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Financials (2025)
Revenue
$3.1B
Revenue Growth YoY
19.2%
EBITDA
$206M
Net Income
$46M
Stock Price
Market Cap
Stock-Based Compensation (2025)
SBC Expense
$528M
SBC % of Revenue
16.9%
SBC % of EBITDA
256.7%
SBC % of Market Cap
Buybacks
$500M
Unrecognized SBC
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2025 $528M $3.1B $206M 16.9% 256.7% 19.2% $500M $46M 52,555,000
2024 $505M $2.6B $126M 19.2% 402.2% 21.1% $5M 51,767,000
2023 $432M $2.2B $-78M 19.9% neg 25.4% $-165M 50,448,000
2022 $276M $1.7B $-40M 15.9% neg 33.1% $-107M 49,217,000
2021 $167M $1.3B $-29M 12.8% neg 47.3% $-78M 47,390,000
2020 $121M $883M $-44M 13.8% neg 30.8% $-85M 46,115,000
2019 $98M $675M $-22M 14.5% neg 31.6% $-54M 42,955,000
2018 $76M $513M $-39M 14.9% neg 36.6% $-64M 39,300,000
2017 $47M $376M $-34M 12.6% neg 38.6% $-40M 37,503,000
2016 $33M $271M $-34M 12.1% neg 48.9% $-46M 35,784,000
2015 $21M $182M $-38M 11.7% neg 57.0% $-46M 34,313,000
2014 $16M $116M $-43M 14.1% neg 49.3% $-48M 31,431,000
2013 $3M $78M $-30M 4.5% neg 50.4% $-34M 5,301,000
2012 IPO $3M $52M $-16M 4.9% neg $-19M