Stocks that buy back more than they dilute

Buybacks that at least cover the stock handed to employees. A repurchase programme that runs smaller than stock-based compensation is not returning capital, it is mopping up dilution, and the two are reported far enough apart that almost nobody checks.

152 companies pass today, the first 60 shown. Recomputed nightly from SEC filings and end-of-day closes.

Stocks That Buy Back More Than They Dilute
CompanySectorMarket capP/EFCF yield1 year
CORCencoraHealthcare$55B21.72.8%-2.2%
PCARPaccarIndustrials$62B24.96.1%+31%
UPSUnited Parcel ServiceIndustrials$90B17.25.0%+13%
VLOValero EnergyEnergy$72B17.2n/a+81%
CICignaHealthcare$74Bn/an/a-9.9%
CAHCardinal HealthHealthcare$55B33.110%+44%
ELVElevance HealthHealthcare$84B16.17.6%+5.3%
SYYSysco CorporationConsumer Defensive$39B22.3n/a+9.2%
METMetLifeFinancial Services$55B15.2n/a+9.4%
PSXPhillips 66Energy$68B16.4n/a+44%
ALLAllstateFinancial Services$61B5.0n/a+20%
GMGeneral MotorsConsumer Cyclical$72B28.321%+64%
FDXFedExIndustrials$75B16.7n/a+75%
ORLYO’Reilly AutomotiveConsumer Cyclical$74B28.32.6%-3.8%
UNHUnitedHealth GroupHealthcare$368B30.65.3%+39%
ODFLOld DominionIndustrials$46B45.5n/a+37%
FIXComfort Systems USAIndustrials$69B56.22.0%+289%
MTZMasTec, Inc.Industrials$32B70.7n/a+138%
UALUnited Airlines HoldingsIndustrials$42B11.5n/a+70%
TGTTarget CorporationConsumer Defensive$64B17.34.4%+53%
NOCNorthrop GrummanIndustrials$71B15.64.6%+2.2%
CBRECBRE GroupReal Estate$39B30.1n/a-3.4%
MDLZMondelez InternationalConsumer Defensive$79B30.43.3%-6.9%
COSTCostcoConsumer Defensive$427B49.9n/a-3.8%
PEPPepsiCoConsumer Defensive$194B22.3n/a+15%
TJXTJX CompaniesConsumer Cyclical$185B31.93.0%+34%
CATCaterpillar Inc.Industrials$461Bn/a2.1%+174%
JBLJabilTechnology$39B48.73.2%+79%
GWWW. W. GraingerIndustrials$64B35.62.2%+30%
GDGeneral DynamicsIndustrials$93B21.46.7%+24%
EPDEnterprise Products Partners L.P.Energy$80B13.7n/a+26%
CRHCRH plcBasic Materials$75B20.4n/a+25%
CSXCSX CorporationIndustrials$86B28.12.2%+44%
DHID. R. HortonConsumer Cyclical$48B15.17.3%+31%
STLDSteel Dynamics, Inc.Basic Materials$35B25.61.9%+92%
LVSLas Vegas SandsConsumer Cyclical$32B17.37.0%+16%
LMTLockheed MartinIndustrials$113B23.6n/a+6.9%
NUENucorBasic Materials$55B23.61.0%+94%
TTTrane TechnologiesIndustrials$107B36.9n/a+14%
PRUPrudential FinancialFinancial Services$37B10.7n/a+6.1%
TAT&TCommunication Services$157B7.3n/a-17%
ITWIllinois Tool WorksIndustrials$76Bn/a3.6%+11%
NEMNewmontBasic Materials$102B12.1n/a+60%
LHXL3HarrisIndustrials$54B31.04.8%+16%
LINLinde plcBasic Materials$239B33.82.1%+14%
HIGHartford (The)Financial Services$37B9.0n/a+5.7%
FLEXFlex Ltd.Technology$59B67.01.8%+237%
HONHoneywellIndustrials$144B35.22.9%+9.7%
NSCNorfolk SouthernIndustrials$68B25.52.4%+21%
TRVTravelers Companies (The)Financial Services$69B9.1n/a+22%
HCAHCA HealthcareHealthcare$87B12.89.1%+3.1%
COPConocoPhillipsEnergy$131B17.9n/a+20%
KOCoca-Cola Company (The)Consumer Defensive$347B25.33.6%+19%
UNPUnion Pacific CorporationIndustrials$154B21.43.7%+18%
APHAmphenolTechnology$200B44.82.3%+72%
JCIJohnson ControlsIndustrials$87B24.8n/a+39%
PGProcter & GambleConsumer Defensive$354B21.34.2%-2.9%
DELLDell TechnologiesTechnology$283B47.73.0%+273%
AMEAmetekIndustrials$54B35.33.2%+34%
AZOAutoZoneConsumer Cyclical$51B20.9n/a-17%

The filter, in full: Returns cash WITHOUT diluting you, buybacks that actually exceed stock-based comp (a real net buyback, not just mopping up SBC), low SBC intensity (≤6% of revenue), a sound balance sheet and non-declining revenue. Screens out the "fake buyback" dilution machines that gross buyback yield rewards. Least dilutive first. (Covers names with SBC data.) Figures come from SEC filings and end-of-day closes. A screen is a starting point for reading, not a recommendation.

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