S&P 500 Aggregate Net Buyback Yield (TTM)

Live value temporarily unavailable.

Source: Company filings (aggregated)

Data updated daily

What it measures

The S&P 500 buyback yield measures aggregate net share repurchases as a percentage of aggregate market capitalization for index constituents on a trailing-twelve-month basis. Net repurchases are gross buybacks minus new share issuances and vesting of stock-based compensation awards. A reading of 1.5% means S&P 500 companies reduced their outstanding share count by an amount equivalent to 1.5% of total market cap through net repurchases.

Why it matters

Buyback yield is the equity equivalent of a bond coupon — the cash return delivered to shareholders through share count reduction rather than dividend distribution. Unlike dividends, buybacks are discretionary and tax-efficient, which is why they have become the dominant capital return mechanism for the U.S. large-cap market. The "net" framing is critical: gross buybacks are frequently offset by SBC-driven share issuance, meaning widely-reported gross buyback numbers overstate the actual return to existing shareholders. When gross buyback yield exceeds the SBC-to-market-cap ratio, shareholders receive a net reduction in share count; when it falls below, buybacks are merely offsetting dilution.

How it is calculated

Buyback Yield (TTM) = Σ Net Share Repurchases ÷ Σ Market Cap × 100

LENSE computes the S&P 500 buyback yield as aggregate net share repurchases divided by aggregate market capitalization — not a simple average of per-company yields. Net share repurchases per constituent are derived from the financing activities section of as-reported quarterly cash flow statements (negative common equity cash flow = net buyback); TTM figures are constructed by summing the four most recently reported quarters. Market capitalization is computed daily from constituent share counts and closing prices. Index constituency is resolved point-in-time using point-in-time index constituency.

Recent (monthly)

Recent data unavailable.

Data source: Company filings (aggregated). Computed and published by LENSE Analytics.