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The energy sector hasn’t dominated the Fortune Fastest Growing Companies list in more than 15 years—not since a three-year streak from 2006 to 2008. But this year, energy is back on top, accounting for 28 of the 100 companies on our list.
The sector has seen a sharp rise in recent years. In 2021, there were no energy companies on the list, which ranks companies based on growth in revenue, profits, and stock returns; and in 2022 there were only five. Now, the energy sector’s presence on the list has nearly doubled in comparison to last year, when 15 companies earned spots.
The top-performing company in the energy sector is No. 2 overall on this year’s list. Newcomer Consol Energy, which is headquartered in Canonsburg, Pa., and specializes in exporting coal, had the second-highest three-year annual earnings growth rate among our companies, at 403.7%. Consol Energy is not the only new company making waves: 50 companies are making their first appearance this year, including the list’s top three companies.
The Fastest Growing Companies ranking is determined by companies’ revenue growth, earnings per share growth, and three-year annualized return to shareholders for the period ended June 28, 2024. All of the companies on the list trade on a U.S. stock exchange, report their data in U.S. dollars, and file SEC quarterly reports. (See the full methodology here.) This is the 39th edition of our annual list.
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The 100 companies on this year’s list have a combined market value of $6.7 trillion. On average, the companies brought in $23 billion in revenue and $2.8 billion in profits in their latest twelve-month reporting period ending on or before April 30, 2024, with a $66 billion market value as of Oct. 2, 2024. The retailing sector led all others in average annual earnings growth; financials led in average annual revenue growth; and tech led in average annual total returns. On average, the companies had annual shareholder returns of 29%, beating the S&P 500 index’s 10% annual returns over the same stretch.
TORM and e.l.f. Beauty round out the top 3
List newcomer e.l.f. Beauty, a cosmetics and skincare company, took the No. 3 spot this year. The company had the third-highest three-year annual total shareholder return rate on the list, at 98.1%. What’s more, e.l.f. is only 20 years old—the average company age on the list is 70 years.
While energy companies overall had the largest presence on the list, this year’s top company is in the transportation sector. London-based TORM, which owns and operates tankers for transporting refined oil products and chemicals, was the No. 1 Fastest Growing Company. The 135-year-old company brought in $1.57 billion in revenue for the four quarters ending March 31, 2024. TORM had the fourth-highest three-year annual total shareholder return, at 87%.