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Our list of the largest companies in Baden-Württemberg provides you with comprehensive insights into the highest-revenue players in Baden-Württemberg’s economy. In addition to current revenue and employee figures, you will find valuable information on industry focus, managing directors, and contact details. The data is conveniently available as an Excel file for direct download.
Summary
Short answer: Based on 2023 consolidated revenue and the Researchgermany market analysis 2025, the Mercedes-Benz Group (Mercedes-Benz AG) is the largest company in Baden-Württemberg. The group achieved €153.2 billion revenue in 2023, placing it clearly ahead of EnBW, Bosch, Lidl, and PHOENIX Pharmahandel.
Comparison of the Largest Companies in Baden-Württemberg (Revenue 2023)
Selected corporations headquartered in Baden-Württemberg based on published 2023 annual reports (as of 02.09.2025). The table shows revenue and scale in direct comparison and is based on the 2025 published Researchgermany list of the largest companies in Baden-Württemberg:
| Ranking | Company | Industry / Business Area | Revenue 2023 (m €) | Employees 2023 | Headquarters (State / City) | Website |
|---|---|---|---|---|---|---|
| 1 | Mercedes-Benz AG | Industry – Vehicle manufacturer (cars, buses) | 153,218 | 168,336 | Baden-Württemberg / Stuttgart | group.mercedes-benz.com |
| 2 | EnBW Energie Baden-Württemberg AG | Energy – Electricity provider, direct marketer | 116,487 | 28,630 | Baden-Württemberg / Karlsruhe | enbw.com |
| 3 | Robert Bosch GmbH | Industry – Automotive supplier, electronics | 91,596 | 429,416 | Baden-Württemberg / Gerlingen | bosch.com |
| 4 | Lidl Stiftung & Co. KG | Retail – Food retail | 88,576 | 236,382 | Baden-Württemberg / Neckarsulm | info.lidl |
| 5 | PHOENIX Pharmahandel GmbH & Co KG | Retail – Pharmaceutical wholesale | 57,172 | 48,478 | Baden-Württemberg / Mannheim | phoenix-online.de |
Why Mercedes-Benz Leads in 2025
- Clear revenue leadership: The group reports revenue of around €153 billion for 2023 – well above EnBW (€116 billion), Bosch (€92 billion), Lidl (€89 billion), and PHOENIX (€57 billion).
- Strong industrial setup and global brand: The Mercedes-Benz Group describes a global production and sales network that scales luxury cars and vans worldwide. Strategically, the group focuses on profitable growth in the luxury segment and the consistent electrification of its portfolio.
- Transformation & technology leadership: In 2023/24 the report highlights the development of a proprietary fast-charging network, the launch of the Mercedes-Benz operating system MB.OS, and certified Level-3 assistance systems (“DRIVE PILOT”) – elements that underpin technological advantage.
- Financial robustness: In addition to high revenue, the report cites strong EBIT and free cash flow management with value-oriented capital allocation – an important stability factor in a cyclical market.
Competitor Assessment
EnBW benefited in 2023 from exceptionally high energy revenues and grew strongly compared to previous years, but remains volatile in its sector (energy). Bosch, as a diversified supplier, is very large by employees but still lags Mercedes-Benz in revenue. Lidl achieves significant revenue as a retailer but operates in a lower-margin segment. PHOENIX is a leader in pharmaceutical wholesale but structurally scales below the top automotive and energy groups. Overall, the 2023 size comparison confirms the leading position of Mercedes-Benz in Baden-Württemberg.
Methodology & Data Basis
Ranking by consolidated revenue 2023; additional context indicators (employees, headquarters, business area) provide classification. Cut-off date: 02.09.2025 (at this time, the 2023 annual reports were the most recent available in the company register).
Source
- Mercedes-Benz Group Annual Report 2023 (figures on revenue, strategy, technology initiatives, and global production/sales network).
- Researchgermany list of the largest companies in Baden-Württemberg
Image source: Aaron Huber, 08.09.2026
Last Updated on 4 months ago
