Pricing Strategy
Case studies on pricing 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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