missiles & Defense
Official Company NameRAYTHEON TECHNOLOGIES CORPORATION
State of IncorporationDelaware
Address of Principal Executive Offices870 Winter Street
Waltham, Massachusetts 02451
2021 Annual Report10-K
Investor Relations WebsiteInvestor Relations

#3 The TJX Companies ($49 Billion)

The TJX Companies (NYSE: TJX) is a global apparel retail company that owns T.J. Maxx, T.K. Maxx, Marshalls, Sierra, HomeGoods, and HomeSense. The company operates almost 4,700 stores across all its brands and generated $48.55 billion in revenue in 2021.

Official Company NameThe TJX Companies, Inc.
State of IncorporationDelaware
Address of Principal Executive Offices770 Cochituate Road
Framingham, MA 01701
2021 Annual Report10-K
Investor Relations WebsiteInvestor Relations

#4 Liberty Mutual Holding Company ($48 Billion)

Summary: This holding company owns a complex tree of personal and business insurance companies and is structured as a mutual insurer which means it doesn’t have stockholders in the conventional sense but rather is owned by its policyholders who are entitled to dividends or reduced premiums on excess corporate profits.

Liberty Mutual Holding Company Inc. (abbreviated LMHC) is the top of a huge corporate tree structure of subsidiaries, many of which have names that include “liberty” and even “liberty mutual”.

Liberty Mutual is sixth largest property and casualty insurance company both in the U.S. and in the world., and it is the first largest surety company in the U.S. The company employs over 45,000 people across the world and generated $48.2 billion in revenue during 2021.

Official Company NameLiberty Mutual Holding Company Inc.
State of IncorporationMassachusetts
Statutory Home Office Address175 Berkeley Street
Boston, MA 02116
2021 Annual ReportAnnual Statement to the Massachusetts Insurance Department
Financial InformationFinancial Reports

#5 Thermo Fisher Scientific ($39 Billion)

Summary: Anyone who has taken a college chemistry class has probably used Thermo Fisher products. The company is a one-stop-shop for laboratory equipment, software, and chemicals.

Thermo Fisher Scientific (NYSE: TMO) reports its business in four segments:

  • Life Sciences Solutions — Selling a portfolio of reagents, scientific instruments, and consumables used in biological and medical research & drug production
  • Analytical Instruments — Selling instruments, consumables, software, and services for use in a range of different scientific & industrial uses. Three primary businesses are (1) chromatography and mass spectrometry, (2) chemical analysis, and (3) materials and structural analysis.
  • Specialty Diagnostics — Sells a range of diagnostic test kits, reagents, culture media, instruments, and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories.
  • Laboratory Products and Biopharma Services — Sells all basic instruments and supplies needed by a biological or medical lab, from water baths to pH meters to incubators to hotplates to pipette tips to common lab chemicals.
Official Company NameTHERMO FISHER SCIENTIFIC INC.
State of IncorporationDelaware
Address of Principal Executive Offices168 Third Avenue
Waltham, MA 02451
2021 Annual Report10-K
Investor Relations WebsiteInvestor Relations

Honorable Mentions

A few interesting companies that didn’t quite make the list include:

  • Fidelity Investments (private company)
  • Massachusetts Mutual Life Insurance Company (MassMutual — a mutual insurer)
  • BJ’s Wholesale Club
  • Wayfair
  • State Street
  • Biogen

Ricky Nave

In college, Ricky studied physics & math, won a prestigious research competition hosted by Oak Ridge National Laboratory, started several small businesses including an energy chewing gum business and a computer repair business, and graduated with a thesis in algebraic topology. After graduating, Ricky attended grad school at Duke University in the mathematics PhD program where he worked on quantum algorithms & non-Euclidean geometry models for flexible proteins. He also worked in cybersecurity at Los Alamos during this time before eventually dropping out of grad school to join a startup working on formal semantic modeling for legal documents. Finally, he left that startup to start his own in the finance & crypto space. Now, he helps entrepreneurs pay less capital gains tax.

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