# Buyback Yield

Year-over-year percentage change in shares outstanding (negative = buybacks).

## Definition

Buyback yield measures how aggressively the company is repurchasing its own shares — the per-share equivalent of a dividend without the tax friction.

## Formula

−(Shares this period − Shares prior period) ÷ Shares prior period × 100

## Why it matters

Buybacks plus dividends equal total shareholder yield, the truest measure of capital return to shareholders. Buybacks done at low valuations create per-share value; done at peak valuations they destroy it. Watch for the pattern.

## How Standard Equity uses it

Shown in the main financial table. A negative buyback yield (i.e., share count growing) flags dilution from stock-based compensation or issuance. Where the estimate columns carry the share count flat, the estimated buyback yield is not a forecast of buybacks and is marked ○.

## The metric

| Category | Capital Allocation |
| -------- | ------------------ |
| Unit     | %                  |

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