Special Report

100 Largest Private Companies

Douglas A. McIntyre

Published: November 30, 2015 11:26 am

Last Updated: March 20, 2020 1:55 pm

A number of America’s largest private companies are big enough in terms of revenue that had they been public they would have placed in the upper ranks of the Fortune 500. As a matter of fact, the largest private company, Cargill, has revenue that could put it in the top 10.

Large private companies are not much different from their publicly held counterparts. The industries they operate in are the same industries. Similarly, some companies on this list employ more than 50,000 people and some even more than 100,000 workers. They are as much of an economic force as GE (NYSE: GE) or Ford (NYSE: F). The main difference is that private companies are shielded from the immediate pressures of shareholders, who often demand short-term results — such as in the case of quarterly reports — and can drive stock prices in response to daily events.

Click here to see America’s 100 largest private companies.

According to private company research firm, Privco:

Once again, Industrials & Chemicals conglomerates Cargill and Koch Industries topped the list and were far and away the leaders with a difference in revenue of over $50 Billion above third place State Farm. The top 15 had a more balanced distribution of industries, although Insurance giants certainly staked their claim near the top, with four companies in the top 15: State Farm, Liberty Mutual, Nationwide, and New York Life. The service industry as a whole was well represented, holding 7 of the top 15 spots. Other industries represented in the list were consulting, accounting, real estate, technology, consumer goods and healthcare.

This partially mirrors the industries in which the largest public companies operate. Dow Chemical (NYSE: DOW) and DuPont (NYSE: DD) in chemicals; and Prudential (NYSE: PRU), MetLife (NYSE: MET) and United Healthcare (NYSE: UNH) in insurance. Other companies such as IBM (NYSE: IBM) and Procter & Gamble (NYSE: PG) also have equivalents among the 100 largest private companies in America.

The very largest private and public companies share another characteristic. They are so large that a top few dominate their field in terms of revenue, with other companies often dwarfed in comparison.

The most glaring revelation about the top of the pack is the portion of revenue these companies control. 3% of companies account for 18% of total revenues in the PrivCo 100. Additionally, 15% of companies account for half of total revenue generated. The top 50 companies reported revenues above $11.4 Billion or greater this year. This represents an increase of almost 23% in total revenue over the top 50 from last year.

The largest Fortune 500 company, Walmart, reported sales of $486 billion last year. Exxon Mobil (NYSE: XOM), the second largest, posted sales of $382 billion, already a $100 billion difference. The size of public companies in terms of sales drops off quickly. Verizon (NYSE: VZ), the 15th largest company on the Fortune 500, reported revenue of $127 billion last year, only a third of Exxon’s.

Perhaps the biggest effect on the U.S. and global economy during 2014 was the dramatic volatility seen in the commodities markets, especially with regards to Oil & Gas (decrease of 50%). Furthermore, U.S. companies seemed to be well insulated from economic/political turmoil that unfolded in the Ukraine which greatly affected their European counterparts during this time. In the United States in particular, unemployment began its decline and fell below 6% for the first time since the financial crisis. Coupled with interest rates remaining low from the hesitation of the Federal Reserve, companies found access to capital with relative ease and this resulted in a rise in the price of bonds by nearly 6% during the period.

Nearly every factor that affects the global economy can influence public companies as well. Large public energy companies such as Chevron (NYSE: CVX) watched their sales decimated by lower oil prices, a trend that continued in 2015. For companies such as Apple whose sales concentrated in the United States and China, nearly full U.S. employment has induced sales. The U.S. economy — with jobless rate of 5% and more than 200,000 jobs added in recent months — has created more consumers and a market primed for the sale of consumer goods — and consumption makes up more than two-thirds of U.S. GDP.

This is the 24/7 Wall St.’s 100 Largest Private Companies in America.

Methodology: PrivCo screened through its proprietary Private Company Financial Database, which has information on over 850,000 private companies, to rank the PrivCo 100. We ranked the top 100 privately-held companies in the United States based on 2014 revenue. 24/7 Wall St. reviewed the top 100 private companies in the United States.

And now, the 2015 PrivCo 100, America’s largest private companies:

15. Publix Super Markets Inc.
> Location: Lakeland, FL
> Owners: Employees (80%) & Jenkins Family (20%)
> 2014 revenue: $30.1 billion
> 3-Year CAGR: 3.3%
> Employees: 167,367

Publix Super Markets Inc. is among the largest supermarket and grocery store chains in the United States. It also has a pharmacy division. Publix operates 1,110 stores, 765 of which are in Florida and 183 in Georgia. All of its other locations are in the South as well. Like many of the nation’s largest companies, Publix Super Markets is one of the oldest U.S. corporations. In 1930, George Jenkins founded the company in Winter Haven, Florida. Publix is also 80% employee-owned, making it one of the largest majority employee-owned companies in the country.

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14. Pilot Flying J
> Location: Knoxville, TN
> Owners: Haslam Family (59%), CVC Capital Partners (18.5%), FJ Management Inc. (10.5%)…
> Pilot Flying J Revenue: $31.0 billion
> 3-Year CAGR: 1.9%
> Employees: 25,500

The two travel center companies, Pilot TravelCenters LLC and Flying J Inc., merged June 30 2010. The result, Pilot Flying J, is now one of the country’s largest private companies. It primarily operates gas stations and convenience stores and caters to long haul truckers. A few years after the merger, Pilot Flying J was embroiled in a rebate scandal. CEO Jimmy Haslam, whose family owns the majority of the company, was part of a fraud investigation. According to Forbes, “Pilot salespeople allegedly underpaid customer rebates in order to boost the company’s bottom line and their own individual compensation.” The company settled the charges for $84.9 million.

13. Deloitte LLP
> Location: New York, NY
> Owners: Management & Employees
> 2014 revenue: $34.2 billion
> 3-Year CAGR: 5.6%
> Employees: 210,400

Deloitte is one of the largest consulting and audit companies in the world. The largest portion of Deloitte’s revenue comes from consulting, which accounts for 48.4% of its business. Audit and enterprise risk services accounts for another 29.4% of its revenue, and tax advice for 17.5% Deloitte is a direct competitor to PwC, which Deloitte trails behind in terms of revenue. Both companies are among the four largest international audit firms — together, known as “The Big Four.”

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12. PricewaterhouseCoopers International Ltd.
> Location: New York, NY
> Owners: Management & Employees
> 2014 revenue: $34.0 billion
> 3-Year CAGR: 5.2%
> Employees: 195,433

PwC claims to do business in 157 countries and to provide services to 418 of the Fortune 500 last year. The company’s assurance operations accounted for close to half of its worldwide revenue last year. About a third of its revenue came from advisory services, which grew due to deal-related transactions and cyber-security needs of clients, PcW said. The company’s third largest division its its tax business.

11. Mars Inc.
> Location: McLean, VA
> Owners: Mars Family
> 2014 revenue: $35.3 billion
> 3-Year CAGR: 4.9%
>Employees: 75,000

Mars was started in 1882 by Frank Mars, and the company is still owned by his descendants. Mars, one of the most iconic candy bar brands, has spread beyond the chocolate business since its founding. It bought chewing gum company Wrigley in 2008 for $23 billion, for example. Renowned investor Warren Buffett helped fund the deal. Mars also has a drinks division, which makes hot chocolate and teas. Like a number of the other families and individuals controlling the nation’s largest private companies, Forbes lists John Mars’s net worth at one of the highest in the United States, at $22.4 billion.

10. Nationwide Mutual Insurance Co.
> Location: Columbus, OH
> Owners: Nationwide Insurance Policyholders
> 2014 revenue: $36.3 billion
> 3-Year CAGR: 20.5%
> Employees: 33,672

Another huge mutual insurance company, Nationwide Mutual Insurance was founded in 1925. With $158 billion in statutory assets, according to the company’s financial statements, it is among the largest financial service companies in the world. Nationwide has the typical mix of auto, home, and life insurance products, and is also in the investment management business.

9. Bechtel Corporation
> Location: San Francisco, CA
> Owners: Bechtel Family
> 2014 revenue: $37.2 billion
> 3-Year CAGR: 4.2%
> Employees: 53,000

Bechtel Corporation is an engineering company operating particularly in the construction and project management sectors. Bechtel was founded in 1898 by Warren Bechtel. Several members of the family are still in management or serve on the company’s board. Riley Bechtel is the current chairman. The company has completed more than 26,000 projects in over 160 countries since it was started. Bechtel operates in several sectors, including infrastructure management, defense and security work, mining and metals, and oil and gas.

8. New York Life Insurance Companies
> Location: New York, NY
> Owners: New York Life Insurance Policyholders
> 2014 revenue: $38.7 billion
> 3-Year CAGR: 4%
> Employees: 11,450

Founded in in the late 19th century, New York Life is based in New York City. The company is the largest mutual life insurance company in America. According to the company’s most recent financial disclosures, it continues to grow. Life insurance sales grew by 11% at New York Life in the third quarter of this year. The company offers life insurance, retirement income and and long-term care insurance. It also offers institutional asset management and retirement plan services. In addition, New York Life is in the mutual fund business.

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7. Liberty Mutual Holding Co.
> Location: Boston, MA
> Owners: Liberty Mutual Insurance Policyholders
> 2014 revenue: $39.6 billion
> 3-Year CAGR: 4.6%
> Employees: 52,770

Another mutual insurance company, Liberty Mutual Holding’s history goes back to 1912. The company offers such insurance services as individual property and casualty, life insurance, and auto insurance in the United States. It is also in the commercial insurance business. In addition, Liberty Mutual owns local companies in 17 countries, including India, China, most of Europe, and several of the largest countries in South America.

6. Long & Foster Companies
> Location: Chantilly, VA
> Owners: Long and Foster Families
> 2014 revenue: $49.1 billion
> 3-Year CAGR: 4.8%
> Employees: 1,645

P. Wesley Foster, Jr. and Henry Long founded Long & Foster Companies in 1968. The company operates in the residential services business, providing mortgages, title, and insurance products. Wes Foster is still the company’s CEO. Unlike many of the top firms in America’s 100 Largest Private Companies, Long & Foster Families is not national. It operates in states along the Atlantic Ocean from New Jersey to North Carolina.

5. Dell Inc.
> Location: Round Rock, TX
> Owners: Michael Dell, Silver Lake Partners
> 2014 revenue: $55.5 billion
> 3-Year CAGR: -3.4%
> Employees: 110,100

PC and enterprise services company Dell was founded by Michael Dell in 1984. The company went public in 1988. Michael Dell, with Silver Lake Partners, took the company private again in 2013. This year, Dell bought storage giant EMC, a public company. The $67 billion acquisition is the largest buyout in tech industry history. The transaction moves Dell squarely into supplying IT products and services to companies and governments. Forbes has put Michael Dell’s net worth at almost $20 billion.

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4. Health Care Service Corporation
> Location: Chicago, IL
> Owners: Insurance policyholders
> 2014 revenue: $61.0 billion
> 3-Year CAGR: 7.6%
> Employees: 22,000

Health Care Service Corporation is the largest customer owned health insurance company in the United States. It also offers life insurance. The insurance company has about 16 million members. HCSC owns several subsidiaries that operate under the well known Blue Cross brand, including Blue Cross and Blue Shield of Texas, and Blue Cross and Blue Shield of Illinois.

3. StateFarm Mutual Automobile Insurance
> Location: Bloomington, IL
> Owners: Policyholders of StateFarm Insurance
> 2014 Revenue: $71.2 billion
> 3-Year CAGR: 3.5%
> Employees: 65,000

In contrast to publicly traded insurance companies such as AIG and MetLife, mutual insurance companies are owned by and operated for the benefit of their policy holders. State Farm offers a broad array of coverage, including traditional, home, auto, and health insurance. State Farm also offers coverage for small businesses. In addition, the company operates in the individual investing business, offering mutual funds, annuities, and loans. The company’s marketing strategy includes TV commercial with appearances by Green Bay Packers quarterback Aaron Rodgers.

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2. Koch Industries, Inc.
> Location: Wichita, KS
> Owners: Charles Koch
> 2014 revenue: $121.0 billion
> 3-Year CAGR: 6.5%
> Employees: 102,000

Koch Industries is controlled by two of the most famous conservatives in America, Charles and David Koch. The two plan to give almost $1 billion to support presidential candidates in the upcoming election. Charles is the chairman and CEO of the company. Koch’s employees do business in over 60 countries. The company is a classic conglomerate. It makes electronic connections, transportation fuel, fertilizers, and pollution control products. Koch operates through a number of subsidiary companies, including Molex, Flint Hills, and huge forest products company Georgia Pacific, which was once publicly traded.

1. Cargill Incorporated
> Location: Wayzata, MN
> Owners: Cargill Family
> 2014 revenue: $134.9 billion
> 3-Year CAGR: 4.1%
> Employees: 143,000

Cargill is still controlled by the founding family, who started the company in 1865. The Cargill-MacMillan family has a net worth of $45 billion, according to Forbes. Cargill’s primary businesses are agricultural or related industries. It makes food ingredients, has a meat and poultry operation, provides animal feed, and has a financial services arm as well.