2022 IW 50 Best US Manufacturers: Take a Bow, Apple


Manufacturers of computers and other electronic products, take a bow. You nabbed two of the top three spots, and three of the top five, in this year’s ranking of the IndustryWeek 50 Best US Manufacturers, IW’s exclusive annual ranking of the United States’ top-performing manufacturing companies.

Moreover, seven other companies in this same industry vertical earned spots on the 2022 IW 50 Best, making it the best-performing manufacturing sector on this year’s list, followed by pharmaceutical makers with eight representatives.

Apple Inc., take a couple of bows. You’ve returned to the top-ranked position in 2022, a spot you held in 2012, 2013, 2014 and 2016. And even when you weren’t No. 1, you danced awfully close to the top rung. This time around, revenue growth of 33.3% and a margin of nearly 26% bolstered your ascent to No. 1, up three slots from the previous year.

That the computer and electronics products industry performed so well shouldn’t come as a complete surprise. PC shipments in 2021 were up nearly 15% over the previous year and at their highest level since 2012, according to market intelligence firm International Data Corp. And over at Apple, iPhone sales leaped by 39%, partly on new product launches, as the company achieved double-digit growth across every product and service.

Sales alone don’t earn a manufacturer a spot on the IW 50 Best US Manufacturers, however. This ranking takes a more holistic approach to anointing the “best” than focusing on a single metric, or even a single year.

To see the IndustryWeek 50 Best US Manufacturers mapped out across the United States, click here.

Specifically, contenders for the IW 50 Best first are drawn from the IndustryWeek US 500, our annual listing of the top 500 publicly held US manufacturing companies based on revenue. The 2022 IW 50 Best formula then examines additional performance metrics over a three-year period—profit margin, revenue growth and an inventory measure—as well as return on assets and return on equity over a five-year time frame. The most recent year’s numbers are the most heavily weighted. The 2022 formula represents a slight tweak from 2021.

Oodles of Upstarts

In addition to Apple, lots of familiar faces dot the 2022 IW 50 Best; 23 of the manufacturing companies on the current ranking also held a spot in 2021. Interestingly, the two companies at the top of the heap last year, BWX Technologies Inc. and Lockheed Martin Corp., while still among IW 50 Best in 2022, slid 22 spots each to land at No. 23 and No. 24, respectively, in the ranks.

All that said, new faces outnumber the old. Similar to 2021, 27 companies on the current ranking did not appear in the previous year’s IW 50 Best. Moreover, two of those new faces in 2022 rank in the top 10—Trex Co. Inc. and Qualcomm Inc.

Most intriguing is Trex, which is slotted at No. 6. The maker of wood-alternative decking and railing earned its high-ranking position on the IW 50 Best in its very first year of eligibility. Net sales of $1.2 billion, revenue growth of nearly 36% and a 17.4% profit margin helped propel the company on and up the rungs of the IW 50 Best. Robust demand coupled with expanded capacity drove strong growth, the CEO said in an earnings release.

A few other interesting tidbits from the 2022 IW 50 Best:

  • The eight pharmaceutical manufacturers in the 2022 IW 50 Best compare with just two in the 2021 rankings.
  • Twelve of the companies making a repeat visit to the IW 50 Best slid in the rankings in 2022. Two occupy the same rank as in 2021.
  • Regeneron Pharmaceuticals Inc. recorded the highest profit margin among the 2022 IW 50 Best companies, at 50.2%.

Data courtesy of Seeking Alpha and S&P Global

US 50 Rank US 500 Rank Primary Industry Name 2021 Revenue (in millions) 2021 Profit Margin 2021 Net Income (in millions) 2021 Revenue Growth
1 1 Computers & Other Electronics Apple Inc. $365,817 25.88% $94,680 33.3%
2 3 Computers & Other Electronics Microsoft Corp. $168,088 36.45% $61,271 17.5%
3 167 Pharmaceuticals Vertex Pharmaceuticals Inc. $7,574 30.92% $2,342 22.1%
4 55 Computers & Other Electronics Nvidia Corp. $26,914 36.23% $9,752 61.4%
5 285 Instruments Teradyne Inc. $3,703 27.40% $1,015 18.6%
6 493 Plastics Trex Co. Inc. $1,197 17.44% $209 35.9%
7 372 Apparel Crocs Inc. $2,313 31.37% $726 66.9%
8 45 Communications Equipment Qualcomm Inc. $33,566 26.94% $9,043 42.6%
9 256 Wood Products Louisiana-Pacific Corp. $4,553 30.24% $1,377 63.3%
10 275 Medical Equipment Align Technology Inc. $3,953 19.53% $772 59.9%
11 95 Pharmaceuticals Regeneron Pharmaceuticals Inc. $16,072 50.25% $8,075 89.1%
12 284 Instruments Mettler-Toledo Int’l. Inc. $3,718 20.68% $769 20.5%
13 131 Primary Metals Southern Copper Corp. $10,934 31.07% $3,397 36.9%
14 333 Electrical Equip., Applications Atkore Inc. $2,928 20.08% $588 65.9%
15th 354 Fabricated Metal Products Encore Wire Corp. $2,593 20.88% $541 103.0%
16 221 Beverages Monster Beverage Corp. $5,541 24.86% $1,378 20.5%
17 439 Pharmaceuticals Quidel Corp. $1,699 41.46% $704 2.2%
18 52 Electrical Equip., Applications Broadcom Inc. $27,450 24.54% $6,736 14.9%
19 241 Furniture & Fixtures Tempur Sealy International Inc. $4,931 12.67% $625 34.1%
20 212 Instruments Hologic Inc. $5,632 33.23% $1,872 49.1%
21 77 Computers & Other Electronics Texas Instruments Inc. $18,344 42.35% $7,769 26.9%
22 42 Aerospace & Defense Northrop Grumman Corp. $35,667 19.64% $7,005 -3.1%
23 388 Aircraft and Parts BWX Technologies Inc. $2,124 14.40% $306 0.0%
24 18 Aerospace & Defense Lockheed Martin Corp. $67,044 9.42% $6,315 2.5%
25 424 Computers & Other Electronics Cirrus Logic Inc. $1,782 18.32% $326 30.1%
26 208 Computers & Other Electronics NetApp Inc. $5,744 12.71% $730 6.1%
27 50 Pharmaceuticals Eli Lilly and Co. $28,318 19.71% $5,582 15.4%
28 13 Pharmaceuticals Pfizer Inc. $81,288 27.04% $21,979 95.2%
29 100 Computers & Other Electronics Lam Research Corp. $14,626 26.72% $3,909 45.6%
30 229 Pharmaceuticals Edwards Lifesciences Corp. $5,233 28.73% $1,503 19.3%
31 183 Computers & Other Electronics KLA Corp. $6,919 30.04% $2,078 19.2%
32 39 Beverages Coca-Cola Co. $38,655 25.28% $9,771 17.1%
33 24 Pharmaceuticals AbbVie Inc. $56,197 20.54% $11,542 22.7%
34 28 Computers & Other Electronics Cisco Systems Inc. $49,818 21.26% $10,591 1.0%
35 213 Machinery Zebra Technologies Corp. $5,627 14.87% $837 26.5%
36 337 Petroleum & Coal Products Western Midstream Partners L.P. $2,877 31.16% $897 3.8%
37 101 Fabricated Metal Products Illinois Tool Works Inc. $14,455 18.64% $2,694 15.0%
38 145 Food Hershey Co. $8,971 16.47% $1,478 10.1%
39 14 Beverages PepsiCo Inc. $79,474 9.59% $7,618 12.9%
40 70 Wood Products Builders FirstSource Inc. $19,894 8.67% $1,725 132.4%
41 365 Motor Vehicle Parts Allison Transmission Holdings Inc. $2,402 18.40% $442 15.4%
42 160 Wood Products Boise Cascade Co. $7,926 8.99% $713 44.8%
43 330 Petroleum & Coal Products Valvoline $2,981 14.09% $420 26.7%
44 60 Computers & Other Electronics Applied Materials Inc. $23,063 25.53% $5,888 34.1%
45 29 Pharmaceuticals Merck & Co. Inc. $48,704 26.79% $13,049 17.3%
46 209 Medical Equipment Intuitive Surgical Inc. $5,710 29.85% $1,705 31.0%
47 345 Instruments Waters Corp. $2,786 24.87% $693 17.8%
48 16 Chemicals Procter & Gamble Co. $76,118 18.79% $14,306 7.3%
49 290 Motor Vehicles Winnebago Industries Inc. $3,630 7.77% $282 54.1%
50 137 Chemicals Air Products and Chemicals Inc. $10,323 20.33% $2,099 16.6%

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