We define the achievement of strategic objectives as the relative efficiency in transforming the performance of key success factors(KSF) into profitability and try to capture a single measure for the degree of strategic achievement(DSA). Each firm's DSA is evaluated based on the efficiency scores calculated using data envelopment analysis(DEA). This paper tests whether a firm's DSA positively affects the firm's value and the value relevance of accounting information. Our sample consists of manufacturing firms listed on the Korean Stock Exchange over the period 2002-2015 with fiscal years ending in December. The empirical results are summarized as follows. First, we classify sample firms into three life-cycle stages to categorize them into similar competitive environment. The number of sample firms classified into the growth, mature and decline stages are 766(17.01%), 2,888(64.14%) and 849(18.85%), respectively. Sample firms in the mature stage are prevalent than those in the other stages. Second, this study estimates a Cobb-Douglass stochastic frontier production function and finds that operating expense ratio(OPE), property, plant & equipment ratio(PPE), inventory turnover(INV) and education & training expenses(EDU) affect positively on the profitability measured as returns on assets(ROA). Third, we measure DSA adopting the output-oriented four-inputs (i.e. OPE, PPE, INV and EDU) one output (i.e. ROA) DEA model. We calculate DSA in each of the different life-cycle stages. The average of DSA for the entire sample firms is 0.77, signifying that the degree of transforming the performance of KSF into ROA is 77% compared to frontier firms. Fourth, we test the effects of DSA on the stock price of a firm and the value relevance of accounting information using Ohlson model and find that DSA has a positive relationship with the stock price and increases the value relevance of both book value per share(BPS) and earnings per share(EPS). This paper suggests a new methodology to measure DSA for each firm and reveals that the measure affects positively on firm value and the value relevance of accounting information.