Thirteen publicly owned, fully Michigan-based corporations made the cut for Fortune 500 status, a list of the largest U.S. companies by revenue.
The list is down from at least 16 last year. Battle Creek-based Kellanova dropped from its split and subsequent acquisition of its snack foods spinoff by Virginia candy company Mars Inc. and the W.K. Kellogg Co. cereal business by Italian confectioner Ferrero International SpA. And Byron Center’s SpartanNash Co. dropped out following its acquisition by New Hampshire-based C&S Wholesale Grocers, which is privately owned.
There were at least 15 Michigan companies on the list three decades ago, and a number of the companies are lower than they once were. Experts said the shift reflects the need for more support of business builders.
“Undoubtedly, Michigan has slipped from where it was 30 years ago,” said Patrick Anderson, CEO of East Lansing consulting firm Anderson Economic Group. “We in Michigan do need to pay attention and notice that we need to be open to new technology and support the entrepreneurialism that produced 125 years ago Ford and General Motors Co.”
The declines are indicative of a trend of Michigan’s weakening status as home to some of the nation’s most recognizably owned brands. Merger and acquisition activity in recent decades has sent long-standing Michigan business leadership at many companies out of state and even the country. Increased competition from technology disruptions and globalism has hindered some corporations’ ability to maintain the status they once held.
“The list itself is kind of everything that is happening in the economy,” said Michael Greiner, associate professor of management at Oakland University. “The growth of global competition has contributed to General Motors moving down the list. They’re much smaller companies than they were in a lot of ways.
“Something we sometimes forget is not all that long ago,” Greiner continued, “Michigan was the equivalent of Silicon Valley with the automotive industry. We were the booming sector. All of the growth and excitement and energy was happening here. There is a sense we’d like to return to that.”
Success can come with a mixed results, he added. Although Fortune 500 companies offer tax revenues, create jobs and often are philanthropic partners, having powerhouses like the Detroit Three automakers can create an alluring sense of security for potential disruptors and soak up talent that might otherwise develop new technologies.
“We might’ve seen somebody go and start their own companies and do something new and innovative,” Greiner said, “instead of taking the safe route.”
But certain policies like lower taxes and looser regulation can create an environment that attracts more businesses and helps startups too, Anderson noted.
On this year’s Fortune 500 list, Seattle-based Amazon.com Inc. sit at the top with almost $717 billion in revenue last year, surpassing Arkansas’ Walmart Inc. with $713 billion. Minnesota-based UnitedHealth Group Inc. followed with $448 billion.
Here are the top Michigan companies:
22. Ford Motor Co.
With $187 billion in revenue in 2025, the Dearborn automaker surpassed crosstown rival General Motors Co. But it fell three ranks from last year. Three decades ago, Ford ranked at No. 2.
23. General Motors Co.
GM lost its lead over Ford after falling five spots this year. The Detroit automaker brought in $185 billion last year. In 1996, GM was the largest company by revenue in the country.
120. Dow Inc.
Midland-based Dow Inc.’s revenue totaled almost $40 billion last year, a decrease of 7% that had it falling 17 spots. Dow was No. 36 three decades ago.
144. Penske Automotive Group
Bloomfield Hills’ Penske Automotive Group hit almost $32 billion in revenue last year. The transportation services company fell three ranks, despite the 4.4% increase. It didn’t qualify for the list in 1996 after the company was founded in 1990.
181. Stryker Corp.
Kalamazoo’s Stryker Corp. gathered more than $25 billion in revenue in 2025. The medical devices manufacturer rose 14 spots from its 11% increase. Stryker didn’t make the list in 1996.
196. Lear Corp.
Southfield’s Lear Corp. secured more than $23 billion in revenue last year. The slight decrease had the automotive supplier dropping seven rankings. As the company has diversified from seating, Lear is higher than it was three decades ago,when it sat at 278.
241. Auto-Owners Insurance
Lansing-based Auto-Owners Insurance Group brought in $18 billion. The 15% increase propelled it up 29 spots. It didn’t qualify in 1996.
285. DTE Energy
DTE Energy Co. in Detroit rose 52 ranks with a 27% revenue increase to almost $16 billion. The utility company was ranked 343th 30 years ago.
291. Whirlpool
With $15.5 billion in revenue, Whirlpool Corp. fell 39 spots year-over-year. Revenue was down 6.5%. The appliance manufacturer was at 159 in 1996.
295. Ally Financial
Ally Financial Inc., with more than $15 billion in revenue that was down 6.9%, fell 40 spots. The Detroit bank started the process of splitting from GM in 2006.
316. BorgWarner
BorgWarner Inc. in Auburn Hills totaled more than $14 billion in revenue. Despite rising 1.6%, it fell nine slots. It was not on the list in 1996.
464. CMS Energy
Jackson’s CMS Energy Corp. is the parent of utility Consumers Energy. It posted $8.5 billion in revenue, up almost 14%, and securing a slot 29 spots higher. It was ranked 320 three decades ago.
498. Masco
Livonia’s home improvement and building product manufacturer took in $7.6 billion, down 3.4%. Masco Corp. fell 20 ranks from 2025. It held the 276 slot in 1996.
Huntington Bancshares Inc. calls itself dual-headquartered in Detroit and Columbus, Ohio, where it is domiciled, because it has its commercial bank based in Detroit. It finished at 350th with $12 billion in revenue, up one spot.
Kellanova last year had been ranked at No. 332, while SpartanNash was at 428.
Thirty years ago, the list also included auto manufacturer Chrysler Corp., which is now part of Netherlands-domiciled Stellantis NV; diminished retailer Kmart Corp.; bank Comerica Inc., which was just acquired by Cincinnati’s Fifth Third Bancorp; and staffing company Kelly Services Inc.
bnoble@detroitnews.com
@BreanaCNoble
This article originally appeared on The Detroit News: These are the Michigan companies on this year’s Fortune 500 list
Reporting by Breana Noble, The Detroit News / The Detroit News
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By Breana Noble, The Detroit News | USA TODAY Network
