By:  Ellen Cans

Crain New York’s list of the largest publicly-held companies was published in the end of May—highlighting 125 New York-based companies listed on the stock exchange.

As per Crain’s, the companies listed all made more than $1 billion in revenue for the fiscal year ending 2022.  The impressive revenues came in spite of the economic turbulence, store closings and even incidents of revenue decline of 75%.  At the top of the list were local giants including wireless network operator Verizon, JPMorgan Chase, and Pfizer—each of which posted total revenue of more than $100 billion for the fiscal year.

Among all the top 125 public companies, the average revenue was $14 billion, as per data from S+P.   The companies, on average employed over 30,000 workers each, though one company, VICI Properties Inc., employed only 23 people, marking the smallest workforce on the list.

Of the 125 companies on the list, 17 companies were part of the financial services sector, making it the most common industry on the group.  The next most common industry was pharmaceuticals, which boasted six companies on the list.

Number 64, on the list of the city’s top public companies, was Oscar Health.  The newbie insurance firm, based in Tribeca, boasted its second consecutive year of triple-digit revenue growth.  Crain’s reported that the company’s revenue jumped 111% in 2022, even after having ballooned 297% the year before.  The company attributed the success to 93 percent growth in membership since 2021, and higher premiums charged, as per the financial disclosure.  The company, listed on the New York Stock Exchange, was founded in 2012 by Joshua Kushner, Kevin Nazemi and Mario Schlosser, who served as CEO till he stepped down in April.  The new CEO is Mark Bertolini, who had worked as the previous chief executive of rival Aetna.

Also notable on the list, was KKR & Co. (No. 60 on the list), which posted a 75 percent decline in annual revenue compared to fiscal year 2021.  The investment banking firm, based in Hudson Yards and first founded as Kohlberg Kravis Roberts & Co. in 1976, still reported $5.721 billion in revenues for 2022.

Signature Bank, the Midtown based bank which collapsed in March, made it on the list notwithstanding, as number 110.  The regional bank had over $2.6 billion in revenue in fiscal year 2022, per Crain’s.  After Silicon Valley Bank failed earlier in the year, Signature Bank faced a rush from clients attempting to withdraw close to 20% of the bank’s total deposits.  Regulators ended up seizing the bank after finding that the bank was about $5 billion short of the funds needed to satisfy the requests of those depositors.

Bed Bath & Beyond also made it on to Crain’s list, probably for the last time.  The retailer, which first announced its bankruptcy in mid-2022, had first shuttered 90 stores, trying to salvage the company.  Ultimately, in April, the company succumbed, with plans to liquidate all the remaining 260 stores, and leaving some 14,000 remaining employees in limbo.  Regardless, the retail chain managed to still post 7.87 billion in revenue for 2022.  The company estimated that it has total debt of about $5.2 billion as of late November, with between 25,001 to 50,000 creditors.