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    How The 30 Famous Firms In The Dow Do—Or Don’t—Create Value

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    By Senior Contributor,Steve Denning

    Copyright forbes

    How The 30 Famous Firms In The Dow Do—Or Don’t—Create Value

    Close up of stock market trader looking at graph of share prices

    Think the Dow’s 30 powerhouses are all unstoppable money machines? Think again. Some are value-destroying black holes; others are relentless value creators. The data? Ruthless. The takeaway? Crystal clear: Master these three battle-tested value principles or watch your empire crumble.

    Customer Obsession Trumps Profit Chasing: Prioritizing real value for buyers crushes short-term greed every time.

    Autonomous Networks Crush Hierarchies: Flat, flexible teams outmaneuver rigid command chains.

    Adaptive Mindsets Demolish Rigid Routines: Fluid thinking adapts to chaos; mechanical processes shatter.

    These aren’t isolated hacks—they amplify each other like a chemical reaction. Nail all three? You have a chance to become a permanent value-creator. Botch them? You’re a relic like Boeing or 3M, hemorrhaging returns. Mixed bag? Expect mediocre muddling.

    The ultimate irony: firms laser-focused on stakeholder value make much more money than firms focused primarily on making money.

    Evaluating The 30 Firms In The DJIA

    To help understand the implications of the value-creating principles, the 30 firms were evaluated on each of the three principles on a scale of 1 to 5 and the scores aggregated and compared to the firm’s 10-year total return (TSR from: SeekingAlpha).

    Consistent Losers

    1. Boeing [BA]

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    : [Overall 5.1/15.0] Safety fiascos torch trust in B2B deals (2.0/5.0). Bureaucratic silos crush network flow (1.5/5.0). Slow innovation buries agility (1.6/5.0). TSR vs. S&P 500: 78%/234%—crashing harder than its planes.TSR/S&P500 78%/234%

    2. 3M [MMM]: [Overall 6.7 /15.0] Diverse lineup undermined by penny-pinching (2.2/5.0). Industrial bureaucracy chokes teams (2.2/5.0). Innovation sparks flicker in a mechanical maze (2.3/5.0). TSR vs. S&P 500: 89%/234%—stuck in neutral while rivals race.

    3. Verizon [VZ]: [Overall 6.4/15.0] Customer value 2.3/5.0 (telecom pricing over personalized service). Autonomous networks 2.0/5.0 (corporate hierarchy in operations). Adaptive mindsets 2.1/5.0 (regulated processes limit flexibility). TSR/S&P500 66%/234%

    4. Honeywell [HON] Customer value 2.8/5.0; Autonomous networks 2.2/5.0; industrial value mixed, bureaucratic layers present: Adaptive mindsets 2.3/5.0 TSR/S&P500 return: 155%/232%

    Mixed Performers

    5. Caterpillar [CAT]: [Overall 6.2/15.0] Customer value 2.4/5.0 (B2B equipment reliability over delight). Autonomous networks 1.8/5.0 (manufacturing hierarchy for scale). Adaptive mindsets 2.0/5.0 (standardized processes dominate). TSR/S&P500 673%/234%

    6. Sherwin-Williams [SHW]: Overall 9.5/15.0 – Paint solutions emphasize pro-grade quality amid cost pressures (3.5/5.0). Traditional layers limit networked flexibility (2.8/5.0). Acquisitions and sustainability tweaks adapt steadily (3.2/5.0). TSR/S&P500: 389%/234%—coating consistency with moderate shine.

    7. IBM [IBM]: [Overall 7.4/15.0] Customer value 2.5/5.0 (legacy services with buyback focus). Autonomous networks 2.5/5.0 (mixed bureaucracy in tech). Adaptive mindsets 2.4/5.0 (gradual cloud shift from mechanistic). TSR/S&P500 182%/234%

    8. Chevron [CVX]: [Overall 6.9/15.0] Customer value 2.6/5.0 (energy contracts with profit priority). Autonomous networks 2.1/5.0 (safety-driven hierarchy). Adaptive mindsets 2.2/5.0 (process standardization over learning). TSR/S&P500: 210%/234%

    9. Procter & Gamble [PG]: [Overall 8.1/15.0] Customer value 2.7/5.0 (consumer goods with cost efficiency). Autonomous networks 2.8/5.0 (layered global structure). Adaptive mindsets 2.6/5.0 (brand innovation amid routines). TSR/S&P500: 198%/234%

    10. Coca-Cola [KO]: [Overall 8.0/15.0] Customer value 2.8/5.0 (iconic branding but short-term margins). Autonomous networks 2.5/5.0 (traditional distribution hierarchy). Adaptive mindsets 2.7/5.0 (marketing adaptability in processes). TSR/S&P500 134%/234%

    11. Johnson & Johnson [JNJ]: [Overall 8.3/15.0] Customer value 2.9/5.0 (health products with regulatory focus). Autonomous networks 2.6/5.0 (regulated hierarchy). Adaptive mindsets 2.8/5.0 (R&D learning but mechanistic compliance). TSR/S&P500 152%/234%

    12. Disney [DIS]: [Overall 10.1/15.0] Customer value 3.0/5.0 (entertainment experiences with content value). Autonomous networks 3.5/5.0 (creative team collaborations). Adaptive mindsets 3.6/5.0 (innovation in media shifts). TSR/S&P500 22%/234%

    13. JPMorgan Chase [JPM]: [Overall 9.9/15.0] Customer value 3.1/5.0 (banking services with client focus). Autonomous networks 2.8/5.0 (regulated structure with teams). Adaptive mindsets 3.0/5.0 (adaptive finance strategies). TSR/S&P500 582%/234%

    14. Merck [MRK]: [Overall 8.1/15.0] Customer value 3.2/5.0 (pharma solutions for patient needs). Autonomous networks 2.8/5.0 (R&D networks amid regulation). Adaptive mindsets 3.1/5.0 (clinical trial adaptability). TSR/S&P500 125%/234%

    15. Travelers [TRV]: [Overall 9.5/15.0] Customer value 3.3/5.0 (insurance tailored to risks). Autonomous networks 3.0/5.0 (moderate team autonomy). Adaptive mindsets 3.2/5.0 (risk management learning). TSR/S&P500 248%/234% – an outlier example.

    16. Goldman Sachs [GS]: [Overall 9.2/15.0] Customer value 3.4/5.0 (wealth services with client value). Autonomous networks 2.5/5.0 (hierarchical trading). Adaptive mindsets 3.3/5.0 (market-responsive strategies). TSR/S&P500: 428% vs S&P500

    17. Amgen [AMGN]: [Overall 9.9/15.0] Customer value 3.5/5.0 (biotech therapies for patients). Autonomous networks 3.0/5.0 (R&D team focus). Adaptive mindsets 3.4/5.0 (clinical innovation). TSR/S&P500 147%/234%

    Consistent Winners

    18. McDonald’s [MCD]: [Overall 10.3/15.0] Customer value 3.6/5.0 (fast food convenience and value). Autonomous networks 3.0/5.0 (franchise networks). Adaptive mindsets 3.7/5.0 (menu evolution). TSR/S&P500 302%/234%

    19. American Express [AXP]: [Overall 11.1/15.0] Customer value 3.7/5.0 (premium card benefits). Autonomous networks 3.2/5.0 (client team autonomy). Adaptive mindsets 4.2/5.0 (reward adaptations). TSR/S&P500 395%/234%

    20. Home Depot [HD]: [Overall 11.6/15.0] Customer value 3.8/5.0 (DIY tools and service). Autonomous networks 3.8/5.0 (store team flexibility). Adaptive mindsets 4.0/5.0 (supply chain agility). TSR/S&P500365%/234%

    21. United Health [UNH]: [Overall 10.1/15.0] Customer value 3.9/5.0 (healthcare access). Autonomous networks 3.0/5.0 (provider networks). Adaptive mindsets 3.2/5.0 (policy adaptations). 10-year total return vs S&P500 235%/234%

    22. Walmart [WMT]: [Overall 11.6/15.0] Customer value 4.0/5.0 (everyday low prices). Autonomous networks 3.5/5.0 (supply chain networks). Adaptive mindsets 4.1/5.0 (e-commerce pivot). TSR/S&P500 492%/234%

    23. Nike [NKE]: [Overall 11.1 /15.0] Customer value 4.1/5.0 (iconic branding and consumer loyalty through premium athletic products). Autonomous networks 3.2/5.0 (collaborative design teams with moderate decentralization). Adaptive mindsets 3.8/5.0 (innovation in sustainability and digital personalization). TSR/S&P500: 152%/234% – an outlier example

    24. Cisco [CSCO]: [Overall 11.8/15.0] Customer value 4.2/5.0 (network solutions tailored to enterprise needs for reliability). Autonomous networks 3.5/5.0 (tech teams with flexible collaborations in R&D). Adaptive mindsets 4.1/5.0 (agile responses to cybersecurity and cloud trends). TSR/S&P500 255%/234%

    25. Salesforce [CRM]: [Overall 13.4/15.0] Customer value 4.3/5.0 (CRM tools enhancing client relationships and personalization). Autonomous networks 4.6/5.0 (decentralized innovation hubs for software development). Adaptive mindsets 4.5/5.0 (continuous learning in AI and customer success). TSR/S&P500 243%/234%

    26. Microsoft [MSFT]: [Overall 14.0/15.0] Customer value 4.4/5.0 (ecosystem integration for user productivity and satisfaction). Autonomous networks 4.8/5.0 (empowered teams in cloud and AI divisions). Adaptive mindsets 4.8/5.0 (growth culture fostering rapid pivots like Azure). TSR/S&P500 1246%/234%

    27. Visa [V]: [Overall 12.9/15.0] Customer value 4.5/5.0 (seamless payment experiences building trust and convenience). Autonomous networks 4.0/5.0 (partner ecosystems with moderate internal autonomy). Adaptive mindsets 4.4/5.0 (evolution in fintech and fraud prevention). 10-year total return vs S&P500 422%/234%

    28. Amazon [AMZN]: [Overall 13.8/15.0] Customer value 4.6/5.0 (prime loyalty through fast delivery and vast selection). Autonomous networks 4.5/5.0 (small teams driving e-commerce and AWS innovations). Adaptive mindsets 4.7/5.0 (data-driven experimentation in logistics and services). TSR/S&P500 745%/234%

    29. Nvidia [NVDA]: [Overall 14.0/15.0] Customer value 4.7/5.0 (AI hardware enabling cutting-edge tech solutions). Autonomous networks 4.7/5.0 (decentralized engineering for GPU advancements). Adaptive mindsets 4.6/5.0 (rapid adaptation to AI and gaming demands). TSR/S&P500 31,318%/234%

    30. Apple [AAPL]: Overall 13.5/15.0 – Ecosystem innovations prioritize user delight over quarterly cuts (4.8/5.0). Functional teams balance hierarchy with creative autonomy (4.0/5.0). Swift pivots to AI and services shatter rigid norms (4.7/5.0). TSR vs. S&P 500: 803%/234%—tech titan reinventing daily.

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