S&P 500 - Revenue Per Employee Perspective

The Standard & Poor's 500 Index, “S&P 500” includes the 500 largest American companies listed on the NYSE or NASDAQ. In 2016, S&P 500 companies generated $11 trillion in combined revenue and employed more than 25 million people worldwide.

Common metrics for ranking the S&P 500 include Market Capitalization and Revenue. We wanted to rank the companies by Revenue Per Employee (RPE) to explore how productively the companies utilize human capital, and what differences we could see across sectors.

We found that Energy companies have the highest average Revenue per Employee, while Industrials and Consumer Discretionaries perform worst on this metric. Surprisingly, Technology companies performed at the lower end of the range on Revenue per Employee.


The table below shows the top 50 companies by Revenue Per Employee in 2016 in S&P 500.

AmerisourceBergen, a pharmaceutical distributor, tops the list, generating more than $7.9M per employee in 2016. With a reported team of 19,000, which is less than half the workforce of Cardinal Health (37,300) and McKesson (68,000), the company significantly outperforms its peers on RPE. Cardinal Health and McKesson's RPE were $3.3M and $2.8M, respectively. Overall, Healthcare companies score well on RPE.

Energy companies Valero Energy Corporation and Phillips 66 take positions 2 and 3, with $7.6M and $5.7M in Revenue per Employee. With the exception of tobacco manufacturers (Altria Group and Reynolds American) and insurance providers (Aflac and XL Group), the top ranks are dominated by Energy and Healthcare sectors. 23 of the top 50 are Energy companies and one-fifth are Healthcare organizations.

Grouping the companies into sectors in the chart below, we see the relative labour-intensity of different industries.

Average revenue per employee in the Energy sector is double that of Healthcare companies and almost four times as high as that of Information Technology companies.

The table below shows the lowest 10 companies in the index ranked by RPE. It is perhaps unsurprising that Restaurant and Hotel chains make up the majority of the list. What is more striking is that IT providers Cognizant and Accenture have among the lowest revenue per employee in the Index. Amphenol Corporation, a manufacturer of interconnect products, recorded $101K Revenue per Employee, less productive than its competitor TE Connectivity, which generated $163K per Employee.


Next, we calculated the change in Revenue per Employee from 2014-16 to see if any trends emerged. The graph below shows S&P 500 companies with the highest and lowest growth rate in RPE.

Most of the RPE growth leaders made headcount reductions last year and thus saw their sales per headcount increase. The healthcare companies in this list with an exception for Vertex Pharmaceuticals experienced both revenue growth and headcount reduction, leading to sharp growth in RPE.

8 out of 10 companies with the lowest RPE growth experienced a drop in revenues in the period, while remaining Ball Corporation and Global Payments shrank in RPE mainly due to extensive recruiting.


We then looked specifically at Technology companies. Only Netflix (which is classed as Consumer Discretionary in the S&P500, not Technology), Apple and Facebook appeared among the top 50 companies by RPE, which required RPE of at least $1.3M.

The following table shows the top 20 Technology companies by revenue, ranked by RPE.

VeriSign, which provides domain names and internet security, was a strong performer, generating $1.1Bn in revenue from only 990 employees, ranking fourth in the Technology sector, with $1.2M per employee.


Overall, Energy companies led the pack in Revenue per Employee, followed by Healthcare and Utilities. Technology companies showed themselves to be labour-intensive with RPE at the lower end of the range, and close to Consumer Discretionaries like restaurants and hotels.

To see the full list of companies comprising S&P 500 Index, please click here.



  • Employee number is the total number of employees or the only number stated in the Filings.
  • Real Estate companies were excluded from the ranking due to non-availability of total employee figures.
  • Companies that experienced significant restructuring, such as divestment, merger or acquisition are excluded.


  • Company Filings.
  • S&P 500 Index list.
  • Craft.co analysis.

About Craft:

Craft is a machine-learning powered data and analytics platform building the ‘Source of Truth’ on companies, and mapping the global economy. We organize data from thousands of sources to provide comprehensive, up-to-date sector and company profiles, ranging from early-stage to the largest companies in the world.

As the economy, and nature of work continue to undergo massive transformation, Craft’s mission is to provide context and freely available tools to help people discover and evaluate companies and opportunities. Our platform is used for market and sector research, customer lead generation, competitive analysis and career search.

We welcome your feedback. Please feel free to contact us at hello@craft.co.

Track the past, present and future of companies

Other reports you may be interested in