Top MASI‑20 Performers: Who Delivered the Highest Shareholder Returns (2020‑2025)

The total shareholder return (TSR) of the MASI‑20 constituents was examined over the turbulent 2020‑2025 period. By combining price appreciation and dividend payouts, TSR offers a realistic picture of how much wealth each stock created for its investors. The analysis highlights a handful of companies that generated extraordinary returns—some surpassing 800%—while also showing that a generous dividend alone cannot compensate for a falling share price, as illustrated by Maroc Telecom’s negative TSR despite modest dividend yields. These findings give investors a clear benchmark of which Moroccan blue‑chip stocks have truly rewarded shareholders across multiple market cycles, and they underscore the growing importance of TSR as a standard performance metric in corporate reporting.

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