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These Are the Ten Most Profitable Companies in Michigan

Michigan is known to have a diverse economy, but with the automotive industry at its center. The state is home to three major automobile companies. Ot...

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This story originally appeared on ValueWalk

Michigan is known to have a diverse economy, but with the automotive industry at its center. The state is home to three major automobile companies. Other popular industries in the state are manufacturing, forestry, agriculture, tech and services, as well as tourism (in the Upper Peninsula). Michigan is also a leading grower of Christmas trees. Let’s take a look at the ten most profitable companies in Michigan.

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Ten Most Profitable Companies In Michigan

We have ranked the ten most profitable companies in Michigan on the basis of the latest available profit numbers. These are the ten most profitable companies in Michigan:

  1. BorgWarner (746 million)

Founded in 1928, this company offers technology solutions for combustion, hybrid and electric vehicles. BorgWarner has the following business segments: Fuel Injection, Aftermarket, Air Management, and e-Propulsion & Drivetrain. It reported revenue of $10.17 billion in 2020. The shares of the company are up more than 9% YTD, but are down over 15% in the last three months. BorgWarner has about 29,000 employees and is headquartered in Auburn Hills, Mich.

  1. Lear ($753 million)

Founded in 1917, this company designs, makes and supplies electronic modules, automotive seats, electrical distribution systems, as well as related sub-systems, components, and software. Lear has two business segments: Seating and E-System. It reported revenue of $17.04 billion in 2020. The shares of the company are down more than 2% YTD and over 16% in the last three months. Lear has about 164,000 employees and is headquartered in Southfield, Mich.

  1. Masco ($935 million)

Founded in 1929, this company designs, makes, markets and distributes home improvement and building products. Masco has the following business segments: Decorative Architectural Products and Plumbing Products. It reported revenue of $7.19 billion in 2020. The shares of the company are up more than 10% YTD and almost 1% in the last three months. Masco has about 22,000 employees and is headquartered in Livonia, Mich.

  1. Kellogg ($960 million)

Founded in 1906, this company makes, markets and distributes ready-to-eat cereal and convenience foods. Kellogg sells its products under several brands, including Austin, Kellogg’s, Cheez-It, and Pringles. It reported revenue of $13.77 billion in 2020. The shares of the company are up more than 6% YTD and almost 1% in the last three months. Kellogg has about 31,000 employees and is headquartered in Battle Creek, Mich.

  1. DTE Energy ($1,169 million)

Founded in 1995, it is an energy company that deals in selling, distribution and storage related services for electricity and natural gas. DTE Energy has the following business segments: Non-Utility Operations, Electric, Gas, and Corporate & Other. The shares of the company are up more than 17% YTD and almost 1% in the last three months. DTE Energy has more than 10,000 employees and is headquartered in Detroit.

  1. Whirlpool ($1,184 million)

Founded in 1898, this company makes and sells home appliances, including refrigerators, mixers, home cooking appliances, room air-conditioning equipment and more. Whirlpool sells its products under several brands, including Whirlpool, JennAir, Maytag, KitchenAid, Indesit and more. The shares of the company are up more than 22% YTD, but are down over 5% in the last three months. Whirlpool has about 77,000 employees and is headquartered in Benton Harbor, Mich.

  1. Auto-Owners Insurance ($1,352 million)

Founded in 1916, this insurance carrier offers a range of insurance products through independent agents. Auto-Owners Insurance is among the country’s largest insurers of Life, Home, Car, and Business. It is a private company that offers affordable premiums, as well as highly-rated customer service. Auto-Owners Insurance has more than 6,000 employees and is headquartered in Lansing, Mich.

  1. Ally Financial ($1,715 million)

Founded in 1919, it is a holding company that offers digital financial services to businesses, corporate, automotive dealers, as well as consumers. It reported revenue of over $8.8 billion in 2020, down from $9.86 billion in 2019. The shares of the company are up more than 43% YTD, but are down over 4% in the last three months. Ally Financial has more than 8,500 employees and is headquartered in Detroit.

  1. Stryker ($2,083 million)

Founded in 1941, this company provides products and services related to medical technology. Stryker has the following business segments: Orthopaedics, MedSurg and Neurotechnology & Spine. It reported revenue of $14.35 billion in 2020. The shares of the company are up more than 8% YTD and over 3% in the last three months. Stryker has about 40,000 employees and is headquartered in Kalamazoo, Mich.

  1. General Motors ($6,732 million)

Founded in 1908, this company makes and sells cars, trucks and automobile parts. General Motors also offers automotive financing services through General Motors Financial Company. It reported revenue of over $122 billion in 2020. The shares of the company are up more than 17% YTD, but are down over 13% in the last three months. General Motors has more than 160,000 employees and is headquartered in Detroit.