Corporate Strategy
Case studies on corporate strategy.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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