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.
Balance of power
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).
Value migration is the movement of enterprise value.
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.
Balance of power
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).
Value migration is the movement of enterprise value.
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