Six Maryland companies made CNN Money’s Fortune 500 released this week — one more than last year — although most slipped in the rankings.
The top Maryland companies on the list of publicly-held businesses were Lockheed Martin of Bethesda, ranked No. 58 with $46.7 billion in revenues in 2011, and Constellation Energy of Baltimore, at No. 199 with $13.8 billion. Last year, those companies were ranked at No. 52 and No. 172, respectively. Both companies’ revenues also slipped from the previous year, with Lockheed Martin’s down from $46.9 billion and Constellation’s down from $14.3 billion.
Maryland trailed neighboring Virginia, where 22 companies made the cut, including 12 with revenues of at least $10 billion. Virginia’s heavy hitters were Freddie Mac of McLean, ranking No. 25 with $88.2 billion in revenues in 2011, and General Dynamics of Falls Church, ranking 92nd with $32.7 billion.
Corporate giants are increasingly looking to Virginia as opposed to Maryland when relocating their headquarters, said Stephen Fuller, director of the Center for Regional Analysis at George Mason University in Fairfax, Va.
“If they want to be in the Washington area, they look at the transportation opportunities and more favorable tax rates of Virginia,” Fuller said. “It’s just one part of the equation, but the costs of operating are higher in Maryland.”
Next year’s list is likely to have fewer Maryland companies.
Constellation recently was sold to Exelon of Chicago for $7.9 billion. And the state’s newcomer to this year’s list, Catalyst Health Solutions, a pharmacy benefit management services company in Rockville, recently agreed to a $4.4 billion cash-and-stock sale to SXC Health Solutions of Illinois. Catalyst was Maryland’s fifth-largest business on the list, ranking No. 455 with $5.3 billion in revenues in 2011.
Marriott International of Bethesda, whose longtime CEO J.W. Marriott Jr. stepped down about a month ago, dropped from 210th last year to 217th this year, although its revenues grew to $12.3 billion from $11.7 billion. Medical insurer Coventry Health Care of Bethesda also grew its revenues to $12.2 billion from $11.6 billion, but fell to 219th from 212th this year.
Only Host Hotels & Resorts of Bethesda managed to increase both its ranking and its revenues. The Marriott spinoff rose to No. 479 from No. 494 as its revenues grew to $5.0 billion from $4.4 billion.