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Who Reports Today · Stock screener

S&P 500 companies shrinking their share count

44 of 497 companies (US (S&P 500)) pass; 82 lack the data.*

Buybacks only help shareholders if the share count actually falls — not if they just offset stock-based pay. This list needs a 5%+ drop in diluted shares over three years, stock-based compensation under 5% of revenue, and buybacks plus dividends paid out of free cash flow rather than new debt.

Condition: Share count down 5%+ in 3 years; Stock-based compensation ≤ 5% of revenue; Buybacks + dividends covered by free cash flow. Weighted diluted share count in the latest year ÷ three years earlier − 1 (split-adjusted). “Not growing” — at most +2% over 3 years. Stock-based compensation in the latest year ÷ revenue. 3-year buybacks + dividends ≤ 3-year free cash flow.

First 10 alphabetically

CompanyShare count down 5%+ in 3 years
Agilent Technologies, Inc.A · Health Care · FY2025-5% over 3 years
Applied Materials, Inc.AMAT · Information Technology · FY2025-7.9% over 3 years
AT&T Inc.T · Communication Services · FY2025-5.4% over 3 years
Caterpillar Inc.CAT · Industrials · FY2025-11% over 3 years
Cognizant Technology Solutions CorporationCTSH · Information Technology · FY2025-5.8% over 3 years
Comcast CorporationCMCSA · Communication Services · FY2025-16.3% over 3 years
Deere & CompanyDE · Industrials · FY2025-11.3% over 3 years
Dell Technologies Inc.DELL · Information Technology · FY2026-9.2% over 3 years
Elevance Health, Inc.ELV · Health Care · FY2025-7.5% over 3 years
FedEx CorporationFDX · Industrials · FY2026-6.6% over 3 years

34 more in the full screener table: every company, sorting, “why it failed” and any other conditions.

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Data: annual company filings, updated 2026-10-16. No prices or multiples are used.

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