mckinsey -为企业增长带来启发：五家公司如何跑赢市场 Inspired for business growth How five companies beat the market

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Inspiredforbusinessgrowth:Howfive

companiesbeatthemarket

February26,2026|Article

Justaboutoneinsevencompanieshasoutperformedinthepastfiveyears.ThislatestinstallmentofourlandmarkseriesforCEOshighlightsbusinessgrowthstrategiesthatwork.

D

oyouthinkofWalmartasamediaortechnologycompany?Ifnot,maybeyoushould.

MorethanhalfofWalmart’soperating-incomegrowthnowcomesfromitsnewergrowthplatforms:onlineretailmedia,membershipservices,andmarketplaceoperations.[1]Fora

businessfoundedoneverydaylowpricesandphysicalstores,thisdevelopmentrelects

somethingbigger:Walmarthasbeenonamorethandecade-longjourneytodeliberatelybuild

newenginesofgrowthontopofitscore,andthoseenginesarenowmateriallyreshaping

performance.

Walmart’sperformancemaynotseemoutofplaceatatimewhentheS&P500hasenjoyedan

exceptionalrun,witha15percentCAGRoverthepastfiveyears[2]Butmorethanhalfofthe

index’sgainsin2024wereconcentratedintheso-calledMagnificentSeven[3]Sixinseven

companieshaveactuallyfailedtoachievedouble-digitrevenuegrowthoverthattime[4]

Inthatcontext,Walmart’sprofitablebusinessgrowthstandsout,butitisnotalone.Our

analysisinthelatestinstallmentofourresearchseriesongrowthwhittleddownthe

performanceofabroadrangeofcompaniesto61businessesthatoutperformedtheirpeersin

profitablerevenuegrowthoverthepastfiveyears(seesidebar,“Abouttheresearch”).These

top15percentofcompaniesoutstrippedtheirpeersbyanaverageoffivepercentagepointsin

revenuegrowthandsevenpercentagepointsinprofitabilityannually,translatingintoafive-

pointedgeintotalshareholderreturns.

Whatsetsthemapartisnotluckortiming.Itishowtheycommittogrowth,howtheydevelop

growthengines,andhowtheyacceleratewithtechnology.

Howleadersgetaheadandstayahead

Weidentifiedthreecommoncharacteristicsthatleadersembodytodrivesustained,profitable

businessgrowthandoutperformthecompetition.

Consistentcommitmenttofundingbusinessgrowth.

Tofundgrowth,youhavetofuelit.WhileeveryCEOsaysgrowthmatters,outperformers

translategrowthambitionsintoconcrete,

sustainedcommitments.Theyarticulateacleargrowthstrategy,commitresourcestoit,and

movedecisively.

Thislevelofcommitmentisevidentinhow

growthoutperformersinvestedthrough

downturns.TheycontinuedtofundR&D,launchproducts,andbuildcapabilitieswhilepeers

slowedspending—typicallyinvestingmultiplesmorethancompetitors.Leadersdonottreat

growthasaone-timeplanbutasanongoingprocess,regularlyrefreshingportfoliosandenteringnewcategories.

Adiversifiedportfolioofbusinessgrowthengines.

Outperformersbuildaportfolioofgrowth

enginesovertimeratherthanrelyingononeor

twobets.Theystrengthenthecorebusiness,

expandintocloseadjacencies,andtestnew

sourcesofgrowth,allocatingtalentandcapitaltoeachwithclearaccountability.

Crucially,thisportfolioisactivelymanagedand

wellexecuted.Leaderstrackperformance

closely,doubledownongrowthenginesthatareworking,andstoporpivotinitiativesthatarenotdelivering.Manyturntoadjacenciesthatbuildonexistingassets,suchasomnichannelmodelsorplatform-basedbusinesses.

Technologyasanacceleratortovalue.

Businessgrowthleadersknowhowtoharness

technologynotjusttodrivegrowthbutto

accelerateit.Theyaresuccessfulbecausethey

don’tsimplydevelopusecasesbutsystematicallyintegratedata,digitaltools,andAIintostrategy,operations,anddecision-making.

Thatfocusisevidenttoday,withmanytop

growersinvestinginAItoredesignend-to-endworklows,improvespeedandprecision,and

unlocknewbusinessopportunities.AdeliberatemixoforganicinvestmentandtargetedM&A

helpsbuildcapabilitiestoacceleratepace.

Bythenumbers:Thedatabehindbusinessgrowthleaders

The61outperformersweidentified(Exhibit1)sharetwokeybusinessgrowthidentifiers:above-medianrevenueCAGRandabove-medianprofitability.Manypeersgrowrevenuebutdilute

theirmarginswhiledoingso;outperformersengineergrowthenginesthatscalemargins.

Exhibit1

sixty-onecompaniesinnineanalyzedsubsectorsweretopgrowthoutperformersbetween2019and2024.

companiesanalyzed,bysectorandsubsector,2019-24,%(n=389).outperformers(n=61)

consumer

Beauty

Restaurantsandquick-servicerestaurants

Grocery,massmerchandisers,clubstores,anddollarstores

Financialinstitutions

Bigbanks'andcreditcards

Materialsandadvancedindustries

Buildingmaterials

Automanufacturers

semiconductors

Travelandlogistics

Hotels,logistics,andairlines

nsurance

propertyandcasuaItyinsurance

10203040506070

'Bigbankscontainslargebankswithrevenues>$10billion.

source:S&pcapitalIQ;MckinseyvalueIntelligence

Mckinsey&company

From2014to2019and2019to2024,34percentofthecompaniesweanalyzedmoveduptoahigherquartileintheirsectorinrevenueCAGR,whileaboutthesamenumber(35percent)

moveddown.Notably,16percentofcompaniesinthelowestquartilemovedtothetopquartileoutperformersetinrevenueCAGR[5]Thesearesizableshifts,underscoringtheabilityof

companiestoimprove.Everysectorhasmultipleoutperformingcompanies,exceptbeauty,whereonlyasinglecompanycountedasanoutperformer.

McKinsey’sprojectionsestimatethat

18futurebusinessarenas

couldgenerate$29trillionto$48trillioninrevenueby2040.Whilecompetinginthesearenasincreasesacompany’s

chancesofgrowing,doingsodoesn’tguaranteethatitcanoutperformthemarket.Tobeatthemarket,companieshavetodevelopbetterstrategiesandbuildstrongercapabilities.

Beatingthemarket:Leaders’stories

Weanalyzedthepracticesoffivecompaniestobetterunderstandhowtheycontinually

outperformedoverthefive-yearperiodofouranalysis(Exhibit2).Eachofthesecompanies

operatesinanindustrywherethemajorityofpeersfailedtoachieveprofitablegrowthoverthesameperiod.Theirstoriesillustratehowdiferentchoices,alignedwiththethreebusiness

growththemes,helpedthembeattheodds.

Exhibit2

Fivegrowthoutperformersexceededtheirpeersinrevenuegrowthandprofitabilitybetween2019and2024.

Fivecompaniesthatoutperformedtheirpeers

RevenueCAGR,2019-24,%

walmart

peers

BFS'peers

ASML

peers

progressivepeers

JPMorganchasepeers

profitability,2019-24,%

wamart2

peers

BFS'

peers

ASML

24

peers

progressive

peers

JPMorganchase

peersl-1

1BuildersFirstsource.

source:S&pcapitalIQ;MckinseyvalueIntelligence

Mckinsey&company

Retail:Walmart’sbusinessgrowthmindset

Thepandemicacceleratedtheshifttoe-commerce,whileinlationlatersqueezedconsumer

spending,particularlyamonglower-andmiddle-incomehouseholds.Throughthisvolatility,

Walmart’sleadershipstayedcommittedtogrowth.Insteadofslowinginvestment,thecompanycontinuedtofundgrowthbybuildingnewcapabilities,growthengines,andtechnology—bothorganicallyandinorganically—evenwhennear-termreturnswereuncertainandthemarketwasskeptical.

ThatcommitmentshowedupinWalmart’sdeliberateeforttobuildadiversifiedportfolioof

growthenginesalongsideitscorestores.Overtime,Walmarttransformedfroma

predominantlyofflineretailerintothelargestomnichannelandsecond-largeste-commerce

playerintheUnitedStates.Itdidsobyacquiringmorethan20digital-nativeandtech

companies,scalingathird-partymarketplace,andlaunchingWalmart+,amembershipprogramwhosemembersnowspendroughlytwiceasmuchasnonmembers.[6]

Walmartalsopushedintoadjacencies,suchasretailmedia.BuiltonWalmart’scustomerreachandtransactiondata,itsadvertisingbusinesshasgrownrapidlyandaccountedforroughly30percentofoperatingprofitin2024—apowerfuldriverofmarginsandvaluation[7]

Underlyingthesegrowthenginesisanoperatingmodelwithtechnologyatthecore.Walmarthasinvestedheavilyindata,automation,andAItorewirehowthebusinessoperates,from

predictivemaintenanceinstoresanddistributioncenterstoAI-enabledcustomerservice

acrossdigitalandphysicalchannels[8]todronedelivery.[9]ThesecapabilitiesnotonlyimproveefficiencybutalsoacceleratethescalingofWalmart’sgrowthplatforms.

Thetakeaway

Walmart’sresultsareanchoredinitsabilitytoinvestthroughuncertaintyand

deliberatelycreateabroadportfolioofbreakoutgrowthenginesontopofitscore.Bybuildingaportfolioofplatformbusinessesandusingtechnologytoscalethemacrossitsmassivefootprint,Walmartturneddisruptioninretailintoasourceofdurable,

profitablegrowth.

Buildingmaterials:BuildersFirstSource’sdiversityandscale

Thebuildingmaterialsindustryhasexperiencedsharpswings,withaCOVID-19-eraboominnewconstructionandrenovationfollowedbysupplychaindisruptions,laborshortages,andrisinginterestrates.Inputcostshaverisenbyroughly40percentsince2020,whilehigherborrowingcostsslowedhousingtransactionsanddepresseddemandforbothnew

constructionandremodeling.

Whilemanycompaniesstruggledtoadapt,BuildersFirstSource(BFS)maintainedaconsistentcommitmenttofuelitsgrowth,bothorganicallyandinorganically.Tobuildadiversifiedportfolioofgrowthengines,BFSmadeaseriesofacquisitions,whichhelpedmakeitthelargestbuildingmaterialssupplierintheUnitedStates.Butscalewasnottheendgoal.BFSusedM&Atomovebeyondcommoditydistributionandexpandintohigher-marginmanufacturedcomponents,

installedservices,andvalue-addedsolutions.Theseadjacenciesreducedexposuretopurevolumeswingsandstrengthenedrelationshipsacrossprofessionalbuilders,contractors,anddeveloperssoBFScouldgrowevenasend-marketdemandsoftened.

Toaccelerateitsgrowth,BFSinvestedheavilyindigitalplatformsandautomationtomodernizethebuilderjourney.Examplesincludeits“myBLDR”digitalorderinganddesigntools,factory

automations,andlogisticsoptimization.Thesecapabilitiesimprovedspeedandaccuracywhileenablingsalesrepstocross-sellhigher-marginproductsandservices.

Thetakeaway

BFS’spathtooutperformingwasdefinedbyfundinggrowthduringavolatilecycleandusingM&Atoassembleadiversifiedportfolioofhigher-marginadjacencies.Bypairingthatscalewithdigitalplatformsandautomation,BFSreduceditsexposureto

commodityswingsandbuiltamoreresilient,technology-enabledbusinessgrowthmodel.

Semiconductors:ASML’schipshot

AIhasfueled

hugeeconomicprofitgrowth

inthesemiconductorindustryacrossequipmentplayers,fablessplayers(whichdesign,develop,andmarkettheirownchips),andfoundries(whichmanufacturethechips).

Inthisfield,ASML(anequipmentplayer)hasemergedasabusinessgrowthleader.The

companyrecordedarevenueCAGRaroundtenpercentagepointshigherthanthatofits

medianpeersfrom2019to2024.[10]LongbeforeAIbecameadominantforce,thecompanycommittedcapitaltoadvancedlithographyandexpandedcapacitywhilemaintainingahighrateofinnovationexecution.

ThisfoundationprovidedASMLwiththeabilitytostrengthenandexpanditsgrowthengines.

Whileitscoreremainslithographysystems,ASMLexpandedintosoftware,metrology,anda

growingservicesbusinessinlinewithitscommitmenttodevelopingproductsandservicestiedtoitscustomers’technologyroadmaps.Partnershipswith,oracquisitionsof,companies(for

example,BrionTechnologies,HMI,Cymer,andBerlinerGlasGroup)haveprovidedASMLwithcapabilitiesthatdeepenedcustomerrelationships,reducedsupplychainrisks,andenabledhigh-margin,recurringrevenuefromupgradesandmaintenance.Thesemovesmade

lithographysystemsmorevaluableforcustomersandtightenedintegrationacrossdesign,exposure,andinspection.

Topowerthisgrowth,ASMLhasintegratedtechnologyintoitsoperatingmodel.Itscustomer

coinvestmentprogramsecuredlong-termdemand,reducedinvestmentrisk,andstrengtheneditsleadershipinextremeultraviolet(EUV)lithography.Atthesametime,ASMLinvestedheavilyinsupplychainsandmanufacturingresiliencetosupportscaleandreliability.Morerecently,

partnershipssuchasaminoritystakeinMistralAIrelectacommitmenttostayingattheforeoftechnologicalinnovation[11]

Thetakeaway

ASMLstandsoutforcommittingcapitalyearsbeforedemandwascertainand

deepeningitscoretechnologybeyondwhatpeerscouldmatch.Thatlong-term

investment,supplementedbythoughtfulacquisitions,unlockedhighgrowthinitscoreandinadjacenciessuchassoftwareandservices,allowingASML’sadvantageto

compound.

P&Cinsurance:Progressive’stechnologybet

From2019to2024,growthinthepropertyandcasualtyinsurancesectorwasdrivenlargelybypriceincreasesratherthanpolicyexpansion,whilerisingclaimscostscompressedprofitability.[12]Progressive,however,deliveredrevenuegrowthofroughly14percentannually—nearly

threetimesthegrowthrateofitspeers—whilemaintainingstrongprofitability.[13]

Ratherthanrelyingonpricealone,Progressive’sstrongresultsrelecteditscontinued

investmentintech-intensivecapabilitiessuchasSnapshot(forindividualauto)andSmartHaul(forcommercialtrucks).ThesemoveshavehelpedProgressivepricemoreaccuratelyand

attractsaferdrivers.

ThatfocusontechnologyisfurtherrelectedinProgressive’sefortsoverdecades,integratingdata,analytics,andAIintopricing,underwriting,claims,andmarketing.Machinelearning

models(viaH2O.ai,Snowlake)enablefasterfrauddetection,billingoptimization,andgranularpricing.Telematics,alongwithsustainedproductinnovation,havehelpedProgressivedeliversuperiorsegmentation,detectcostchangesearlier,anddeployrateadjustmentsfasterthan

therestoftheindustry,supportingbothgrowthandprofitability.[14]

Thetakeaway

Progressive’ssuccessrelectshowdeeplyembeddeddataandtechnologycanimproveandacceleratebusinessgrowth.ByinvestingconsistentlyandusinganalyticsandAItopowerpricing,underwriting,andnewgrowthenginesbeyondpremiums,Progressive

grewfasterandmoreprofitablythanpeersinanotherwiseconstrainedindustry.

Banking:JPMorganChase’sbolddiscipline

Ratevolatility,regulatoryswings,[15]andrisingcustomerexpectationsforseamlessdigital

experienceshaveputpressureontraditionalmodels,madeplanningdifficult,andcreatedmoreopportunitiesfor

fintechdisruption

.[16]Despitethesechallenges,JPMorganChasehas

distinguisheditselfbycommittingtogrowth—expandingintoadjacenciestoreducerelianceonanysinglegrowthdriver,rewiringoperationswithtechnology,andremainingwillingtochangecoursewhenconditionsshifted.

Thatcommitmentshowedupinaseriesofboldbutdisciplineddecisions.DuringtheCOVID-19pandemic,whenmanybankswereshrinkingtheirphysicalfootprints,JPMorganChasebuilt

roughly900branchestodeepencustomerrelationships.Asdigitaladoptionaccelerated,

however,thecompanyquicklyadjusted,consolidatinglocationsratherthanclingingtopastchoices.Thisabilitytoinvestearly,learnquickly,andpivothasbecomeadefiningadvantage.

JPMorganChasealsobuiltadiversifiedportfolioofgrowthenginesacrossconsumer,

corporate,andwealthbusinesses.ItacquiredFirstRepublicBankin2023toaddabout$92

billionindepositsandsecureahigh-net-worthclientbase[17]Atthesametime,JPMorgan

Chasefundednewoferingssuchasbuynow,paylater,consumerlendingproducts,anddigitaltreasuryandpaymentssolutions[18]Thesemovesweredesignedtobroadenrevenuestreamsandreinforcethecore,notsimply“buy”scale.

Atthecenterofthisstrategyisatech-enabled“accelerationengine,”investing$18billion

annuallyintechnology—morethanitspeers[19]Thoseinvestmentsenabledfasterproduct

launches,improvedriskmanagement,andenterprise-wideuseofgenerativeAItostreamline

worklowsandsupportdecision-making.Theseinvestmentsalsohelpedthefirmstayaheadofregulatorychangewhileimprovingefficiency.Investorshavenoticed:JPMorganChase’sprice-to-bookratiorangedfrom1.5to2.0from2019to2024,surpassingitspeers’equivalentratioof0.9to1.2[20]

Thetakeaway

JPMorganChase’sadvantagecamefromcommittingtogrowthwhiledeliberately

diversifyingitsgrowthenginestofuture-proofthecore.Bycombiningadjacenciesinpaymentsandlendingwithsustained,large-scaletechnologyinvestment,thefirm

expandedrelevanceandresilienceasbankingeconomicsandcustomerexpectationsshifted.

Leadingtomorrow:Questionsforleaders

Buildingacompanythatgrowsconsistentlyaheadofitspeerstakesefort,resources,andcommitment.But,asourstoriesshow,evenlarge,well-establishedcompaniescancompeteandwin—growthisnotjustthearenaofstart-ups.

Leadersatcompanieswithaspirationstooutperformshouldconsiderthesequestions:

.Consistentcommitmentto