One of my favorite infographic websites is VisusalCapitalist.com, a Vancouver-based online publisher that uses visuals to tell business stories. As they say, a picture is worth a thousand words. On April 15, it published an infographic detailing the U.S. blue-chip stocks with the largest number of employees. 

With rare exceptions, when a company consistently grows its headcount over the long haul, it’s generally a well-run business with growing revenues and profits. So I bet you can guess who the number one employer in the U.S. is. 

Yes, it’s Walmart (NYSE:WMT). Walmart’s latest proxy statement said it had 2.2 million employees as of Dec. 31, 2022, while Visual Capitalist says it’s 2.1 million. Either way, it’s a lot. 

Here are three other top choices for blue-chip stocks that also employ a large workforce.

Home Depot (HD)

According to the Visual Capitalist, Home Depot (NYSE:HD) is the fourth-largest U.S. employer, with approximately 470,000 employees. At the end of 2018, it had 413,000, so it’s increased its employees by 14% over the past five years. Its return on invested capital is a very healthy 22.69%. 

The home improvement retailer has underperformed relative to the S&P 500 in 2024 and over the past year. Higher interest rates and higher prices have scared away the do-it-yourselfers, but they’ll be back. 

In the meantime, it’s going after more of the professional contractor business. At the end of March, it acquired SRS Distribution, a residential specialty trade distributor across several verticals, including professional roofers, landscapers and pool contractors. The transaction valued the Texas-based company at $18.25 billion. It is an all-cash deal. 

“SRS’s branch network, coupled with The Home Depot’s 2,000+ U.S. stores and distribution centers, comprehensive product offering, and extensive pro brands, provides the residential pro customer with more fulfillment and service options than ever before,” stated Home Depot CEO Ted Decker in the March 28 press release. Its headcount just got a little larger. 

Target (TGT)

According to Visual Capitalist, Target (NYSE:TGT) is the sixth-largest U.S. employer with approximately 440,000 employees. At the end of 2018, it had 360,000, an increase of 22% over the past five years. Its return on invested capital is reasonable at 14.29%.

After TGT’s disastrous performance in 2023, falling from $260 in November 2022 to $103 in November 2023, it looked like the discount retailer was dead in the water. 

But then a funny thing happened. It delivered strong Q4 0223 results in early March, including $2.98 a share in earnings, 58% higher than a year earlier, and a 1.7% increase in revenue to $31.9 billion. For 2023, it earned $8.94 a share, just under 50% higher than a year ago. For 2024, it expects earnings per share of $9.10.

Last August, I recommended TGT stock as a bargain buy. It was trading at around $126. While shrink was a problem for retailers at that time, the actual number as a percentage of revenue was falling, suggesting that the issue would pass for retailers such as Target. It did. 

Its Q2 2023 results reported in August included a 273% increase in operating profit to $1.2 billion. In 2023, it was $4.62 billion, 42% higher than in 2022, with shrink costs falling during the year.

It currently trades at 18.5x its 2024 projected earnings, which is about its five-year historical average. It’s not undervalued or overvalued; it’s just right for a long-term play.  

Starbucks (SBUX) 

According to Visual Capitalist, Starbucks (NASDAQ:SBUX) is the tenth-largest U.S. employer with approximately 381,000 employees. At the end of 2018, it had 291,000, an increase of 31% over the past five years. Its return on invested capital is good at 15.58%.   

The world’s largest coffee chain used to be a safe investment. However, over the past five years, SBUX stock returned just 13%, less than one-fifth of the return of the S&P 500.  

In my experience, Starbucks has always been a company that rebounds nicely from downturns. I have no doubt it will do the same in the years ahead. 

The company will soon be rolling out new plastic cups that contain 20% less plastic. That’s the kind of innovation I expect from Seattle’s best. The final product took them four years to develop. It’s a big deal considering that Starbucks generates 75% of its U.S. sales from cold drinks, double the amount a decade ago. 

“I think we will never take our foot off the gas, evaluating new ways and new methods and new technologies to go further,” Amelia Landers, Starbucks’ vice president of product innovation, told ABC News on April 18. “We’re not done.”

Investors might have temporarily cooled on SBUX stock, but that hasn’t stopped the company from doing what it takes to stay on top while also keeping many people employed.

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.