SBC & Dilution
Tech Dilution is Creeping Up Again + The Per-Employee Lens
Run-rate dilution has risen for four straight quarters across software and internet. New per-employee metrics on the tracker + 2Q26 leaderboard and deep dives.
March 2026
SBC Dilution Benchmarks: What the Data Actually Shows | PA Dispatch No. 14
A quick view of this week’s shifts in platforms, valuations, and AI adoption. Numbers, context, and curated reads you can use.
SBC & Dilution Tracker Dashboard Launch
Quarterly dilution analytics, a live leaderboard, and source-auditable methodology across 80+ public companies, all in one place.
November 2025
Why Does Dilution Matter? + Charts on ABNB, PINS, SNAP & Infra Software | PA Dispatch No. 7
A quick view of this week’s shifts in platforms, valuations, and AI adoption. Numbers, context, and curated reads you can use.
Tech Dilution Through Q3: Discipline Cracks at Big Tech
Why Meta, Tesla, and others Are backsliding while smaller caps stabilize. The AI supercycle is exposing who has real SBC discipline and who’s losing the plot.
June 2025
Cash-vs-Equity Flex Compensation: Dilution Math & Market Benchmarks (Q1 2025 Update)
A data-driven look at cash-versus-equity flexibility—plus the latest Q1 ’25 dilution scoreboard.
April 2025
Tech Dilution: Stabilization on Large; Divergence at the Margin
Continued progress on dilution at big tech while growth software & internet stabilized at pre-covid levels. Meta has gotten worse within it’s cohort, Snowflake has struggled, and Robinhood gets an A+
August 2024
Tech Dilution: Shareholder Heroes, Equity Vampires, and New Dilution Leaderboard
An overview through 2Q24 of stock-based compensation, equity dilution, and the worst offenders with a bonus most improved overview.
March 2024
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 40 for Software
November 2023
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 internet (UBER, SNAP, EXPE) compared to non-tech.
August 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
March 2023
Mature Tech Dilution: Up and to the Right
Over the last decade mature technology companies have continued to dilute at increasingly higher levels.