Leading American electric automaker Tesla successfully got in Fortune’s 100 fastest-growing companies list for the first time, starting at the second-highest spot in 2023.
Notably, This year marks the 38th edition of the annual fastest-growing companies list. It takes into account various relevant factors, including growth in revenue, profits, and stock returns. According to Tesmanian, the latest list records the metrics for the period spanning three years until June 2023.
Tesla’s results
Fortune emphasized that Tesla’s sudden dominance in its annual list is due to many factors, particularly its earnings per share growth.
Tesla’s EPS has apparently grown at an average rate of 285% over the past three years. Teslarati reported that the Musk-led company’s revenue growth in the past three years through 2022 has reached new heights, as presented below:
- 2020: 31.54 billion annual revenue, up 28.31% YoY
- 2021: $53.82 billion annual revenue
- 2022: 81.5 billion annual revenue, up 51% YoY
Finance Charts indicated that Tesla’s 3-year total return of 51.63% surpassed the medical sector’s record of 40.21%. TSLA’s total return as of this writing declined 4.49% in the previous 12 months. So far this year, its total return grew 72.45%.
Notably, Tesla has set a 50% YoY growth rate target ahead of the Q3 2023 earnings call, where he warned investors about waning demand due to high-interest rates.
“Yeah. I mean, the risk of stating the obvious: it’s not possible to have a compound growth rate of 50% forever, or you will exceed the mass of the known universe. But I think we will grow very rapidly, much faster than any other car company on Earth, by far.”
Tesla CEO Elon Musk
Other electric vehicle and green energy companies on the list
Lithia Motors, an American auto dealer and retailer, claimed the 72nd spot with an earnings per share (EPS) of 64%. As of October 13, its market value ($M) is $7,332.
Moreover, its revenue for the past three years grew by 38%. Meanwhile, its total return annual growth rate through June 30 was 27%.
Verra Mobility, a self-proclaimed “global leader in smart transportation,” landed 98th position. Its EPS growth rate in the given period was 77%. Meanwhile, its annual revenue growth rate reached 28%, while its total return surged 37%.
However, no other major automakers are on the list except for Tesla.
Meanwhile, here are all the energy companies included in Fortune’s list:
| RANK | NAME | REMOVE REVENUE PAST FOUR QUARTERS ($M) | REMOVE NET INCOME PAST FOUR QUARTERS ($M) | REMOVE MARKET VALUE AS OF OCT. 13, 2023 ($M) | REMOVE EPS 3 YR ANNUAL GROWTH RATE | REMOVE REVENUE 3 YR ANNUAL GROWTH RATE | REMOVE TOTAL RETURN 3 YR ANNUAL RATE (THROUGH JUNE 30, 2023) |
| 7 | Daqo New Energy | $4,038 | $1,563 | $2,078 | 291% | 139% | 39% |
| 8 | Civitas Resources | $3,630 | $1,359 | $7,113 | 69% | 175% | 78% |
| 16 | Pioneer Natural Resources | $22,834 | $7,058 | $57,928 | 149% | 51% | 38% |
| 18 | Arch Resources | $3,705 | $1,257 | $2,800 | 138% | 28% | 70% |
| 34 | ConocoPhillips | $78,382 | $15,841 | $149,519 | 67% | 50% | 41% |
| 36 | Coterra Energy | $9,149 | $4,134 | $21,964 | 95% | 88% | 21% |
| 38 | Enphase Energy | $2,616 | $492 | $16,830 | 26% | 58% | 52% |
| 49 | REX American Resources | $873 | $28 | $629 | 113% | 40% | 15% |
| 57 | Chevron | $242,672 | $35,780 | $306,340 | 136% | 29% | 26% |
| 60 | Exxon Mobil | $409,744 | $61,690 | $435,406 | 97% | 24% | 41% |
2023’s 100 Fastest-Growing Companies list
Presented below is the full list, as provided by Fortune:
| RANK | NAME | REMOVE REVENUE PAST FOUR QUARTERS ($M) | REMOVE NET INCOME PAST FOUR QUARTERS ($M) | REMOVE MARKET VALUE AS OF OCT. 13, 2023 ($M) | REMOVE EPS 3 YR ANNUAL GROWTH RATE | REMOVE REVENUE 3 YR ANNUAL GROWTH RATE | REMOVE TOTAL RETURN 3 YR ANNUAL RATE (THROUGH JUNE 30, 2023) |
| 1 | Builders FirstSource | $20,929 | $2,444 | $14,538 | 136% | 55% | 87% |
| 2 | Tesla | $86,035 | $11,751 | $797,053 | 285% | 54% | 54% |
| 3 | Encore Wire | $2,955 | $676 | $2,995 | 180% | 44% | 56% |
| 4 | Sociedad Quimica y Minera (SQM) | $10,955 | $3,860 | $16,407 | 149% | 86% | 47% |
| 5 | Clearfield | $324 | $54 | $375 | 138% | 58% | 50% |
| 6 | Onto Innovation | $963 | $199 | $6,776 | 233% | 41% | 51% |
| 7 | Daqo New Energy | $4,038 | $1,563 | $2,078 | 291% | 139% | 39% |
| 8 | Civitas Resources | $3,630 | $1,359 | $7,113 | 69% | 175% | 78% |
| 9 | Steel Dynamics | $21,584 | $3,396 | $17,543 | 132% | 39% | 64% |
| 10 | Axcelis Technologies | $970 | $189 | $5,263 | 109% | 39% | 87% |
| 11 | Star Bulk Carriers | $1,300 | $442 | $2,034 | 476% | 31% | 59% |
| 12 | Kulicke and Soffa Industries | $1,008 | $214 | $2,553 | 159% | 41% | 44% |
| 13 | Olympic Steel | $2,437 | $64 | $553 | 224% | 29% | 62% |
| 14 | Nucor | $39,729 | $6,648 | $36,577 | 177% | 32% | 61% |
| 15 | Atkore | $3,820 | $823 | $5,188 | 111% | 35% | 79% |
| 16 | Pioneer Natural Resources | $22,834 | $7,058 | $57,928 | 149% | 51% | 38% |
| 17 | Wesco International | $22,010 | $876 | $6,871 | 80% | 41% | 72% |
| 18 | Arch Resources | $3,705 | $1,257 | $2,800 | 138% | 28% | 70% |
| 19 | Perion Network | $660 | $108 | $1,222 | 89% | 37% | 80% |
| 20 | Crocs | $3,779 | $617 | $5,100 | 91% | 49% | 45% |
| 21 | WillScot Mobile Mini Holdings | $2,257 | $499 | $8,275 | 146% | 28% | 57% |
| 22 | CF Industries Holdings | $10,330 | $3,023 | $16,314 | 126% | 43% | 38% |
| 23 | Matson | $3,882 | $759 | $3,123 | 179% | 32% | 41% |
| 24 | First Citizens BancShares | $15,459 | $10,345 | $19,438 | 55% | 62% | 47% |
| 25 | Super Micro Computer | $6,574 | $587 | $15,089 | 89% | 28% | 106% |
| 26 | P.A.M. Transportation Services | $949 | $72 | $457 | 119% | 28% | 52% |
| 27 | TFI International | $8,471 | $787 | $10,435 | 56% | 51% | 49% |
| 28 | Atlanticus Holdings | $1,078 | $117 | $407 | 57% | 40% | 60% |
| 29 | Liberty Broadband | $983 | $1,027 | $13,544 | 133% | 405% | -14% |
| 30 | Green Brick Partners | $1,816 | $295 | $1,825 | 75% | 33% | 69% |
| 31 | XPEL | $338 | $45 | $1,737 | 48% | 40% | 75% |
| 32 | ArcBest | $5,162 | $300 | $2,304 | 131% | 25% | 56% |
| 33 | Futu Holdings | $1,081 | $453 | $8,710 | 105% | 85% | 19% |
| 34 | ConocoPhillips | $78,382 | $15,841 | $149,519 | 67% | 50% | 41% |
| 35 | Mosaic | $18,807 | $2,836 | $12,082 | 109% | 34% | 43% |
| 36 | Coterra Energy | $9,149 | $4,134 | $21,964 | 95% | 88% | 21% |
| 37 | Boot Barn Holdings | $1,658 | $171 | $2,380 | 77% | 31% | 58% |
| 38 | Enphase Energy | $2,616 | $492 | $16,830 | 26% | 58% | 52% |
| 39 | Silicon Laboratories | $1,037 | $82 | $3,483 | 219% | 38% | 16% |
| 40 | A-Mark Precious Metals | $8,257 | $152 | $719 | 120% | 20% | 67% |
| 41 | Skyline Champion | $2,607 | $402 | $3,497 | 116% | 32% | 39% |
| 42 | Asbury Automotive Group | $15,104 | $941 | $4,370 | 76% | 33% | 46% |
| 43 | Mueller Industries | $3,944 | $673 | $4,119 | 103% | 24% | 51% |
| 44 | Live Oak Bancshares | $728 | $142 | $1,250 | 154% | 33% | 22% |
| 45 | AMN Healthcare Services | $4,817 | $382 | $2,807 | 91% | 38% | 34% |
| 46 | Boise Cascade | $7,605 | $652 | $3,718 | 131% | 24% | 45% |
| 47 | BlueLinx Holdings | $3,946 | $181 | $659 | 75% | 21% | 122% |
| 48 | Coastal Financial | $384 | $47 | $559 | 46% | 81% | 37% |
| 49 | REX American Resources | $873 | $28 | $629 | 113% | 40% | 15% |
| 50 | Nvidia | $25,878 | $4,793 | $1,122,887 | 25% | 38% | 65% |
| 51 | GMS | $5,329 | $333 | $2,382 | 144% | 22% | 41% |
| 52 | Repligen | $778 | $168 | $8,516 | 93% | 48% | 5% |
| 53 | InMode | $474 | $171 | $1,727 | 50% | 48% | 38% |
| 54 | RCI Hospitality Holdings | $284 | $42 | $491 | 59% | 25% | 77% |
| 55 | Nutrien | $36,334 | $6,853 | $29,870 | 182% | 26% | 26% |
| 56 | Halozyme Therapeutics | $705 | $182 | $4,822 | 67% | 59% | 10% |
| 57 | Chevron | $242,672 | $35,780 | $306,340 | 136% | 29% | 26% |
| 58 | Westlake | $15,094 | $1,885 | $15,462 | 110% | 32% | 32% |
| 59 | Insteel Industries | $761 | $79 | $626 | 200% | 25% | 26% |
| 60 | Exxon Mobil | $409,744 | $61,690 | $435,406 | 97% | 24% | 41% |
| 61 | Monolithic Power Systems | $1,867 | $468 | $22,730 | 56% | 43% | 33% |
| 62 | HF Sinclair | $38,311 | $3,116 | $9,702 | 83% | 40% | 18% |
| 63 | Nova | $569 | $141 | $3,042 | 56% | 40% | 35% |
| 64 | EOG Resources | $27,763 | $9,392 | $77,930 | 118% | 23% | 39% |
| 65 | Monarch Casino & Resort | $486 | $87 | $1,176 | 72% | 38% | 30% |
| 66 | Cal-Maine Foods | $3,051 | $757 | $2,428 | 228% | 26% | 4% |
| 67 | AdvanSix | $1,867 | $144 | $783 | 96% | 20% | 45% |
| 68 | Freeport-McMoRan | $21,566 | $2,604 | $50,822 | 64% | 24% | 53% |
| 69 | Ingersoll Rand | $6,209 | $662 | $25,971 | 46% | 42% | 33% |
| 70 | Hilton Grand Vacations | $3,990 | $374 | $4,061 | 39% | 48% | 32% |
| 71 | Warrior Met Coal | $1,870 | $677 | $2,509 | 83% | 24% | 40% |
| 72 | Lithia Motors | $28,456 | $1,138 | $7,332 | 64% | 38% | 27% |
| 73 | Reliance Steel & Aluminum | $16,505 | $1,700 | $14,985 | 72% | 24% | 45% |
| 74 | Titan Machinery | $2,318 | $111 | $578 | 107% | 21% | 40% |
| 75 | MGP Ingredients | $788 | $103 | $2,167 | 38% | 34% | 44% |
| 76 | Oneok | $21,463 | $2,380 | $40,261 | 35% | 42% | 33% |
| 77 | Lattice Semiconductor | $694 | $199 | $10,349 | 66% | 21% | 50% |
| 78 | Tenaris | $13,537 | $3,179 | $19,539 | 102% | 23% | 36% |
| 79 | Globant | $1,851 | $149 | $8,049 | 57% | 41% | 6% |
| 80 | UFP Industries | $8,960 | $629 | $6,050 | 63% | 35% | 26% |
| 81 | Ares Management | $3,154 | $216 | $20,061 | 29% | 38% | 39% |
| 82 | Calix | $933 | $42 | $2,874 | 36% | 27% | 50% |
| 83 | Kinsale Capital Group | $896 | $183 | $10,171 | 43% | 38% | 34% |
| 84 | Winnebago Industries | $4,456 | $313 | $1,716 | 80% | 35% | 1% |
| 85 | Pfizer | $92,951 | $29,051 | $181,292 | 40% | 48% | 9% |
| 86 | Albemarle | $8,773 | $3,675 | $19,172 | 44% | 27% | 44% |
| 87 | Patrick Industries | $4,440 | $246 | $1,603 | 68% | 35% | 12% |
| 88 | Dime Community Bancshares | $526 | $155 | $764 | 54% | 42% | -5% |
| 89 | Murphy USA | $21,194 | $627 | $7,721 | 55% | 25% | 41% |
| 90 | Customers Bancorp | $1,039 | $205 | $997 | 66% | 22% | 41% |
| 91 | Simply Good Foods | $1,188 | $130 | $3,251 | 96% | 24% | 25% |
| 92 | KLA | $10,628 | $3,508 | $66,363 | 60% | 26% | 37% |
| 93 | Fortinet | $4,725 | $967 | $45,361 | 37% | 28% | 40% |
| 94 | Inter Parfums | $1,148 | $140 | $3,917 | 47% | 24% | 43% |
| 95 | Cavco Industries | $2,143 | $241 | $2,273 | 65% | 31% | 15% |
| 96 | Expeditors Int’l of Washington | $15,000 | $1,237 | $17,223 | 44% | 36% | 18% |
| 97 | Advanced Drainage Systems | $3,071 | $507 | $9,128 | 50% | 27% | 33% |
| 98 | Verra Mobility | $763 | $87 | $3,337 | 77% | 23% | 24% |
| 99 | Darling Ingredients | $6,957 | $735 | $7,128 | 33% | 28% | 37% |
| 100 | TopBuild | $5,105 | $577 | $7,518 | 45% | 27% | 33% |
Tesla’s appearance in Fortune’s annual list demonstrates its strong presence in the manufacturing sector. In September, the American EV giant reached 5 million electric vehicle production worldwide.
