Sector Focus
Where commercial economics matter most
We have concentrated experience in sectors where specific commercial distortions recur: where margin is misread, capital gets trapped, incentives distort strategy, and growth narratives diverge from cash.
Commercial Patterns
Where these problems repeat
Recurring patterns across sectors where contribution gets misread, capital gets trapped, incentives distort decisions, and growth narratives diverge from cash economics.
Software and SaaS
Unit economics look clean until you disaggregate by cohort. A 10-year-old cohort might be profitable while newer cohorts are destroying value. Churn curves are embedded in valuation but often invisible in strategy. Pricing power gets assumed but tested by competitor entry. Revenue growth masks contribution collapse.
Manufacturing and Industrial
Capacity and fixed cost decisions made five years ago now determine vulnerability to revenue pressure. A business cannot survive a 20-30 percent revenue decline if 40 percent of costs are fixed. Investment decisions assume full capacity but downturns empty it. The structural cost problem is usually discovered too late.
Financial Services
Profitability is driven more by customer mix than operational excellence. Payer mix determines realized price independent of list price. Capital requirements often constrain strategy more than market position does. Moving the wrong customers usually destroys margin faster than pricing power creates it.
Healthcare and Pharma
Portfolio economics are opaque. A few large bets determine returns across the entire pipeline. Clinical timelines compress timelines for capital allocation decisions. R&D spending is enormous but returns are concentrated. Capital often sits unproductively in programs that will never reach market.
Work on a question in these sectors
If you are working through a commercial decision with material financial consequences, reach out to discuss whether we can help.