Strategy case studies
608 free university-style cases for classroom discussion and independent study. Browse by topic or industry, or use search to find a company.
The Coca-Cola Company: Re-Architecting the Global Beverage Giant
Explore Coca-Cola’s asset-light business model, beverage portfolio, pricing strategy and acquisition decisions. Includes financial exhibits and six discussion questions on corporate strategy, operations and risk. Read case
Costco — The Price of Membership
Should Costco raise its U.S. membership fees? Evaluate customer value, competing warehouse-club offers and Executive rewards using information available on 9 July 2024. Includes five discussion questions and an optional quantitative exercise. Read case
10x Genomics: Protect the Platform or Trade for Certainty?
On 28 February 2023, a federal court in Delaware issued a claim-construction order in a patent case brought by 10x Genomics and Prognosys Biosciences against NanoString Technologies. The order adopted plain-and-ordinary-meaning constructions for several disputed terms and rejected a number of additional limitations proposed by NanoString. Read case
1-800-FLOWERS.COM — How Should Marketing Savings Be Deployed?
1-800-FLOWERS.COM, Inc. (FLWS) had prioritized marketing effectiveness and profitability over near-term growth. E-commerce orders fell, even as average order value rose. In parts of the business, contribution economics improved while revenue declined. Read case
Strategy Case: 1st Source — Funding the Next Engine of Growth
For 2026 planning, 1st Source’s leadership must recommend where the bank should place its next increment of growth capacity: deepen local commercial and small-business relationships, expand selected national specialty-finance activities, or pace both through explicit line-level hurdles. The recommendation should address credit discipline and state what evidence would change it. Read case
1stDibs — The Price of a Place on the Marketplace
On 3 March 2025, 1stDibs filed its annual report for 2024. The company said it had shifted seller acquisition and monetization toward “fewer, but more highly engaged sellers.” During the year, it discontinued a pricing option with no monthly subscription fee and higher commissions, which it said contributed to seller churn. Read case
3D Systems: Where Should the Next Incremental Dollar Go?
On August 4, 3D Systems announced that CEO Jeffrey Graves would leave the company and retire from its board when a successor was hired. Graves remained CEO during the search, and the company expected to name a successor later in 2026. The successor was not identified. The announcement did not specify a change in strategy. Read case
3M: Separate Before the Obligations Are Settled?
On June 22, 2023, 3M disclosed a proposed settlement of public-water-system claims involving PFAS. Read case
4D Molecular Therapeutics: Focus Before the Next Readout?
4D Molecular Therapeutics is approaching a consequential allocation choice. Its lead retinal gene-therapy candidate, 4D-150, is preparing to move from Phase 1/2 evidence toward a planned Phase 3 program in wet age-related macular degeneration (wet AMD). Read case
8x8 Inc.: Scale Usage-Based AI or Defend Recurring Revenue?
At the close of 5 August 2026, 8x8 had reported a quarter in which platform-usage revenue grew quickly while subscription revenue declined and company-wide gross margin fell. The company was also describing higher adoption of AI products, but it did not disclose AI-specific paid revenue or product-level margins. Read case
908 Devices: Commercializing NIRLAB Without Losing Focus
In May 2026, 908 Devices acquired NIRLAB, a Swiss developer of handheld near-infrared (NIR) chemical-analysis tools linked to mobile and cloud software. The acquisition added a new screening method and a subscription-based software offer to 908's handheld portfolio. Three months later, 908 reported second-quarter revenue growth and raised the low end of its 2026 outlook. Read case
A. O. Smith: What Should It Do With Its China Platform?
For decades, A. O. Smith had built a substantial water-heater and water-treatment business in China. The company reported roughly 8,700 points of sale, about 4,200 employees in China, and nearly 30 years of operating presence. Yet demand had weakened. Read case
A10 Networks — Where to Focus Commercial Attention?
A10 Networks entered the second half of 2026 with strong reported growth and a changing revenue mix. First-half revenue was $155.1 million, up 14.5% year over year. Enterprise revenue rose $35.3 million, while service-provider revenue fell $15.7 million. At the same time, one unnamed customer represented 38% of both second-quarter and first-half revenue. Read case
AAON — Governing Growth Under a New Enterprise Identity
On 21 August 2026, AAON, Inc. announced that it would operate under the trade name The Aaon Group. The company described the identity as a clearer layer above its two differentiated brands, AAON and BASX, and a framework for governance, capital allocation, shared capabilities and future portfolio growth. Read case
AAR Corp.: Integrating MRO Holdings Without Losing the Operating Edge
On September 28, 2026, AAR Corp. announced a definitive agreement to acquire a 65% controlling interest in MRO Holdings, a heavy airframe maintenance provider. The agreement was signed, but the acquisition had not closed. Closing was expected in AAR’s fiscal third quarter ending February 2027, subject to regulatory approvals and other customary conditions. Read case
Abacus Global Management: Funding the Next Phase of Growth
On September 25, Abacus Global Management announced a dual-tranche, investment-grade-rated securitization of life insurance policies valued at more than $400 million. The announced value includes Class A and B notes and a residual interest. The release did not state cash proceeds, note principal by class, coupons, advance rate, or the value and risk of the retained interest. Read case
Abbott and Exact Sciences: How Much Integration, and Where?
Six months after Abbott completed its acquisition of Exact Sciences, the combined company had reported its first full quarter with Exact included in reported results. Abbott's acquisition presentation forecast at least $100 million in annual pretax synergies by 2028 and projected earnings dilution through 2027. Read case
AbbVie and Apogee: Who Owns the Next Clinical Decision?
On September 3, 2026, AbbVie completed its all-cash acquisition of Apogee Therapeutics, with an approximately $10.9 billion equity value. Apogee shareholders received $135.11 per share. The transaction added a clinical-stage portfolio focused on inflammatory and immunological diseases, including atopic dermatitis and asthma. Read case
Abeona Therapeutics: Scaling an individualized launch after NTAP
On October 1, a new Medicare hospital payment pathway for ZEVASKYN took effect. Two days later, Abeona Therapeutics had an early launch to assess: Q2 product revenue had risen sequentially, treatment centers were being added, and the company had disclosed a batch that could not be commercially released under its specifications. Read case
Abercrombie & Fitch Co.: Capital choices after the tariff refund
Abercrombie & Fitch Co. ended its second quarter with 15 consecutive quarters of year-over-year sales growth. It also reported flat comparable sales and an operating margin that management estimated had received a 790-basis-point benefit from about $100 million of IEEPA tariff refunds. At the same time, its FY2026 outlook called for continued store investment and repurchases. Read case
ABM Industries’ M&D Growth: What Follows Boise?
ABM Industries had expanded its Manufacturing & Distribution (M&D) business through organic growth and the February acquisition of WGNSTAR, a semiconductor-focused technical services provider. In September, ABM announced a Boise Technical Training Center expected to support about 500 participants annually at launch. Read case
Absci’s ABS-201: Sequencing Two Development Paths
Absci Corporation was advancing ABS-201 in two indications: pattern hair loss and endometriosis. Its August update described blinded interim Phase 1 data from the HEADLINE trial as favorable for early safety and tolerability, with pharmacokinetic data suggesting a half-life of at least 65 days. Those data were not an efficacy readout. Read case
Acacia Research: Rules for the Next Dollar
Acacia Research Corporation acquires and operates businesses and intellectual-property assets across industrial, energy, and technology sectors. At the end of Q2 2026, management highlighted $334.6 million in cash, cash equivalents, fair-value equity securities, and loans receivable; it also said the company had no parent-company debt and an active acquisition pipeline. Read case
Academy Sports + Outdoors: Where Should the Next Capital Go?
On September 9, Academy Sports + Outdoors reported that second-quarter fiscal 2026 net sales increased 3.0%, even as comparable sales slipped 0.4%. Comparable transactions fell 5.3%, while average ticket rose 4.9%. E-commerce sales also grew, though the release and 10-Q reported different growth rates. Read case
Acadia Healthcare: Where Should the Next Growth Dollar Go?
Acadia Healthcare had added 322 beds during the first half of 2026 and said it was still ramping occupancy at facilities opened in recent years. At the same time, its second-quarter same-facility revenue was nearly flat, even as admissions and patient days increased. Management lowered its fiscal 2026 capital-spending outlook and raised its operating-cash-flow forecast. Read case
Acadia Pharmaceuticals: How to Commit After Mixed Phase 2 Evidence?
On September 24, 2026, Acadia Pharmaceuticals announced topline results from RADIANT, a Phase 2 study of remlifanserin for ADP. The 60 mg dose narrowly missed the study’s primary endpoint, while a key secondary measure was nominally significant. Read case
Accenture: Where Should the Next Investment Go?
On October 1, Accenture reported fiscal 2026 revenue growth of 5% in local currency, $84.5 billion in bookings, and $11.6 billion in free cash flow. Read case
Adobe Inc.: Choosing an Emphasis for the Next AI Cycle
On 22 September 2026, Adobe had just filed its third-quarter Form 10-Q, following its 10 September results announcement. Anil Chakravarthy, appointed president and chief executive officer effective 1 December, was preparing to take the role. Read case
AMD: How Much Capacity Should AMD Commit Before Demand Is Certain?
Advanced Micro Devices (AMD) enters the fall of 2026 with accelerating data-center demand, several large customer deployment announcements and substantial existing supply commitments. The company has signed an agreement to acquire AI research company World Labs, pending closing and regulatory/customary conditions. Read case
The AES Corporation: Capital Allocation During a Pending Take-Private
On the evening of August 5, 2026, AES Corporation faced a portfolio decision under unusual constraints. The company had signed a $15-per-share agreement to be acquired by a consortium led by Global Infrastructure Partners and EQT. Shareholders had approved the transaction, and the HSR waiting period had expired, but other regulatory approvals and closing conditions remained. Read case
Aflac Japan: which channel gets the next investment?
By early October 2026, Aflac Japan had restored most of its policyholder website after a June data intrusion. Two online procedures remained unavailable. An agent-assisted online consultation tool had also been suspended, and Aflac had not published a separate restoration status for that tool. Read case
Agilent Technologies: Integrating Biocare—How Fast, and Where?
Nearly three months after completing its acquisition of Biocare Medical, Agilent Technologies had a choice to make about how the two organizations would work together. The deal was closed, and Biocare had joined Agilent’s Life Sciences and Diagnostics Markets group. Read case
Air Products’ Louisiana Bet: Commit, Stage, or Stop?
On June 25, 2026, Air Products and Chemicals (APD) faced a consequential choice about its Louisiana Clean Energy Complex (LCEC). The company had described a potential partnership with Yara International that linked APD’s hydrogen production and industrial-gas capabilities with Yara’s ammonia operations and distribution network. Read case
Airbnb: What should come after the stay?
On May 8, 2024, Airbnb reported first-quarter revenue of $2.1 billion, up 18% from a year earlier. Its combined measure of Nights and Experiences Booked had increased 9.5%. The letter credited booking growth, a modest increase in average daily rates, and the timing of Easter among the factors behind revenue growth. Read case
Akamai: Build for Anthropic—or Preserve Room to Maneuver?
On September 24, 2026, Akamai Technologies announced that Anthropic had committed to purchase $11.6 billion of cloud services over seven years. The agreement supports Anthropic's growing CPU workload needs on Akamai's distributed cloud infrastructure. Read case
Albemarle: When to Commit at Richburg?
Albemarle had announced a plan to build a lithium hydroxide conversion facility in Chester County, South Carolina. The March 2023 announcement said construction was expected to begin in late 2024. Read case
Alexandria Real Estate Equities: Capital Recycling Under Pressure
In early October, Alexandria Real Estate Equities (ARE) faced a capital-allocation question as its 2026 property-sale program moved through several stages. At June 30, its annualized net-debt-and-preferred-stock-to-Adjusted-EBITDA ratio stood at 7.0x, above management’s year-end target range. Read case
Align Technology — Choosing the Next Growth Lever
You are an outside strategy adviser preparing a recommendation about Align Technology’s 2024 growth priorities. Use only information available by 1 February 2024. Recommend which of two publicly disclosed levers Align should emphasize, or whether it should stage both: Read case
Allegion: what should the incoming International president prioritize?
On September 8, 2026, Allegion disclosed a leadership transition for its International segment. Serge Zappone, then vice president and general manager for Allegion APAC, would become President, International and Senior Vice President on January 1, 2027. He would report to Allegion President and CEO John Stone. Timothy Eckersley planned to retire at year-end. Read case
Alliant Energy: Building Ahead or Waiting for the Next Load?
On August 21, 2026, Alliant Energy's leadership faced a planning question that was growing harder to defer: how much should its operating utilities commit to serve the next wave of large electricity customers, and what evidence should be required before each new commitment? Read case
Allstate: How fast should homeowners growth travel?
Allstate had a homeowners growth opportunity and a risk-allocation problem at the same time. Its policy count was rising, new applications were increasing, and its reported first-half homeowners underwriting result had improved sharply from the prior year. Read case
Alphabet’s next compute allocation
Alphabet’s next infrastructure plan must support two demanding uses of AI compute. Google’s consumer products—including Search, Gemini, and YouTube—need capacity for models, inference, and product improvement. Google Cloud needs capacity to deliver customer workloads, meet commitments, and compete for new enterprise demand. Read case
Altria: Funding the Next Step Beyond Smoking
Altria had invested $2.75 billion to acquire NJOY in June 2023. The company expected the acquisition's return on invested capital to exceed its weighted average cost of capital by 2027. That was a management target, not a reported result. Read case
Amazon — How Much Fulfillment Capacity Should the Company Keep?
On 2 February 2023, Amazon CEO Andy Jassy described a mismatch between capacity decisions made in 2020 for anticipated 2022 demand and demand that later developed. He said Amazon had “more capacity than we needed” in early 2022, and that the company had delayed some builds and mothballed some facilities while reviewing its investment needs. Read case
Amcor and Berry: Is Scale Worth the Shares?
On 19 November 2024, Amcor and Berry Global announced an all-stock combination. Their boards had unanimously approved and signed the agreement. Amcor shareholders would later vote yes or no on issuing Amcor shares under that agreement; Berry shareholders would vote separately on the merger. The proxy materials and shareholder vote were still ahead. Read case
Ameren Missouri: Advancing West Alton Amid Large-Load Uncertainty
On September 28, 2026, Ameren Missouri filed a new Integrated Resource Plan (IRP). The 20-year plan responded to a sharply higher forecast of electricity demand from large customers. It also called for a large portfolio of gas-fired generation, solar, storage and nuclear resources, alongside continued demand-side programs and planned coal retirements. Read case
AEP: Planning for a Texas load surge
On July 30, 2026, American Electric Power reported that contracted load growth through 2030 had reached 69 gigawatts (GW), after six GW of new signed agreements in the second quarter. Read case
American Express: Where should growth investment go while travel recovers?
On April 23, 2021, American Express faced a split recovery. Q1 Goods & Services (G&S) spending on its proprietary cards was above Q1 2019, while travel and entertainment (T&E) spending remained far below its Q1 2019 level. The company had just reported 2.1 million new proprietary cards for the quarter and said added value on several premium products was helping engagement. Read case
American International Group: The Next Dollar of Capital
At 30 June 2026, AIG reported $7.4 billion of Parent liquidity, including a $3.0 billion committed revolver. It had returned $1.2 billion through common-share repurchases and $504 million through dividends during the first half. AIG repurchased about $195 million more in July; at 31 July, $2.6 billion remained under its Board authorization. Read case
American Tower — Where Should the India Proceeds Go?
On 30 April 2024, American Tower Corporation (AMT) released first-quarter results before its scheduled 8:30 a.m. earnings call. Its agreement to sell its Indian operating subsidiary remained pending. Read case
American Water: sequencing a regulated growth plan under merger uncertainty
American Water’s September 2026 investor presentation laid out a large standalone growth plan: $17.0–17.5 billion of regulated system investment and $2.0–2.5 billion of regulated acquisitions from 2026 through 2030, or $19–20 billion in total. The longer 2026–2035 plan was $46–48 billion. Read case
Ameriprise Financial: When to Turn Authorization into Repurchases?
On September 29, Ameriprise Financial announced that its board had authorized an additional $5.5 billion in share repurchases through September 30, 2028. The announcement did not require the company to buy any minimum number of shares. Management could begin or suspend repurchases at any time, depending on market conditions and other factors. Read case
AMETEK: Integrating Indicor Without Losing What It Bought
On 26 August 2026, AMETEK completed its $5.0 billion all-cash acquisition of instrumentation businesses from Indicor. AMETEK said the acquired businesses would join EIG or EMG according to product offerings and market alignment. That disclosed assignment establishes where the portfolio sits in the organization. Read case
Amgen Inc.: Pricing Amjevita for the U.S. Humira market
Amgen had a date for entering the U.S. market with Amjevita, its biosimilar to AbbVie’s Humira, but no public launch price or payer-contracting offer. The agreed U.S. license date was 31 January 2023, four months away. Read case
Amphenol — Integrating CommScope CCS
Amphenol completed its acquisition of CommScope’s Connectivity and Cable Solutions business on 9 January 2026. Eight months later, the acquisition had materially expanded Communications Solutions, the segment that sells products into communications networks and IT datacom markets. Read case
Analog Devices: Setting the Next Capacity Rule
At 7:01 a.m. on August 19, Analog Devices (ADI) reported third-quarter fiscal 2026 revenue of $4.02 billion, up 40% year over year, and forecast fourth-quarter revenue of $4.3 billion, plus or minus $100 million. The company’s call was scheduled for 10:00 a.m. This case uses the release and filings available before the call; it does not use the call or any later information. Read case
Aon and Willis Towers Watson — The Value of Scale
On 9 March 2020, Aon plc and Willis Towers Watson (WTW) announced a definitive agreement to combine in an all-stock transaction. WTW shareholders would receive 1.08 shares of the new Aon for each WTW share, a stated 16.2% premium to WTW's closing price on 6 March. Read case
APA Corporation — The Block 58 Gate
On 31 July 2024, APA Corporation said it remained on track with TotalEnergies for a final investment decision (FID) on Suriname’s Block 58 by year-end and first oil in 2028. TotalEnergies, the block operator, had secured a hull for a proposed floating production, storage and offloading vessel designed for 200,000 barrels per day. , pp. 2–3. Read case
Apollo Global Management: Scale the engine—or put gates on it?
Apollo had joined its alternative-asset-management platform with Athene, a retirement-services business, effective January 1, 2022. Read case
Apple — Who Pays for Openness?
On 25 January 2024, Apple announced major changes to iOS, Safari and the App Store in the European Union. Among them: iPhone users would be able to install apps from alternative marketplaces, and developers could use payment providers other than Apple’s in-app purchase system. Apple also announced new EU commercial terms for developers who wanted those capabilities. Read case
Applied Materials: Who Gets the First Look?
Applied Materials sells equipment and services used to manufacture semiconductors and displays. Semiconductor manufacturing depends on tightly linked steps: a tool must work with the materials and processes around it, then meet a chipmaker’s yield, throughput, and reliability requirements at production scale. Read case
AppLovin — Scaling the Flip Relationship
On 2 April 2024, AppLovin and Flip announced that Flip would soon relaunch an advertising marketplace for merchants using AppLovin’s AXON technology. AppLovin had already agreed to invest $50 million in Flip’s Series C, expected to represent about 4.1% of Flip’s fully diluted ownership, and Flip had already entered a commercial agreement to use AXON. Read case
Aptiv after EDS: setting a pace for capital return
On April 1, Aptiv completed the spin-off of its Electrical Distribution Systems business into Versigent PLC. Aptiv’s Q2 and first-half reporting presents EDS as discontinued operations for all periods, so the figures below describe continuing Aptiv rather than the old company before separation. Read case
Arch Capital Group: Returning Capital Through a Divided Insurance Market
Arch Capital Group (Arch) repurchased 12.4 million common shares for $1,165.8 million during the second quarter of 2026. The average price was $94.38 per share. At June 30, $2,158.2 million remained under its repurchase authorization. Read case
Archer-Daniels-Midland: How Far to Expand the Crush Network?
On 30 July 2026, Archer-Daniels-Midland Company (ADM) announced targeted oilseed-crush upgrades at four existing U.S. facilities. Management expected the work to add approximately 700,000 metric tons of annual capacity in total, with completion from mid-2028 through early 2029. ADM also said it was evaluating similar enhancements at other North American locations. Read case
Ares Management: Scaling Private Credit in the Wealth Channel
In May 2024, Ares Management described a fast-growing wealth business and ambitious goals for its semi-liquid product platform. One of those products, Ares Strategic Income Fund (ASIF), offered individual investors access to private credit through a continuously offered, non-traded business development company. Read case
Arista Networks — Where to Place the Next Bet?
On 4 August 2026, Arista Networks reported its first quarterly revenue above $3 billion and announced new 1.6 Tbps AI fabric platforms. The following day, its Form 10-Q described demand for networking as strong while warning that the long-term trajectory of AI networking remained unknown. Read case
Arthur J. Gallagher & Co.: Integrating AssuredPartners
By September 2026, Arthur J. Gallagher & Co. (Gallagher) was still integrating AssuredPartners (AP), the large brokerage business it acquired in 2025. The company had also announced smaller acquisitions with different public descriptions of team location and leadership. Read case
Assurant and the Smartphone’s Second Life
On August 3, 2023, Assurant filed its second-quarter report. Global Lifestyle, the segment that includes Connected Living and Global Automotive, had generated more revenue than a year earlier, but its adjusted earnings were lower. Inside Connected Living, mobile subscribers and extended service contracts in North America were growing modestly. Read case
AT&T — Fiber's Next Mile
AT&T ended 2023 with fiber passing more than 26 million consumer and business locations. Management said the company was on track to pass more than 30 million by the end of 2025. AT&T also offered Internet Air, a home broadband service delivered over its 5G network where available. Read case
Atmos Energy: How should the next wave of investment be paced?
On August 5, 2026, Atmos Energy reported its third-quarter results and reaffirmed its fiscal-year outlook. The company had a large multiyear investment plan underway. Read case
Autodesk: the last perpetual license?
On 23 March 2016, Autodesk filed its annual report for the fiscal year ended 31 January. Most new perpetual licenses for individual software products had stopped selling on 1 February. A second milestone was four months away: on 1 August, Autodesk planned to stop selling new perpetual licenses for its Design & Creation Suites and affected products. Read case
ADP: Who sets the limits on the payroll agent?
In January 2026, ADP introduced a new set of ADP Assist agents for employees, managers, HR teams, and payroll practitioners. Read case
AutoZone: Where to Put the Next Mile of Growth?
AutoZone had grown through new stores, a commercial program serving professional repair customers, and a network of hubs and mega hubs intended to widen parts availability. International operations were also expanding. The company said it planned higher investment in fiscal 2024, including supply-chain projects and store openings. Read case
AvalonBay Communities — When Should the Next Building Start?
On February 27, 2025, AvalonBay Communities (AVB) filed its annual report for the year ended December 31, 2024. The apartment owner and developer had reported solid same-store results, but the performance varied across its markets. Read case
Avery Dennison: Investing for Intelligent Labels growth
By September 2024, Avery Dennison had made Intelligent Labels (IL) a central part of its growth story. RFID-enabled labels connect physical products to digital information and can help customers track goods through stores and supply chains. Avery brought materials science, label manufacturing, RFID inlays and tags, and digital solutions to the opportunity. Read case
Axon Enterprise — Scaling the AI Era
Axon’s second-quarter 2026 results showed rapid growth across its connected devices and software businesses. The company reported that AI Era revenue had grown nearly 700% year over year. Yet the release did not provide an absolute AI Era revenue base, product-specific margins, customer usage, or renewal data. Read case
Baker Hughes: governing the Chart integration
On July 16, Baker Hughes completed its acquisition of Chart Industries. Twelve days later, the transaction had become an operating-design question. Baker Hughes had described Chart as a third reporting segment while also targeting shared procurement, support functions, manufacturing practices, engineering and commercial coordination, and lifecycle services. Read case
Ball Corporation: What should come next for Aerospace?
On August 3, 2023, Ball Corporation reported second-quarter results and told investors that it was considering options for its Aerospace business. Management said the options could better position the business to provide value to shareholders and customers. It also emphasized that no formal decision was certain. Read case
Bank of America — The Center and the Screen
On 16 July 2024, Bank of America (BofA) reported second-quarter results alongside continued growth in digital banking. Consumer Banking had 39.0 million active mobile users, and 53% of Consumer Banking sales were through digital channels. The bank also operated 3,786 financial centers. , slide 14. Read case
BNY Mellon: Scaling an AI-enabled platform
By the end of July 2026, BNY Mellon had made a substantial shift toward a platform operating model and had begun deploying artificial-intelligence tools across the firm. Its leaders described AI as a strategic opportunity for client service and efficiency. The same disclosures emphasized implementation, model, cyber, third-party and governance risks. Read case
Baxter and Hillrom: integrating without disrupting care
On Monday, 13 December 2021, Baxter International announced that it had completed its acquisition of Hillrom. Baxter had paid $156 in cash for each Hillrom share, for a purchase price of approximately $10.5 billion based on shares outstanding at closing. Read case
Becton Dickinson: Preparing for a Phasix Indication That Has Not Yet Been Proven
Imagine that you advise Becton, Dickinson and Company’s Surgery leadership on October 2, 2026. The question is how much to invest in preparing for possible U.S. prophylactic use of Phasix Mesh while a large clinical trial remains in follow-up. This is a hypothetical resource-allocation decision, not a reported management meeting or an announced BD budget. Read case
Berkshire Hathaway: How Much Optionality Should Capital Keep?
Berkshire Hathaway closed 2023 with a large balance of cash, cash equivalents and U.S. Treasury bills. Warren Buffett described ample liquidity as paramount and linked the reserve to financial strength and the ability to act during a severe market disruption. At the same time, Berkshire continued to invest in operating businesses, public securities and share repurchases. Read case
Best Buy — What Should the Next CEO Sequence?
Jason Bonfig was scheduled to become Best Buy’s CEO on November 1, succeeding Corie Barry. The company had recently described four priorities: develop as a retail, media, advertising and technology company; expand its reach; elevate the customer experience; and remain human-powered and customer-focused. Read case
Bio-Techne: Funding the next phase of CGT growth
Bio-Techne had invested in specialized reagents and manufacturing capabilities for cell and gene therapies (CGT), while reporting weak organic growth in its largest segment. It also had a company-wide capital plan and a large future contractual purchase commitment tied to Wilson Wolf. Read case
Biogen: Turning a Major Acquisition into Sustainable Growth
On May 14, 2026, Biogen completed its acquisition of Apellis Pharmaceuticals. The deal added two marketed medicines, SYFOVRE for geographic atrophy (GA) associated with age-related macular degeneration, and EMPAVELI for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary immune complex membranoproliferative glomerulonephritis (primary IC-MPGN). Read case
BlackRock: connecting scale to private-markets capability
BlackRock manages assets across index, active and private markets and operates technology platforms used by investors and financial institutions. Its acquisition of HPS Investment Partners brought a large private-credit business into the company. Read case
Blackstone: How Far Should Private Wealth Grow?
Blackstone had spent years widening access to alternative investments for high-net-worth and mass-affluent individuals. Its FY2023 annual report said private-wealth capital had become an increasing part of the firm's assets under management and that Blackstone expected the trend to continue. Read case
Block — Should Cash App Local Grow Beyond Its Test?
In the second quarter of 2024, Block began testing Cash App Local with a handful of Square sellers. A customer could order from Cash App and earn cash back after signing up through a seller QR code or at the point of sale. Block said it was starting small as it identified the most compelling offerings. Read case
Boeing — Sequencing the 737 Ramp
On 3 August 2026, the Federal Aviation Administration issued an amended type certificate and updated Production Limitation Record for Boeing’s 737 MAX-7. The FAA said the amended type certificate confirms compliance with applicable design and safety requirements; the updated production record authorizes Boeing to begin production of the aircraft. Read case
Booking Holdings — The Rules of the Marketplace
In January 2024, Spain's competition authority, the Comisión Nacional de los Mercados y la Competencia (CNMC), notified Booking.com of a draft decision proposing a €486 million fine and restrictions on certain parity provisions and the criteria Booking.com could use to rank hotels. Read case
Boston Scientific: Resilience, Integration and the Next Dollar
On August 25, Boston Scientific identified a cybersecurity incident that disrupted global operations. Manufacturing, order processing and shipping were limited. The company’s first public notice said the scope and financial impact were then unknown. Read case
Bristol Myers Squibb: sequencing the growth transition
Bristol Myers Squibb entered 2024 with a portfolio moving in different directions. Total 2023 revenue was $45.0 billion, down 2%. The company’s in-line products grew 3%, and its newer product portfolio grew 77% to $3.6 billion. At the same time, “recent loss-of-exclusivity” products declined 34% to $7.1 billion, including Revlimid, whose revenue fell 39%. Read case
Broadcom and VMware: How Far Should the Bundle Go?
On December 20, 2024, Broadcom filed its fiscal 2024 annual report. It was the first full fiscal year in which Broadcom’s results included VMware, acquired in November 2023. VMware brought a large infrastructure software business into a company whose other major business was semiconductors. Read case
Broadridge Financial Solutions: How to sequence a platform launch?
On 16 September 2024, Broadridge Financial Solutions announced Global Asset Servicing, a platform bringing together more than 18 components across capital markets, wealth management, asset management and global custody. The listed services included tax and performance reporting, cost basis, proxy, class actions, reclaims and global custody. Read case
Brown & Brown — Choosing the First AI Workflows to Scale
On 23 July 2026, Brown & Brown announced that it was moving toward an AI-first enterprise. Its plan included deploying Anthropic’s Claude across approximately 23,000 teammates, working with Anthropic, McKinsey and Accenture, and establishing a value management office (VMO) to monitor adoption, impact, return on investment and controls. Read case
Brown-Forman: What Should the Board Require If a Proposal Returns?
On July 26, Brown-Forman Corporation said its board had received an unsolicited proposal from Sazerac to acquire the company. The board said it had concluded that the proposal was “not actionable,” taking the view of Wolf Pen Branch into consideration. Neither the proposal’s price nor its form of consideration, financing, conditions, or timing was disclosed. Read case
Builders FirstSource: Buying Growth in a Housing Downturn
On 30 April 2026, Builders FirstSource (BLDR) released first-quarter results and disclosed that its board had announced a total authorization of up to $500 million for share repurchases, including approximately $200 million remaining from the April 2025 authorization. It did not require the company to buy any particular number of shares and could be changed or suspended. Read case
Bunge and Viterra: What Should the Remedy Package Protect?
On 13 June 2023, Bunge and Viterra announced an agreement to combine their global agribusiness operations. Bunge described the businesses as complementary across crops, regions and seasons. Read case
BXP: Which work comes next?
On August 6, 2026, BXP filed its second-quarter report. Occupancy had improved, leasing activity was strong relative to the company’s historical second-quarter average, and a large share of its commercial development and redevelopment pipeline was pre-leased. Read case
Cadence Design Systems — Integrating BETA CAE
On 3 June 2024, Cadence Design Systems announced that it had completed its acquisition of BETA CAE Systems International AG. Cadence described BETA CAE as a provider of multi-domain engineering simulation and analysis software with a strong automotive footprint and customers in aerospace, industrial, and healthcare. Read case
California BanCorp: where should the next loan come from?
On July 27, 2026, California BanCorp reported second-quarter net income of $14.3 million and $113.7 million of sequential loan growth. Nonperforming assets fell to 0.44% of total assets from 0.97% in the prior quarter. Management described growth as balanced and said it reflected new business relationships across the bank’s California footprint. Read case
California Resources: where should the next dollar go?
You are advising a hypothetical CRC capital-allocation team after Carbon TerraVault I (CTV I) began injecting carbon dioxide in May 2026. Read case
California Water Service Group: How Much Revenue Protection Is Enough?
On 17 March 2026, California Water Service Group (Cal Water, NYSE: CWT) told investors that the California Public Utilities Commission (CPUC) had issued a proposed decision in the company's 2024 California general rate case. The Commission had not voted. Read case
Calix: Invest Ahead of the Broadband Buildout?
On 22 July 2024, Calix, Inc. reported second-quarter revenue of $198.1 million, down 24% from a year earlier and 12% sequentially. Revenue EDGE and Intelligent Access EDGE appliance sales had weakened. Yet gross margin had improved, Calix Cloud and managed-service deployments were increasing, and remaining performance obligations (RPO) had grown year over year. Read case
Topgolf Callaway Brands: What Must Be True Before the Spin?
At 4:26 p.m. Eastern on September 4, Topgolf Callaway Brands Corp. told investors that its Board intended to pursue a separation of Topgolf. A spin-off of at least 80.1% of Topgolf to shareholders was the most likely route, but the Board was still evaluating alternatives and had not approved final terms. Read case
Calumet Inc.: How Far, How Fast on SAF?
On October 16, 2024, the U.S. Department of Energy's Loan Programs Office (DOE LPO) issued a conditional commitment for a loan guarantee of up to $1.44 billion to Montana Renewables, LLC (MRL), a Calumet subsidiary. Read case
Camden National: integrating Northway without losing the relationship franchise
On November 7, 2024, Camden National Corporation filed its latest quarterly report. The company had announced its agreement to acquire Northway Financial two months earlier. Both boards had approved the agreement, but the transaction still needed Northway shareholder and regulatory approvals. Read case
Camden Property Trust: when should the next apartment start?
On November 1, 2024, Camden Property Trust's latest quarterly filing described a deliberate pause in four predevelopment projects. Camden had recognized a $41.0 million noncash impairment on three land parcels and said it would stop capitalizing interest and expenses associated with those sites. The filing does not map each impaired parcel to each paused project. Read case
CAMP4 Therapeutics: Sequencing Capital Across a Platform
On May 14, 2025, CAMP4 Therapeutics had three distinct demands on its capital: continue a clinical program for urea cycle disorders (UCDs), advance a newly nominated SYNGAP1 candidate toward toxicology and clinical testing, and sustain the discovery platform and partnership work that could generate future programs. Read case
The Campbell’s Company: Funding a Near-Term Maturity
On September 24, 2026, Campbell’s filed its FY2026 Form 10-K. One financing question remained open: how would the company fund the $500 million of 5.20% senior notes due March 19, 2027? The filing said Campbell expected to repay and/or refinance the notes, naming capital markets, cash, commercial paper (CP) and its revolving credit facility as possible sources. Read case
Camping World Holdings: How Much Inventory Is Enough?
Camping World Holdings, Inc. (CWH) entered the second half of 2026 with a difficult retail balance. New RV demand had weakened, but the company said it had continued to gain new-unit share through May. Used-unit sales were growing, yet margins on both new and used vehicles had fallen. Read case
Canadian Solar: Sell the Project or Keep the Asset?
Canadian Solar’s second-quarter results showed two distinct businesses under one corporate umbrella. Manufacturing sold solar modules and battery energy storage systems; Recurrent Energy developed solar and storage projects, sold some assets, operated a portfolio that generated electricity revenue, and provided power services. Read case
Candel Therapeutics: Should It Commit to the Next Glioblastoma Trial?
On October 2, 2026, Candel Therapeutics was preparing for a possible prostate-cancer biologics license application (BLA), starting a global pivotal lung-cancer trial, and advancing a separate viral immunotherapy for recurrent glioblastoma. Each program carried scientific promise and uncertainty. Read case
Cannae Holdings: what should the next dollar do?
Cannae Holdings had spent the first half of 2026 changing the shape of its portfolio. The company completed the sale of two non-core assets, acquired a professional rugby club, and repeated its focus on sports and entertainment. At the same time, management continued to endorse both share repurchases and a quarterly dividend. Read case
Canton Strategic Holdings: when should a treasury company buy back its shares?
Canton Strategic Holdings, Inc. had recently changed both its business focus and its name. Formerly Tharimmune, the company began trading as CNTN in February 2026 after launching a Canton Coin (CC) treasury strategy in November 2025. Read case
Capital Bancorp: sequencing integration within a disclosed conversion baseline
Capital Bancorp had agreed to be acquired by Peoples Bancorp in an all-stock transaction. Both boards had approved the agreement, but shareholder and regulatory approvals and other closing conditions remained. Management expected the combination to close in the first half of 2027. Read case
Capital City Bank Group: Managing a Deposit-Product Reset
Capital City Bank Group entered the second half of 2026 with two developments moving at once. Loan demand remained selective, so management had used part of the first-half excess liquidity to buy investment securities while continuing to apply disciplined underwriting. Read case
Capital One: How far should the card portfolio travel?
Capital One’s acquisition of Discover created an opportunity to operate a large card issuer and a payments network under one corporate roof. It also created two migration streams that are easy to confuse. One moves Discover-originated accounts onto Capital One technology. The other routes Capital One-branded cards over Discover Network. Read case
Capitol Federal: How Fast Should the Portfolio Shift?
On October 1, William Skrobacz became President of Capitol Federal Financial and Capitol Federal Savings Bank. He had helped develop and execute the company’s commercial strategy; CEO John Dicus remained chair and CEO. The transition put day-to-day responsibility for commercial operations and strategy in a new role, while the public financial picture still ended June 30. P04 Read case
Capri Holdings: Where Should the Next Increment Go?
Capri Holdings had completed the sale of Versace to Prada in December 2025. In the latest reported quarter, the company had two operating segments: Michael Kors (MK) and Jimmy Choo (JC). Capri still provided some transition services to the former Versace business, so the legal sale had not ended every transaction-related activity. P02, Note 3 Read case
Capricor Therapeutics — Readiness Before Resolution
Capricor Therapeutics was preparing for a potential U.S. launch of Deramiocel, an investigational cell therapy for Duchenne muscular dystrophy (DMD), while the FDA continued reviewing its biologics license application (BLA). Read case
CapsoVision — The First AI Commercial Bet
On September 28, CapsoVision announced that the FDA had cleared AI Highlights for use with its CapsoCam Plus capsule endoscopy system. The clearance was granted three days earlier. Read case
Cardinal Health: Capital Priorities After the CVS LOI
On October 1, Cardinal Health announced a binding letter of intent to extend its pharmaceutical distribution agreement with CVS Health through June 30, 2032, on the current distribution-service scope. That same day, McKesson announced an agreement in principle to extend its own CVS distribution partnership through June 2032. Read case
Cardinal Infrastructure Group: integrate Allied or keep acquiring?
You advise Cardinal Infrastructure Group’s leadership on October 2, the day after Allied Paving closed. Cardinal has spent the past year expanding its site-civil platform and now has a newly amended acquisition facility. Read case
Carnival Corporation & plc — Pricing the Booked Position
On 21 December 2023, Carnival Corporation & plc reported a record FY2023 revenue of $21.6 billion and said it entered 2024 with its best booked position yet for both price and occupancy. Read case
Carrier Global — Debt, Investment or Repurchases?
Carrier Global had spent the previous year changing what kind of company it wanted to be. It acquired Viessmann Climate Solutions (VCS), a European heating and energy business, and agreed to sell three businesses in fire protection, security and commercial refrigeration. A fourth fire business remained for sale. Read case
Carvana: How long should the return promise last?
Carvana built its retail model around an online transaction. A customer can search a large inventory, inspect annotated photographs and vehicle details, arrange financing, and have the car delivered or pick it up. Carvana says its high-definition virtual tours show the actual vehicle and visible imperfections. Read case
Caterpillar — Building Capacity for a Power-Hungry World
In its second quarter of 2026, Caterpillar reported a $72.1 billion order backlog that it believed was firm, up $9.4 billion from the prior quarter. The increase spanned its three primary segments, with the largest increase in Power & Energy. Read case
Cboe Global Markets: When Is an Overnight Market Ready?
On 29 May 2026, the SEC approved amended EDGX rules for a 23-hours-per-day, five-days-per-week equity schedule. The approval created a path to overnight trading; it did not itself authorize EDGX to open the new session. Read case
CBRE: One platform, distinct businesses?
On July 29, 2026, CBRE Group filed its second-quarter report. Its Building Operations & Experience segment—BOE—reported $6.686 billion in revenue for the quarter, up from $5.833 billion a year earlier. The segment combines facilities management, property management, critical infrastructure services, and flexible workplace solutions. Read case
CDW and Sirius: Building the Next Layer of Customer Solutions
In late February 2022, CDW’s leadership had a newly combined business to organize. The company had completed its acquisition of Sirius Computer Solutions on 1 December 2021. Read case
Cencora: When Should Nucleus Scale?
On June 17, 2026, Cencora announced a phased pilot of the next generation of Nucleus, its inventory-management solution for specialty physician practices. The planned pilot spans more than 20 sites. Cencora said it would assess system performance across practice settings and gather feedback. Read case
Centene — Where to Compete in Medicare Advantage?
Centene Corporation had built a national managed-care business around Medicaid, then extended into Medicare and the Health Insurance Marketplace. Its principal Medicare Advantage brand was Wellcare. On April 26, 2024, Centene filed its first-quarter results. Read case
CenterPoint Energy: Sequencing Growth, Resilience, and Financial Flexibility
On October 1, CenterPoint Energy Resources Corp. (CERC), a subsidiary of CenterPoint Energy, completed the sale of its Ohio natural-gas local distribution business. Read case
CF Industries: When Should Blue Point Reach FID?
On February 14, 2024, CF Industries said it and Mitsui had completed a front-end engineering and design study for a proposed low-carbon ammonia plant at Blue Point, Louisiana. The studied design used steam methane reforming (SMR) with carbon capture and sequestration (CCS). Read case
C.H. Robinson: Where Should Automation Stop?
This constructed case uses C.H. Robinson’s December 12, 2024 Investor Day as its information boundary and places a hypothetical cross-functional team before a question common to large service networks: how much work should software handle without an employee, and where should experienced judgment remain central? Read case
Charles River Laboratories: Turning an AMAP Goal into a Portfolio
On 16 April 2024, Charles River Laboratories International announced its Alternative Methods Advancement Project (AMAP), an initiative to develop alternatives that reduce reliance on animal testing in drug discovery and development. Read case
Schwab’s Two AI Front Doors
On September 30, 2026, Charles Schwab announced Charley, a generative AI assistant for eligible U.S. retail clients. The planned October rollout would bring Schwab information, tools, and service into a voice- or text-based conversation on Schwab.com and Schwab Mobile. Read case
Charter Communications: What Should Spectrum Sell Next?
On 24 July 2026, Charter Communications reported a split in its consumer connectivity trends. Residential Internet customers were down 510,000 year over year, while residential mobile lines were up approximately 1.6 million. In the quarter, total Internet customers declined by 172,000 and total mobile lines increased by 406,000. Read case
Chevron and Hess: Is Guyana Worth the Uncertainty?
On February 26, 2024, Chevron and Hess filed their 2023 annual reports. Chevron’s filing described unresolved questions around Hess’s 30% interest in the Stabroek Block offshore Guyana, alongside the pending Federal Trade Commission review of the proposed merger. Read case
Chipotle — Which Restaurant Formats Should Scale?
At 4:00:10 p.m. Eastern on 4 February 2020, Chipotle Mexican Grill had a few minutes before its scheduled fourth-quarter and full-year results release. Its newly filed 2019 Form 10-K put digital orders at 18% of revenue. Read case
Chubb — Underwriting Discipline after a Soft-Market Warning
By 28 July 2026, Chubb had filed its quarterly report for the three months ended 30 June. The results showed sharply different premium trends within North America Commercial P&C. The reported Major Accounts & Specialty category had contracted, while middle-market and small commercial had grown. Read case
Church & Dwight — Can Hero Grow Beyond the Patch?
At the start of 2024, Church & Dwight was positioning Hero Cosmetics as a growth brand. Hero had become known for Mighty Patch acne patches, and CHD's February 2 earnings release said Hero would continue patch innovation while adding Dissolve Away Daily Cleansing Balm, a planned product for acne-prone skin. Read case
Ciena — Governing Ciena Ventures
On September 14, Ciena announced Ciena Ventures, an initiative with an initial $200 million commitment to invest in early-stage companies and technology-focused venture funds. The company described the program as a way to complement organic research and development and strategic acquisitions, broaden its view of emerging technologies, and strengthen the innovation ecosystem. Read case
The Cigna Group — How Far Should ClearCareRx Go?
In April 2023, Express Scripts announced ClearCareRx, a new pharmacy-benefit contract option for employers, health plans and government-employer clients. Read case
Cincinnati Financial — Growth at the Right Price
At the end of July 2026, Cincinnati Financial Corporation (CINF) had a business problem that could be described in two ways. Personal-lines renewal premiums were growing after substantial rate increases, and the segment had returned to underwriting profitability in the first half of 2026. Read case
Cintas and UniFirst: Pursue, pause, or walk away?
On January 7, Cintas publicly proposed to acquire UniFirst for $275 per share in cash. The proposal was nonbinding and required a definitive agreement. UniFirst’s board announced that it had unanimously rejected it. Cintas now has to decide whether to continue seeking a combination, pause, or redirect its attention elsewhere. Read case
Cisco’s AI Infrastructure Bet: Where Should It Focus Next?
In late summer 2026, Cisco broadened its AI infrastructure portfolio along two fronts. It announced a rack-scale offer that adds Supermicro compute to its Secure AI Factory with NVIDIA. A few weeks later, it announced an AI POD for Splunk that brings self-managed AI capabilities to customers running on-premises, private-cloud, and air-gapped environments. Read case
Citigroup Inc. — How Much “One Firm”?
In May 2026, Citigroup described five connected businesses—Services, Markets, Banking, Wealth and U.S. Consumer Cards—and a “one firm” approach to serving clients across them. The design put relationship teams, shared client information, referral processes and incentives around the full client relationship. Read case
Citizens Financial Group: Building a Private Bank Inside a Regional Bank
On March 9, 2026, Citizens Financial Group filed its proxy statement ahead of the annual meeting. Management described a “three-legged stool” strategy: a transformed Consumer Bank, a strong Commercial Bank, and an aspiration to build a premier Private Bank and Private Wealth franchise. Read case
Clorox — How Much of Nutranext Should It Integrate?
One month after closing its $700 million acquisition of Nutranext, The Clorox Company faced an implementation choice. Nutranext brought four supplement brands and retail, e-commerce and direct-to-consumer (DTC) channels. Clorox said it could contribute brand building, innovation, digital marketing and retailer relationships. Read case
CME Group — Should Energy Trade Around the Clock?
On October 2, CME Group said it was withdrawing the filing for its proposed 10-Barrel WTI Crude Oil futures contract. The company attributed the decision to discussions with industry participants who were concerned that continuous energy trading without further due diligence could create unintended consequences and additional risk. Read case
Consumers Energy — Reliability at What Pace?
On the morning of 25 April 2024, Consumers Energy CEO Garrick Rochow told investors that the company expected to file its next electric rate case in late May or early June. The filing would include initial spending from the utility's five-year electric Reliability Roadmap. Read case
Cognizant: Governing the AI Builder at Scale
In July 2026, Cognizant said it would scale to 5,000 Frontier Certified Engineers and 10,000 Frontier Business Operators. Its first cohort was expected to be assessed and deployment-ready in the fourth quarter. The company described the roles as part of an AI Builder model that combines industry and technology expertise with client knowledge. Read case
Coherent Corp. — Sequencing the Datacom Ramp
On 1 March 2024, Coherent’s strategy team is preparing for its next operating review. Read case
Coinbase — Choosing the Next Growth Engine
At the close of 2023, Coinbase had three plausible sources of growth. Its core trading products served consumers and institutions; USDC and related services could connect reserve-backed stablecoin balances with payment use; and Base offered a platform on which developers could build on-chain applications. Read case
Colgate-Palmolive: Turning capacity into Hill’s growth
On September 30, Colgate-Palmolive completed its purchase of three dry pet-food plants from Red Collar Pet Foods. The plants—in Orangeburg, South Carolina; Clinton, Oklahoma; and Washington Court House, Ohio—were expected to join Hill’s Pet Nutrition’s network and make products for Hill’s Science Diet and Prescription Diet. Read case
Comcast — Where Should the Next Network Dollar Go?
Comcast's U.S. broadband business is investing in a network that combines hybrid fiber-coax (HFC) infrastructure with fiber deployment and line extensions. Fiber providers and wireless carriers are also expanding connectivity offers. At the same time, Comcast continues to report domestic broadband customer losses while its wireless line base grows. Read case
Comfort Systems USA — Governing Growth Without Losing the Local Edge
On July 1, Craig Sasser’s appointment as chief operating officer took effect at Comfort Systems USA. President Trent McKenna continued in his role, and Briston Blair became chief strategy and innovation officer. Read case
Conagra Brands: Reinvest, harvest, or wait for better evidence?
Conagra Brands’ fiscal 2026 Form 10-K reported a steep decline in operating profit for its Refrigerated & Frozen segment and large impairment charges for both the segment’s goodwill and several brand names. Birds Eye, a recognized frozen-food brand, was among them. Read case
ConocoPhillips — How Should It Adjust the 2020 Operating Plan?
On the evening of 17 March 2020, ConocoPhillips (COP) had to decide whether its 2020 operating plan could still stand. The plan had been issued before two shocks arrived together: the spread of COVID-19 was weakening expected oil demand, and the March 6 OPEC+ meeting ended without an agreement to extend production management. Read case
Consolidated Edison: What should CECONY put on the table?
Consolidated Edison Company of New York (CECONY) is negotiating a new rate plan for its Manhattan steam service. A hypothetical CECONY strategy director must advise the company’s negotiating team how to position its investment and revenue request before the proposed November 2026 rate year begins. Read case
Constellation Brands: Where Should the Next Investment Go?
Constellation Brands had built a fast-growing Beer business around Mexican brands including Modelo, Corona, and Pacifico, while continuing to operate Wine and Spirits brands such as Meiomi, Kim Crawford, Robert Mondavi, High West, and SVEDKA. Read case
Constellation Energy: Governing the Next Wave of Large Loads
Assume you advise Constellation’s board in a hypothetical autumn 2026 policy discussion. Recommend how the company should evaluate future, not-yet-committed large-load proposals near its generation assets. Set approval gates for system reliability, cost allocation, customer flexibility and credit, contract risk, accountable decision-makers, exceptions, and ongoing monitoring. Read case
The Cooper Companies — Sequencing Myopia Management
On March 1, 2024, a hypothetical strategy team is asked to advise CooperVision on its next phase of market development. The question is how to sequence work around MiSight 1 day, CooperVision’s myopia-management contact lens, alongside its broader contact-lens products. Read case
Copart and ACV: How Much Integration After the Deal?
On September 10, 2026, Copart agreed to acquire ACV Auctions for $10.50 per share in cash, an announced equity value of approximately $1.9 billion. Read case
Corning: Where should optical communications attention go next?
Corning’s Optical Communications business serves two broad groups. Its carrier network products support communications infrastructure for video, data and voice services. Its enterprise network products are optical networks sold to businesses, governments and individuals for their own use. The company sells fiber, cable, hardware and connectivity solutions across these markets.¹ Read case
Corpay: How Far Should the Agent Go?
By early October 2026, Corpay had announced several AI capabilities in Corpay Complete. Its latest release described agents for spend insights, expense creation by voice, and accounting coding. Earlier in the year, it had announced an AI Virtual Assistant and Agent Card, a capability intended to let trusted AI agents create and use virtual cards within payment controls. Read case
Corteva’s Seed Traits: How Broadly Should Vylor License?
On July 31, Corteva’s planned separation of its seed and crop-protection businesses was still two months away. The company said it remained on track to separate on October 1, with the seed business to operate as Vylor. The separation was intended to give each business strategic flexibility; its completion and later results were not yet known. Read case
CoStar Group: Can Homes.com Become a Marketplace?
CoStar Group closed 2025 with $3.247 billion in revenue, up 19% from 2024, but a $72 million operating loss and $7 million in net income. Its January 2026 outlook described Homes.com as a fast-growing part of its residential portfolio: subscribers had increased 337% since the first quarter of 2024. Read case
Cabot–Cimarex — Should Shareholders Approve the Merger?
On 13 August 2021, Cabot Oil & Gas and Cimarex Energy filed Amendment No. 1 to Form S-4, containing a preliminary joint proxy/prospectus, ahead of shareholder meetings scheduled for 29 September. Cimarex shareholders would vote on the merger; Cabot shareholders would vote on the share issuance and a charter amendment required by the transaction. Read case
CRH and Arcosa: How should integration create value?
CRH plc has agreed to acquire Arcosa, Inc. The shareholder vote is complete, and the companies describe the expected closing period as the first quarter of 2027, subject to regulatory and other customary conditions. Read case
CrowdStrike — How Far Should Falcon Flex Go?
CrowdStrike’s Falcon platform brought together cloud-delivered cybersecurity and IT modules through a single lightweight agent and cloud console. The company said its architecture allowed customers to begin with selected modules and later add modules or endpoints. CrowdStrike sold subscriptions through a direct sales organization working with channel and technology partners. Read case
Crown Castle: Setting the Next Capital-Allocation Policy
In May 2026, Crown Castle completed the sale of its fiber solutions and small-cell businesses. The transaction marked a strategic reset: towers became the company’s sole operating segment. By June 30, the company also reported completing the previously announced $1 billion share repurchase and repaying more than $7 billion of debt. Read case
CSX Corporation — Intermodal Growth and Service
For this exercise, assume you are advising CSX’s intermodal commercial team at a hypothetical 2024 strategy review. Read case
Cummins: Which Zero-Emissions Path Should Accelera Prioritize?
This case places a hypothetical Cummins team at a strategic crossroads using information available when the company’s Q3 earnings-release 8-K was accepted by the SEC on November 2, 2023, at 7:47:13 a.m. Eastern Time. The case stops before Cummins’ 10:00 a.m. earnings call and later Q3 Form 10-Q filing. Read case
Aetna and the 2025 Medicare Advantage bid
It is 1 April 2024. CMS has just released its final payment announcement for the 2025 Medicare Advantage (MA) year. Aetna is preparing its 2025 plans, and its leadership team must decide how to balance medical-cost pressure, member value and competitive position as it sets bids and benefits. Read case
Danaher — Integrating Masimo Without Diluting Its Edge
Julie Sawyer Montgomery had become Danaher's President and CEO two days earlier. She had spent years in Diagnostics, first leading Beckman Coulter Diagnostics and later serving as the executive responsible for the Diagnostics platform. She had also led Danaher's acquisition of Masimo. Read case
Darden Restaurants: converting a portfolio, preserving the brands
On February 3, 2026, Darden Restaurants announced that it would close about half of its Bahama Breeze restaurants and convert the rest to other Darden brands. By May 31, one conversion had been completed. Read case
Datadog — How Wide Should the Platform Reach?
Datadog ended the second quarter of 2026 with revenue of $1.121 billion, up 36% from a year earlier. The company also reported about 4,720 customers with annual recurring revenue (ARR) of at least $100,000, up from about 3,850 a year earlier. In its latest annual report, it said customers were using a growing number of products across its observability and security platform. Read case
DaVita — Where Should It Add Kidney-Care Capacity?
On 29 September 2020, CMS published the final rule for the End-Stage Renal Disease Treatment Choices (ETC) Model. The mandatory model would change payments for selected dialysis facilities and managing clinicians beginning in 2021. Read case
Strategy Case: Deckers — Where should the next consumer investment go?
Deckers Outdoor Corporation’s next planning cycle must decide how to direct incremental consumer-facing investment across HOKA and UGG. Should it expand owned DTC capacity for both brands, prioritize one brand while maintaining wholesale reach for the other, or put more support behind wholesale partners while using DTC selectively? Read case
Deere & Company — Managing the Agricultural Equipment Downturn
Deere & Company entered fiscal 2024 with a mixed picture. Farm conditions had eased from recent record levels, and the company expected lower equipment demand across several major agricultural markets. But the downturn was not uniform. Read case
Dell Technologies — Allocating Scarce Components
Assume a hypothetical Dell operating committee must set rules for next-quarter allocation of scarce memory and other constrained components. The rules will apply across AI servers, traditional servers and networking, and storage, and will govern how customer readiness, order commitment, credit exposure, and supplier commitments affect priority. Read case
Delta Air Lines — Sequencing Premium-Capacity Growth
On March 1, 2024, imagine you are preparing a commercial and network review for Delta Air Lines. Delta has reported faster growth in premium-product ticket revenue than in Main cabin and has announced a firm purchase of 20 Airbus A350-1000 aircraft, with deliveries scheduled to begin in 2026. Read case
Devon Energy: Funding the Next Barrel
On August 6, Devon Energy reported its second-quarter results. The company had generated $1.535 billion in operating cash flow and $587 million in free cash flow during the quarter. It had also agreed to spend $5 billion to acquire Grayson Mill Energy’s Williston Basin business. The deal was still pending. Read case
Dexcom: Where Should Stelo Begin?
On July 25, 2024, Dexcom reported second-quarter revenue of $1.004 billion, up 15% from a year earlier. U.S. revenue grew 19%. Read case
Diamondback Energy: Choosing the Next Use of Cash
On August 3, 2026, Diamondback Energy reported second-quarter production above one million barrels of oil equivalent per day, strong cash generation, and lower debt. The company also raised its full-year production guidance while leaving its cash-capital budget unchanged. Its board had recently enlarged the share-repurchase authorization. Read case
Digital Realty Trust — How Much Capacity Should DLR Commit?
Digital Realty Trust (DLR) has expanded its development program while demand for data-center capacity is growing and uncertain. A hypothetical investment committee must set the policy for the next wave of commitments: how much capacity should DLR advance toward full construction before customers have signed leases, and what evidence should be required at each step? Read case
Dollar General: Growth, traffic, and the returns question
On August 27, 2026, Dollar General reported second-quarter net sales of $11.29 billion, 5.2% above the year-earlier quarter. Same-store sales rose 3.5%. Customer traffic increased 2.0%, while average transaction amount rose 1.5%. Management attributed the higher transaction amount to higher average retail prices, partly offset by fewer items per transaction. Read case
Dollar Tree — What Should It Do With Family Dollar?
On 5 June 2024, Dollar Tree announced a formal review of strategic alternatives for Family Dollar. The company said options could include a sale, spin-off or other disposition, but gave no timetable and made no assurance that a transaction would occur. Read case
Dominion Energy Virginia: Flexibility at the Grid Edge
In fall 2026, Virginia Electric and Power Company (Virginia Power), Dominion Energy’s regulated Virginia utility, is preparing a voluntary Large Load Demand Flexibility (LLDF) program petition due to the Virginia State Corporation Commission (SCC) by January 15, 2027. Read case
Domino’s Pizza — Should It Open a New Ordering Channel?
Imagine you are advising Domino’s Pizza, Inc. on 11 July 2023. The company has built a large digital-ordering business and a delivery-and-carryout system operated mostly by franchisees. A third-party marketplace could offer another way for customers to find and order Domino’s. Read case
DoorDash: How should the fee rollout be governed?
On July 23, DoorDash announced a change to consumer delivery fees. The company said its Service Fee would vary with delivery effort, including distance and order size. The announcement described the update as a way to better match fees to delivery effort while keeping nearby orders affordable and allowing consumers to order from farther-away merchants. Read case
Dover Corporation — Choosing the Next Moves Across a Diverse Portfolio
Imagine joining Dover’s corporate strategy team on March 1, 2024. For the next planning cycle, you are asked to recommend how the company should evaluate and sequence proposals across its five businesses. The assignment is to define the next steps and the evidence each step should require—not to divide a disclosed pool of money. Read case
Dow Inc.: Cost Discipline and the Path2Zero Commitment
On the morning of January 30, 2025, Dow announced a new $1 billion cost-savings program. The announcement came as the company reported lower full-year sales and operating earnings, weak fourth-quarter margins in its largest segment, and sharply lower operating cash flow than the prior year. Read case
D.R. Horton: Can the FY25 closing target stay within reach?
D.R. Horton entered fiscal 2025 with an initial target of 90,000–92,000 homebuilding closings. It had closed 89,690 homes in FY2024. The target was therefore a modest increase, but the evidence around demand was mixed: FY2024 net orders rose, cancellations declined, backlog was smaller, and the number of completed unsold homes had increased. Read case
DTE Energy: Building Ahead of a New Load
On July 28, DTE Energy reported that it had invested more than $2.6 billion in its utilities during the first half of 2026. The company said those investments were strengthening its electric and natural-gas infrastructure, improving reliability, and advancing cleaner energy. Read case
Duke Energy — What Evidence Should Accompany a Resource Plan?
Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP) filed a new Carolinas resource plan on October 1, 2025. Assume you are advising a hypothetical joint DEC/DEP strategy team preparing to present the filing to regulators and customers. Read case
DuPont: What Should the New Portfolio Fund First?
In early August 2026, DuPont de Nemours reported another quarter of growth in both of its remaining operating segments. The results arrived after two major changes to the company’s boundaries: DuPont had separated its electronics businesses into Qnity in November 2025 and sold its Aramids business in April 2026. Read case
Eaton and Royal Power Solutions: Integrating an Electrification Specialist
On January 5, 2022, Eaton announced that it had completed its acquisition of Royal Power Solutions, a manufacturer of high-precision electrical connectivity components. Assume you are advising a hypothetical integration lead for Eaton as the new owner. Read case
eBay and Depop: What to Share, What to Keep
In October 2026, eBay has recently completed its acquisition of Depop, a mobile-first, community-powered fashion resale marketplace. eBay says it intends to preserve Depop’s distinct brand, platform, customer experience, and culture while helping it grow and exploring capabilities eBay can contribute. Read case
EchoStar — Financing the 5G Build
On August 9, 2024, EchoStar published results for the first half of the year and filed its quarterly report. The company was investing in a nationwide 5G network while using wholesale networks to serve most wireless customers. It had regulatory buildout deadlines less than a year away, a large debt maturity in November and much less cash than it held at year-end. Read case
Ecolab — Integrating CoolIT
On 2 July 2026, Ecolab completed its approximately $4.75 billion cash acquisition of CoolIT Systems, a supplier of coolant distribution units (CDUs), cold plates and direct-to-chip cooling systems for data centers. Ecolab said it planned to introduce a combined platform at SC26 in November: CoolIT hardware alongside Ecolab's 3D TRASAR digital optimization and cooling fluids. Read case
Edison International — SCE’s Next Wildfire-Mitigation Priorities
On March 1, 2024, a hypothetical planning group at Southern California Edison (SCE) is asked to prepare a recommendation for the next cycle of wildfire-risk mitigation. SCE already has an approved 2023–25 Wildfire Mitigation Plan (WMP), and it reported that it exceeded its 2023 covered-conductor target. Read case
Edwards Lifesciences — Where to Place the Next Structural Heart Investment?
On July 23, 2026, Edwards Lifesciences reported second-quarter sales of $1.741 billion, up 13.6% on a reported basis and 12.5% in constant currency. TAVR, the company’s largest platform, generated $1.26 billion, up 11.3% reported and 10.5% in constant currency. TMTT, its transcatheter mitral and tricuspid portfolio, generated $195.9 million. Read case
Electronic Arts: Where should it focus live-service attention?
Electronic Arts entered FY2025 with a strong reported booking trend in global football and a different signal from Apex Legends. In FY2024, global football franchise net bookings grew at a high-teens rate, while EA said Apex declines partly offset football strength. Read case
Elevance Health: Renew, rebuild, or retreat in Medicaid?
On August 3, Elevance Health's strategy team is preparing a recommendation for a hypothetical leadership review of its Medicaid business. The question is not whether public health insurance matters to Elevance: the company serves millions of Medicaid members, and state contracts connect its health plans with a broad provider and community network. Read case
Eli Lilly: How Much Capacity, and When?
On December 5, 2024, Eli Lilly and Company announced a $3 billion expansion of a recently acquired manufacturing facility in Kenosha, Wisconsin. The planned scope included injectable manufacturing, device assembly and packaging across therapeutic areas; construction was expected to begin in 2025. Read case
EMCOR Group: What Does the Backlog Say?
EMCOR Group, Inc. (NYSE: EME) installs, renovates and maintains electrical and mechanical systems in commercial, industrial and institutional facilities. On July 30, 2026, the company reported record second-quarter revenue and operating income, alongside a record $17.1 billion of remaining performance obligations (RPO). Read case
Emerson and National Instruments: Escalate or Negotiate?
At 6:55 a.m. Eastern Time on January 17, Emerson announced a $53-per-share all-cash proposal to acquire NI, which Emerson described as an implied enterprise value of $7.6 billion. The offer was already public at the case cutoff. Emerson said it had first submitted $48 per share on May 25, 2022, then delivered the $53 proposal to NI on November 3. Read case
Entergy Louisiana: Power for growth, or flexibility for the future?
In fall 2026, Entergy Louisiana, LLC (ELL) is seeking Louisiana Public Service Commission (LPSC) approval to build two large gas-fired power stations and recover eligible costs from customers. The plants would take years to complete. The utility argues that its system needs more dispatchable capacity as demand grows and older resources retire. Read case
EOG Resources — Where Should the Next Well Go?
On 22 February 2024, EOG Resources reported 2023 results and its 2024 capital plan. The plan called for $6.0–$6.4 billion of capital expenditures, with management expecting crude-oil production to rise 3% and total production to rise 7% from 2023. Read case
EPAM Systems — Sequencing an Americas Commercial Transformation
Assume EPAM's hypothetical Americas leadership team must decide how to sequence its commercial transformation over the next two quarters. Management has described some North American clients shifting away from discrete engineering tasks and seeking broader AI-enabled modernization proposals; that explanation is not independently established by the filings. Read case
EQT Corporation — Production Plans Before a Pipeline Opens
Imagine you are supporting an EQT planning review on March 1, 2024. The company has published its 2024 production and capital guidance. Your task is to recommend how the team should handle any request for activity beyond that plan while Appalachian natural-gas prices, pipeline access, and Mountain Valley Pipeline (MVP) timing remain uncertain. Read case
Equifax: What comes after the cloud?
Equifax had spent several years rebuilding its technology infrastructure. The company described the Equifax Cloud as a multi-year investment of more than $1.5 billion. Its aim was to move applications and data to a new architecture, then use that platform to improve reliability, bring products to market faster and make better use of its data and analytics. Read case
Equinix: Where should the next capacity dollar go?
Equinix has to serve two related but different markets. Its IBX data centers sell retail colocation and interconnection to a broad customer ecosystem. Its xScale facilities are designed for core deployments by a targeted group of hyperscale customers. A hyperscaler can use both, but the company’s disclosures do not show how much value one product creates for the other. Read case
Equity Residential — Building the Operating Model Before the Merger
On July 30, Equity Residential and AvalonBay Communities announced that the company they planned to create would be called Vivmark Residential. The announcement advanced the public identity of a deal that remained pending: each company still needed shareholder approval and other closing conditions had to be met. Read case
Erie Indemnity: Setting the Next Management Fee
Erie Indemnity Company occupies an unusual position in the insurance business. It is a publicly traded stock company and attorney-in-fact for the subscribers of Erie Insurance Exchange. The Exchange writes insurance and is Indemnity’s sole customer. Read case
Essex Property Trust: Reading the Coastline
On July 29, Essex Property Trust announced second-quarter results and raised its full-year 2026 guidance. Same-property revenue grew 2.7% year over year, and same-property net operating income (NOI) grew 2.6%. The company reported stronger same-property revenue growth in Northern California than in Southern California or Seattle Metro. Read case
Estée Lauder: Where to Place the Next Commercial Investment?
At 5:00 p.m. Eastern Time on February 2, 2023, The Estée Lauder Companies (EL) had just reported its fiscal second-quarter results. Sales had fallen sharply, and management had moved its expected return to growth in Asia travel retail and Mainland China from the third quarter to the fourth quarter. Read case
Everest: How much risk should Annapurna help carry?
Everest Group has recently launched Annapurna Re Ltd., a Bermuda casualty reinsurance sidecar sponsored with Stone Point. Read case
Evergy: How Much Capacity Should the Utility Build Ahead of Demand?
On September 16, Evergy Kansas Central, Inc. issued $350 million of 5.600% first-mortgage bonds due 2034. The filing was made jointly under Evergy, Inc.’s SEC reporting umbrella, but Kansas Central—not the holding company—was the bond issuer and secured obligor. Read case
Everpure: Funding the Next Growth Vectors
On September 23, Everpure set out a broader growth plan for the years ahead. Management described four vectors: Core and Core AI; Modern Data Software; Scale AI; and Hyperscale Solutions. The company said the newer vectors were expected to contribute about 20% of revenue by fiscal 2030 and offered a preliminary fiscal 2028 outlook. Read case
EverQuote: Reinvest, Wait, or Diversify?
After a sharp retrenchment, EverQuote was seeing early signs that auto insurers were returning to customer acquisition. EverQuote's first-quarter results beat its guidance, and a larger marketplace competitor had just reported a sharp re-ramp in auto-insurance carrier spending. Read case
Eversource Energy: Where Should Offshore Wind Sit in the Portfolio?
On 24 May 2023, Eversource's strategic review of its offshore-wind investments was still underway. The company had said the review could result in a sale of all or part of its 50% interest in a joint venture with Ørsted. Assume you are an outside strategy adviser preparing a recommendation for a hypothetical Eversource board discussion. Read case
Everspin Technologies: Where to Place the Next Commercialization Dollar?
Everspin released its FY2024 results on 26 February 2025; it filed its FY2024 Form 10-K the next day, on 27 February. The company had two visible product-development paths. Its 28nm xSPI STT-MRAM family served industrial and embedded applications; its 1Gb DDR4 STT-MRAM was selected for IBM's FlashCore Module 4, a data-storage system. Read case
EVERTEC: Pacing Repurchases After Sinqia
On March 7, 2024, EVERTEC had $150 million of repurchase authorization remaining after agreeing the previous day to a $70 million ASR. The authorization allowed repurchases through December 31, 2025, subject to business opportunities and other factors. It did not require the company to repurchase the full amount, nor did it establish that $150 million was set aside as cash. Read case
Everus Construction Group: The Final Approval Gate
On 12 September 2024, Everus Construction Group, Inc. filed a registration statement with the Securities and Exchange Commission. Its attached information statement was labeled preliminary and subject to completion. Everus was still a wholly owned subsidiary of MDU Resources Group. Read case
EVgo: Pacing the Fast-Charging Buildout
On 12 November 2024, EVgo reported third-quarter results and filed its quarterly report. Its latest operating measures showed a network growing quickly: Q3 revenue was $67.5 million, network throughput was 78 gigawatt-hours, and the company added more than 270 operational stalls. Read case
EVI Industries: Planning GNA’s Systems Transition
On 6 March 2025, EVI Industries had publicly filed an agreement to acquire Girbau North America, Inc. (“GNA”), a commercial-laundry equipment distributor. The stock purchase agreement had been signed on 28 February, but the transaction had not closed. EVI’s filing said closing was expected within 30 days, subject to conditions. Read case
Evolent Health: Choosing How to Share Medical-Cost Risk
On November 7, 2024, Evolent Health reported third-quarter results. Revenue was $621.4 million, and Adjusted EBITDA was $31.8 million, down from $48.7 million a year earlier. The company also reported a GAAP net loss attributable to common shareholders of $31.2 million. (, release pp. 1–2, lines 16–29, 77–101.) Read case
Evolus, Inc.: How much launch learning is enough?
On November 6, 2024, Evolus reported third-quarter results and described an expanding product portfolio. The company had begun an early-experience program in Europe for its newly approved hyaluronic-acid (HA) gels, while its U.S. applications for two of those products remained under FDA review. Read case
Evolution Petroleum: How Much Flexibility Should a Small E&P Keep?
Use only the cited written sources available by the cutoff. The information set excludes remarks or a transcript from the September 17 earnings call, which was scheduled to begin before the 10-K acceptance time. Read case
Evolv — Supporting Customers Under a New Constraint
On 23 January 2025, Evolv Technologies Holdings, Inc. issued a business update while a court-entered order gave a defined group of school customers a temporary right to cancel their Evolv Express contracts. The company said no eligible customer had exercised the right as of that date and that the “vast majority” of those rights were scheduled to expire by 14 March. Read case
Evommune: Funding the Next Clinical Evidence
Evommune, Inc. is a clinical-stage biotechnology company developing medicines for inflammatory diseases. Its September 8, 2026 update reported that EVO756 did not meet the primary or secondary endpoints in a Phase 2b atopic dermatitis (AD) study. Read case
The E.W. Scripps Company: Evaluating an Unsolicited Proposal
On November 24, 2025, Scripps publicly confirmed that it had received an unsolicited acquisition proposal from Sinclair. Scripps said its Board, in consultation with legal and financial advisers, would review the proposal and decide what course it believed best served the company, shareholders, employees and communities. Read case
Excelerate Energy: Payout While Building
On August 5, Excelerate Energy raised its full-year 2026 outlook for committed growth capital to $380–400 million. It separately forecast $85–95 million of maintenance capital expenditure. Read case
Exelixis: Pacing the Buyback
In May 2026, Exelixis’s Board authorized up to $750 million in additional share repurchases through December 31, 2027. At the period the company labels June 30, about $597.8 million remained under that authorization. The program does not require Exelixis to buy shares and may be changed or suspended at any time. Read case
BGE Case 9888: Defending Reliability While Addressing Affordability
On July 30, 2026, Exelon’s second-quarter filing listed a major Maryland proceeding for its subsidiary Baltimore Gas and Electric. BGE had submitted an application to adjust its electric base rates on July 2. It asked the Maryland Public Service Commission (PSC) to approve a $156.1 million electric revenue deficiency, based on the 12 months ended March 31, 2026. Read case
ExlService Holdings — Bringing iMerit into EXL’s AI Platform
ExlService Holdings (EXL) completed its acquisition of iMerit on August 3, 2026. EXL had announced that it would integrate iMerit’s Ango platform with EXLerate.ai, EXLdata.ai and EXLdecision.ai. iMerit’s founder and chief executive, Radha Ramaswami Basu, became an EXL executive vice president, Head of iMerit and a member of EXL’s executive committee. , Read case
Expand Energy: Integrating a Gas-Marketing Platform
Expand Energy completed its acquisition of Twin Eagle Holdings, N.A., LLC on September 16, 2026. The close release also said Dan Turco would serve as EVP of Commercial Activities, focus on LNG, and assist with gas-marketing integration. Read case
Expedia Group — How Broad Should One Key Be?
Imagine you are advising Expedia Group’s consumer-business leadership on 10 February 2023. The company has said it plans to launch One Key in 2023, bringing together loyalty programs across its travel brands. Read case
Expeditors: Automating Customs Without Automating Accountability
In June 2026, Expeditors reorganized Global Technology. By August, management was describing a smaller, more modern technology organization with continuing investment in AI and technology. A hypothetical strategy team is now asked to recommend how the company should scale AI and workflow automation in customs brokerage. Read case
Extra Space Storage — How Local Should Pricing Be?
Imagine joining Extra Space Storage’s portfolio strategy team on March 1, 2024. The company has completed its Life Storage merger and issued separate 2024 same-store outlooks for legacy Extra Space (EXR) and Legacy Life Storage (LSI) pools. You are asked to recommend how the company should organize the next phase of pricing review across the two groups. Read case
ExxonMobil: Capital Allocation Before the Next Plan
On the afternoon of November 15, Exxon Mobil Corporation disclosed that it would present an updated corporate plan on December 6, including capital plans through 2027. The announcement came after the company had signed a large all-stock agreement to acquire Pioneer Natural Resources, while commodity prices, operating cash flows, and regulatory approval remained uncertain. Read case
F5: How should it commercialize NGINX One?
F5 announced general availability of NGINX One on 17 September 2024. The cloud console is designed to manage F5 NGINX instances and NGINX Open Source through one interface. F5 described visibility, policy and patch-management features, with security and optimization capabilities and integration with F5 Distributed Cloud Services. Read case
FactSet: Who Owns the Financial AI Workflow?
All company information in this case was public by the cutoff. The executive assignment and decision described below are constructed for classroom discussion; FactSet has not disclosed a meeting or pending resource-allocation decision matching this case. Read case
Fair Isaac Corporation: Competing on Mortgage Scores
On 9 September 2026, the Federal Housing Finance Agency (FHFA) changed an important condition in the conforming-mortgage market. All lenders approved to sell loans to Fannie Mae or Freddie Mac could use VantageScore 4.0 on eligible loans without first obtaining written approval. A lender could continue using Classic FICO. Read case
Fastenal: Where should the next increment of capacity go?
Fastenal began as a fastener distributor and grew into a North American and international industrial-supply network. At year-end 2025, the company reported 1,595 branches in 25 countries, 15 North American distribution centers, additional centers in Asia and Europe, and 24,489 employees. Read case
Federal Realty: Which Retail Tenants Should Receive More Time?
In a June 1-dated COVID-19 business update, Federal Realty Investment Trust (FRT) reported that rent collections varied sharply across property uses and retail categories. The company reported that it had entered into rent deferrals with 15% of tenants by count, representing less than 10% of annualized base rent (ABR), and negotiations were continuing. Read case
FedEx: The Next Network 2.0 Wave
In October 2026, FedEx’s U.S. parcel-network leaders must set the pace and market-selection rules for the next phase of Network 2.0. The company has said it expects to complete the U.S. implementation by the end of calendar 2027. Read case
Case: FIS after Worldpay — Where Should the Proceeds Go?
On May 6, 2024, Fidelity National Information Services, Inc. (FIS) reported first-quarter results and raised its 2024 share repurchase target by $500 million, to approximately $4.0 billion. The company had repurchased $1.4 billion of shares during the quarter. Read case
Fifth Third Bancorp: When should the next Texas branches open?
On September 15, Fifth Third Bancorp said it planned to open 150 branches in Texas by 2029 and had identified more than 100 potential locations. Management described the initiative as applying a Southeast growth playbook to Comerica's established Texas franchise. The company characterized the initial marketing response as strong. Read case
First Solar, Inc. — Sequencing the Next Expansion
On March 1, 2024, a hypothetical First Solar strategy team is preparing a recommendation on what should follow the company’s current manufacturing buildout. The company has reported an approximately 8 GW expansion in progress, a dedicated U.S. research and development facility under construction, a large contracted backlog, and higher planned production for 2024. Read case
FirstEnergy — Governing the Grid Investment Plan
FirstEnergy's leadership had presented Energize365 as a five-year plan for approximately $26 billion of transmission and distribution investment from 2024 through 2028. The company said the program would improve reliability and resilience, modernize the grid, support changing energy needs and provide customer value. Read case
Fiserv: Where should Clover grow next?
Fiserv has reported rapid growth in Clover, its cloud-based point-of-sale and integrated-commerce platform for small and midsize businesses. Read case
Ford Motor Company: Sequencing the Reset
Ford's July 2026 results carried two messages. The company reported stronger adjusted operating earnings than a year earlier and raised its full-year outlook. Ford Model e, however, still reported a substantial quarterly loss. At the same time, a large charge from unwinding a battery joint venture weighed on GAAP results. Read case
Fortinet: Where Should the Platform Stop?
Fortinet's public filings and product announcements describe a company extending a common security platform in two directions. The first ties network security and secure access more tightly together. The second brings security operations into a cloud-delivered, AI-enabled console. Read case
Fortive: Has the Spin-Off Made the Portfolio More Focused?
Fortive Corporation develops and sells industrial instrumentation, software and services, as well as healthcare workflow products. On June 28, 2025, it separated its Precision Technologies businesses into Ralliant Corporation and distributed Ralliant shares to Fortive shareholders. Read case
Fox and Tubi: Keep the Service Free or Test an Ad-Free Tier?
On September 16, 2020, Tubi reported that its monthly active users had reached 33 million in August, up 65% year over year. It also said monthly viewing had exceeded 200 million hours since April and averaged 104% year-over-year growth. Tubi's footnote defines monthly active users (MAU) as unique devices interacting with Tubi-branded apps. Read case
Franklin Crypto: How Much to Integrate?
A little over three months after closing its acquisition of 250 Digital, Franklin Templeton is deciding how to organize the new Franklin Crypto division over its first full year. Read case
Freeport-McMoRan — How Much Growth Should the Cash Fund?
On 16 February 2024, Freeport-McMoRan Inc. (FCX) filed its 2023 Form 10-K. The filing described a 2024 capital plan of approximately $4.6 billion. It included $2.3 billion for major mining projects and $1.0 billion for Indonesia smelter projects. Read case
Garmin: Integrating Coach-Led Training Platforms
On July 22, 2026, Garmin announced that it had acquired TrainingPeaks and TrainHeroic, platforms serving endurance and strength athletes and coaches. Garmin said the products would expand access to coach-led training experiences and that 120 associates would join the company. The announcement did not disclose financial terms, acquired-platform results, or a product roadmap. Read case
Gartner, Inc. — Where to Focus Research Attention?
Gartner sells research and advisory subscriptions, hosts conferences, and provides consulting. Its Research segment supports technology users and providers through Global Technology Sales (GTS), and other business functions through Global Business Sales (GBS). Read case
Strategy Case: GE HealthCare — Turning Precision Care into a Portfolio
On February 13, 2025, GE HealthCare reported its 2024 results and filed its annual report. The company described a year of product launches, acquisitions, margin improvement, and continued investment in its “precision care” strategy. It also reported only 1% revenue growth, a 15% decline in its China region, and free cash flow below the prior year. Read case
GE Vernova: How fast should Stafford scale?
GE Vernova is planning capacity investments as demand for its Electrification products grows. One visible commitment is at its Stafford, UK facilities, which make high-voltage direct-current (HVDC) transformers and valves. GE Vernova has announced a new valve line and a plan to nearly double capacity. Read case
Gen Digital: One Platform or a Portfolio of Trusted Products?
Gen Digital had spent years protecting consumers’ devices, identities, and privacy through brands such as Norton, Avast, and LifeLock. In 2025 it added MoneyLion, a personal-finance platform, marketplace, and set of first-party financial products. Management’s direction was to connect cyber safety and financial wellness as one broader consumer need. Read case
Generac: how fast to build for large-MW demand?
Generac Holdings had entered a new scale of power generation. Its large-megawatt (large-MW) diesel generators, packaging capabilities and service offer were aimed at data centers and other critical-infrastructure customers. In July, the company reported a $1.6 billion data-center product backlog. Read case
General Dynamics: Backlog Is Not Delivery
On July 29, General Dynamics reported second-quarter revenue of $14.1 billion, up 8.1% year over year, and diluted earnings per share of $4.24, up 13.4%. Operating margin expanded 40 basis points to 10.4%. The company also reported a record $136.5 billion backlog and a 1.4-to-1 company-wide book-to-bill ratio. Read case
GE and Alstom: Full Ownership or Shared Control?
General Electric (GE) had already made a binding offer to acquire Alstom's Thermal, Renewables, and Grid businesses. On April 30, GE announced consideration with an enterprise value of $13.5 billion (€9.9 billion), plus €2.5 billion of net cash, for total consideration of €12.35 billion. Read case
General Mills: Choosing the Next Growth Moves
On September 30, General Mills announced that Chief Operating Officer Dana McNabb would become CEO on January 1, 2027. Her public statement emphasized returning the company to profitable growth through digitally enabled demand generation and supply-chain modernization. The announcement did not describe a first-year budget or a North America Retail (NAR) resource plan. Read case
General Motors: Which Road to Electrification?
In late January 2024, General Motors (GM) was investing in a broad battery-electric vehicle (BEV) portfolio and its Ultium architecture while continuing to sell what the company described as profitable internal-combustion trucks and SUVs. Its public strategy emphasized an all-electric future. Read case
Genuine Parts Company — Sequencing the Separation
On September 9, Genuine Parts Company (GPC) announced leadership plans for its intended separation of Automotive and Industrial into two public companies. Court Carruthers was named CEO-elect of Automotive, which is expected to retain the GPC name; he would take office at completion. Read case
Gilead Sciences — Where Should the Next Pipeline Inflow Come From?
Gilead Sciences develops medicines in areas including HIV, viral hepatitis, COVID-19 and cancer. At the end of 2023, HIV products accounted for approximately 67% of Gilead’s product sales. Biktarvy, a once-daily HIV treatment, generated $11.85 billion in 2023 sales, up 14% from the prior year. Read case
Global Payments: Integrating for Scale Without Losing the Fit
On Monday, January 12, Global Payments announced that it had completed its acquisition of Worldpay and the sale of its Issuer Solutions business to FIS. The transactions had legally closed three days earlier, on January 9. Read case
Globe Life: How fast should AIL grow?
Globe Life had just reported another quarter of growth at American Income Life (AIL), its largest life-insurance distribution channel. On April 11, Globe Life issued a response to public allegations about AIL sales practices, calling them misleading and unsubstantiated and saying it intended to provide a fuller rebuttal. Read case
GoDaddy — Where Should Airo Sit?
GoDaddy's Airo product was expanding from AI-assisted website creation into a broader set of tools for small businesses. On July 30, 2026, the company reported a $50 million annualized bookings run rate for Airo, five times the $10 million figure it had reported one quarter earlier. Read case
Goldman Sachs — Scaling Alternatives with Discipline
On 3 August 2026, Goldman Sachs filed its second-quarter Form 10-Q. Its public ambition for alternatives remained substantial: management expected sustainable annual gross fundraising of $75–100 billion and had set a target of $750 billion in fee-paying alternative assets under supervision (AUS) by the end of 2030. Read case
Halliburton: Choosing where to scale next
Halliburton serves oil and gas producers across the life of a reservoir, from subsurface analysis and drilling through completion, intervention, and production. The company operates in more than 70 countries with over 46,000 employees. Its reported businesses span two segments: Completion and Production (C&P), and Drilling and Evaluation (D&E). Read case
The Hartford — Should the Board Open the Door to Chubb?
On March 18, 2021, The Hartford Financial Services Group’s board is weighing how to respond to an unsolicited proposal from Chubb. The Hartford has confirmed receipt and said its directors are carefully considering the proposal with financial and legal advisers. Read case
Hasbro: Turning a Crossover into a Community
In July, Wizards of the Coast announced that Magic: The Gathering’s 2027 schedule would alternate three Magic Multiverse sets with three Universes Beyond sets. The slate and its release windows were public. The open management question for this case is what go-to-market support should surround those releases—and what evidence should guide additional spending and attention. Read case
HCA Healthcare: where should the next dollar of growth go?
By the close of November 10, HCA’s November 9 Investor Day materials and replay were public. The presentations described a company expanding both hospitals and outpatient access points. They also pointed to a large pool of emergency visits outside HCA’s network and to long-term earnings-growth targets. Read case
Healthpeak Properties: How fast should Janus Living grow?
Healthpeak Properties created Janus Living as a publicly traded, RIDEA-structured senior-housing REIT. Janus completed its IPO in March 2026. Healthpeak retained 73.6% of Janus’s equity at June 30 and manages the company through an indirect subsidiary; public investors held the remaining 26.4%. Read case
Henry Schein after the cyber disruption
On February 29, 2024, Henry Schein’s leadership had a company with its distribution systems restored, customers still expecting dependable deliveries, and a growth plan that depended on technology and value-added services. The October 2023 cyber incident had interrupted important operations and affected earnings. Read case
The Hershey Company — Pricing the Moment
Hershey’s North America Confectionery segment had realized approximately 2% higher prices in the third quarter of 2024, while segment volume declined approximately 2%. Over the first nine months, price realization was approximately 3% higher and volume declined approximately 5%. Read case
Hewlett Packard Enterprise: How much AI demand should supply chain commit to?
Hewlett Packard Enterprise (HPE) had just reported record quarterly revenue and record AI-systems revenue. The results also showed how difficult it could be to convert interest into durable orders: during the quarter HPE booked approximately $1.2 billion in AI-systems orders, then removed a $700 million order over concern about a specific customer. Read case
Hilton — Scaling Undergraduate by Hilton
On June 1, 2026, Hilton launched Undergraduate by Hilton, an upper-midscale brand intended to expand its presence in college and university markets. Hilton described it as a complement to Graduate by Hilton, with a flexible model for new builds and conversions. It said the concept could have long-term potential for 400–500 hotels and anticipated the first opening in 2027. Read case
Hologic: Integrating Sonata into GYN Surgical
Hologic’s acquisition of Gynesonics added Sonata to a portfolio that already included several products used in gynecologic surgery. The acquisition had closed earlier that year. A hypothetical assignment asks you, as a member of GYN Surgical leadership, to recommend how Hologic should organize Sonata’s commercial and clinical-support work over the next 12 months. Read case
Home Depot — Building the Pro Ecosystem
You are an outside strategy adviser preparing a memo for an investment committee. The committee wants to assess the strategic logic behind Home Depot's expansion into specialty distribution for professional contractors (“Pros”). It is not asking for a stock-price target or a financial model. Read case
Honeywell at a portfolio crossroads: Should Aerospace stand alone?
At 6:00 a.m. Eastern on December 16, Honeywell said its board was continuing a comprehensive portfolio evaluation and exploring additional alternatives, “including the potential separation” of Aerospace. Feasibility and possible timing remained under evaluation, with an update expected alongside fourth-quarter results. Read case
Hormel Foods: Where to Place the Next Growth Bets?
Hormel Foods is preparing for fiscal 2027. One part of its business has reported consecutive quarters of organic sales growth, while its largest segment faces a steep decline in volume and uneven results across categories. At the same time, the company is simplifying parts of its portfolio and has an announced leadership transition ahead. Read case
Host Hotels & Resorts: What Should the Next Dollar Do?
By the close of November 2, Host Hotels & Resorts (HST) had reported third-quarter results and announced a substantial reinvestment program with Hyatt. The company was still navigating uneven hotel demand, margin pressure, insurance proceeds, hurricane and wildfire disruption, and a sizable capital plan with some spending already planned. Read case
Howmet Aerospace: How fast should capacity commitments move?
Howmet Aerospace entered autumn 2026 with strong demand signals in commercial aerospace and gas turbines. In the first half, reported commercial-aerospace revenue was $2.574 billion, up from $2.076 billion a year earlier; gas-turbine revenue was $605 million, compared with $437 million. Read case
HP Inc.: Sequencing the AI-PC Portfolio
On March 1, 2024, a hypothetical HP product strategy team is preparing for the next stage of its PC roadmap. HP has introduced its first laptops using Intel Core Ultra processors and says additional products with silicon and software partners will come in the following quarters. Read case
Hubbell Incorporated: Where Should the Next Dollar Go?
Hubbell's third-quarter results showed a portfolio moving in different directions. Utility Solutions grew 11% in reported sales, but its organic sales fell about 4%; acquisitions added about 15%. Electrical Solutions' reported sales fell 5%, while its organic sales increased about 3% and a divestiture reduced sales about 8%. Read case
Humana and the 2025 Medicare Advantage bid
Humana had weeks to finalize its 2025 Medicare Advantage (MA) bids. The national payment announcement showed an average increase, yet Humana’s leaders warned that benefits and plan choice could still come under pressure. The strategic question was which plans and benefits to protect, redesign, or leave as the company balanced affordability, member growth, and margin recovery. Read case
Huntington Ingalls Industries: capacity before volume
At the July 30, 2026 cutoff, a hypothetical NNS leadership team faced a strategic implementation question. The Navy had just placed additional Block VI Virginia-class and Build II Columbia-class work into a long production horizon. Read case
IDEX: Can a Portfolio of Niches Compound Through an AI Cycle?
On July 29, 2026, IDEX Corporation reported record quarterly orders and raised its full-year outlook. The industrial manufacturer’s Health & Science Technologies segment (HST) was growing quickly, with management citing demand tied to data-center power, semiconductors, and space and defense. Read case
IDEXX inVue Dx — How Fast Should the Rollout Grow?
At 6:30 a.m. Eastern on October 31, 2024, IDEXX Laboratories reported nearly 700 pre-orders for its new inVue Dx cellular analyzer and said shipments were expected to begin later in the fourth quarter. An earnings call was scheduled for 8:30 a.m. . Read case
Illinois Tool Works: Scaling Customer-Back Innovation
Illinois Tool Works (ITW) has spent years using its 80/20 Front-to-Back approach to simplify product lines and focus on important customers and products. The company’s current Enterprise Strategy places greater emphasis on organic growth and Customer-Back Innovation (CBI): identifying customers’ important problems and developing solutions starting from those needs. Read case
Incyte — Where Should the Next R&D Dollar Go?
Incyte had grown from a company built around hematology into a biopharmaceutical portfolio spanning hematology, oncology and dermatology. Its February 2024 year-end results showed $3.696 billion in product and royalty revenue for 2023, up 14%. Of this, $3.165 billion was net product revenue, up 15%. Read case
Ingersoll Rand — How Should Lone Star Be Integrated?
Ingersoll Rand has added Lone Star Blower, doing business as Lone Star Turbo, to its Industrial Technologies and Services (IT&S) segment. The two businesses have complementary-looking products and services: Lone Star makes engineered blower and compressor systems and controls, and has application-engineering, service, and rental capabilities. Read case
Insulet Corporation — Sequencing Omnipod 5’s Next Releases
Insulet’s Omnipod 5 is a tubeless automated insulin delivery (AID) system that works with compatible continuous glucose monitors (CGMs). Users can select among compatible sensors; availability depends on regulatory clearance, launch timing and local access. Insulet describes its system as combining a pod, controller or compatible smartphone, and CGM. Read case
Intel — Funding the Foundry
At 4:04 p.m. on September 16, Intel CEO Pat Gelsinger sent employees a public update on the company’s next phase. Intel would move toward making its manufacturing operation—Intel Foundry—an independent subsidiary within Intel. The stated aim was to give external customers and suppliers clearer separation while preserving collaboration with Intel’s product businesses. Read case
Interactive Brokers Group — What Is Cash Worth?
On 16 April 2024, Interactive Brokers Group (IBKR) reported first-quarter net interest income of $747 million, up 17% from a year earlier. It also reported $104.9 billion in customer credit balances, 2.75 million customer accounts, and $465.9 billion in customer equity. Read case
Intercontinental Exchange — One Fixed-Income Ecosystem?
On July 30, 2026, Intercontinental Exchange (ICE) announced a definitive agreement to acquire MarketAxess, an electronic fixed-income trading platform. ICE described the combination as a way to connect MarketAxess’s institutional investor and broker-dealer network with ICE’s retail and wealth bond trading, fixed-income data, analytics and indices. Read case
IBM: integrating HashiCorp without narrowing the ecosystem
IBM had completed its acquisition of HashiCorp in February 2025. The strategic logic was broad: combine IBM's hybrid-cloud portfolio and enterprise reach with HashiCorp's infrastructure automation and security products. Public statements pointed to potential connections between Terraform and Ansible, and between Vault and Red Hat OpenShift. Read case
International Flavors & Fragrances: Where Should Shared Capabilities Live?
On August 4, 2026, International Flavors & Fragrances Inc. (IFF) reported its second-quarter results and described a company with a changing portfolio. The company had sold its Pharma Solutions and Nitrocellulose businesses in May 2025. It had completed the sale of Soy Crush, Concentrates & Lecithin (SCL) in March 2026. Read case
International Paper: How Far Should the Company Go for DS Smith?
On March 27, 2024, an executive working group at International Paper (IP) must advise whether to keep negotiating with DS Smith and prepare a firm offer, subject to a maximum exchange ratio and specific diligence gates, or to end discussions and pursue IP’s standalone operating and capital-allocation plan. Read case
Intuit: How Much Should the Agent Do?
Intuit’s strategy is to build an AI-driven expert platform for consumers, businesses and accountants. Its FY2026 Form 10-K describes combining company data, AI, domain expertise and a network of AI-enabled human experts to provide recommendations and complete tasks. Read case
Intuitive Surgical — Who Gets the First da Vinci 5 Systems?
Intuitive Surgical ended 2023 with a da Vinci installed base of approximately 8,606 systems across hospitals worldwide. Those systems supported approximately 2.286 million procedures during the year, up 22% from 2022. The company placed 1,370 da Vinci systems in 2023: 666 in the United States and 704 outside it. Read case
Invesco — Building an Active ETF Business
In May 2026, Invesco CEO Andrew Schlossberg described a launch-led approach to active ETFs: build through new products, “not through conversions, probably not through share class extensions.” The statement set a direction, but did not name candidate products, a launch pipeline, funding levels, or review gates. Read case
Invitation Homes — Choosing the Next Sourcing Channel
Invitation Homes had grown by acquiring and operating single-family rental homes across major U.S. markets. Its disclosed sourcing included purchases of existing homes and partnerships with third-party homebuilders. Read case
Strategy Case: IQVIA — Connecting Data and Clinical Research
Suppose IQVIA’s corporate strategy team is asked to advise its executive leadership on the next planning cycle. Should the company keep decision-making and accountability mainly within its three business segments, coordinate selected customer opportunities across them, or prioritize a broader integrated platform model? Read case
Iron Mountain: How much data-center capacity should it commit next?
Iron Mountain Incorporated (IRM) built its business around storing and managing physical and digital information. Its global data-center business had become an increasingly visible growth platform. Read case
J.M. Smucker — What Comes After the Hostess Reset?
On August 26, 2026, The J. M. Smucker Company reported first-quarter results for fiscal 2027. The quarter included a mixed picture: company net sales were up 5%, while its Sweet Baked Snacks segment, which primarily includes Hostess products, reported lower sales and segment profit. Sweet baked goods volume and mix remained weak. Read case
Jabil — Staging an India AI Infrastructure Alliance
On 15 June 2026, Jabil and Adani Enterprises announced their intent to form a strategic alliance for an AI and data-center infrastructure manufacturing platform in India. The release described broad product ambitions, from AI racks and servers to power and cooling equipment. It also said definitive operating frameworks and formal documentation were still in progress. Read case
Jack Henry — Modernize the Core, Protect the Trust
You are an outside strategy adviser preparing a memo for an investment committee. The committee wants to assess Jack Henry & Associates' multi-year plan to modernize core banking technology through a new public-cloud-native, API-first platform while continuing to support its existing bank and credit-union systems. Read case
Jacobs Solutions: One Portfolio or Two?
On May 8, 2023, Jacobs Solutions had a strategy already in motion. Its “Boldly Moving Forward” plan called for growth across Critical Mission Solutions (CMS), People & Places Solutions (P&PS), and PA Consulting. Read case
J.B. Hunt: Where Should the Next Intermodal Mile Go?
J.B. Hunt Transport Services, Inc. (J.B. Hunt) enters its FY2027 planning cycle with a strong second quarter in Intermodal (JBI), especially in its Eastern network. Read case
JBS N.V. — Should It Pursue Full Ownership of Pilgrim’s Pride?
On August 18, JBS N.V. proposed exchanging 2.086 of its Class A shares for each share of Pilgrim’s Pride Corporation (PPC) it did not already own. JBS reported that it held approximately 82% of PPC. The proposal was nonbinding and could be modified or withdrawn. Read case
JBT Marel: Where Should Integration Attention Go?
On 18 August 2026, JBT Marel's leadership team faced a resource-allocation problem that the headline synergy target could not answer by itself. The company had combined JBT and Marel to offer customers a wider set of food-processing technologies and to capture cost savings. Read case
Jefferies and SMBC: Turning an Expanded Alliance into a Portfolio of Choices
On September 19, 2025, Jefferies Financial Group Inc. and Sumitomo Mitsui Banking Corporation (SMBC) announced a broad expansion of their relationship. Read case
Jefferson Capital: Which Consumer Debt Should It Buy Next?
Jefferson Capital had built its business around acquiring consumer debt portfolios and collecting on them. Its June 2025 prospectus described U.S. purchases of performing loans as an area for expansion. The company said it had selectively acquired performing pools in 2022 and 2023 and believed its experience in distressed debt could transfer to them. Read case
Jersey Mike’s Subs: Where Should the Next Growth Wave Go?
You are part of a hypothetical strategy team asked to recommend how Jersey Mike’s should sequence growth over the next three to five years. Should it put most development effort into U.S. penetration, build international markets in stages, or set market-readiness gates that determine where capacity goes next? Read case
JetBlue Airways — The Spirit Decision
On 7 March 2023, the U.S. Department of Justice (DOJ), joined by Massachusetts, New York, and the District of Columbia, sued to block JetBlue Airways’ proposed acquisition of Spirit Airlines. JetBlue and Spirit said they would continue to advance the transaction. Read case
JFrog — How Fast Should Cloud Grow?
JFrog’s software-supply-chain platform was growing, and its hosted cloud business was growing faster by the company’s reported cloud metric. The company also continued to offer self-managed software for customers running workloads in public cloud, private cloud, on-premise, or hybrid environments. Read case
Joby Aviation — Scaling Before Certification
On 1 March 2024, Joby Aviation’s leaders faced a sequencing question. The company had announced a large manufacturing plan in Dayton, Ohio, while its electric vertical takeoff and landing aircraft remained in development and FAA certification was still underway. Read case
John B. Sanfilippo & Son: Where should the next equipment dollar go?
John B. Sanfilippo & Son, Inc. (JBSS) had just reported its fiscal 2026 results. Management had described a multiyear equipment and infrastructure program, while the company’s plants showed different combinations of seasonal bottlenecks and unused capacity. Read case
John Marshall Bancorp and Eagle Financial Services — Integrating Two Community Banks
On 8 September 2026, John Marshall Bancorp and Eagle Financial Services announced that they had signed an all-stock merger agreement. At the cutoff, both shareholder votes and required regulatory approvals remained outstanding; the companies expected a close in early Q1 2027, subject to conditions. The transaction had not closed. Read case
John Wiley & Sons: Sequencing the Emerald Integration
On 4 September 2026, John Wiley & Sons had filed its first quarterly report since acquiring scholarly publisher Emerald. The report showed Emerald contributing revenue and income, while also recording acquisition and integration costs. Read case
Johnson & Johnson: Governing a Supply-Network Transition
On September 1, 2026, Tom Cavanaugh became Johnson & Johnson’s executive vice president and worldwide chairman of Innovative Medicine, succeeding Jennifer Taubert. His appointment came after J&J disclosed a new supply-chain restructuring in its second-quarter results. Read case
Johnson Controls: Governing the Next Stage of AI Building Controls
Johnson Controls International plc (JCI) had made two public moves in 2026: it acquired Nantum AI, then launched new AI capabilities in OpenBlue, its digital building ecosystem. Energy & Comfort Intelligence (ECI), powered by Nantum, was intended to optimize air circulation across air-handling units, fans and related systems. Read case
Johnson Outdoors — Planning for the Next Season
The fiscal year had just ended, but Johnson Outdoors had not yet reported its fourth-quarter or full-year results . The latest operating figures available were for the three and nine months ended 3 July 2026. Sales differed across the company’s three segments: Fishing and Diving were higher year over year, while Camping & Watercraft Recreation was lower. Read case
JLL — Capital Allocation Under Accelerate 2030
Jones Lang LaSalle Incorporated (JLL) had $2.592 billion of share-repurchase authorization remaining at 30 June 2026. In March, the company announced that its board had authorized an additional $2.2 billion in February, bringing total authority to roughly $3 billion. JLL also announced a planned $200 million accelerated share repurchase, completed by the second quarter. Read case
JPMorgan Chase: How much flexibility should a $50 billion buyback authorization preserve?
On June 24, 2026, JPMorgan Chase’s board authorized a new common-share repurchase program of up to $50 billion, effective July 1. The company said management would determine the amount and timing; the authorization did not require the company to buy shares on a set schedule. Read case
Kenvue — Where to Place the Next Growth Dollar?
Kenvue had recently become an independent consumer-health company with three segments: Self Care, Skin Health & Beauty, and Essential Health. Its third-quarter 2023 results showed a strategic tension. Organic sales grew 3.6%, but reported volume declined 3.5%; 7.1% value realization offset that decline. Read case
Keurig Dr Pepper — When Should Coffee Stand Alone?
On October 2, 2026, Keurig Dr Pepper (KDP) directors must decide whether to keep preparing for an early-2027 separation of Beverage Co. and Global Coffee Co. while KDP integrates JDE Peet’s, or to defer the separation until integration and standalone readiness are further advanced. Read case
KeyCorp — Where to Focus Relationship-Building Effort?
Imagine joining KeyCorp’s strategy team at the start of March 2024. The team is preparing its next review of customer and deposit priorities. Read case
Keysight Technologies: Connecting the Portfolio
On September 19, 2024, Keysight Technologies announced an agreement to acquire Synopsys' Optical Solutions Group, adding optical design and simulation software to a portfolio already expanding through acquisitions. Read case
Kimberly-Clark: Choosing how to compete in North American tissue
Kimberly-Clark Corporation (K-C) entered 2024 with a familiar consumer-products challenge: how to defend branded value when shoppers can choose a lower-priced retailer brand. In its 2023 Form 10-K, the company identified increasing private-label share in tissue as a competitive risk. It did not disclose the size, timing, geography, subcategory, or retailer mix of that increase. Read case
Kimco Realty — Where Should the Next Dollar Go?
Kimco Realty owns interests in grocery-anchored open-air shopping centers and mixed-use properties. On August 4, 2026, it reported strong leasing and occupancy, alongside two active capital paths. Management anticipated $125–175 million of capital commitments for redevelopment and re-tenanting during the remainder of 2026. Read case
Kinder Morgan’s Conditional Capital: When Should Approval Become Commitment?
At 4:29 p.m. Eastern on July 22, Kinder Morgan, Inc. (KMI) had just released second-quarter results. Its 4:30 p.m. earnings webcast had not yet begun. The release reported that the board had given contingent approval to nearly $400 million of projects, which were not yet included in the company’s committed project backlog. Read case
KKR: When scale becomes the story
On August 5, KKR & Co. filed its second-quarter Form 10-Q. The results gave investors two stories to reconcile. The firm reported nearly $800 billion in assets under management (AUM), record fee-related earnings (FRE), and strong growth across several company-defined earnings measures. Read case
KLA Corporation: How Much to Commit to Advanced Packaging?
KLA Corporation sells inspection, metrology and process-control systems used in semiconductor manufacturing. In its fiscal 2024 third quarter, ended March 31, 2024, revenue was $2.360 billion, down 3% from a year earlier. Product revenue fell 7%, while service revenue increased 12%. Read case
Kraft Heinz: Where Should the Next Investment Go?
By October 2026, Kraft Heinz leaders faced a strategic question that could not be answered by looking at one sales number. The company had paused work on its proposed separation and announced a major commercial investment program. After its second quarter, management raised the 2026 incremental investment estimate again. Read case
The Kroger Co. — Where Should the Next Customer Dollar Go?
Imagine you advise Kroger’s leadership as it plans its next annual cycle of customer-value investment. By the close of 8 December 2023, the company had reported a mixed third quarter: identical sales excluding fuel declined, digital sales grew, and management described margin support from Our Brands and sourcing alongside the cost of price investment. Read case
L3Harris Technologies: A Missile Business at the Market Gate
In July 2026, L3Harris CEO Christopher Kubasik said the company would revisit the potential initial public offering of its missile business in mid-2027. He did not say that an offering would launch then. He said management believed market conditions did not reflect the value it was building. Read case
Labcorp — How to Screen the Next Laboratory Partnerships?
Imagine joining Labcorp’s strategy group on March 1, 2024. The company has publicly emphasized becoming a partner of choice for health systems and local and regional laboratories. How should the group screen and sequence additional opportunities? Read case
Lam Research: funding the next process inflection
Lam Research has spent decades building expertise in deposition, etch, clean and related wafer-fabrication processes. On October 23, 2024, the company reported a second consecutive quarter of revenue growth and told investors it expected wafer-fabrication-equipment spending to rise in calendar 2025. Read case
Las Vegas Sands: How should it pace two resort investment programs?
Las Vegas Sands (LVS) had a near-term planning milestone in Singapore and a longer-dated investment plan in Macao. The company had just reported a strong first quarter, but its proposed Marina Bay Sands (MBS) expansion had no final disclosed cost or project-level return forecast. Read case
Leidos — How Much Integration Is Enough?
On March 27, 2026, Leidos completed its $2.4 billion cash acquisition of ENTRUST Solutions Group (Entrust), a provider of infrastructure design, grid modernization and program-management services primarily to electric, gas and pipeline utilities. Leidos said the acquisition added more than 3,100 professionals and effectively doubled its energy-infrastructure presence. Read case
Lennar Corporation: Volume, optionality, and the value of pace
Lennar entered the fall of 2026 with a strategic tension. In its latest quarter, orders and gross margin were lower than a year earlier, while management reported faster construction cycles, lower construction cost per square foot, and fewer completed unsold homes per community. Read case
Lennox International — Confidence in the 2030 Targets
You are an outside strategy adviser preparing a confidence assessment for an investment committee. Lennox International has set 2030 targets of $6.5–$7.5 billion in revenue, a 22–23% segment-profit margin, and free-cash-flow conversion above 90% of net income. Read case
Linde’s Next Hydrogen Gate: Preserve the Option or Wait?
On the afternoon of October 31, Linde’s strategy committee must decide how to handle a possible next stage of its relationship with Dow’s Path2Zero project in Alberta, Canada. Linde signed a long-term supply agreement for Phase 1 and announced an investment exceeding $2 billion in a new industrial-gas complex. Read case
Live Nation: How Much Capacity, How Much Proof?
Live Nation enters its FY2027 planning cycle with strong reported ticketing activity, a large venue pipeline, and continuing uncertainty about project-level returns and the legal terms under which venues and ticketing may operate. A hypothetical strategy team must recommend how quickly to commit to venue expansion. Read case
Lockheed Martin — Turning Backlog into Deliveries
Imagine you advise Lockheed Martin’s leadership on the next increment of production-response investment. The company has a substantial reported backlog, but the public evidence also points to supplier shortages, F-35 delivery delays, longer build times, and risks from labor and supplier costs. Read case
Loews Corporation — What Should the Parent Do With Its Next Dollar?
Loews Corporation owns businesses with different capital needs and cash-flow patterns. At June 30, 2026, the parent reported $4.4 billion of cash and investments, net of receivables and payables, and $1.8 billion of parent debt. Cash reaches the parent through subsidiary distributions, which can vary. Read case
Lowe’s: Sequencing Customer and Omnichannel Investments
On March 1, 2024, Lowe’s leadership team is preparing its next operating review. The latest results show pressure across the home improvement market, while the company continues investments intended to serve both do-it-yourself (DIY) consumers and professional (Pro) customers. Read case
lululemon — Who Owns the Product?
In May 2024, lululemon announced a new structure for its product and brand teams. It would not replace its Chief Product Officer role. Design, Innovation, and Product Development would sit with the Global Creative Director, reporting to CEO Calvin McDonald. Read case
Lumentum: How Much Capacity Before the Orders?
On February 8, 2024, Lumentum's leadership team had a capacity question to resolve. The company had announced production lines in Thailand for advanced datacom transceivers, including 800G and 1.6T products. Management described strong AI-data-center bandwidth demand, traction on new transceiver opportunities and a planned summer capacity ramp. Read case
LyondellBasell — Rebuilding the Circular Plastics Path?
LyondellBasell Industries N.V. (LYB) was balancing portfolio change, cash discipline and a long-term circularity strategy. Its first commercial-scale MoReTec chemical-recycling plant was under construction in Wesseling, Germany; the company expected it to begin operating in 2027 at a stated capacity of 50,000 metric tons per year. Read case
M&T Bank: Who should own the New England growth agenda?
M&T Bank Corporation entered the second half of 2026 with two priorities on its agenda. Its July investor presentation called for “Operational Excellence”: scalable infrastructure, consistent client experiences, efficiency, and maintained quality and risk standards. Read case
Marathon Petroleum: How should it manage renewable diesel?
Marathon Petroleum Corporation (MPC) entered the second half of 2026 with renewable-diesel production, joint ventures, feedstock operations and long-standing refining and midstream businesses. Its latest filing presented a striking year-over-year improvement in Renewable Diesel segment results. MPC attributed much of the improvement to higher regulatory-credit values. Read case
Marriott Bonvoy: Where Should the Next Loyalty Dollar Go?
Marriott International had built a global lodging system around brands, hotel owners and franchisees, and a large loyalty program. As the company entered its next planning cycle, one strategic question remained difficult: where would the next increment of Bonvoy investment create the most value? Read case
Marsh: One Platform, Four Kinds of Expertise?
In October 2025, Marsh McLennan announced a new Business and Client Services unit (BCS) to centralize investments in operational excellence, data, artificial intelligence, and analytics. The company also began a brand transition that took effect in January 2026. A hypothetical leadership team is now preparing its next cycle of operating priorities. Read case
Martin Marietta Materials — Price, Tons, and the Next Growth Market
Imagine that you advise Martin Marietta Materials as it plans its next phase of growth. The company has just reported a quarter in which aggregates shipments declined while realized pricing and gross profit rose. It has also said that the proceeds from a recently completed cement-plant sale give it flexibility to pursue pure-play aggregates acquisitions. Read case
Masco Corporation: Where Should Enterprise Commercial Capability Go?
Masco has created an enterprise Chief Marketing Officer role spanning marketing, commercial excellence, digital acceleration, and customer capabilities. Read case
Mastercard: Choosing Where to Extend the Network
On March 1, 2024, Mastercard’s strategy team is preparing for its next planning cycle. The network is growing, services revenue is growing faster than the core payment-network line, and policy proposals could change routing or issuer economics. Read case
Where Should McCormick Place Its Next Growth Bets?
At 4:37 p.m. Eastern Time on January 23, 2025, McCormick & Company filed its fiscal 2024 Form 10-K. The company had reported its year-end results earlier that day and had issued its outlook for 2025. Read case
McDonald’s: Making value visible across a franchised system
McDonald’s had a value question to answer. On April 30, the company reported U.S. comparable sales growth of 2.5% for the first quarter, down from 12.6% in the year-earlier quarter. Results remained positive, but the growth rate had slowed. Read case
Case: McKesson and the next step for Medical-Surgical Solutions
McKesson Corporation is a large health care services and distribution company. In fiscal 2026, it reported four operating segments: North American Pharmaceutical; Oncology & Multispecialty; Prescription Technology Solutions; and Medical-Surgical Solutions (MMS). McKesson announced that it intended to separate MMS into an independent company. Read case
Medtronic: How Fast Should Hugo Go?
On September 1, Medtronic announced a roughly $700 million investment and strategic partnership with Cornerstone Robotics. The agreement covered staged funding and rights to distribute Cornerstone’s Sentire robotic system in selected markets outside the United States. Medtronic described Sentire as complementary to Hugo, its own robotic-assisted surgery system. Read case
Merck & Co. — Replacing Growth Before the Keytruda Transition
You are an outside strategy adviser preparing a confidence assessment for an investment committee. Merck says its “One Pipeline” strategy combines internally generated research with external science obtained through licenses, collaborations, venture activity and acquisitions. Read case
Meta’s 2024 Infrastructure Bet: How Fast to Build?
At 4:15 p.m. Eastern on February 1, Meta Platforms had just released its fourth-quarter and full-year 2023 results. Investors had seen the numbers and a new range for 2024 capital expenditures. Meta’s earnings call was scheduled to begin at 4:30. Read case
MetLife: Reaching the Sponsor, the Adviser, and the Employee
MetLife’s New Frontier strategy names Group Benefits as a growth priority. In its 2025 Form 10-K, the company said employers have been emphasizing voluntary products and that it had increased communication and marketing to employees to foster sales. Read case
Mettler-Toledo — Keeping Precision in Motion
On 8 February 2024, Mettler-Toledo reported that fourth-quarter sales had been affected by approximately $58 million of shipping delays “with a new external European logistics service provider.” Management expected the delayed sales to be largely recovered in the first quarter of 2024. Read case
MGM Resorts International: Allocating Capital After the Bid Ends
On September 23, 2026, MGM Resorts International told investors that People Incorporated had withdrawn its proposal to acquire the shares of MGM it did not own. MGM said a special committee had negotiated with People for several months and that the board remained committed to executing MGM's strategy as a standalone company. Read case
Microchip Technology: Capacity Choices Through a Downturn
On March 1, 2024, Microchip Technology’s operating and strategy leaders are reviewing how to plan capacity as customers work through excess inventory. Management says most factory expansion activity remains paused, while the company continues selective equipment and facility investment. Read case
Micron Technology: Where to Place the Next Memory Dollar?
On December 18, 2024, Micron Technology reported record quarterly revenue. Its data-center business had become a larger part of the company, and its high-bandwidth memory (HBM) products were part of the hardware supporting artificial-intelligence computing. Read case
Microsoft: Where Should the Next AI Capacity Go?
On April 25, 2024, Microsoft reported another quarter of strong cloud growth while describing a constraint that complicated its next infrastructure decisions. Azure and other cloud services grew 31% year over year. Management attributed seven percentage points of that growth to AI services and described the other 24 points as core Azure. Read case
MAA: When should the next apartment project start?
In early August 2026, MAA’s strategy team had a difficult sequencing question. The company had six multifamily developments in its disclosed pipeline, five additional projects in lease-up, and several recent or planned site actions. At the same time, its Same Store net operating income was declining, even as lease pricing had improved sequentially. Read case
Moderna — Funding the Platform After the Pandemic
You are advising Moderna’s leadership on how to allocate clinical, manufacturing and commercial capacity while the company works toward a lower operating-cost base. The May 1 update sets 2027 GAAP operating costs at $4.7–$5.0 billion, down $1.4–$1.7 billion from the 2025 estimate, while the company says it is advancing as many as ten products toward approval. Read case
Molson Coors: Can a broader portfolio restore growth?
You are an outside investor preparing a short strategy assessment of Molson Coors Beverage Company. The company has presented Horizon 2030 as a plan to build growth through accountability, capability and discipline. Your assignment is to assess how much confidence the public evidence supports in that strategy’s ability to restore durable growth. Read case
Mondelēz International: Pricing Chocolate Through a Cocoa-Cost Shock
Imagine Mondelēz International’s commercial leadership is preparing its next developed-market chocolate pricing cycle. Cocoa costs have become a source of pressure, while recent reported results show pricing growth alongside weaker volume/mix. The team must choose how to balance shelf prices, pack options, promotions and productivity. Read case
Monolithic Power Systems: The Next Power Roadmap
Monolithic Power Systems (MPS) designs semiconductor-based power electronics. It is a fabless company: outside suppliers manufacture, assemble, and test its products, while MPS focuses on design, engineering, system knowledge, integration, and packaging. Its leadership has described a continuing shift from a chip-only supplier toward a full-solution provider. Read case
Monster Beverage: Where should Bang fit?
On February 28, 2024, Monster Beverage reported its 2023 results. The company had acquired substantially all of Bang Energy’s assets seven months earlier. The acquisition added a recognizable energy-drink brand and a Phoenix production facility to a company whose energy-drink portfolio already included Monster and Reign. Read case
Moody’s Corporation: Where Should AI’s Customer Interface Live?
Moody’s combines a credit-ratings business with Moody’s Analytics (MA), which sells data, research, software and financial workflows. MA was investing in generative AI across its own applications and customer systems, while also making Moody’s information and analytical tools available through technology partners. Read case
Morgan Stanley: Retaining Workplace Stock-Plan Assets After Vesting
On March 1, 2024, Morgan Stanley’s Wealth Management leadership is reviewing how to serve employees whose company stock awards vest. The company reported that its workplace-channel vested-asset retention rate was 29% in 2023, down from 34% in 2022 but above 24% in 2021. Read case
The Mosaic Company: A Strategic Stake on Hold
On April 30, The Mosaic Company announced an agreement to exchange its 25% interest in Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC) for 111,012,433 shares of Saudi Arabian Mining Company, known as Ma’aden. Mosaic described the shares as worth approximately $1.5 billion at announcement. The agreement remained subject to approvals and closing. Read case
Motorola Solutions — Where to Place the Next Technology Dollar?
Motorola Solutions (MSI) entered 2024 with a broad public-safety technology portfolio: land mobile radio (LMR), Video, and Command Center. On February 8, 2024, management described accelerating cloud adoption in Video, announced cloud and manufacturing partnerships, and forecast growth across all three technology areas. Read case
MSCI: One climate-risk workflow—or interoperable specialist tools?
On August 3, 2026, MSCI announced it had completed its acquisition of First Street, a provider of physics-based physical climate-risk data and analytics. The deal was closed. What remained unsettled in the public record was what the combined product and operating design would look like in practice. Read case
Nasdaq — One Nasdaq, Many Buyers?
Nasdaq had set a target: at least $100 million in Financial Technology cross-sell run-rate revenue by year-end 2027. At its February 2026 Investor Day, the company said it had completed 42 Financial Technology cross-sells since the Adenza acquisition. Read case
NetApp: Is an AI-Ready Data Platform Producing Durable Growth?
On September 2, NetApp reported revenue of $2.025 billion for the first quarter of fiscal 2027, up 30% from the year-earlier quarter. Product revenue rose 51%, all-flash revenue increased 47%, and Public Cloud revenue rose 28%. The company also raised its full-year outlook. Read case
Netflix: Building Both Sides of the Ad-Supported Plan
At 1:05 p.m. Pacific Time on January 23, 2024, Netflix's Q4 shareholder letter had been available for only a few minutes. It showed that the company's advertising-supported plan was gaining members quickly. Read case
Newmont: When Is Red Chris Ready?
You are advising Newmont Corporation's executive team as it prepares its hypothetical FY2027 operating and project plan. The company has said it expects a full-funds investment decision (FID) for the Red Chris Block Cave project in the second half of 2026. Read case
News Corp: Streaming Growth, Sports Rights, and a New Hub
In November 2024, News Corporation was reporting growth in its Australian streaming services even as its residential broadcast base continued to decline. Kayo and BINGE were adding subscribers and revenue. At the same time, the company reported higher sports-rights and production costs, and Hubbl—a recently launched content aggregation product—was adding expense. Read case
NextEra Energy: Making the Virginia Promise Measurable
On October 2, NextEra Energy and Dominion Energy faced the next stage of review for their proposed combination. Shareholders of both companies had approved the transaction proposals on September 3. The approvals cleared an important step, but the merger remained subject to regulatory clearances and other closing conditions. Read case
Nike: Balancing Direct and Wholesale
On March 1, 2024, Nike’s marketplace leadership is reviewing how to support consumers through NIKE Direct and wholesale partners. Fiscal 2023 results showed growth in both channels. In the second quarter of fiscal 2024, NIKE Direct grew while external wholesale revenue declined. Read case
NiSource — Building for Load That May Not Arrive
On December 9, 2024, Northern Indiana Public Service Company (NIPSCO) submitted a new Integrated Resource Plan to the Indiana Utility Regulatory Commission (IURC). The plan described a path to retire the utility's remaining coal units, maintain reliable supply under changing MISO capacity rules, and prepare for possible new data-center demand. Read case
Nordson Corporation: How Much Integration Should ARAG Have?
Nordson had completed a major acquisition nine months earlier. ARAG, an Italian supplier of precision controls and smart fluid components for agricultural spraying, now sat within Nordson’s Industrial Precision Solutions (IPS) segment. The acquisition added a distinct product portfolio and agricultural customer base. Read case
Norfolk Southern: Run the railroad, prepare for a merger—or both?
On August 4, Norfolk Southern Corporation (NS) was operating its eastern U.S. freight railroad while a proposed acquisition by Union Pacific (UP) remained before the Surface Transportation Board (STB). The STB had accepted the revised application for consideration in May but paused the proceeding and its environmental review while requiring supplemental information. Read case
Northern Trust: Choosing Where to Build Capacity
In July 2026, Northern Trust Corporation was pursuing growth across two distinct client-facing businesses. Asset Servicing served institutional investors and asset owners through custody, fund administration and related capabilities. Wealth Management served individuals, families and institutions with advice, investment and trust services. Read case
Northrop Grumman: Can a faster B-21 ramp improve the economics?
On October 3, 2026, an investor reviewing Northrop Grumman’s latest public disclosures faces an unusual combination: a strategically important aircraft program, a production-capacity expansion, a large remaining loss accrual, and limited public visibility into the economics of future lots. Read case
Norwegian Cruise Line Holdings: Should Four Ships Move from MOA to Contract?
Norwegian Cruise Line Holdings (NCLH) was working to reduce leverage while pursuing fleet growth. At the cutoff, four proposed Norwegian Cruise Line ships for delivery in 2030, 2032, 2034, and 2036 remained memoranda of agreement (MOAs), subject to Board approval, with financing under negotiation. Read case
NRG Energy: Who Pays for the Next Megawatt?
In August 2026, NRG Energy said it had aligned with a large cloud and AI customer on principal commercial terms for a proposed 1.2-gigawatt (GW) combined-cycle gas plant in Texas. The company called the arrangement “Bring Your Own Power” (BYOP): a customer-backed approach to adding generation alongside a large new load. Read case
Nucor — Growth Capital Through a Steel-Cycle Turn
Imagine you are advising Nucor as it plans its next investment cycle. The company has large steelmaking and downstream projects underway. At the same time, third-quarter results show lower realized selling prices, narrower steel-mill metal margins, and weaker shipments in parts of the portfolio. Management’s estimate for 2024 capital expenditures is about $3.2 billion. Read case
NVIDIA: Where Should NVLink Fusion Draw the Platform Boundary?
NVIDIA has announced a way for partners and customers to connect custom compute silicon to NVLink and NVIDIA rack-scale systems. It has also expanded its relationship with Marvell and invested $2 billion in the company. Read case
NVR: Controlling Finished Lots Through the Housing Cycle
On March 1, 2024, NVR’s strategy team is preparing to review the company’s land and community approach. NVR generally buys finished lots from third-party developers under fixed-price lot purchase agreements (LPAs), rather than directly owning and developing land. It also has limited joint-venture (JV) and directly owned land positions. Read case
NXP Semiconductors: Building a Singapore Supply Option
At 8:30 a.m. Central European Summer Time on 5 June 2024, NXP Semiconductors and Vanguard International Semiconductor (VIS) announced a plan to establish VisionPower Semiconductor Manufacturing Company (VSMC), a joint venture that would build a 300-mm wafer fab in Singapore. The announcement called for VIS to own 60% and operate the facility, while NXP would own 40%. Read case
O’Reilly Automotive: Where should the next stores go?
On April 24, 2024, O’Reilly Automotive reported first-quarter comparable-store sales growth of 3.4%, following 10.8% in the year-earlier quarter. The company reaffirmed its plan to open 190–200 net new stores during 2024. Read case
Occidental Petroleum: What comes after the debt milestone?
Occidental Petroleum had spent years managing the debt and integration consequences of its 2019 acquisition of Anadarko. In January 2026, it completed the sale of OxyChem to Berkshire Hathaway. The transaction narrowed Occidental's portfolio toward oil and gas, midstream, and lower-carbon ventures. It also created the company's largest recent source of cash for debt reduction. Read case
Old Dominion Freight Line: How Much Capacity, and When?
Old Dominion Freight Line (ODFL) entered the second half of 2026 with an enlarged capital-spending forecast and mixed operating signals. On August 5, its second-quarter filing raised the estimated FY2026 capital expenditure plan from the $265 million disclosed in its 2025 annual report to approximately $380 million. Read case
Omnicell: Connecting the Pharmacy—at What Pace?
On December 12, 2024, Omnicell's leadership team was closing out the American Society of Health-System Pharmacists (ASHP) Midyear Clinical Meeting in New Orleans. Three days earlier, the company had announced OmniSphere, a cloud-native workflow engine and data platform intended to connect its automation and medication-management products. Read case
Omnicom and Interpublic — Capturing Scale Without Losing the Client
On 9 December 2024, Omnicom Group and The Interpublic Group of Companies (IPG) announced a definitive agreement to combine. Eligible IPG shareholders would receive 0.344 Omnicom shares for each IPG share. Read case
On Holding: Where should the next growth franc go?
At 12:30 p.m. in Zurich on 12 March 2024, a hypothetical member of On Holding AG's leadership team is preparing for the company's scheduled U.S. results call. On's 2023 annual report and full-year results release are public. Read case
onsemi: How fast to scale silicon-carbide capacity?
By 6 February 2024, ON Semiconductor Corporation (onsemi) had published its 2023 results and annual report. The company had reported a fourfold year-over-year increase in silicon-carbide (SiC) revenue, record automotive revenue, and more than $1.5 billion of capital expenditures in 2023. Read case
Once Upon a Farm: Where Should the Next Growth Dollar Go?
Once Upon a Farm PBC had just reported second-quarter 2026 net sales of $85.4 million, up 42.3% from a year earlier. Gross margin, however, had declined to 35.9% from 40.7%. Adjusted EBITDA was a loss of $1.7 million, while the company reported a $5.0 million GAAP net loss. Read case
Ondas Inc.: Integrate, Scale, or Add Another Capability?
At 8:26 a.m. Eastern on August 13, 2026, the SEC accepted Ondas Inc.’s second-quarter results filing. The company’s release scheduled its earnings call for 8:30 a.m. The public filing reported rapid growth, a larger order book, acquisitions completed after quarter-end, and a much larger operating platform. Read case
ONE Gas: timing a capital plan under different rules
ONE Gas plans to invest about $4.3 billion from 2026 through 2030 in its natural-gas distribution systems. About $2.5 billion is assigned to system integrity and replacement, and about $1.2 billion to growth. The remaining amount covers other categories and costs described in the company’s plan. Read case
One Liberty Properties: how fast to keep shifting toward industrial?
One Liberty Properties had made industrial buildings the center of its portfolio. By June 30, 2026, industrial properties generated about 85% of base rent. Earlier in the year, the company bought ten industrial properties for $56.7 million and sold several non-core retail properties. Management described the portfolio shift as continuing. Read case
One Stop Systems — From Design-In to Delivery
One Stop Systems, Inc. (OSS) designs and manufactures rugged, high-performance computing, switching, and storage systems for edge applications such as sensor processing, autonomy, and AI. Its products operate in demanding environments on aircraft, ships, vehicles, and mobile command systems, as well as in commercial applications. , Note 1, lines 525–533; MD&A, lines 1068–1076. Read case
OneMain Holdings: Growth, Credit Risk, and Capital Returns
At the end of August 2026, OneMain had several reasons to continue growing its consumer-credit portfolio—and reasons to protect its ability to absorb losses and fund that growth. In the second quarter, originations increased 10% year over year. Management’s non-GAAP capital-generation measure rose to $229 million from $222 million. Read case
ONEOK — Allocating Cash After a Transformative Deal
On 30 August, ONEOK announced a $4.425 billion cash acquisition of Brazos Midland and a $9 billion minority investment from Apollo. The transaction documents were filed the following day, after the market closed. Read case
OneSpan: Where should the next product and go-to-market effort go?
At 4:05 p.m. Eastern on August 4, OneSpan had just released second-quarter results. A conference call was scheduled for 4:30 p.m. The release showed a business growing at different speeds: Cybersecurity revenue fell 7% from the prior-year quarter, while Digital Agreements revenue rose 25%. Total revenue increased 1%. Read case
OneSpaWorld: Where to Put the Next Operating Push?
On July 29, 2026, OneSpaWorld Holdings Limited reported a record second quarter. Revenue rose 9% year over year to $261.2 million, and Adjusted EBITDA rose 13% to $34.4 million. The company had operated wellness centers on 208 cruise ships by quarter-end. Read case
OneWater Marine — Stocking for a Softer Season
At 30 June 2026, OneWater Marine had $485.5 million of inventory and $68.7 million of unrestricted cash. The late-July Q3 release showed a mixed picture: reported revenue and same-store sales declined, while gross margin and operating income improved. Read case
Onity Group: Which servicing growth engine?
Onity Group entered the second half of 2026 with two visible sources of mortgage-servicing growth. Originations and selective mortgage-servicing-rights (MSR) purchases can support owned-book growth, while subservicing contracts add loans to a portfolio another institution owns. Read case
OnKure Therapeutics: how fast to advance two programs?
OnKure Therapeutics was preparing two preclinical programs for planned Investigational New Drug (IND) submissions in the first half of 2027. At June 30, it reported $176.4 million in cash, cash equivalents and marketable securities, and management expected that balance to fund operations into 2029. Read case
Onterris: A Review Without a Bid
On August 5, Onterris, Inc. announced a Board-led strategic review. The review covers the company’s business, portfolio, capital allocation, long-range plan and strategic alternatives. Read case
Onto Innovation: Turning a Strategic Stake into a Product
On August 10, Onto Innovation completed its purchase of a 27% minority stake in Rigaku Holdings Corporation for approximately $720 million. Onto had announced the purchase in April at an estimated $710 million, alongside a collaboration to combine Rigaku’s X-ray measurement platform with Onto’s analytics software. Read case
Oracle: Turning AI cloud commitments into durable returns
On September 11, 2026, Oracle filed its first-quarter report for fiscal 2027. The quarter ended August 31. The filings and earnings release showed a cloud business growing quickly, a record book of remaining performance obligations, and an expanding infrastructure base. Read case
Otis Worldwide: Where Should the Next Increment of Capacity Go?
At a midyear strategy review, Otis Worldwide's leadership team must decide where to place its next increment of commercial and operating capacity. Should it support modernization growth, protect and expand the maintenance portfolio, or stage capacity across both? Read case
PACCAR: How Fast Should the Line Run?
PACCAR's executive team is preparing its hypothetical FY2027 North American Class 8 production plan. Orders have strengthened, freight rates have improved, and management says most 2026 build slots are full. Read case
Packaging Corporation of America — Where Should the Next Investment Go?
You are advising the strategy team at Packaging Corporation of America (PCA) as it considers priorities for its next planning cycle. The company has an active investment program that includes converting a paper machine to produce linerboard. Read case
Palantir: Where Should the Next Deployment Team Go?
Palantir Technologies has two large, fast-growing customer markets. U.S. commercial revenue is accelerating amid customer interest in its Artificial Intelligence Platform (AIP), while government programs continue to account for slightly more than half of company revenue. Read case
Palo Alto Networks: Sequencing Platform Adoption
On March 1, 2024, Palo Alto Networks (PANW) has recently announced an accelerated platformization and consolidation strategy. The company has described three platforms—Network Security, Cloud Security and Security Operations—and says customers can consolidate products across them. Read case
Paramount Skydance: One Portfolio, Several Windows
On August 7, 2025, Skydance Media and Paramount Global completed a transaction that formed Paramount Skydance Corporation. The new public company brought together Paramount’s television and film studios, CBS and other broadcast and cable networks, Paramount+ and Pluto TV, and Skydance’s film, television, animation, interactive and sports operations. Read case
Parker-Hannifin: Where Should the Next Increment of Capacity Go?
Parker-Hannifin closed fiscal 2024 with record sales, higher reported segment margins, and a portfolio reshaped by the 2022 acquisition of Meggitt. Its two reporting segments were sending different signals. Aerospace Systems had higher sales, margin, orders, and backlog. Read case
Paychex: How far should the platforms converge?
In early August 2026, Paychex had completed its acquisition of Paycor and was reporting strong growth. It also described three proprietary HCM platforms—SurePayroll, Paychex Flex and Paycor—designed for different customer needs. The integration question was no longer only whether the acquisition could add scale. Read case
PayPal: giving the new businesses room to move
On April 29, PayPal announced three businesses intended to sharpen accountability and speed execution. By the morning after its second-quarter results, the structure was public, but the operating rules were not. Read case
Pentair: Growth after the Pool reset
On October 1, 2026, Pentair completed its acquisition of Taco Group Holdings for approximately $1.4 billion, subject to customary adjustments. The deal expands Pentair’s Water Solutions segment with a business focused on hydronic and water-based HVAC products, including pumps, tanks, heat exchangers and controls. Read case
PepsiCo: Finding the Right Mix of Value and Demand Investment
PepsiCo’s Frito-Lay North America (FLNA) business entered its next planning cycle with a difficult combination of signals. In the third quarter, convenient-food volume declined, organic revenue was lower, and segment operating profit fell more sharply. Effective net pricing remained positive. Read case
Pfizer and Seagen — Governing the Oncology Platform
Pfizer completed its acquisition of Seagen on 14 December 2023. By 27 February 2025, Pfizer had reported a year of commercial results from four acquired oncology medicines, described a new company-wide R&D structure, and continued large cost and manufacturing programs. Read case
PG&E: Choosing the Next Wildfire-Risk Mitigation Tranche
Assume you advise a hypothetical PG&E strategy team planning its next tranche of distribution wildfire-risk mitigation. Recommend how the team should prioritize work among (1) undergrounding selected high-risk circuit segments, (2) overhead hardening such as covered conductor and stronger poles, and (3) operational measures such as EPSS, PSPS, detection and monitoring. Read case
Philip Morris International: Sequencing the U.S. Smoke-Free Portfolio
In July 2026, Philip Morris International (PMI) reported a mixed first-half record for ZYN in the United States. First-half shipments declined year over year, while second-quarter shipments edged higher and management described offtake as flat to slightly growing. Read case
Phillips 66: Governing the Refining Project Portfolio
On March 1, 2024, Phillips 66’s Refining leadership team is preparing to review execution within its 2024 project program. The company says it is implementing 10–15 projects annually to improve reliability and market capture and has a target to increase market capture by 5% by 2025. Read case
Pinnacle West — Buying Time, Capacity, and Flexibility
On 26 February 2025, Pinnacle West Capital Corporation (PNW) had just filed its FY2024 Form 10-K. Its Arizona Public Service subsidiary (APS) had received proposals in a new all-source resource solicitation. APS sought at least 2,000 MW for summer peaks, reserves, and the needs of extra-high-load-factor customers. The proposal deadline had passed on February 5. Read case
PNC: How fast should the branch network grow?
On October 15, 2024, PNC Financial Services Group reported third-quarter results while the banking industry continued to adapt to digital service, higher deposit costs and changing customer expectations. Read case
Pool Corporation: Where should the next unit of network investment go?
Pool Corporation (POOL) had built a large distribution network serving an industry with two different rhythms. Pool professionals needed dependable access to parts and technical support throughout the year. New pool construction and discretionary remodeling, by contrast, could move with consumer confidence, financing costs and local conditions. Read case
PPG Industries: What should the coatings business become?
In February 2024, PPG Industries announced a strategic review of its U.S. and Canada architectural coatings business. Eight months later, the company had reported third-quarter results, but its public disclosures still did not provide the business's standalone profit, cash flow, capital requirements, or separation economics. Read case
PPL: Growth Under the Regulated-Utility Compact
PPL Corporation expected annual earnings-per-share growth of 6%–8% through at least 2029. Its plan rested on regulated investment in three U.S. territories, while new data centers and other large energy users could create additional opportunities. Read case
Principal Financial Group — Where Should the Next Dollar Go?
Principal Financial Group (PFG) entered 2021 with a broad financial-services portfolio and a difficult allocation question. In 2020, company-defined operating earnings fell while total assets under management and net cash flows reached records. Results varied sharply across retirement, asset management, international retirement and investment, and U.S. insurance. Read case
Procter & Gamble: Where Should the Next Consumer Dollar Go?
On September 4, a hypothetical P&G strategy committee is preparing priorities for fiscal 2027. Its assignment is to decide where incremental consumer-facing attention should go: product and packaging innovation, accessible price-pack choices, brand communication, or retailer-specific execution. The committee must also decide what evidence should unlock further investment. Read case
Progressive: Making the next mile count
On November 4, 2024, Progressive filed its quarterly report for the period ended September 30. The numbers described a company again growing quickly after a deliberate effort to restore underwriting profitability. Personal-auto applications had surged, marketing had expanded, and the companywide combined ratio was below its stated ceiling for growth. Read case
Prologis: integrating SEGRO without losing the local edge
On September 28, SEGRO shareholders approved the resolutions required for its proposed combination with Prologis. The transaction had not closed: High Court sanction, regulatory clearances and other conditions remained. The companies expected completion in the first half of 2027. Read case
Prudential Financial: what should the next longevity-risk opportunity have to prove?
In the fourth quarter of 2023, Prudential Financial reported $14.3 billion in Institutional Retirement sales, including a $9.2 billion Netherlands longevity-risk-transfer transaction. On December 19, NN Group announced that it had completed two longevity transactions, one with a Prudential insurance subsidiary; the risk transfer was effective December 31, 2023. Read case
PTC: Where to Place the Next Dollar of Growth?
At 4:59 p.m. on May 1, 2024, PTC's executive team had a new target to work with. The industrial software company had just reported 12% constant-currency growth in annual run rate (ARR) for its second fiscal quarter. It had also lowered its mid-term ARR growth target from the mid-teens to the low double digits. Its free-cash-flow targets for the next two years remained intact. Read case
Public Service Enterprise Group: Sequencing the Grid Investment Plan
On 25 February 2025, Public Service Enterprise Group (PSEG) reported a five-year capital plan of $22.5–$26 billion for 2025–2029, of which $21–$24 billion was expected to be regulated investment. Management projected 6%–7.5% annual growth in regulated rate base over the period. Read case
Public Storage: What should follow the NSA combination?
On July 22, Public Storage (PSA) completed its all-stock combination with National Storage Affiliates (NSA). The transaction expanded the operating platform under the Public Storage brand to more than 4,500 locations and 327 million rentable square feet, according to PSA. But the quarter-end operating data available to executives still described PSA before the merger closed. Read case
PulteGroup: How much land should the builder own?
In July 2026, PulteGroup (PHM) had 228,241 lots under its control: 102,323 owned and 125,918 optioned. Management said options let the company defer land acquisition until it decides whether and when to exercise, reducing risks associated with holding land for a long time. At the same time, management described competition for well-positioned land as robust. Read case
Qnity: Is the AI materials thesis structural or cyclical?
DuPont completed the separation of its Electronics business on November 1, 2025. Qnity began trading on the New York Stock Exchange two days later, on November 3. Read case
Qualcomm: Where to place the next engineering dollar?
On the afternoon of November 1, Qualcomm Incorporated released results for fiscal 2023 and filed its annual report. The company had just reported a sharp contraction in its handset business, while automotive revenue continued to grow. Read case
Quanta Services: Where Should the Next Crew Go?
On July 30, Quanta Services reported $53.4 billion of backlog as of June 30, 2026. The company had raised its 2026 expectations and described demand across utility infrastructure, power generation, renewables, and large-load projects. Read case
Quest Diagnostics: How Far Should Integration Go?
On October 23, 2024, Quest Diagnostics had just reported a year of rapid expansion. In less than ten months, it had acquired laboratory businesses or selected assets in several markets and specialties. One day earlier, CEO Jim Davis said Quest was on track to complete eight acquisitions by year-end. Read case
Ralph Lauren: Where Should the Next Growth Dollar Go?
Ralph Lauren Corporation entered the second year of its “Next Great Chapter: Drive” plan with a striking set of results. In the first quarter of fiscal 2027, revenue rose 14.0% as reported and 13.4% in constant currency. Comparable sales grew 12% worldwide. Asia was the fastest-growing region: revenue increased 25.3% in constant currency and retail comparable sales rose 23%. Read case
Raymond James Financial — How Should Advisor Growth Be Governed?
Raymond James Financial entered calendar 2024 with record client assets and what management described as robust advisor recruiting. For the quarter ended December 31, 2023, domestic Private Client Group (PCG) net new assets were $21.6 billion, equal to 7.8% annualized growth from the period’s beginning assets. The company offered several advisor affiliation and service models. Read case
Realty Income: How Fast Should the Portfolio Grow?
Realty Income had just reported another quarter of portfolio investment and raised its 2024 investment-volume outlook to approximately $3.5 billion. The company also reported net debt equal to 5.4 times annualized pro forma Adjusted EBITDAre, a company-defined leverage measure. Read case
Regency Centers: How Fast Should the Pipeline Grow?
Regency Centers had announced a goal of starting more than $1 billion of development and redevelopment projects over five years. Its current in-process pipeline was estimated at $547.1 million of project costs at Regency’s pro-rata share. Management estimated that pipeline would stabilize at about a 9% yield, with 46% of costs incurred and approximately $295 million remaining. Read case
Regeneron: where should the next commercial push go?
On August 3, 2026, Biocon announced that Yesafili, a biosimilar to Regeneron’s EYLEA 2 mg, was commercially available in the United States. The launch followed several years of patent litigation and other biosimilar approvals. Regeneron had already reported that Amgen’s Pavblu had launched and expected additional 2 mg competitors. Read case
Regions Financial — How Should It Govern Its Branch Investment Plan?
Imagine you are advising Regions Financial Corporation’s chief executive and board strategy committee on August 7, 2026. The company has announced priorities to build or open 135–150 locations and renovate more than 1,000 branches. Read case
Republic Services: can route density carry the circular economy?
Republic Services had reported steady revenue growth in 2025 and the first half of 2026. The result looked different depending on which driver an investor emphasized: customer price and average yield continued to add revenue, acquisitions contributed to growth, but reported volume was negative in both 2026 quarters. Read case
ResMed — Where Should the Next Capacity Go?
At the close of business on 26 October 2023, ResMed had just released results for the first quarter of fiscal 2024. Its sleep and respiratory devices and masks remained central to the business. It also operated several software businesses and digital-health tools whose relationships to those products varied considerably. Read case
Revvity: Where to Place the Next Three Years of Bets
In October 2026, Revvity’s hypothetical executive committee is setting priorities for the next three years. A definitive agreement to divest substantially all assets related to China Immunodiagnostics (China IDX) has been signed, but the transaction has not closed. Read case
Robinhood Markets — Paying for the Long-Term Customer
Robinhood Markets had built a large mobile brokerage by making investing easy to start and inexpensive to use. By mid-2024, the company was extending its proposition beyond active trading. Its self-directed retirement accounts were growing quickly, and a series of matching offers had brought billions of dollars of assets onto the platform. Read case
Rockwell Automation: choosing the next step in software and services
Rockwell Automation sells industrial automation products and systems, alongside software and services that help manufacturers monitor, operate, and improve their plants. Management has identified recurring revenue growth and industrial artificial-intelligence applications as strategic priorities. Read case
Rollins Inc.: Choosing the Next Layer of Growth
By late February 2024, Rollins had reported another year of growth across its pest-control businesses. The company operated through familiar brands such as Orkin and Fox Pest Control, serving residential and commercial customers with recurring pest, termite, and ancillary services. Read case
Roper Technologies — Where Should the Next Dollar Go?
At 7:59 a.m. on October 23, 2024, Roper Technologies had just released third-quarter results; its earnings call was scheduled to begin at 8:00. Revenue was $1.765 billion, up 13%, while organic revenue increased 4%. Adjusted EBITDA was $717 million, up 10%, and management said adjusted free cash flow grew 15%. Read case
Ross Stores: How fast, and where, should the network grow?
On May 23, 2024, Ross Stores reported first-quarter results. Its March 11 release had set a fiscal-year plan to open approximately 90 stores: about 75 Ross Dress for Less and 15 dd’s DISCOUNTS. Eighteen locations had already opened by that March update. Read case
Royal Caribbean Group: What comes after Mahahual?
In late July 2026, Royal Caribbean Group was still telling investors it expected its private-destination portfolio to expand from three locations to eight by 2028. But its most prominent planned Mexican destination had encountered a regulatory impasse. Read case
RTX Corporation: Where Should Pratt & Whitney Add Capacity?
In July 2026, Pratt & Whitney (P&W) was managing two time-sensitive demands on its GTF engine family. Airlines needed engines returned to service as powder-metal inspections and shop visits continued to pressure the PW1100-powered A320neo fleet. At the same time, P&W had a large GTF backlog, new orders, and a certified GTF Advantage specification moving toward production. Read case
Salesforce — Funding the Next Layer of the Customer Platform
At 4:05 p.m. on November 29, Salesforce made its third-quarter FY2024 results public. Revenue had grown 11% year over year, subscription and support revenue 13%, and current remaining performance obligation 14%. The company also reported a 17.2% GAAP operating margin and a 31.2% non-GAAP margin. Read case
SanDisk: How Much NAND Should Be Promised?
During FY2027, as of September 18, 2026, SanDisk’s CEO and board must set rules for signing or expanding New Business Model (NBM) agreements through FY2030. Should multi-year NBMs remain the predominant way SanDisk serves Datacenter and Edge customers? Read case
S&P Global: AI, data and the customer interface
S&P Global had entered a new chapter. On July 1, 2026, it separated its Mobility division into Mobility Global, leaving Ratings, Indices, Energy and Market Intelligence as its four operating segments. Read case
SBA Communications: where should the next dollar go?
On February 27, 2025, the latest numbers in SBA Communications Corporation’s annual report were less than a day old. The tower owner had just reported 2024 results, issued a 2025 outlook, and declared a higher quarterly dividend. Its acquisition of more than 7,000 Millicom sites in Central America was already under contract. Read case
Seagate — Scaling HAMR Without Losing the Ramp
Seagate Technology Holdings has entered a new phase in its transition to heat-assisted magnetic recording (HAMR). Its Mozaic 4+ platform can support drives of up to 44 terabytes (TB), and Seagate said in March 2026 that the product was qualified and in production with two hyperscale cloud providers. More qualifications were underway. Read case
Sempra: SDG&E’s Next Wildfire-Mitigation Sequence
San Diego Gas & Electric (SDG&E), a Sempra subsidiary, already has an approved 2023–2025 Wildfire Mitigation Plan (WMP). On October 13, 2023, California’s Office of Energy Infrastructure Safety (Energy Safety) approved the plan. Read case
ServiceNow: Prove the Value or Expand the Platform?
On July 24, 2024, ServiceNow reported that subscription revenue had grown 23% year over year in the second quarter. The same release said net-new annual contract value (NNACV) for Now Assist, the company's generative-AI product family, had doubled sequentially. Eleven Q2 transactions had more than $1 million in Now Assist NNACV. Read case
The Sherwin-Williams Company: Where Should the Next Store Go?
Sherwin-Williams built its Paint Stores Group (PSG) around company-operated specialty paint stores, sales representatives, knowledgeable employees, controlled distribution and digital tools. At the end of 2023 it operated 4,694 PSG stores. Management’s stated objective was to expand the store base by an approximate average of 2% annually, primarily through organic growth. Read case
Simon Property Group: What should come after the current redevelopment wave?
On August 4, Simon Property Group was preparing for its next quarterly report, scheduled for August 10. Its most recent reported quarter ended March 31. That Q1 release showed higher occupancy, rents, sales and operating income across the portfolio. Read case
Skyworks and Qorvo: Integrating the Work, Protecting the Edge
On September 19, 2026, Skyworks Solutions' leadership team was preparing for a possible combination with Qorvo. Shareholders had approved the transaction, but the merger had not closed. Regulatory and customary closing conditions remained, and the latest public update did not say otherwise. Read case
SLB at the Data-Center Edge: Can Kelvion Make the Offer More Strategic?
On August 31, 2026, SLB announced an agreement to acquire Kelvion, a global provider of thermal-management and heat-exchange technologies. The transaction would add cooling capabilities to SLB’s growing Data Center Solutions (DCS) business. Read case
Smurfit Westrock: How should a five-year growth-capex plan be governed?
On the morning of July 29, 2026, Smurfit Westrock plc (SW) had just released its second-quarter results. The company was in the middle of a five-year plan to expand earnings, improve returns and generate cash. That plan included roughly $4 billion of growth capital expenditure over 2026–2030. Read case
Snap-on — Building the Independent-Shop Diagnostics Proposition
On February 12, 2026, Snap-on filed its FY2025 Form 10-K. A hypothetical executive team is deciding how to prioritize the next two to three years of product, software, support, and channel resources for professional diagnostics used by U.S. independent repair shops. Read case
Snowflake: Funding the Next Layer of the Data Platform
On September 29, Snowflake priced $3.75 billion of zero-coupon convertible senior notes, split between notes due in 2029 and 2031. The company estimated net proceeds of $3.70 billion and expected the transaction to close on October 1, two days after the information cutoff for this case. Read case
SoFi’s Next Loan: Keep It, Place It, or Pass?
On May 6, 2025, SoFi Technologies filed its first-quarter report showing another record quarter for personal-loan originations. The report also showed how much the company’s lending model was changing: a growing share of the loans were being originated for institutional partners rather than held on SoFi’s own balance sheet. Read case
Solaris Energy Infrastructure: How fast should the fleet grow?
On November 7, 2024, Solaris Energy Infrastructure filed its third-quarter report. The company had spent the previous year moving beyond its oilfield-services roots. In July it agreed to acquire Mobile Energy Rentals (MER), a mobile power-generation business. Read case
Solid Biosciences: Choosing the Next DMD Gene-Therapy Bet
By September 2022, Solid Biosciences had two Duchenne muscular dystrophy (DMD) gene-therapy programs at very different stages. SGT-001 had already been dosed in people and had generated encouraging but small, uncontrolled interim observations alongside a serious safety history. Read case
Solid Power — How Much Cell Capability to Keep In-House?
On 28 February 2024, Solid Power filed its 2023 annual report. It described a strategy built around selling sulfide solid electrolyte and licensing cell designs and manufacturing processes. The company said it did not intend to manufacture cells over the long term or build gigafactories; its pilot lines were expected to support development and research. Read case
Solstice Advanced Materials: When to Commit to More Uranium Conversion Capacity?
On 10 February 2026, Solstice Advanced Materials said it expected uranium hexafluoride (UF6) production at Metropolis Works to exceed 10,000 metric tonnes in 2026, about 20% above its planned 2024 output. The company attributed the increase to debottlenecking work already under way. Read case
Soluna Holdings: What Should the Next Kati 2 Commitment Require?
Soluna Holdings had a clear development ambition for Project Kati 2: develop a large AI and high-performance computing campus beside wind generation in South Texas. By the end of September 2026, the company had formed a joint venture with Metrobloks, advanced design, engaged a prospective tenant and signed supplier letters of intent. Read case
SOLV Energy: Where Should the Next Growth Effort Go?
SOLV Energy had spent two years widening its position in power infrastructure. Its public presentation in September 2026 described five priorities: target large solar and battery-storage projects, grow operations and maintenance (O&M), expand into markets that use existing capabilities, use innovation to improve growth and margins, and make strategic acquisitions. Read case
Solventum: Which Path for Health Information Systems?
On August 5, 2026, Solventum announced its intention to pursue a separation of its Health Information Systems (HIS) business. The company said it would evaluate three broad pathways: HIS as an independent company, a combination with a scaled player, or another transaction. Read case
Case: Somnigroup and Leggett & Platt — Integrating the Spring
On August 26, Somnigroup International completed its all-stock acquisition of Leggett & Platt, a diversified component manufacturer and long-time Somnigroup supplier. Read case
Sonic Automotive: How Fast Should EchoPark Grow?
On September 9, Sonic Automotive announced a record sales result at the Sturgis Motorcycle Rally. Sonic Powersports said it sold 1,135 motorcycles during the event, including 511 new Harley-Davidsons, across five Black Hills locations. More than 550 teammates had been deployed, and the company assembled over 1,200 motorcycles for the rally. Read case
Sonida Senior Living: How Far Should Integration Go?
On August 10, 2026, Sonida Senior Living reported its first full quarter-end results since completing its acquisition of CNL Healthcare Properties (CHP) in March. It reported a broader portfolio of 164 owned, managed or invested-in communities with more than 16,500 units across 35 states, including 152 owned communities. Read case
Sonoco: When Is High Utilization Enough?
Sonoco Products Company had spent several years reshaping its portfolio. It had acquired Eviosys, sold TFP and ThermoSafe, and reorganized consumer packaging operations. Read case
Sonos: Opening the Door to AI Agents
In September, Sonos began positioning its connected audio system as an “audio operating system.” Sonos 27 introduced a way for outside AI assistants and agents to control a Sonos system, alongside the company’s own music-focused assistant and a preview of user-created “Custom Agents.” Sonos 27mcp was in Early Access; Sonos 27voice was planned for a later-fall Early Access… Read case
Sotera Health: Where Should the Next Growth Dollar Go?
In May 2026, Sotera Health appointed Alton Shader chief executive, effective May 26, with former CEO Michael B. Petras, Jr. becoming executive chairman. The company’s second-quarter filing described a familiar corporate task: its chief executive also serves as chief operating decision maker and evaluates the company’s three businesses using segment revenue and segment income. Read case
SoundHound AI: How Fast Should LivePerson Move into OASYS?
SoundHound AI completed its acquisition of LivePerson on September 4, 2026. In the closing announcement, SoundHound said LivePerson’s digital-engagement platform would be integrated into OASYS, its conversational-AI platform, to support interactions across voice, web, mobile, SMS and social channels. Read case
South Plains Financial: What Should Grow Next?
On December 31, Cory Newsom was scheduled to become chief executive of South Plains Financial, the Lubbock-based parent of City Bank. Curtis Griffith would retire as CEO but remain chairman. Newsom had been president and, according to Griffith, was already leading day-to-day operations and driving the growth strategy. Read case
The Southern Company: How Much Credit for Flexible Demand?
Georgia Power serves a fast-growing state while planning resources years ahead of when they can operate. A newly announced, very large customer brings a second question: how much should a utility count a customer’s promise to reduce electricity use when it plans for peak demand? Read case
Southern Copper: What Comes Next at El Pilar?
Southern Copper Corporation (SCCO) entered October with two very different project positions. Tía María, in Peru, was already under construction. Read case
Southern Missouri Bancorp: how fast should it use its buyback authority?
Southern Missouri Bancorp closed its fiscal year on June 30 with a new repurchase authorization already in place. Approved by the Board on January 20, the program allowed the company to buy up to 550,000 shares, which management described as approximately 5% of shares outstanding. Read case
Southwest Airlines — Rebuilding the Seat Experience
Southwest Airlines had spent more than fifty years letting passengers choose any open seat after boarding. On 25 July 2024, the company announced that it would adopt assigned seating and offer premium seats with extra legroom. Read case
Stanley Black & Decker: funding the next phase
Assume SWK’s executive team meets on October 2 to decide how to govern the next dollars available for discretionary use. Consolidated Aerospace Manufacturing (CAM) has been sold. A definitive agreement to sell Excel Industries has been signed, but the deal has not closed. SWK has reduced debt and repurchased shares while announcing a multiyear U.S. investment plan. Read case
Starbucks: testing technology for the green apron
Starbucks entered 2024 with a broad reinvention agenda. Its November 2023 “Triple Shot” strategy named three priorities—elevate the brand, scale digital capabilities and expand globally—supported by two “pumps”: operating efficiency and partner culture. The company described technology as one part of the plan. Read case
State Street Alpha: Where Should Integration Begin?
State Street had spent five years building State Street Alpha, a platform intended to connect investment software, data, and servicing across the front, middle, and back offices. Its latest quarterly release showed both activity and uncertainty: Alpha had 23 live mandates, while two different measures of the software business were moving in opposite directions. Read case
Steel Dynamics — Qualifying the Columbus Mill
Steel Dynamics, Inc. (SDI) was building a recycled-aluminum flat-rolled mill in Columbus, Mississippi. The company expected operations to begin in mid-2025. The mill was designed for 650,000 tonnes of annual finished-product capacity, serving beverage packaging, automotive and common-alloy industrial markets. Read case
STERIS: Governing the Mentor manufacturing transition
On May 11, STERIS announced that it would invest approximately $60 million over two years in a new sterility-assurance manufacturing plant in Mentor, Ohio. The plant is intended to consolidate existing U.S. production and was expected to be operational in late calendar 2027. The investment is announced; the operating transition still has to be designed. Read case
Stryker: Who Owns the Customer Relationship?
The second-quarter operating review had left Stryker's leadership with a question that the published numbers could not answer. The company's reported Vascular sales were nearly flat year over year in the quarter, but the U.S. and international lines moved in opposite directions. Inari Medical, acquired in February 2025, now sat within Stryker's Peripheral Vascular business. Read case
Supermicro: building the AI data center
Super Micro Computer, Inc. (Supermicro) had grown rapidly as customers invested in AI computing. Its strategy was to broaden beyond servers and storage into a more integrated data-center offering: computing, networking, power, cooling, software, deployment and support. The company called this approach Data Center Building Block Solutions (DCBBS). Read case
Synchrony Financial — Financing the Next Checkout
At 6:00:43 a.m. Eastern Time on 24 October 2023, the SEC accepted Synchrony Financial's third-quarter results filing. The company had scheduled its results call for 8:00 a.m. Its results showed a business growing in purchase volume and receivables while credit costs and funding expense were rising. Read case
Synopsys: Who Owns the Engineering Agent?
On September 28, 2026, Synopsys announced AgentEngineer, a portfolio of long-horizon engineering agents, and Autopilot, a platform intended to orchestrate agents, tools, models, and engineering workflows. The company said more than 50 customer engagements were underway and that general availability was planned by year-end. Read case
Sysco — Filling the Route, Protecting the Margin
In October 2024, Sysco faced a familiar distribution question in an unusually visible form: where should the next increment of attention and operating capacity go? The company wanted to grow its local customer business, while keeping a large delivery network productive and improving profitability. Read case
T-Mobile US: How Far Should Home Internet Grow?
At the end of February 2024, T-Mobile’s High Speed Internet (HSI) service had become a visible part of the company’s customer-growth story. The fixed-wireless service uses T-Mobile’s nationwide 5G network and is offered to households in locations where the company says excess capacity is available. Read case
T. Rowe Price and F/m: How Much to Integrate?
T. Rowe Price Group (TROW) has announced an agreement to acquire F/m Investments, a specialist in fixed-income exchange-traded funds (ETFs) and separately managed accounts. The transaction is expected to close in early 2027, subject to customary filings and closing conditions. The price and other financial terms have not been disclosed. Read case
Take-Two and Zynga: Vote for Mobile Scale?
Take-Two Interactive Software has signed an agreement to acquire mobile-game publisher Zynga. The board recommends that Take-Two stockholders approve the share issuance and a charter amendment that increases the company's authorized share capital. The proposals are separate, but both relate to completing the transaction. Read case
Tapestry — Integrating Capri Without Flattening Its Brands
On 10 August 2023, Tapestry announced an agreement to acquire Capri Holdings for $57 per share in cash, at an enterprise value of approximately $8.5 billion. The companies expected closing in calendar 2024, subject to shareholder and regulatory approvals and customary conditions. One week later, Tapestry filed its FY2023 results and annual report. Read case
Targa Resources: How fast should the next capacity tranche move?
On May 7, 2026, Targa Resources raised its full-year adjusted EBITDA outlook while leaving its expected growth-capital spending unchanged. The company reported record Permian inlet volumes, a 19% year-over-year increase in first-quarter adjusted EBITDA and several projects already announced or underway. Read case
Target Corporation — Rebuilding the Store Around the Guest
On March 3, Target announced more than $2 billion of incremental investment for 2026: more than $1 billion in additional capital expenditure and $1 billion in operating investment. The plan emphasized merchandise authority, guest experience, technology, and the team and communities. Management described store payroll, training, reliability and technology as parts of the effort. Read case
TE Connectivity: Is industrial growth becoming durable?
By October 2026, TE Connectivity’s Industrial Solutions segment was growing rapidly. The company attributed much of its digital-data-network growth to AI applications and cited strength in grid hardening, data centers, factory automation, and aerospace. Its Transportation Solutions segment remained a large business, anchored by automotive connectivity and sensors. Read case
Teledyne Technologies — Cash After a Forecast Reset
On April 24, Teledyne Technologies reported first-quarter sales of $1.350 billion, down 2.4% from a year earlier. Orders rose 7.8% to $1.433 billion, and company-defined free cash flow (FCF) was $275.1 million. At the same time, management cut its full-year 2024 earnings outlook. Read case
Teradyne — Where to Place the Next Bet
On 31 July 2026, Teradyne filed its second-quarter Form 10-Q. The quarter showed a sharp increase in Semiconductor Test revenue and a smaller but improving Robotics business. Management said strategic investment had contributed to Semiconductor Test results and that judicious additional investment would be needed to support growth in 2027. Read case
Tesla, Inc. — The Next Vehicle, or the Autonomous Future?
Tesla’s October 23, 2024, quarterly update placed two ambitions side by side. The company remained on track to begin launching more affordable vehicles in the first half of 2025. It also described autonomous transport as a long-term goal and had unveiled a purpose-built Cybercab concept earlier in October. Read case
Texas Instruments: When Should Modular Capacity Become Installed Capacity?
In October 2026, Texas Instruments (TI) was entering a new phase of its manufacturing program. The company had spent heavily on U.S. fabrication sites and was now describing a more modular approach: build or prepare the physical space, then install equipment and ramp production as customer demand justified it. Read case
Texas Pacific Land: Where Should the Next Water-Service Effort Go?
Texas Pacific Land Corporation (TPL) is a landowner and owner of oil-and-gas royalty interests in West Texas. Its Water Services and Operations business, conducted through Texas Pacific Water Resources (TPWR), provides water sourcing, produced-water treatment, infrastructure development and disposal solutions to operators in the Permian Basin. Read case
Textron’s Bell: Where Should the Talent Go After FARA?
The Army had ended development of the Future Attack Reconnaissance Aircraft (FARA) after the current prototyping phase. It planned to continue the Future Long Range Assault Aircraft (FLRAA), with a first operational unit then planned for fiscal 2030. For Bell, the two programs represented different demands on engineering and program-management capacity. Read case
Thermo Fisher and Olink — Scaling Proteomics Through Access or Integration?
On 17 October 2023, Thermo Fisher Scientific announced that both boards had approved its proposal to acquire Olink Holding for $26 per share or American depositary share in cash. The announcement valued the transaction at approximately $3.1 billion, including $143 million of Olink net cash, and represented a 74% premium to Olink’s closing share price the prior day. Read case
TJX: How Fast Should the Next Store Wave Move?
The TJX Companies had 5,214 stores at the end of fiscal 2026. Management estimated that the company could eventually operate about 7,000 stores across its current and planned markets, including Spain. That figure was a long-run estimate, not an approved opening schedule. Read case
TKO Group: who should own the sponsor relationship?
TKO Group Holdings had built a portfolio that brought together UFC, WWE, PBR, IMG and On Location. Some commercial relationships already crossed property lines. Read case
Tractor Supply: Is the “Life Out Here” Growth Model Still on Track?
In July 2026, Tractor Supply Company (Tractor Supply) lowered its fiscal-year outlook after reporting a decline in comparable-store sales for the second quarter. The company also withdrew the long-term financial framework it had introduced in 2024 and said it planned to provide an updated framework with its fourth-quarter results. Read case
The Trade Desk — Where Should the Next Capacity Go?
At 12:10 p.m. Eastern on February 15, The Trade Desk (TTD) had filed its FY2023 Form 10-K just minutes earlier. You advise a hypothetical product leadership team deciding where the next increment of fixed FY2024 engineering and partner-enablement capacity should go. The company has not disclosed a fixed budget or a choice among the initiatives below. Read case
Trane Technologies — Scaling Autonomous Building Controls
On 18 December 2024, Trane Technologies announced an agreement to acquire Montreal-based BrainBox AI. Trane expected the transaction to close in early 2025. It did not disclose the consideration and described the transaction as not material to Trane. The acquisition decision had been made; the operating model for the combined capability had not been set out publicly. Read case
TransDigm: Pricing the Long Aftermarket
On 13 November 2025, TransDigm's executive team is reviewing how its operating businesses should document and approve aftermarket prices. The company has just filed results for fiscal 2025 and completed the $757 million acquisition of Simmonds Precision Products. Read case
Travelers — Scaling AI Without Losing the Judgment
By the end of June 2026, Travelers had launched an AI voice assistant for auto claim intake, an AI claims-intelligence feature for commercial risk managers, employee assistants developed with Anthropic, and an insurance-focused large language model trained on internal documents. Read case
Trimble Inc. — Sequencing the AGCO Joint-Venture Interfaces
On September 28, 2023, Trimble and AGCO signed an agreement to combine much of Trimble’s precision-agriculture business with AGCO’s JCA Technologies business in a joint venture. Trimble agreed to contribute its precision-agriculture business, excluding certain GNSS and guidance technologies, and AGCO agreed to contribute JCA. AGCO would own 85% and Trimble 15% after closing. Read case
Truist Financial: What Should It Do With Insurance?
In early November 2023, Truist Financial had two sizable businesses with different economics. Its bank held $400.0 billion in deposits and reported a preliminary Common Equity Tier 1 (CET1) ratio of 9.9%. Its insurance operation generated fee-oriented revenue and gave Truist a presence in commercial insurance brokerage. Read case
Tyler Technologies and NIC — Integrate the Platform or Coordinate Around Local Contracts?
Tyler Technologies announced on 21 April 2021 that it had completed its acquisition of NIC Inc. The companies served different parts of the government market: Tyler emphasized local-government software, while NIC had a substantial state-enterprise digital-services business. Read case
Tyson Foods — Where Should the Next Discretionary Dollar Go?
Tyson Foods entered the final quarter of fiscal 2026 with sharply different conditions across its segments. Its latest filing showed a GAAP Beef operating loss of $142 million for the third quarter and $701 million for the first nine months. Chicken and Prepared Foods reported GAAP operating income of $389 million and $312 million, respectively, in the quarter. Read case
Uber: How Deep Should the Platform Go in Autonomous Mobility?
Uber had spent years building a marketplace that connected riders with independent drivers. Autonomous vehicles (AVs) introduced a different kind of supply: vehicles and software supplied by partners, often with their own capital needs, operating requirements and customer relationships. Read case
UDR: Is the operating recovery enough?
UDR, Inc. owns and operates apartment communities across the United States. The company describes a strategy built around targeted markets, operating improvements, and adapting its portfolio through acquisitions, sales, renovations, redevelopment, development, joint ventures, and other investments. Read case
Ulta Beauty — Where Should Growth Capacity Go?
On October 16, Ulta Beauty set out a new three-year plan: open 200 net new stores, work toward a long-term U.S. footprint of 1,800 or more stores, and grow Ulta Beauty Rewards to 50 million members by 2028. The company described four connected priorities—assortment, experience, access and loyalty—and reiterated its financial targets. Read case
Union Pacific: How Should It Balance Reliability and Productivity?
In October 2023, Union Pacific (UP) reported a quarter in which several service measures improved while revenue, earnings and reported operating ratio moved in the opposite direction. CEO Jim Vena, who had recently taken the role, described the company’s focus as safety, service and operational excellence to drive growth. Read case
United Airlines: Where Should the Next Dollar Go?
On July 18, 2024, United Airlines Holdings, Inc. (UAL) had released its second-quarter results and filed its quarterly report. The quarter was profitable, demand was strong in several customer segments, and cash generation had improved United's flexibility. Read case
UPS: What should a global operating model standardize?
On August 31, 2026, UPS announced a global operating model effective the next day. A new Chief Global Operations Officer would oversee global air and gateways, surface operations, buildings and engineering, and the Intelligent Network. A Chief U.S. Domestic Officer would lead U.S. domestic operations. Read case
United Rentals: Where Should the Next Fleet Dollar Go?
United Rentals entered 2024 with a broad rental network: 1,584 locations, about 4,800 equipment classes, and 995,000 equipment units. At year-end 2023, its fleet had $20.66 billion of original equipment cost (OEC). Equipment rentals made up 84% of the company’s $14.332 billion in revenue. Read case
UnitedHealth Group: Bidding for Medicare Advantage Under a Changing Model
On Friday, June 2, UnitedHealthcare's Medicare Advantage team had one last weekend before submitting its 2024 bids to the Centers for Medicare & Medicaid Services (CMS). The deadline was Monday, June 5. The company had to decide which county offerings to retain and how to set premiums and benefits for the next contract year. Read case
Universal Health Services — Turning 144 Planned Beds into Staffed Behavioral-Health Capacity
On 13 February 2023, Universal Health Services (UHS) and Lehigh Valley Health Network (LVHN) announced a joint venture to build a 144-bed behavioral-health hospital in Hanover Township, Pennsylvania, across from LVHN-Muhlenberg. At the time, the partners projected a spring 2024 groundbreaking and fall 2025 opening. The planned facility was 97,000 square feet. , lines 216–219. Read case
U.S. Bancorp — Where Should the Next Customer Dollar Go?
On July 16, 2026, U.S. Bancorp reported second-quarter Consumer and Business Banking (CBB) revenue of $2.373 billion, essentially unchanged from a year earlier, and segment net income of $589 million, down 4.4%. The bank’s broader results were stronger: consolidated net revenue was $7.712 billion and net income attributable to U.S. Bancorp was $2.177 billion. Read case
Diamond Green Diesel: Choosing What Port Arthur Can Make
Diamond Green Diesel (DGD), a 50/50 joint venture of Valero Energy and Darling Ingredients, had an unusual choice at its Port Arthur, Texas, renewable-fuels facility. The plant could make renewable diesel (RD), and an upgrade that began operating in late 2024 gave it the capability to convert part of that capacity to neat sustainable aviation fuel (SAF). Read case
Ventas: A Demographic Tailwind, or a Return on Capital?
Ventas, Inc. had spent decades building a healthcare real-estate portfolio. By mid-2026, senior housing had become the center of its growth story. Occupancy and resident revenue were rising, the company had acquired dozens of communities, and management had raised its full-year senior-housing investment expectation to $4.5 billion. Read case
Veralto: How tightly should TraceGains connect with Esko?
On October 23, Veralto's hypothetical integration steering team was preparing its first 12–18-month plan for TraceGains, the food-industry software company it had acquired earlier that month. The transaction was complete. The next question was how the two organizations should work together. Read case
VeriSign: Investing Through the .com Price Window
VeriSign operates the .com and .net generic top-level domains (TLDs). Its registry systems maintain the authoritative registration database and support domain-name resolution. Registrars sell registrations and renewals to customers; VeriSign charges registrars registry wholesale fees. Read case
Verisk Analytics: Who should own the next layer of insurance AI?
Verisk sells data, analytics, and software to insurers. Its products support decisions in underwriting, claims, catastrophe risk, and related workflows. Verisk says these products combine proprietary and contributory data, insurance expertise, statistical models, analytics, and software, often embedded in customers’ workflows. Read case
Verizon — Where Should the Next Dollar and Management Attention Go?
Verizon entered the second half of 2026 with three competing demands on capital and executive attention. Its C-Band build-out was approaching management's expected completion window; the January call had described the build-out as about 90% complete and covering approximately 300 million people, or POPs. Read case
Vertex Pharmaceuticals: Organizing for Several Commercial Models
By early 2024, Vertex was preparing to commercialize products that would reach patients through different channels. Its established cystic fibrosis (CF) medicines moved primarily through a limited number of specialty pharmacies and distributors, supported by a small U.S. field-based commercial team focused on a relatively small prescriber group, many at accredited CF centers. Read case
Vertiv: How Fast Should Capacity Grow?
On August 1, 2024, Vertiv Holdings Co. had just filed its second-quarter Form 10-Q. Orders had accelerated sharply, and management had raised its full-year outlook. June backlog stood at $7.0 billion. Read case
Viatris — What Should Phase 2 Capital Buy?
On 7 November 2022, Viatris described a transition from “Phase 1,” focused on integration and debt reduction, to a “Phase 2” portfolio intended to support growth. It expected $8–9 billion of gross, pre-tax proceeds from announced and planned divestitures by the end of 2023 or shortly thereafter. Read case
VICI Properties: Where should the next dollar go?
VICI Properties had built its portfolio around long-term leases on casinos and other experiential properties. Its June 2026 filing described a portfolio that was fully leased and had a weighted average lease term of 39.6 years when extension options were included. The same filing showed substantial dependence on two gaming operators and the Las Vegas Strip. Read case
Visa: Where Should the Next Increment of Attention Go?
Visa’s card network was still growing. In the quarter ended June 30, 2026, payments volume rose 10% in constant dollars and Visa processed 71.7 billion transactions, up 10% from a year earlier. Read case
Vistra: Turning Power Demand into Durable Returns?
This case is a fictional outside-investor exercise based on public information available by the cutoff. It does not describe an undisclosed Vistra management meeting or decision. Read case
Vulcan Materials: Where Should the Next Growth Dollar Go?
At 10:59 a.m. Eastern on October 26, Vulcan Materials Company was about to begin its third-quarter earnings call. Its results release, filed that morning, showed aggregates shipments down 2% year over year, freight-adjusted prices up 15%, and freight-adjusted cash unit costs up 12%. Management described 2024 as another year of earnings growth and strong cash generation. Read case
W. R. Berkley: Where should underwriting capacity go next?
In the first weeks of 2026, W. R. Berkley Corporation (Berkley) faced a question that did not appear in its group-wide premium growth number: where should the next dollar of underwriting capacity go? Read case
Walmart: Scaling Convenience Without Losing the Economics
Walmart entered the holiday quarter with strong momentum. In its third-quarter fiscal 2025 release, the company reported 27% global e-commerce growth and 22% growth in Walmart U.S. e-commerce. Store-fulfilled pickup and delivery, marketplace, and advertising all contributed to digital growth. Read case
The Walt Disney Company: Connecting the Portfolio, Choosing the Growth Priority
In September 2026, Disney named Adam Smith chairman of Direct-to-Consumer within Disney Entertainment. The announcement described U.S. Disney+ bundle subscribers as able to stream Hulu and ESPN content in the Disney+ app. Read case
Warner Bros. Discovery: Which Rights Travel With Max?
Warner Bros. Discovery (WBD) makes and distributes films, television programs, news, sports and other content through theaters, television networks, streaming services and third-party distributors. Read case
Waste Management and Stericycle: Designing the Integration
On June 3, 2024, Waste Management, Inc. (WM) and Stericycle announced a definitive agreement under which WM would acquire Stericycle for $62 per share in cash. Both boards had unanimously approved the transaction. The announced enterprise value was approximately $7.2 billion, including about $1.4 billion of Stericycle net debt. Read case
Waters Corporation — Funding the Next Adjacency
At its 19 May 2022 Analyst and Investor Day, Waters Corporation described a “Market+” strategy: execute in core markets and build exposure to adjacent markets. Management identified bio-separations, bioprocess characterization, LC-MS diagnostics, battery testing and sustainable polymers as potential opportunities. Read case
WEC Energy Group — Committing Capital to a Changing Load
On August 4, 2026, WEC Energy Group had just filed its second-quarter Form 10-Q. The filing, accepted by the SEC at 9:01:42 a.m. Eastern Time, was the latest company disclosure available for this exercise. Read case
Wells Fargo: allocating the next increment of customer capacity
When Wells Fargo's asset cap was lifted in June 2025, the bank regained room to grow its balance sheet. The company was pursuing that opportunity through several routes at once: digital products and customer acquisition, branch refurbishment and relationship capacity, and targeted expansion in Commercial Banking. Read case
Welltower: Is Senior-Housing Growth Durable?
By the summer of 2026, Welltower Inc. had made senior housing the center of its growth story. The healthcare real-estate owner reported higher occupancy and resident revenue in its Seniors Housing Operating (SHO) portfolio, while also completing large acquisitions in the United States, Canada and the United Kingdom. Read case
West Pharmaceutical Services — Capacity Before the Rebound?
West Pharmaceutical Services had maintained its 2023 capital-spending guidance at $350 million. That plan included incremental capacity expansions at existing high-value product (HVP) facilities. Through September, the company had spent $253.3 million on capital expenditures. Read case
Western Digital: Separate HDD and Flash Now—or Wait?
On August 8, 2024, Western Digital Corporation (WDC) filed its annual report for the fiscal year ended June 28. Its board had unanimously authorized management to pursue separating the company’s hard disk drive (HDD) and Flash businesses into two independent public companies. Management was targeting completion in the second half of 2024. Read case
Wabtec: Simplify the Portfolio Without Losing the Railway?
On February 12, 2025, Westinghouse Air Brake Technologies Corporation (Wabtec) reported record 2024 sales of $10.387 billion and announced three distinct strategic programs with different scopes and economics. The additional 2025 Portfolio Optimization initiative targets about $100 million of low-margin revenue exits, with approximately $40 million of expected net exit charges. Read case
Weyerhaeuser — Staging the Land Portfolio
Weyerhaeuser manages a large forest estate, sells logs and timber, manufactures wood products, and develops other uses of its land. Its strategic plan calls for substantial growth in Strategic Land Solutions (SLS), including Climate Solutions. Read case
Williams: What should a pipeline proposal have to prove?
Williams had built its strategy around natural-gas infrastructure: gathering gas from producing areas, processing it, and moving it through interstate pipelines to utilities, power generators, industrial users, and export-related markets. At year-end 2023, the company reported nearly 18 Bcf/d of gathering volumes and 32.3 Bcf/d of contracted transmission capacity. Read case
Williams-Sonoma, Inc. — Investing Through the Downturn
On August 23, Williams-Sonoma, Inc. (WSM) reported second-quarter FY2023 net revenue of $1.863 billion, down 12.9% from a year earlier. Comparable brand revenue fell 11.9%. Yet the company reported a 14.6% operating margin, held $514.4 million in cash, and had reduced inventory 16% year over year. Read case
WTW — Where Should the TRANZACT Proceeds Go?
Willis Towers Watson plc (WTW) had agreed to sell TRANZACT, its direct-to-consumer insurance distribution business. The definitive agreement was dated 30 September 2024; the 1 October announcement stated gross consideration of $632.4 million, subject to adjustments, and expected a close by year-end pending regulatory and customary conditions. Read case
Workday — How Far Should AI Agents Go?
Workday had made its Sana Self-Service Agent available to customers through Flex Credits and announced a partnership that would put Workday agents into Google’s Gemini Enterprise environment. These moves offered routes to broader access. Read case
W.W. Grainger: Where Should Digital Self-Service End?
Grainger had built a business in which digital ordering and specialist support were both part of the offer. Its March 2026 investor presentation reported that 75% of High-Touch Solutions U.S. (HTS U.S.) orders flowed through digital channels, while describing a sales team of more than 4,000, technical product support, inventory management and onsite services. Read case
Wynn Resorts: How Much Confidence Belongs in the Al Marjan Strategy?
Wynn Resorts has built a business around luxury integrated resorts: hotels, casinos, restaurants, entertainment, retail and meetings operated as parts of a single destination. The company is now developing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, with local partners. Read case
Xcel Energy — Funding the Next Generation of Power
On the morning of January 25, 2024, Xcel Energy presented a five-year capital plan totaling $39 billion for 2024–2028. The plan covered transmission, distribution, generation, natural gas and other investment. Separately, the company identified approximately $5 billion of potential renewable-generation additions across three utility systems. Read case
Xylem — How Fast Should the Evoqua Integration Go?
Xylem completed its all-stock combination with Evoqua on 24 May 2023. At Xylem’s October 2024 Q3 results, management said integration was ahead of schedule and expected to exit 2024 with a $130 million annualized cost-synergy run rate. Read case
Yum! Brands — Who Should Operate KFC U.K. & Ireland?
On April 29, 2024, Yum! Brands acquired all shares of two entities operating 216 KFC restaurants in the U.K. and Ireland. Nearly ten months later, its strategy team must decide what operating model should follow. Should Yum retain the restaurants as a company-operated platform, begin returning them to franchise ownership in stages, or test both models for a defined period? Read case
Zebra Technologies — Owning the Workflow Stack?
Zebra Technologies sells devices and software used to identify, locate, track, and manage people, products, and assets. Its products operate in retail, transportation and logistics, manufacturing, healthcare, and other frontline settings. Read case
Zimmer Biomet: Sequencing ROSA Shoulder
On March 1, 2024, Zimmer Biomet’s strategy team is preparing for the expected U.S. availability of ROSA Shoulder in the second half of 2024. FDA has granted 510(k) clearance. Read case
Zoetis — Scaling Librela with Evidence and Discipline
On February 13, 2024, Zoetis reported full-year 2023 results and filed its annual report. The company had launched Librela in the United States in 2023 after FDA approval of bedinvetmab for control of pain associated with osteoarthritis in dogs. Librela was the first monoclonal antibody FDA approved for dogs. Its administration is prescription-only and monthly. Read case
Zumiez: Where Should the Next Stores Go?
On the afternoon of June 6, 2024, Zumiez reported results for its first quarter of fiscal 2024. The company’s release described its North American region as having “inflected positive” in the quarter. Read case
After the Raise: Sequencing Zura Bio’s Clinical Portfolio
On May 9, Zura Bio reported that it had closed an oversubscribed private placement for approximately $112.5 million in gross proceeds. Cash and cash equivalents had been $89.817 million at March 31. Management said the placement, together with its current plans, should support operations through 2027. Read case
Zurn Elkay: where should the next dollar go?
Zurn Elkay Water Solutions Corporation has just reported its first full fiscal year after combining Zurn and Elkay. Read case
Strategy Case: Zymeworks — A Bid for the Pipeline
On 19 May 2022, All Blue Falcons repeated its proposal to acquire Zymeworks for $10.50 in cash per share. In a public release, the bidder said it had received no response, urged Zymeworks to engage, and threatened to take the proposal directly to shareholders. Read case