From a review of US SEC filings, there were 45 Companies or
Equivalents headquartered in Tennessee with a stock market cap or Proprietary
Capital of more than $500 mil recently.
Nearly all Republicans, a high percentage of
Independents and even many perceptive Democrats all agree as a starting point
that for US capitalism to work properly, Companies must generate in the
aggregate reasonably healthy profits. This just didn't happen in 2017 for
Tennessee Cos, although it did in many previous years.
My focus is on Pretax Income rather than on After-Tax Net Income
because Income Taxes are simply a transfer of financial wealth between US
Corporations and the US Federal, US State and Foreign Governments. It has
nothing whatsoever to do with Company Operating Performance.
From a review of SEC filings, the chart below shows the Audited
Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the
Fiscal Years Ended 2017, 2016, 2015 and 2014 for these 45 Tennessee Cos.
| FYE | FYE | FYE | |||||||||
| FYE | FYE | FYE | FYE | 2017 | 2016 | 2015 | |||||
| Year | Year | Year | Year | Better | Better | Better | |||||
| 2017 | 2016 | 2015 | 2014 | (Worse) | (Worse) | (Worse) | |||||
| Audited | Audited | Audited | Audited | Than | Than | Than | |||||
| Pretax | Pretax | Pretax | Pretax | 2016 | 2015 | 2014 | |||||
| Tennessee Companies | City | State | 2017 | Income | Income | Income | Income | % | % | % | |
| Stock Market Caps Above $500 Mil | HQs | HQs | FYE | (Loss) | (Loss) | (Loss) | (Loss) | Change | Change | Change | |
| $ mils | $ mils | $ mils | $ mils | ||||||||
| Nashville Area Cos | |||||||||||
| HCA Healthcare | Nashville | TN | Dec 17 | 4,381 | 4,810 | 3,957 | 3,481 | -9% | 22% | 14% | |
| Dollar General | Goodlettsville | TN | Jan 18 | 1,907 | 1,966 | 1,853 | 1,681 | -3% | 6% | 10% | |
| Tractor Supply | Brentwood | TN | Dec 17 | 673 | 688 | 648 | 588 | -2% | 6% | 10% | |
| Louisiana-Pacific | Nashville | TN | Dec 17 | 510 | 165 | (95) | (105) | 209% | 274% | 10% | |
| Cracker Barrel | Lebanon | TN | Jul 17 | 299 | 266 | 238 | 191 | 12% | 12% | 25% | |
| Delek US Holdings | Brentwood | TN | Dec 17 | 299 | (391) | 21 | 327 | 176% | -1962% | -94% | |
| Pinnacle Financial Partners | Nashville | TN | Dec 17 | 298 | 191 | 143 | 106 | 56% | 34% | 35% | |
| Acadia Healthcare | Franklin | TN | Dec 17 | 237 | 33 | 165 | 126 | 618% | -80% | 31% | |
| CoreCivic | Nashville | TN | Dec 17 | 192 | 228 | 230 | 202 | -16% | -1% | 14% | |
| Life Point Health | Brentwood | TN | Dec 17 | 160 | 205 | 303 | 203 | -22% | -32% | 49% | |
| National Health Investors | Murfreesboro | TN | Dec 17 | 159 | 153 | 150 | 103 | 4% | 2% | 46% | |
| Ryman Hospitality Properties | Nashville | TN | Dec 17 | 127 | 163 | 100 | 125 | -22% | 63% | -20% | |
| Tivity Health | Franklin | TN | Dec 17 | 105 | 78 | 73 | 70 | 35% | 7% | 4% | |
| National Healthcare | Murfreesboro | TN | Dec 17 | 75 | 80 | 85 | 85 | -6% | -6% | 0% | |
| FB Financial | Nashville | TN | Dec 17 | 73 | 62 | 51 | 35 | 18% | 22% | 46% | |
| Healthcare Realty Trust | Nashville | TN | Dec 17 | 23 | 86 | 59 | 34 | -73% | 46% | 74% | |
| Envision Healthcare | Nashville | TN | Dec 17 | (31) | 198 | 496 | 294 | -116% | -60% | 69% | |
| Delek Logistics Partners LP | Brentwood | TN | Dec 17 | 69 | 63 | 66 | 70 | 10% | -5% | -6% | |
| Franklin Financial Network | Franklin | TN | Dec 17 | 46 | 40 | 25 | 14 | 15% | 60% | 79% | |
| Surgery Partners | Nashville | TN | Dec 17 | 82 | 92 | (76) | (11) | -11% | 221% | -591% | |
| HealthStream | Nashville | TN | Dec 17 | 11 | 6 | 14 | 17 | 83% | -57% | -18% | |
| Community Healthcare Trust | Franklin | TN | Dec 17 | 4 | 3 | (1) | - | 33% | 400% | NM | |
| Genesco | Nashville | TN | Dec 17 | (102) | 151 | 152 | 157 | -168% | -1% | -3% | |
| Brookdale Senior Living | Brentwood | TN | Dec 17 | (588) | (399) | (550) | (331) | -47% | 27% | -66% | |
| Total all 24 Nashville Cos | 9,009 | 8,937 | 8,107 | 7,462 | 1% | 10% | 9% | ||||
| Memphis Area Cos | |||||||||||
| FedEx | Memphis | TN | May 18 | 4,353 | 4,579 | 2,740 | 1,627 | -5% | 67% | 68% | |
| AutoZone | Memphis | TN | Aug 17 | 1,925 | 1,913 | 1,803 | 1,663 | 1% | 6% | 8% | |
| International Paper | Memphis | TN | Dec 17 | 1,025 | 993 | 1,249 | 534 | 3% | -20% | 134% | |
| ServiceMaster Global | Memphis | TN | Dec 17 | 370 | 240 | 270 | 84 | 54% | -11% | 221% | |
| Mid America Apartment Comm | Germantown | TN | Dec 17 | 343 | 226 | 352 | 153 | 52% | -36% | 130% | |
| First Horizon National | Memphis | TN | Dec 17 | 309 | 345 | 108 | 318 | -10% | 219% | -66% | |
| Mueller Industries | Memphis | TN | Dec 17 | 125 | 148 | 132 | 148 | -16% | 12% | -11% | |
| Education Realty Trust | Memphis | TN | Dec 17 | 46 | 45 | 20 | 48 | 2% | 125% | -58% | |
| Wright Medical Group NV | Memphis | TN | Dec 17 | (100) | (178) | (241) | (247) | 44% | 26% | 2% | |
| Total all 9 Memphis Cos | 8,396 | 8,311 | 6,433 | 4,328 | 1% | 29% | 49% | ||||
| Knoxville Area Cos | |||||||||||
| Scripps Networks | Knoxville | TN | Dec 17 | 1,311 | 1,278 | 1,122 | 1,028 | 3% | 14% | 9% | |
| Tennessee Valley Authority | Knoxville | TN | Sep 17 | 685 | 1,233 | 1,111 | 469 | -44% | 11% | 137% | |
| Regal Entertainment Group | Knoxville | TN | Dec 17 | 214 | 282 | 253 | 179 | -24% | 11% | 41% | |
| Malibu Boats | Loudon | TN | Jun 18 | 89 | 49 | 32 | 32 | 82% | 53% | 0% | |
| MCBC Holdings | Vonore | TN | Jun 18 | 53 | 31 | 19 | 12 | 71% | 63% | 58% | |
| Total all 5 Knoxville Are Cos | 2,352 | 2,873 | 2,537 | 1,720 | -18% | 13% | 48% | ||||
| Chattanooga Area Cos | |||||||||||
| Unum Group | Chattanooga | TN | Dec 17 | 1,404 | 1,348 | 1,238 | 542 | 4% | 9% | 128% | |
| Astec Industries | Chattanooga | TN | Dec 17 | 57 | 87 | 52 | 54 | -34% | 67% | -4% | |
| Covenant Transportation Grp | Chattanooga | TN | Dec 17 | 23 | 27 | 64 | 33 | -15% | -58% | 94% | |
| US Xpress Enterprises | Chattanooga | TN | Dec 17 | (21) | (24) | 4 | (23) | 13% | -700% | 117% | |
| Total all 4 Chattanooga Cos | 1,463 | 1,438 | 1,358 | 606 | 2% | 6% | 124% | ||||
| Kingsport/Johnson City Area Cos | |||||||||||
| Eastman Chemical | Kingsport | TN | Dec 17 | 1,289 | 1,049 | 1,129 | 990 | 23% | -7% | 14% | |
| Forward Air Corp | Greeneville | TN | Dec 17 | 107 | 58 | 80 | 96 | 84% | -28% | -17% | |
| NN Inc | Johnson City | TN | Dec 17 | (54) | (25) | (44) | 14 | -116% | 43% | -414% | |
| Total all 3 Kingsport/Johnson City Cos | 1,342 | 1,082 | 1,165 | 1,100 | 24% | -7% | 6% | ||||
| Total all 45 Tennessee Cos | 22,562 | 22,641 | 19,600 | 15,216 | -0.3% | 15.5% | 28.8% |
