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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.
Nov 25
•
Thomas Reiner
15
4
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…
Nov 17
•
Thomas Reiner
16
3
1
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.
Jun 11
•
Thomas Reiner
13
3
1
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…
Apr 1
•
Thomas Reiner
13
1
1
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.
Aug 22, 2024
•
Thomas Reiner
21
4
1
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, 2024
•
Thomas Reiner
10
2
1
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
•
Thomas Reiner
23
5
2
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
•
Thomas Reiner
8
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
•
Thomas Reiner
5
1
Q4 Food Delivery Review & Rideshare Dilution Update
Dilution still ugly, but delivery sequential improvements a bright spot
Feb 28, 2023
•
Thomas Reiner
1
4
Tech Dilution Role Model: BKNG
Easy to point out whose SBC is a disaster, who is the positive example?
Jan 19, 2023
•
Thomas Reiner
6
1
Rideshare & Delivery SBC and Dilution Hell
Uber, DoorDash, and Lyft are all facing significant shareholder dilution into 2023+
Jan 12, 2023
•
Thomas Reiner
9
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