Capital Allocation
Case studies on capital allocation.
10x Genomics: Protect the Platform or Trade for Certainty?
On 28 February 2023, a federal court in Delaware issued a claim-construction order in a patent case brought by 10x Genomics and Prognosys Biosciences against NanoString Technologies. The order adopted plain-and-ordinary-meaning constructions for several disputed terms and rejected a number of additional limitations proposed by NanoString. Read case
3D Systems: Where Should the Next Incremental Dollar Go?
On August 4, 3D Systems announced that CEO Jeffrey Graves would leave the company and retire from its board when a successor was hired. Graves remained CEO during the search, and the company expected to name a successor later in 2026. The successor was not identified. The announcement did not specify a change in strategy. Read case
3M: Separate Before the Obligations Are Settled?
On June 22, 2023, 3M disclosed a proposed settlement of public-water-system claims involving PFAS. Read case
A. O. Smith: What Should It Do With Its China Platform?
For decades, A. O. Smith had built a substantial water-heater and water-treatment business in China. The company reported roughly 8,700 points of sale, about 4,200 employees in China, and nearly 30 years of operating presence. Yet demand had weakened. Read case
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
Abacus Global Management: Funding the Next Phase of Growth
On September 25, Abacus Global Management announced a dual-tranche, investment-grade-rated securitization of life insurance policies valued at more than $400 million. The announced value includes Class A and B notes and a residual interest. The release did not state cash proceeds, note principal by class, coupons, advance rate, or the value and risk of the retained interest. Read case
Abbott and Exact Sciences: How Much Integration, and Where?
Six months after Abbott completed its acquisition of Exact Sciences, the combined company had reported its first full quarter with Exact included in reported results. Abbott's acquisition presentation forecast at least $100 million in annual pretax synergies by 2028 and projected earnings dilution through 2027. Read case
Abercrombie & Fitch Co.: Capital choices after the tariff refund
Abercrombie & Fitch Co. ended its second quarter with 15 consecutive quarters of year-over-year sales growth. It also reported flat comparable sales and an operating margin that management estimated had received a 790-basis-point benefit from about $100 million of IEEPA tariff refunds. At the same time, its FY2026 outlook called for continued store investment and repurchases. Read case
ABM Industries’ M&D Growth: What Follows Boise?
ABM Industries had expanded its Manufacturing & Distribution (M&D) business through organic growth and the February acquisition of WGNSTAR, a semiconductor-focused technical services provider. In September, ABM announced a Boise Technical Training Center expected to support about 500 participants annually at launch. Read case
Absci’s ABS-201: Sequencing Two Development Paths
Absci Corporation was advancing ABS-201 in two indications: pattern hair loss and endometriosis. Its August update described blinded interim Phase 1 data from the HEADLINE trial as favorable for early safety and tolerability, with pharmacokinetic data suggesting a half-life of at least 65 days. Those data were not an efficacy readout. Read case
Acacia Research: Rules for the Next Dollar
Acacia Research Corporation acquires and operates businesses and intellectual-property assets across industrial, energy, and technology sectors. At the end of Q2 2026, management highlighted $334.6 million in cash, cash equivalents, fair-value equity securities, and loans receivable; it also said the company had no parent-company debt and an active acquisition pipeline. Read case
Academy Sports + Outdoors: Where Should the Next Capital Go?
On September 9, Academy Sports + Outdoors reported that second-quarter fiscal 2026 net sales increased 3.0%, even as comparable sales slipped 0.4%. Comparable transactions fell 5.3%, while average ticket rose 4.9%. E-commerce sales also grew, though the release and 10-Q reported different growth rates. Read case
Acadia Pharmaceuticals: How to Commit After Mixed Phase 2 Evidence?
On September 24, 2026, Acadia Pharmaceuticals announced topline results from RADIANT, a Phase 2 study of remlifanserin for ADP. The 60 mg dose narrowly missed the study’s primary endpoint, while a key secondary measure was nominally significant. Read case
Accenture: Where Should the Next Investment Go?
On October 1, Accenture reported fiscal 2026 revenue growth of 5% in local currency, $84.5 billion in bookings, and $11.6 billion in free cash flow. Read case
The AES Corporation: Capital Allocation During a Pending Take-Private
On the evening of August 5, 2026, AES Corporation faced a portfolio decision under unusual constraints. The company had signed a $15-per-share agreement to be acquired by a consortium led by Global Infrastructure Partners and EQT. Shareholders had approved the transaction, and the HSR waiting period had expired, but other regulatory approvals and closing conditions remained. Read case
Aflac Japan: which channel gets the next investment?
By early October 2026, Aflac Japan had restored most of its policyholder website after a June data intrusion. Two online procedures remained unavailable. An agent-assisted online consultation tool had also been suspended, and Aflac had not published a separate restoration status for that tool. Read case
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
Altria: Funding the Next Step Beyond Smoking
Altria had invested $2.75 billion to acquire NJOY in June 2023. The company expected the acquisition's return on invested capital to exceed its weighted average cost of capital by 2027. That was a management target, not a reported result. Read case
Amazon — How Much Fulfillment Capacity Should the Company Keep?
On 2 February 2023, Amazon CEO Andy Jassy described a mismatch between capacity decisions made in 2020 for anticipated 2022 demand and demand that later developed. He said Amazon had “more capacity than we needed” in early 2022, and that the company had delayed some builds and mothballed some facilities while reviewing its investment needs. Read case
American Express: Where should growth investment go while travel recovers?
On April 23, 2021, American Express faced a split recovery. Q1 Goods & Services (G&S) spending on its proprietary cards was above Q1 2019, while travel and entertainment (T&E) spending remained far below its Q1 2019 level. The company had just reported 2.1 million new proprietary cards for the quarter and said added value on several premium products was helping engagement. Read case
American International Group: The Next Dollar of Capital
At 30 June 2026, AIG reported $7.4 billion of Parent liquidity, including a $3.0 billion committed revolver. It had returned $1.2 billion through common-share repurchases and $504 million through dividends during the first half. AIG repurchased about $195 million more in July; at 31 July, $2.6 billion remained under its Board authorization. Read case
American Tower — Where Should the India Proceeds Go?
On 30 April 2024, American Tower Corporation (AMT) released first-quarter results before its scheduled 8:30 a.m. earnings call. Its agreement to sell its Indian operating subsidiary remained pending. Read case
Ameriprise Financial: When to Turn Authorization into Repurchases?
On September 29, Ameriprise Financial announced that its board had authorized an additional $5.5 billion in share repurchases through September 30, 2028. The announcement did not require the company to buy any minimum number of shares. Management could begin or suspend repurchases at any time, depending on market conditions and other factors. Read case
Analog Devices: Setting the Next Capacity Rule
At 7:01 a.m. on August 19, Analog Devices (ADI) reported third-quarter fiscal 2026 revenue of $4.02 billion, up 40% year over year, and forecast fourth-quarter revenue of $4.3 billion, plus or minus $100 million. The company’s call was scheduled for 10:00 a.m. This case uses the release and filings available before the call; it does not use the call or any later information. Read case
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
Aptiv after EDS: setting a pace for capital return
On April 1, Aptiv completed the spin-off of its Electrical Distribution Systems business into Versigent PLC. Aptiv’s Q2 and first-half reporting presents EDS as discontinued operations for all periods, so the figures below describe continuing Aptiv rather than the old company before separation. Read case
Archer-Daniels-Midland: How Far to Expand the Crush Network?
On 30 July 2026, Archer-Daniels-Midland Company (ADM) announced targeted oilseed-crush upgrades at four existing U.S. facilities. Management expected the work to add approximately 700,000 metric tons of annual capacity in total, with completion from mid-2028 through early 2029. ADM also said it was evaluating similar enhancements at other North American locations. Read case
Ares Management: Scaling Private Credit in the Wealth Channel
In May 2024, Ares Management described a fast-growing wealth business and ambitious goals for its semi-liquid product platform. One of those products, Ares Strategic Income Fund (ASIF), offered individual investors access to private credit through a continuously offered, non-traded business development company. Read case
AT&T — Fiber's Next Mile
AT&T ended 2023 with fiber passing more than 26 million consumer and business locations. Management said the company was on track to pass more than 30 million by the end of 2025. AT&T also offered Internet Air, a home broadband service delivered over its 5G network where available. Read case
Atmos Energy: How should the next wave of investment be paced?
On August 5, 2026, Atmos Energy reported its third-quarter results and reaffirmed its fiscal-year outlook. The company had a large multiyear investment plan underway. Read case
AutoZone: Where to Put the Next Mile of Growth?
AutoZone had grown through new stores, a commercial program serving professional repair customers, and a network of hubs and mega hubs intended to widen parts availability. International operations were also expanding. The company said it planned higher investment in fiscal 2024, including supply-chain projects and store openings. Read case
AvalonBay Communities — When Should the Next Building Start?
On February 27, 2025, AvalonBay Communities (AVB) filed its annual report for the year ended December 31, 2024. The apartment owner and developer had reported solid same-store results, but the performance varied across its markets. Read case
Avery Dennison: Investing for Intelligent Labels growth
By September 2024, Avery Dennison had made Intelligent Labels (IL) a central part of its growth story. RFID-enabled labels connect physical products to digital information and can help customers track goods through stores and supply chains. Avery brought materials science, label manufacturing, RFID inlays and tags, and digital solutions to the opportunity. Read case
Bank of America — The Center and the Screen
On 16 July 2024, Bank of America (BofA) reported second-quarter results alongside continued growth in digital banking. Consumer Banking had 39.0 million active mobile users, and 53% of Consumer Banking sales were through digital channels. The bank also operated 3,786 financial centers. , slide 14. Read case
BNY Mellon: Scaling an AI-enabled platform
By the end of July 2026, BNY Mellon had made a substantial shift toward a platform operating model and had begun deploying artificial-intelligence tools across the firm. Its leaders described AI as a strategic opportunity for client service and efficiency. The same disclosures emphasized implementation, model, cyber, third-party and governance risks. Read case
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
Bio-Techne: Funding the next phase of CGT growth
Bio-Techne had invested in specialized reagents and manufacturing capabilities for cell and gene therapies (CGT), while reporting weak organic growth in its largest segment. It also had a company-wide capital plan and a large future contractual purchase commitment tied to Wilson Wolf. Read case
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
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
Brown-Forman: What Should the Board Require If a Proposal Returns?
On July 26, Brown-Forman Corporation said its board had received an unsolicited proposal from Sazerac to acquire the company. The board said it had concluded that the proposal was “not actionable,” taking the view of Wolf Pen Branch into consideration. Neither the proposal’s price nor its form of consideration, financing, conditions, or timing was disclosed. Read case
Builders FirstSource: Buying Growth in a Housing Downturn
On 30 April 2026, Builders FirstSource (BLDR) released first-quarter results and disclosed that its board had announced a total authorization of up to $500 million for share repurchases, including approximately $200 million remaining from the April 2025 authorization. It did not require the company to buy any particular number of shares and could be changed or suspended. Read case
California BanCorp: where should the next loan come from?
On July 27, 2026, California BanCorp reported second-quarter net income of $14.3 million and $113.7 million of sequential loan growth. Nonperforming assets fell to 0.44% of total assets from 0.97% in the prior quarter. Management described growth as balanced and said it reflected new business relationships across the bank’s California footprint. Read case
California Water Service Group: How Much Revenue Protection Is Enough?
On 17 March 2026, California Water Service Group (Cal Water, NYSE: CWT) told investors that the California Public Utilities Commission (CPUC) had issued a proposed decision in the company's 2024 California general rate case. The Commission had not voted. Read case
Calix: Invest Ahead of the Broadband Buildout?
On 22 July 2024, Calix, Inc. reported second-quarter revenue of $198.1 million, down 24% from a year earlier and 12% sequentially. Revenue EDGE and Intelligent Access EDGE appliance sales had weakened. Yet gross margin had improved, Calix Cloud and managed-service deployments were increasing, and remaining performance obligations (RPO) had grown year over year. Read case
Calumet Inc.: How Far, How Fast on SAF?
On October 16, 2024, the U.S. Department of Energy's Loan Programs Office (DOE LPO) issued a conditional commitment for a loan guarantee of up to $1.44 billion to Montana Renewables, LLC (MRL), a Calumet subsidiary. Read case
The Campbell’s Company: Funding a Near-Term Maturity
On September 24, 2026, Campbell’s filed its FY2026 Form 10-K. One financing question remained open: how would the company fund the $500 million of 5.20% senior notes due March 19, 2027? The filing said Campbell expected to repay and/or refinance the notes, naming capital markets, cash, commercial paper (CP) and its revolving credit facility as possible sources. Read case
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
Canton Strategic Holdings: when should a treasury company buy back its shares?
Canton Strategic Holdings, Inc. had recently changed both its business focus and its name. Formerly Tharimmune, the company began trading as CNTN in February 2026 after launching a Canton Coin (CC) treasury strategy in November 2025. Read case
Capital 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
CapsoVision — The First AI Commercial Bet
On September 28, CapsoVision announced that the FDA had cleared AI Highlights for use with its CapsoCam Plus capsule endoscopy system. The clearance was granted three days earlier. Read case
Cardinal Health: Capital Priorities After the CVS LOI
On October 1, Cardinal Health announced a binding letter of intent to extend its pharmaceutical distribution agreement with CVS Health through June 30, 2032, on the current distribution-service scope. That same day, McKesson announced an agreement in principle to extend its own CVS distribution partnership through June 2032. Read case
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
CenterPoint Energy: Sequencing Growth, Resilience, and Financial Flexibility
On October 1, CenterPoint Energy Resources Corp. (CERC), a subsidiary of CenterPoint Energy, completed the sale of its Ohio natural-gas local distribution business. Read case
CF Industries: When Should Blue Point Reach FID?
On February 14, 2024, CF Industries said it and Mitsui had completed a front-end engineering and design study for a proposed low-carbon ammonia plant at Blue Point, Louisiana. The studied design used steam methane reforming (SMR) with carbon capture and sequestration (CCS). Read case
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
Ciena — Governing Ciena Ventures
On September 14, Ciena announced Ciena Ventures, an initiative with an initial $200 million commitment to invest in early-stage companies and technology-focused venture funds. The company described the program as a way to complement organic research and development and strategic acquisitions, broaden its view of emerging technologies, and strengthen the innovation ecosystem. Read case
The Cigna Group — How Far Should ClearCareRx Go?
In April 2023, Express Scripts announced ClearCareRx, a new pharmacy-benefit contract option for employers, health plans and government-employer clients. Read case
Consumers Energy — Reliability at What Pace?
On the morning of 25 April 2024, Consumers Energy CEO Garrick Rochow told investors that the company expected to file its next electric rate case in late May or early June. The filing would include initial spending from the utility's five-year electric Reliability Roadmap. Read case
Cognizant: Governing the AI Builder at Scale
In July 2026, Cognizant said it would scale to 5,000 Frontier Certified Engineers and 10,000 Frontier Business Operators. Its first cohort was expected to be assessed and deployment-ready in the fourth quarter. The company described the roles as part of an AI Builder model that combines industry and technology expertise with client knowledge. Read case
Comcast — Where Should the Next Network Dollar Go?
Comcast's U.S. broadband business is investing in a network that combines hybrid fiber-coax (HFC) infrastructure with fiber deployment and line extensions. Fiber providers and wireless carriers are also expanding connectivity offers. At the same time, Comcast continues to report domestic broadband customer losses while its wireless line base grows. Read case
Consolidated Edison: What should CECONY put on the table?
Consolidated Edison Company of New York (CECONY) is negotiating a new rate plan for its Manhattan steam service. A hypothetical CECONY strategy director must advise the company’s negotiating team how to position its investment and revenue request before the proposed November 2026 rate year begins. Read case
Constellation Brands: Where Should the Next Investment Go?
Constellation Brands had built a fast-growing Beer business around Mexican brands including Modelo, Corona, and Pacifico, while continuing to operate Wine and Spirits brands such as Meiomi, Kim Crawford, Robert Mondavi, High West, and SVEDKA. Read case
CoStar Group: Can Homes.com Become a Marketplace?
CoStar Group closed 2025 with $3.247 billion in revenue, up 19% from 2024, but a $72 million operating loss and $7 million in net income. Its January 2026 outlook described Homes.com as a fast-growing part of its residential portfolio: subscribers had increased 337% since the first quarter of 2024. Read case
Crown Castle: Setting the Next Capital-Allocation Policy
In May 2026, Crown Castle completed the sale of its fiber solutions and small-cell businesses. The transaction marked a strategic reset: towers became the company’s sole operating segment. By June 30, the company also reported completing the previously announced $1 billion share repurchase and repaying more than $7 billion of debt. Read case
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
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
Digital Realty Trust — How Much Capacity Should DLR Commit?
Digital Realty Trust (DLR) has expanded its development program while demand for data-center capacity is growing and uncertain. A hypothetical investment committee must set the policy for the next wave of commitments: how much capacity should DLR advance toward full construction before customers have signed leases, and what evidence should be required at each step? Read case
Dow Inc.: Cost Discipline and the Path2Zero Commitment
On the morning of January 30, 2025, Dow announced a new $1 billion cost-savings program. The announcement came as the company reported lower full-year sales and operating earnings, weak fourth-quarter margins in its largest segment, and sharply lower operating cash flow than the prior year. Read case
DTE Energy: Building Ahead of a New Load
On July 28, DTE Energy reported that it had invested more than $2.6 billion in its utilities during the first half of 2026. The company said those investments were strengthening its electric and natural-gas infrastructure, improving reliability, and advancing cleaner energy. Read case
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
EchoStar — Financing the 5G Build
On August 9, 2024, EchoStar published results for the first half of the year and filed its quarterly report. The company was investing in a nationwide 5G network while using wholesale networks to serve most wireless customers. It had regulatory buildout deadlines less than a year away, a large debt maturity in November and much less cash than it held at year-end. Read case
Edison International — SCE’s Next Wildfire-Mitigation Priorities
On March 1, 2024, a hypothetical planning group at Southern California Edison (SCE) is asked to prepare a recommendation for the next cycle of wildfire-risk mitigation. SCE already has an approved 2023–25 Wildfire Mitigation Plan (WMP), and it reported that it exceeded its 2023 covered-conductor target. Read case
Eli Lilly: How Much Capacity, and When?
On December 5, 2024, Eli Lilly and Company announced a $3 billion expansion of a recently acquired manufacturing facility in Kenosha, Wisconsin. The planned scope included injectable manufacturing, device assembly and packaging across therapeutic areas; construction was expected to begin in 2025. Read case
EOG Resources — Where Should the Next Well Go?
On 22 February 2024, EOG Resources reported 2023 results and its 2024 capital plan. The plan called for $6.0–$6.4 billion of capital expenditures, with management expecting crude-oil production to rise 3% and total production to rise 7% from 2023. Read case
EPAM Systems — Sequencing an Americas Commercial Transformation
Assume EPAM's hypothetical Americas leadership team must decide how to sequence its commercial transformation over the next two quarters. Management has described some North American clients shifting away from discrete engineering tasks and seeking broader AI-enabled modernization proposals; that explanation is not independently established by the filings. Read case
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
Everspin Technologies: Where to Place the Next Commercialization Dollar?
Everspin released its FY2024 results on 26 February 2025; it filed its FY2024 Form 10-K the next day, on 27 February. The company had two visible product-development paths. Its 28nm xSPI STT-MRAM family served industrial and embedded applications; its 1Gb DDR4 STT-MRAM was selected for IBM's FlashCore Module 4, a data-storage system. Read case
Everus Construction Group: The Final Approval Gate
On 12 September 2024, Everus Construction Group, Inc. filed a registration statement with the Securities and Exchange Commission. Its attached information statement was labeled preliminary and subject to completion. Everus was still a wholly owned subsidiary of MDU Resources Group. Read case
EVgo: Pacing the Fast-Charging Buildout
On 12 November 2024, EVgo reported third-quarter results and filed its quarterly report. Its latest operating measures showed a network growing quickly: Q3 revenue was $67.5 million, network throughput was 78 gigawatt-hours, and the company added more than 270 operational stalls. Read case
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
BGE Case 9888: Defending Reliability While Addressing Affordability
On July 30, 2026, Exelon’s second-quarter filing listed a major Maryland proceeding for its subsidiary Baltimore Gas and Electric. BGE had submitted an application to adjust its electric base rates on July 2. It asked the Maryland Public Service Commission (PSC) to approve a $156.1 million electric revenue deficiency, based on the 12 months ended March 31, 2026. Read case
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
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
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
First Solar, Inc. — Sequencing the Next Expansion
On March 1, 2024, a hypothetical First Solar strategy team is preparing a recommendation on what should follow the company’s current manufacturing buildout. The company has reported an approximately 8 GW expansion in progress, a dedicated U.S. research and development facility under construction, a large contracted backlog, and higher planned production for 2024. Read case
FirstEnergy — Governing the Grid Investment Plan
FirstEnergy's leadership had presented Energize365 as a five-year plan for approximately $26 billion of transmission and distribution investment from 2024 through 2028. The company said the program would improve reliability and resilience, modernize the grid, support changing energy needs and provide customer value. Read case
Fiserv: Where should Clover grow next?
Fiserv has reported rapid growth in Clover, its cloud-based point-of-sale and integrated-commerce platform for small and midsize businesses. Read case
Franklin Crypto: How Much to Integrate?
A little over three months after closing its acquisition of 250 Digital, Franklin Templeton is deciding how to organize the new Franklin Crypto division over its first full year. Read case
Freeport-McMoRan — How Much Growth Should the Cash Fund?
On 16 February 2024, Freeport-McMoRan Inc. (FCX) filed its 2023 Form 10-K. The filing described a 2024 capital plan of approximately $4.6 billion. It included $2.3 billion for major mining projects and $1.0 billion for Indonesia smelter projects. Read case
GE Vernova: How fast should Stafford scale?
GE Vernova is planning capacity investments as demand for its Electrification products grows. One visible commitment is at its Stafford, UK facilities, which make high-voltage direct-current (HVDC) transformers and valves. GE Vernova has announced a new valve line and a plan to nearly double capacity. Read case
General Motors: Which Road to Electrification?
In late January 2024, General Motors (GM) was investing in a broad battery-electric vehicle (BEV) portfolio and its Ultium architecture while continuing to sell what the company described as profitable internal-combustion trucks and SUVs. Its public strategy emphasized an all-electric future. Read case
Genuine Parts Company — Sequencing the Separation
On September 9, Genuine Parts Company (GPC) announced leadership plans for its intended separation of Automotive and Industrial into two public companies. Court Carruthers was named CEO-elect of Automotive, which is expected to retain the GPC name; he would take office at completion. Read case
Host Hotels & Resorts: What Should the Next Dollar Do?
By the close of November 2, Host Hotels & Resorts (HST) had reported third-quarter results and announced a substantial reinvestment program with Hyatt. The company was still navigating uneven hotel demand, margin pressure, insurance proceeds, hurricane and wildfire disruption, and a sizable capital plan with some spending already planned. Read case
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
Intel — Funding the Foundry
At 4:04 p.m. on September 16, Intel CEO Pat Gelsinger sent employees a public update on the company’s next phase. Intel would move toward making its manufacturing operation—Intel Foundry—an independent subsidiary within Intel. The stated aim was to give external customers and suppliers clearer separation while preserving collaboration with Intel’s product businesses. Read case
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
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
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
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
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
KKR: When scale becomes the story
On August 5, KKR & Co. filed its second-quarter Form 10-Q. The results gave investors two stories to reconcile. The firm reported nearly $800 billion in assets under management (AUM), record fee-related earnings (FRE), and strong growth across several company-defined earnings measures. Read case
KLA Corporation: How Much to Commit to Advanced Packaging?
KLA Corporation sells inspection, metrology and process-control systems used in semiconductor manufacturing. In its fiscal 2024 third quarter, ended March 31, 2024, revenue was $2.360 billion, down 3% from a year earlier. Product revenue fell 7%, while service revenue increased 12%. Read case
Kraft Heinz: Where Should the Next Investment Go?
By October 2026, Kraft Heinz leaders faced a strategic question that could not be answered by looking at one sales number. The company had paused work on its proposed separation and announced a major commercial investment program. After its second quarter, management raised the 2026 incremental investment estimate again. Read case
Las Vegas Sands: How should it pace two resort investment programs?
Las Vegas Sands (LVS) had a near-term planning milestone in Singapore and a longer-dated investment plan in Macao. The company had just reported a strong first quarter, but its proposed Marina Bay Sands (MBS) expansion had no final disclosed cost or project-level return forecast. Read case
Linde’s Next Hydrogen Gate: Preserve the Option or Wait?
On the afternoon of October 31, Linde’s strategy committee must decide how to handle a possible next stage of its relationship with Dow’s Path2Zero project in Alberta, Canada. Linde signed a long-term supply agreement for Phase 1 and announced an investment exceeding $2 billion in a new industrial-gas complex. Read case
Lockheed Martin — Turning Backlog into Deliveries
Imagine you advise Lockheed Martin’s leadership on the next increment of production-response investment. The company has a substantial reported backlog, but the public evidence also points to supplier shortages, F-35 delivery delays, longer build times, and risks from labor and supplier costs. Read case
Loews Corporation — What Should the Parent Do With Its Next Dollar?
Loews Corporation owns businesses with different capital needs and cash-flow patterns. At June 30, 2026, the parent reported $4.4 billion of cash and investments, net of receivables and payables, and $1.8 billion of parent debt. Cash reaches the parent through subsidiary distributions, which can vary. Read case
Lowe’s: Sequencing Customer and Omnichannel Investments
On March 1, 2024, Lowe’s leadership team is preparing its next operating review. The latest results show pressure across the home improvement market, while the company continues investments intended to serve both do-it-yourself (DIY) consumers and professional (Pro) customers. Read case
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
Marsh: One Platform, Four Kinds of Expertise?
In October 2025, Marsh McLennan announced a new Business and Client Services unit (BCS) to centralize investments in operational excellence, data, artificial intelligence, and analytics. The company also began a brand transition that took effect in January 2026. A hypothetical leadership team is now preparing its next cycle of operating priorities. Read case
Where Should McCormick Place Its Next Growth Bets?
At 4:37 p.m. Eastern Time on January 23, 2025, McCormick & Company filed its fiscal 2024 Form 10-K. The company had reported its year-end results earlier that day and had issued its outlook for 2025. Read case
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
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
Micron Technology: Where to Place the Next Memory Dollar?
On December 18, 2024, Micron Technology reported record quarterly revenue. Its data-center business had become a larger part of the company, and its high-bandwidth memory (HBM) products were part of the hardware supporting artificial-intelligence computing. Read case
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
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
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
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
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
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
Old Dominion Freight Line: How Much Capacity, and When?
Old Dominion Freight Line (ODFL) entered the second half of 2026 with an enlarged capital-spending forecast and mixed operating signals. On August 5, its second-quarter filing raised the estimated FY2026 capital expenditure plan from the $265 million disclosed in its 2025 annual report to approximately $380 million. Read case
ONE Gas: timing a capital plan under different rules
ONE Gas plans to invest about $4.3 billion from 2026 through 2030 in its natural-gas distribution systems. About $2.5 billion is assigned to system integrity and replacement, and about $1.2 billion to growth. The remaining amount covers other categories and costs described in the company’s plan. Read case
OneMain Holdings: Growth, Credit Risk, and Capital Returns
At the end of August 2026, OneMain had several reasons to continue growing its consumer-credit portfolio—and reasons to protect its ability to absorb losses and fund that growth. In the second quarter, originations increased 10% year over year. Management’s non-GAAP capital-generation measure rose to $229 million from $222 million. Read case
ONEOK — Allocating Cash After a Transformative Deal
On 30 August, ONEOK announced a $4.425 billion cash acquisition of Brazos Midland and a $9 billion minority investment from Apollo. The transaction documents were filed the following day, after the market closed. Read case
Onto Innovation: Turning a Strategic Stake into a Product
On August 10, Onto Innovation completed its purchase of a 27% minority stake in Rigaku Holdings Corporation for approximately $720 million. Onto had announced the purchase in April at an estimated $710 million, alongside a collaboration to combine Rigaku’s X-ray measurement platform with Onto’s analytics software. Read case
Oracle: Turning AI cloud commitments into durable returns
On September 11, 2026, Oracle filed its first-quarter report for fiscal 2027. The quarter ended August 31. The filings and earnings release showed a cloud business growing quickly, a record book of remaining performance obligations, and an expanding infrastructure base. Read case
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
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
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
Philip Morris International: Sequencing the U.S. Smoke-Free Portfolio
In July 2026, Philip Morris International (PMI) reported a mixed first-half record for ZYN in the United States. First-half shipments declined year over year, while second-quarter shipments edged higher and management described offtake as flat to slightly growing. Read case
Pinnacle West — Buying Time, Capacity, and Flexibility
On 26 February 2025, Pinnacle West Capital Corporation (PNW) had just filed its FY2024 Form 10-K. Its Arizona Public Service subsidiary (APS) had received proposals in a new all-source resource solicitation. APS sought at least 2,000 MW for summer peaks, reserves, and the needs of extra-high-load-factor customers. The proposal deadline had passed on February 5. Read case
PNC: How fast should the branch network grow?
On October 15, 2024, PNC Financial Services Group reported third-quarter results while the banking industry continued to adapt to digital service, higher deposit costs and changing customer expectations. Read case
PPL: Growth Under the Regulated-Utility Compact
PPL Corporation expected annual earnings-per-share growth of 6%–8% through at least 2029. Its plan rested on regulated investment in three U.S. territories, while new data centers and other large energy users could create additional opportunities. Read case
Principal Financial Group — Where Should the Next Dollar Go?
Principal Financial Group (PFG) entered 2021 with a broad financial-services portfolio and a difficult allocation question. In 2020, company-defined operating earnings fell while total assets under management and net cash flows reached records. Results varied sharply across retirement, asset management, international retirement and investment, and U.S. insurance. Read case
Procter & Gamble: Where Should the Next Consumer Dollar Go?
On September 4, a hypothetical P&G strategy committee is preparing priorities for fiscal 2027. Its assignment is to decide where incremental consumer-facing attention should go: product and packaging innovation, accessible price-pack choices, brand communication, or retailer-specific execution. The committee must also decide what evidence should unlock further investment. Read case
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
Ralph Lauren: Where Should the Next Growth Dollar Go?
Ralph Lauren Corporation entered the second year of its “Next Great Chapter: Drive” plan with a striking set of results. In the first quarter of fiscal 2027, revenue rose 14.0% as reported and 13.4% in constant currency. Comparable sales grew 12% worldwide. Asia was the fastest-growing region: revenue increased 25.3% in constant currency and retail comparable sales rose 23%. Read case
Raymond James Financial — How Should Advisor Growth Be Governed?
Raymond James Financial entered calendar 2024 with record client assets and what management described as robust advisor recruiting. For the quarter ended December 31, 2023, domestic Private Client Group (PCG) net new assets were $21.6 billion, equal to 7.8% annualized growth from the period’s beginning assets. The company offered several advisor affiliation and service models. Read case
Realty Income: How Fast Should the Portfolio Grow?
Realty Income had just reported another quarter of portfolio investment and raised its 2024 investment-volume outlook to approximately $3.5 billion. The company also reported net debt equal to 5.4 times annualized pro forma Adjusted EBITDAre, a company-defined leverage measure. Read case
Regency Centers: How Fast Should the Pipeline Grow?
Regency Centers had announced a goal of starting more than $1 billion of development and redevelopment projects over five years. Its current in-process pipeline was estimated at $547.1 million of project costs at Regency’s pro-rata share. Management estimated that pipeline would stabilize at about a 9% yield, with 46% of costs incurred and approximately $295 million remaining. Read case
Regions Financial — How Should It Govern Its Branch Investment Plan?
Imagine you are advising Regions Financial Corporation’s chief executive and board strategy committee on August 7, 2026. The company has announced priorities to build or open 135–150 locations and renovate more than 1,000 branches. Read case
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
RTX Corporation: Where Should Pratt & Whitney Add Capacity?
In July 2026, Pratt & Whitney (P&W) was managing two time-sensitive demands on its GTF engine family. Airlines needed engines returned to service as powder-metal inspections and shop visits continued to pressure the PW1100-powered A320neo fleet. At the same time, P&W had a large GTF backlog, new orders, and a certified GTF Advantage specification moving toward production. Read case
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
Seagate — Scaling HAMR Without Losing the Ramp
Seagate Technology Holdings has entered a new phase in its transition to heat-assisted magnetic recording (HAMR). Its Mozaic 4+ platform can support drives of up to 44 terabytes (TB), and Seagate said in March 2026 that the product was qualified and in production with two hyperscale cloud providers. More qualifications were underway. Read case
The Sherwin-Williams Company: Where Should the Next Store Go?
Sherwin-Williams built its Paint Stores Group (PSG) around company-operated specialty paint stores, sales representatives, knowledgeable employees, controlled distribution and digital tools. At the end of 2023 it operated 4,694 PSG stores. Management’s stated objective was to expand the store base by an approximate average of 2% annually, primarily through organic growth. Read case
Simon Property Group: What should come after the current redevelopment wave?
On August 4, Simon Property Group was preparing for its next quarterly report, scheduled for August 10. Its most recent reported quarter ended March 31. That Q1 release showed higher occupancy, rents, sales and operating income across the portfolio. Read case
Soluna Holdings: What Should the Next Kati 2 Commitment Require?
Soluna Holdings had a clear development ambition for Project Kati 2: develop a large AI and high-performance computing campus beside wind generation in South Texas. By the end of September 2026, the company had formed a joint venture with Metrobloks, advanced design, engaged a prospective tenant and signed supplier letters of intent. Read case
Solventum: Which Path for Health Information Systems?
On August 5, 2026, Solventum announced its intention to pursue a separation of its Health Information Systems (HIS) business. The company said it would evaluate three broad pathways: HIS as an independent company, a combination with a scaled player, or another transaction. Read case
Sotera Health: Where Should the Next Growth Dollar Go?
In May 2026, Sotera Health appointed Alton Shader chief executive, effective May 26, with former CEO Michael B. Petras, Jr. becoming executive chairman. The company’s second-quarter filing described a familiar corporate task: its chief executive also serves as chief operating decision maker and evaluates the company’s three businesses using segment revenue and segment income. Read case
South Plains Financial: What Should Grow Next?
On December 31, Cory Newsom was scheduled to become chief executive of South Plains Financial, the Lubbock-based parent of City Bank. Curtis Griffith would retire as CEO but remain chairman. Newsom had been president and, according to Griffith, was already leading day-to-day operations and driving the growth strategy. Read case
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
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
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
Target Corporation — Rebuilding the Store Around the Guest
On March 3, Target announced more than $2 billion of incremental investment for 2026: more than $1 billion in additional capital expenditure and $1 billion in operating investment. The plan emphasized merchandise authority, guest experience, technology, and the team and communities. Management described store payroll, training, reliability and technology as parts of the effort. Read case
Teledyne Technologies — Cash After a Forecast Reset
On April 24, Teledyne Technologies reported first-quarter sales of $1.350 billion, down 2.4% from a year earlier. Orders rose 7.8% to $1.433 billion, and company-defined free cash flow (FCF) was $275.1 million. At the same time, management cut its full-year 2024 earnings outlook. Read case
Teradyne — Where to Place the Next Bet
On 31 July 2026, Teradyne filed its second-quarter Form 10-Q. The quarter showed a sharp increase in Semiconductor Test revenue and a smaller but improving Robotics business. Management said strategic investment had contributed to Semiconductor Test results and that judicious additional investment would be needed to support growth in 2027. Read case
Tesla, Inc. — The Next Vehicle, or the Autonomous Future?
Tesla’s October 23, 2024, quarterly update placed two ambitions side by side. The company remained on track to begin launching more affordable vehicles in the first half of 2025. It also described autonomous transport as a long-term goal and had unveiled a purpose-built Cybercab concept earlier in October. Read case
Texas Instruments: When Should Modular Capacity Become Installed Capacity?
In October 2026, Texas Instruments (TI) was entering a new phase of its manufacturing program. The company had spent heavily on U.S. fabrication sites and was now describing a more modular approach: build or prepare the physical space, then install equipment and ramp production as customer demand justified it. Read case
Texas Pacific Land: Where Should the Next Water-Service Effort Go?
Texas Pacific Land Corporation (TPL) is a landowner and owner of oil-and-gas royalty interests in West Texas. Its Water Services and Operations business, conducted through Texas Pacific Water Resources (TPWR), provides water sourcing, produced-water treatment, infrastructure development and disposal solutions to operators in the Permian Basin. Read case
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
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
United Airlines: Where Should the Next Dollar Go?
On July 18, 2024, United Airlines Holdings, Inc. (UAL) had released its second-quarter results and filed its quarterly report. The quarter was profitable, demand was strong in several customer segments, and cash generation had improved United's flexibility. Read case
Universal Health Services — Turning 144 Planned Beds into Staffed Behavioral-Health Capacity
On 13 February 2023, Universal Health Services (UHS) and Lehigh Valley Health Network (LVHN) announced a joint venture to build a 144-bed behavioral-health hospital in Hanover Township, Pennsylvania, across from LVHN-Muhlenberg. At the time, the partners projected a spring 2024 groundbreaking and fall 2025 opening. The planned facility was 97,000 square feet. , lines 216–219. Read case
U.S. Bancorp — Where Should the Next Customer Dollar Go?
On July 16, 2026, U.S. Bancorp reported second-quarter Consumer and Business Banking (CBB) revenue of $2.373 billion, essentially unchanged from a year earlier, and segment net income of $589 million, down 4.4%. The bank’s broader results were stronger: consolidated net revenue was $7.712 billion and net income attributable to U.S. Bancorp was $2.177 billion. Read case
Diamond Green Diesel: Choosing What Port Arthur Can Make
Diamond Green Diesel (DGD), a 50/50 joint venture of Valero Energy and Darling Ingredients, had an unusual choice at its Port Arthur, Texas, renewable-fuels facility. The plant could make renewable diesel (RD), and an upgrade that began operating in late 2024 gave it the capability to convert part of that capacity to neat sustainable aviation fuel (SAF). Read case
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
Verizon — Where Should the Next Dollar and Management Attention Go?
Verizon entered the second half of 2026 with three competing demands on capital and executive attention. Its C-Band build-out was approaching management's expected completion window; the January call had described the build-out as about 90% complete and covering approximately 300 million people, or POPs. Read case
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
Walmart: Scaling Convenience Without Losing the Economics
Walmart entered the holiday quarter with strong momentum. In its third-quarter fiscal 2025 release, the company reported 27% global e-commerce growth and 22% growth in Walmart U.S. e-commerce. Store-fulfilled pickup and delivery, marketplace, and advertising all contributed to digital growth. Read case
The Walt Disney Company: Connecting the Portfolio, Choosing the Growth Priority
In September 2026, Disney named Adam Smith chairman of Direct-to-Consumer within Disney Entertainment. The announcement described U.S. Disney+ bundle subscribers as able to stream Hulu and ESPN content in the Disney+ app. Read case
Waters Corporation — Funding the Next Adjacency
At its 19 May 2022 Analyst and Investor Day, Waters Corporation described a “Market+” strategy: execute in core markets and build exposure to adjacent markets. Management identified bio-separations, bioprocess characterization, LC-MS diagnostics, battery testing and sustainable polymers as potential opportunities. Read case
WEC Energy Group — Committing Capital to a Changing Load
On August 4, 2026, WEC Energy Group had just filed its second-quarter Form 10-Q. The filing, accepted by the SEC at 9:01:42 a.m. Eastern Time, was the latest company disclosure available for this exercise. Read case
Wells Fargo: allocating the next increment of customer capacity
When Wells Fargo's asset cap was lifted in June 2025, the bank regained room to grow its balance sheet. The company was pursuing that opportunity through several routes at once: digital products and customer acquisition, branch refurbishment and relationship capacity, and targeted expansion in Commercial Banking. Read case
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
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-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
Xcel Energy — Funding the Next Generation of Power
On the morning of January 25, 2024, Xcel Energy presented a five-year capital plan totaling $39 billion for 2024–2028. The plan covered transmission, distribution, generation, natural gas and other investment. Separately, the company identified approximately $5 billion of potential renewable-generation additions across three utility systems. Read case
Xylem — How Fast Should the Evoqua Integration Go?
Xylem completed its all-stock combination with Evoqua on 24 May 2023. At Xylem’s October 2024 Q3 results, management said integration was ahead of schedule and expected to exit 2024 with a $130 million annualized cost-synergy run rate. Read case
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