Companies headquartered in Africa and Latin America were excluded.
Supplementary notes
Companies that were among the top 2,000 companies by market cap (more than two billion U.S. dollars) on Dec 31, 2009, and were still trading as of Dec 31, 2019.
** For selective and organic: small sample size (n=5).
Citation formats
Median TRS using certain M&A strategies globally 2010-2019, by sector
Among the M&A programs used by the top 2,000 companies worldwide between 2010 and 2019, the programmatic approach proved successful across nearly all sectors of the economy in terms of total returns to shareholders (TRS). In the advanced industries sector, the programmatic M&A approach resulted in a median *** percent TRS. This was followed by the transport, logistics, and infrastructure sector, wherein the programmatic approach resulted in a median two percent TRS. The organic M&A approach proved to be the least performance-enhancing strategy out of the four selected approaches.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how ÌÇÐÄÆƽâ°æ can support your business.
McKinsey & Company. (October 13, 2021). Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2010 to 2019, by sector [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 23, 2026, from /statistics/1274918/median-total-returns-to-shareholders-using-selected-manda-approaches-by-sector/
McKinsey & Company. "Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2010 to 2019, by sector." Chart. October 13, 2021. ÌÇÐÄÆƽâ°æ. Accessed July 23, 2026. /statistics/1274918/median-total-returns-to-shareholders-using-selected-manda-approaches-by-sector/
McKinsey & Company. (2021). Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2010 to 2019, by sector. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 23, 2026. /statistics/1274918/median-total-returns-to-shareholders-using-selected-manda-approaches-by-sector/
McKinsey & Company. "Median Total Returns to Shareholders (Trs) Using Selected M&a Approaches Worldwide from 2010 to 2019, by Sector." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 13 Oct 2021, /statistics/1274918/median-total-returns-to-shareholders-using-selected-manda-approaches-by-sector/
McKinsey & Company, Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2010 to 2019, by sector ÌÇÐÄÆƽâ°æ, /statistics/1274918/median-total-returns-to-shareholders-using-selected-manda-approaches-by-sector/ (last visited July 23, 2026)
Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2010 to 2019, by sector [Graph], McKinsey & Company, October 13, 2021. [Online]. Available: /statistics/1274918/median-total-returns-to-shareholders-using-selected-manda-approaches-by-sector/
