Median excess TSR and excess growth, by category, index (2012 = 100)
180
Innovative growers
Growth-only outperformers
Others
Image description: A line chart shows the median excess total shareholder returns (TSR), as well as excess growth, from 2012 to 2022, for three types of companies: innovative growers, growth-only outperformers, and others. Innovative growers excel at both innovation and growth and achieve TSR above the industry median compared with companies that outperform only in growth and with companies that underperform in both growth and innovation. End of image description.
160
140
120
100
80
2012
2014
2016
2018
2020
2022
