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What we mean by

“value migration”

Value migration is the movement of enterprise value (the market's measure of a company's

worth, including equity, debt and cash) toward the business models, sectors and

capabilities that the market expects will deliver superior growth and profitability over

time. In our analysis, we measure value migration by looking at how much enterprise

value a company gained over the past decade beyond its expected share of the market.

The balance of power is shifting, giving rise to a new set of corporate Value Leaders. In fact,

one in five of today's biggest players by revenue weren't even on the list in 2015,3 and a quarter

of the companies that ranked among the leaders in enterprise value a decade ago no longer

held that position by 2024.4 In other words, leadership isn't inherited—it's earned, lost and

rebuilt every business cycle.

The gap between those harnessing the shift and those missing it is widening, too. Value Leaders

have grown earnings at nearly 3x the pace of their peers and increased their enterprise valuations

by more than 7x (Figure 2).