Paying for Growth
SBC % revenue (cost) vs revenue growth (outcome). Bubble size = SBC dollars. Top-left = efficient growth. Bottom-right = diluting without growth.
Mega Cap
SaaS
Security
Infra
AI
Social
Worst Offenders — Net Dilution Burden
(SBC - Buybacks) / Revenue. The real cost to shareholders after buyback offset.
Buyback Offset Ratio
Buybacks / SBC %. 100% = buybacks fully offset dilution.
Cumulative Dilution Since First 10-K
Share count change. Positive = diluted, negative = net buyback.
SBC Efficiency — Revenue per $1 of SBC
Higher = dilution buying more growth.
SBC % of Market Cap — Annual Dilution Rate
How much of the company is given away to employees each year.
Higher = more expensive dilution for shareholders.