SBC & Dilution

Seven Ways to Look at Stock-Based Compensation & Dilution

SBC can be super esoteric, but a deep dive on investor usage of FCF as a % of FCF/Revenue/Market cap vs % dilution vs DCF and bonus SBC Adjusted Rule of…

Mar 23 •

Tech Company Dilution: Finding Ground Truth

Intellectually honest quantitative analysis of tech company dilution from mega cap (META, GOOGL, NVDA) to software companies (SNOW, MDB, DDOG) to…

Nov 27, 2023 •

DoorDash: Philosophical Clarity

In DoorDash's quarterly investor letter they laid out a masterwork in capital allocation, investing in growth, and is a must read for growth investors

Aug 3, 2023 •

Mature Tech Dilution: Up and to the Right

Over the last decade mature technology companies have continued to dilute at increasingly higher levels.

Mar 6, 2023 •

Q4 Food Delivery Review & Rideshare Dilution Update

Dilution still ugly, but delivery sequential improvements a bright spot

Feb 28, 2023 •

Tech Dilution Role Model: BKNG

Easy to point out whose SBC is a disaster, who is the positive example?

Jan 19, 2023 •

Rideshare & Delivery SBC and Dilution Hell

Uber, DoorDash, and Lyft are all facing significant shareholder dilution into 2023+

Jan 12, 2023 •

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