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.

153 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
Company	Sector	Market cap	P/E	FCF yield	1 year
BNYThe Bank of New York Mellon Cor	Financial Services	$100B	16.6	n/a	+33%
CORCencora	Healthcare	$53B	24.0	7.7%	+12%
UPSUnited Parcel Service	Industrials	$89B	17.6	6.1%	+17%
VLOValero Energy	Energy	$70B	18.0	n/a	+169%
CICigna	Healthcare	$74B	11.7	n/a	-2.3%
MPCMarathon Petroleum	Energy	$71B	15.7	18%	+149%
CAHCardinal Health	Healthcare	$52B	n/a	11%	+60%
ELVElevance Health	Healthcare	$84B	18.3	7.4%	+33%
SYYSysco Corporation	Consumer Defensive	$39B	21.4	5.0%	-2.6%
METMetLife	Financial Services	$55B	18.8	n/a	+27%
PSXPhillips 66	Energy	$67B	15.9	n/a	+117%
ALLAllstate	Financial Services	$57B	4.6	n/a	+13%
GMGeneral Motors	Consumer Cyclical	$71B	37.4	20%	+41%
FDXFedEx	Industrials	$78B	15.7	6.6%	+62%
ORLYO’Reilly Automotive	Consumer Cyclical	$72B	27.4	3.0%	-17%
UNHUnitedHealth Group	Healthcare	$364B	24.4	6.5%	+16%
ODFLOld Dominion	Industrials	$46B	35.0	2.4%	+28%
FIXComfort Systems USA	Industrials	$69B	42.2	3.1%	+115%
MTZMasTec, Inc.	Industrials	$32B	33.9	0.8%	+5.8%
UALUnited Airlines Holdings	Industrials	$38B	10.1	6.6%	+1.9%
TGTTarget Corporation	Consumer Defensive	$59B	16.0	7.5%	+78%
NOCNorthrop Grumman	Industrials	$74B	15.3	4.9%	-15%
CBRECBRE Group	Real Estate	$39B	30.0	n/a	-21%
MDLZMondelez International	Consumer Defensive	$77B	29.9	3.3%	-2.0%
PEPPepsiCo	Consumer Defensive	$194B	15.7	4.8%	-7.8%
CARRCarrier Global	Industrials	$60B	36.3	2.8%	-8.0%
TJXTJX Companies	Consumer Cyclical	$181B	25.7	3.3%	+0.1%
CASYCasey's	Consumer Defensive	$31B	31.1	2.1%	+19%
CATCaterpillar Inc.	Industrials	$454B	34.4	2.4%	+73%
JBLJabil	Technology	$39B	38.3	3.3%	+37%
GWWW. W. Grainger	Industrials	$64B	32.9	2.3%	+29%
GDGeneral Dynamics	Industrials	$95B	n/a	6.6%	+3.4%
EPDEnterprise Products Partners L.P.	Energy	$80B	n/a	4.4%	+19%
CRHCRH plc	Basic Materials	$74B	14.4	n/a	-27%
CSXCSX Corporation	Industrials	$85B	27.5	3.3%	+43%
DHID. R. Horton	Consumer Cyclical	$45B	12.8	7.2%	-20%
STLDSteel Dynamics, Inc.	Basic Materials	$35B	21.6	2.7%	+72%
LVSLas Vegas Sands	Consumer Cyclical	$32B	14.1	8.4%	-31%
NUENucor	Basic Materials	$56B	20.0	2.9%	+88%
TRGPTarga Resources	Energy	$56B	27.4	1.3%	+71%
TTTrane Technologies	Industrials	$100B	36.1	3.5%	+19%
PRUPrudential Financial	Financial Services	$37B	10.2	n/a	+13%
TAT&T	Communication Services	$175B	7.3	10%	-22%
ITWIllinois Tool Works	Industrials	$76B	23.9	3.8%	+2.1%
NEMNewmont	Basic Materials	$136B	14.9	7.1%	+52%
LHXL3Harris	Industrials	$55B	23.9	5.1%	-15%
LINLinde plc	Basic Materials	$237B	31.2	2.1%	+2.7%
HIGHartford (The)	Financial Services	$35B	8.3	n/a	-0.4%
FLEXFlex Ltd.	Technology	$59B	46.3	1.4%	+104%
HONHoneywell	Industrials	$145B	8.1	2.8%	+6.6%
NSCNorfolk Southern	Industrials	$67B	27.1	2.4%	+14%
TRVTravelers Companies (The)	Financial Services	$65B	9.9	n/a	+34%
HCAHCA Healthcare	Healthcare	$83B	15.5	9.5%	+13%
COPConocoPhillips	Energy	$131B	17.7	n/a	+47%
KOCoca-Cola Company (The)	Consumer Defensive	$342B	27.7	3.7%	+35%
DVNDevon Energy	Energy	$49B	11.5	9.7%	+40%
UNPUnion Pacific Corporation	Industrials	$153B	22.5	4.3%	+28%
APHAmphenol	Technology	$202B	21.9	2.3%	-28%
JCIJohnson Controls	Industrials	$88B	28.5	3.0%	+46%
PGProcter & Gamble	Consumer Defensive	$350B	22.9	4.3%	-1.8%

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 research, not a recommendation.

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