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.
Citation formats
Median TRS using certain M&A strategies globally 2019-2020
Among the merger and acquisition (M&A) programs used by the top 2,000 companies worldwide between 2019 and 2020, the programmatic M&A approach outperformed other M&A strategies in terms of total returns to shareholders (TRS). During the period of the COVID-19 pandemic, the programmatic M&A approach resulted in a median *** percent TRS. The organic M&A strategy displayed the lowest performance out of the four approaches selected, with negative *** percent TRS.
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McKinsey & Company. (October 13, 2021). Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2019 to 2020 [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 20, 2026, from /statistics/1274946/median-total-returns-to-shareholders-using-selected-manda-approaches/
McKinsey & Company. "Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2019 to 2020." Chart. October 13, 2021. ÌÇÐÄÆƽâ°æ. Accessed July 20, 2026. /statistics/1274946/median-total-returns-to-shareholders-using-selected-manda-approaches/
McKinsey & Company. (2021). Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2019 to 2020. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 20, 2026. /statistics/1274946/median-total-returns-to-shareholders-using-selected-manda-approaches/
McKinsey & Company. "Median Total Returns to Shareholders (Trs) Using Selected M&a Approaches Worldwide from 2019 to 2020." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 13 Oct 2021, /statistics/1274946/median-total-returns-to-shareholders-using-selected-manda-approaches/
McKinsey & Company, Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2019 to 2020 ÌÇÐÄÆƽâ°æ, /statistics/1274946/median-total-returns-to-shareholders-using-selected-manda-approaches/ (last visited July 20, 2026)
Median total returns to shareholders (TRS) using selected M&A approaches worldwide from 2019 to 2020 [Graph], McKinsey & Company, October 13, 2021. [Online]. Available: /statistics/1274946/median-total-returns-to-shareholders-using-selected-manda-approaches/
