Tennessee

Highlights

• #15 of 50: Momentum
• #19 of 50: Venture capital
• #22 of 50: Scale-ups

The seven inputs

Each input is a z-score against the other states: 0 is the average state, and each step is one standard deviation (capped at ±3). Ranks are among the 50 states.

• Venture capital +0.1 #19 of 50
• Startup formation 0.0 #25 of 50
• Scale-ups +0.1 #22 of 50
• Economic output and wealth -0.1 #24 of 50
• Innovation and patents -0.4 #36 of 50
• Talent -0.5 #35 of 50
• Momentum +0.4 #15 of 50

Top companies

The largest companies headquartered in Tennessee, by latest annual revenue.

1. FedEx Corporation FDX · Industrials · Memphis, TN-MS-AR $94.7B
2. HCA Healthcare Inc. HCA · Healthcare · Nashville, TN $75.6B
3. Dollar General Corporation DG · Consumer Staples · Goodlettsville · Nashville, TN metro $42.7B
4. International Paper Company IP · Materials · Memphis, TN-MS-AR $23.6B
5. AutoZone, Inc. AZO · Consumer Discretionary · Memphis, TN-MS-AR $20.3B

Roots Density Data, All Companies (public: SEC filings; private: Forbes Top Private Companies 2025). Ranked by latest annual revenue.

Metros in Tennessee

• Nashville, TN #16 of 109 metros 61
• Memphis, TN-MS-AR #60 of 109 metros 40
• Knoxville, TN #63 of 109 metros 38