Fortune’s list of fastest growing companies had big changes this year.
- Fortune released its list of the 100 fastest-growing companies and the results were a lot different than last year.
- Amazon, Netflix, and Meta’s Facebook have been ranked high on Fortune’s list for years, but were booted this year.
- The companies are ranked based on growth in revenue, profits, and stock returns and one big sector that came through this year—energy.
Why it’s news
Fortune’s 100 fastest-growing companies list has been home for Amazon, Netflix, and Meta’s Facebook for the last few years, but that has changed this year as they got booted from the list.
The three weren’t the only ones knocked down from the ranks as only 24 companies from 2021 returned to the list this year marking a 76% turnover rate.
The list is based on growth in revenue, profits, and stock returns which the energy sector has been dominating this year. Clean energy has been a big driving force with businesses this year as the world is trying to combat climate change so it’s no surprise energy companies are quickly climbing the ranks.
In 2021 there were no energy companies on the list, but this year there are 5. Energy led all sectors on the list in three-year average annual revenue growth (54%) and three-year average total return (51%), according to Fortune.
Daqo New Energy was ranked number one on the list with $2.7 billion in revenue and a 284% annual profit rate. The company makes silicon and polysilicon which are products needed for solar panels.
Other energy companies that have quickly been on the rise are Enphase who places six and makes solar batteries as well as EV batteries and Brookfield Infrastructure Partners that placed number 25 that invests in electricity.
Other sectors that have a strong group within the list are finance with 25 companies, technology with 21 and healthcare with 14.