Several stocks, once deemed the darlings of the pandemic, have "round-tripped" and now trade at or below pre-pandemic levels, despite substantial growth of the base of the business.

For most in this group, business model realignments are already underway. Given the scale of disruption over the past two years, it may take time for these new business models to emerge and generate returns.

Nearly all the broken darlings are leaders or dominant in their respective sectors and will be on the edge of adapting to a post-pandemic reality.