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SBC & Dilution
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
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
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
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
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
22
5
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
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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