Ryufin research · Nov 2, 2026
Who shrank their share count
Every share is a slice of the company. When the number of shares falls, through buybacks, each remaining one owns more of it; when the number grows, through stock pay and new issues, each owns less. We compared the diluted share count of 1,276 US companies worth $2 billion or more with the count five years earlier. 635 shrank it and 598 grew it; the median moved -0.4%.
The findings
Diluted weighted-average shares, split-adjusted, latest fiscal year against five years before.
companies · retired a quarter or more of their shares
companies · grew their share count by half or more
the median company · over five years
- For all the money spent on buybacks, the typical company’s share count barely moved: buybacks at one company are matched by stock pay and new shares at the next. 635 companies shrank their count, 598 grew it and 43 held it within half a percent.
- At the edges the change is large. 266 companies retired a tenth or more of their shares and 67 a quarter or more, led by AutoNation, Inc. (AN), whose count fell 57% from FY2020 to FY2025. At the other end 221 grew their count by a quarter or more and 111 by half or more.
- Consumer Cyclical shrank most, a median of -7.8%, with 72% of its companies buying in more than they issued. Real Estate grew most, +12%: real estate trusts pay out most of their income and raise new money by selling shares. Technology sits at +1.2%, where buybacks and stock pay roughly cancel.
By sector
Median five-year change in the share count; hover a sector for the share that shrank.
- Consumer Cyclical-7.8%
- Communication Services-3.8%
- Consumer Defensive-3.2%
- Industrials-3.1%
- Financial Services-2.0%
- Basic Materials-1.8%
- Technology+1.2%
- Energy+3.5%
- Healthcare+6.3%
- Utilities+7.2%
- Real Estate+12%
- fewer sharesmore shares
The biggest shrinkers
The largest five-year falls in the diluted share count.
| Company | Shares then | Shares now | Change | Bar |
|---|---|---|---|---|
| ANAutoNation, Inc. | 88.7M FY2020 | 38.1M FY2025 | -57% | |
| MPCMarathon Petroleum | 649.0M FY2020 | 306.0M FY2025 | -53% | |
| CARAvis Budget Group, Inc. | 70.5M FY2020 | 35.2M FY2025 | -50% | |
| SLMSLM Corporation | 387.2M FY2020 | 210.9M FY2025 | -46% | |
| MGMMGM Resorts | 494.2M FY2020 | 277.3M FY2025 | -44% | |
| AGOAssured Guaranty Ltd. | 86.2M FY2020 | 48.7M FY2025 | -44% | |
| LBTYALiberty Global Ltd. | 602.1M FY2020 | 342.3M FY2025 | -43% | |
| DDDuPont | 245.2M FY2020 | 139.7M FY2025 | -43% | |
| LOPEGrand Canyon Education, Inc. | 47.2M FY2020 | 28.0M FY2025 | -41% | |
| BHFBrighthouse Financial, Inc. | 95.4M FY2020 | 57.9M FY2025 | -39% | |
| DVADaVita | 122.6M FY2020 | 75.9M FY2025 | -38% | |
| LPXLouisiana-Pacific Corporation | 112.0M FY2020 | 70.0M FY2025 | -38% | |
| SYFSynchrony Financial | 590.8M FY2020 | 373.9M FY2025 | -37% | |
| CACCCredit Acceptance Corporation | 17.9M FY2020 | 11.7M FY2025 | -35% | |
| EBAYeBay Inc. | 718.0M FY2020 | 468.0M FY2025 | -35% | |
| MTGMGIC Investment Corporation | 359.3M FY2020 | 235.1M FY2025 | -35% | |
| AIGAmerican International Group | 869.3M FY2020 | 570.3M FY2025 | -34% | |
| NXSTNexstar Media Group, Inc. | 46.7M FY2020 | 30.7M FY2025 | -34% | |
| CHTRCharter Communications | 209.3M FY2020 | 137.7M FY2025 | -34% | |
| DBXDropbox, Inc. | 414.3M FY2020 | 272.8M FY2025 | -34% | |
| MUSAMurphy USA Inc. | 29.5M FY2020 | 19.5M FY2025 | -34% | |
| EQHEquitable Holdings, Inc. | 450.4M FY2020 | 298.1M FY2025 | -34% | |
| ARWArrow Electronics, Inc. | 78.6M FY2020 | 52.3M FY2025 | -34% | |
| JOYYJOYY Inc. | 1.60B FY2020 | 1.07B FY2025 | -33% | |
| HPQHP Inc. | 1.42B FY2020 | 953.0M FY2025 | -33% |
Buybacks after the shares handed out as pay, ranked in dollars, are on biggest real buybacks.
The biggest diluters
The largest five-year rises in the diluted share count.
| Company | Shares then | Shares now | Change | Bar |
|---|---|---|---|---|
| DXDynex Capital, Inc. | 23.1M FY2020 | 125.1M FY2025 | +441% | |
| DFTXDefinium Therapeutics, Inc. | 17.7M FY2020 | 89.3M FY2025 | +403% | |
| PCVXVaxcyte, Inc. | 29.5M FY2020 | 136.1M FY2025 | +361% | |
| CELCCelcuity Inc. | 10.3M FY2020 | 46.8M FY2025 | +355% | |
| MARAMARA Holdings, Inc. | 81.4M FY2020 | 355.2M FY2025 | +336% | |
| SRRKScholar Rock Holding Corporation | 30.7M FY2020 | 114.7M FY2025 | +273% | |
| IDYAIDEAYA Biosciences, Inc. | 24.7M FY2020 | 88.5M FY2025 | +258% | |
| ARQTArcutis Biotherapeutics, Inc. | 35.7M FY2020 | 127.2M FY2025 | +257% | |
| RVMDRevolution Medicines, Inc. | 54.9M FY2020 | 190.1M FY2025 | +246% | |
| TOSTToast, Inc. | 200.0M FY2020 | 607.0M FY2025 | +204% | |
| MSTRStrategy Inc | 96.8M FY2020 | 277.7M FY2025 | +187% | |
| ADMAADMA Biologics, Inc. | 86.1M FY2020 | 244.9M FY2025 | +184% | |
| AAOIApplied Optoelectronics, Inc. | 21.9M FY2020 | 60.2M FY2025 | +175% | |
| BHVNBiohaven Ltd. | 39.4M FY2020 | 107.6M FY2025 | +173% | |
| CRDOCredo Technology Group Holding Ltd | 69.1M FY2021 | 188.2M FY2026 | +172% | |
| PPTAPerpetua Resources Corp. | 34.2M FY2020 | 93.2M FY2025 | +172% | |
| VVXV2X, Inc. | 11.8M FY2020 | 31.8M FY2025 | +171% | |
| FLGFlagstar Bank, National Association | 154.4M FY2020 | 415.3M FY2025 | +169% | |
| PRPermian Resources Corporation | 277.4M FY2020 | 731.0M FY2025 | +164% | |
| ORealty Income | 345.4M FY2020 | 908.3M FY2025 | +163% | |
| SGRYSurgery Partners, Inc. | 48.8M FY2020 | 127.2M FY2025 | +161% | |
| TALOTalos Energy Inc. | 67.7M FY2020 | 175.1M FY2025 | +159% | |
| AVPTAvePoint, Inc. | 89.6M FY2020 | 229.3M FY2025 | +156% | |
| LQDALiquidia Corporation | 33.9M FY2020 | 86.1M FY2025 | +154% | |
| CDECoeur Mining, Inc. | 242.5M FY2020 | 614.7M FY2025 | +153% |
How it was measured
The diluted weighted-average share count from each company’s income statement in its SEC filings, adjusted for stock splits, in its latest fiscal year against the year five years before. US-GAAP filers worth $2 billion or more whose latest year ended within two years. Left out: 90 companies whose count jumped by more than 1.8 times or fell below 0.55 times in a single year, which is a split the series may have missed or a merger, not the slow change this study measures; 148 with under six years of filings; 104 foreign filers. A weighted average lags the count at year end by about half a year.
The full table, one row per company, is free to reuse under CC BY 4.0: share-count-2026.json. Please cite “Ryufin, Who shrank their share count (2026)” with a link to this page.