No significant weaknesses identified
| Name | Market Cap | Current Price | P/E Ratio | Revenue Growth 1Y | Net Margin | ROE | FCF Yield | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
| AUPHAurinia Pharmaceuticals Inc. | 2.01B | 15.23 | 387.53 | 33.97% | 29.28% | 21.28% | 2.2% | 0.21 |
| ARGXargenx SE | 49.47B | 799.33 | 62.55 | 78.6% | 23.34% | 15.14% | 0.01 | |
| INVAInnoviva, Inc. | 1.48B | 19.74 | 54.83 | 15.54% | 32.78% | 12.61% | 12.77% | 0.65 |
| GLPGGalapagos N.V. | 2.25B | 34.12 | 30.46 | 14.99% | -151.94% | -15.16% | 0.00 | |
| PTGXProtagonist Therapeutics, Inc. | 5.33B | 85.23 | 20.15 | 6.24% | 21.94% | 7.11% | 3.43% | 0.02 |
| ALMSAlumis Inc. Common Stock | 2.86B | 24.34 | -2.34 | -11.08% | -63.71% | 0.12 | ||
| ZBIOZenas BioPharma, Inc. | 1.21B | 22.56 | -6 | -90% | -12.66% | -96.68% | 0.00 | |
| ORKAOruka Therapeutics, Inc. | 1.55B | 32.00 | -6.41 | -22.44% | 0.00 |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 235K | 173K | 420K | 463K | 318K | 50.12M | 45.6M | 134.03M | 175.51M | 235.13M |
| Revenue Growth % | -0.15% | -0.26% | 1.43% | 0.1% | -0.31% | 156.6% | -0.09% | 1.94% | 0.31% | 0.34% |
| Cost of Goods Sold | 12K | 4K | 1K | 41.38M | 0 | 0 | 1.09M | 5.66M | 14.15M | 28.25M |
| COGS % of Revenue | 0.05% | 0.02% | 0% | 89.38% | - | - | 0.02% | 0.04% | 0.08% | 0.12% |
| Gross Profit | 223K | 169K | 419K | -40.92M | 318K | 50.12M | 44.51M | 128.37M | 161.37M | 206.88M |
| Gross Margin % | 0.95% | 0.98% | 1% | -88.38% | 1% | 1% | 0.98% | 0.96% | 0.92% | 0.88% |
| Gross Profit Growth % | -0.07% | -0.24% | 1.48% | -98.66% | 1.01% | 156.6% | -0.11% | 1.88% | 0.26% | 0.28% |
| Operating Expenses | 23.8M | 22.98M | 47.48M | 56.62M | 91.26M | 154.41M | 225.25M | 239.84M | 253.06M | 211.57M |
| OpEx % of Revenue | 101.29% | 132.85% | 113.05% | 122.29% | 286.98% | 3.08% | 4.94% | 1.79% | 1.44% | 0.9% |
| Selling, General & Admin | 6.26M | 6.97M | 12.1M | 13.67M | 22.34M | 97.27M | 171.44M | 196.37M | 195.04M | 172.03M |
| SG&A % of Revenue | 26.65% | 40.29% | 28.8% | 29.53% | 70.25% | 1.94% | 3.76% | 1.47% | 1.11% | 0.73% |
| Research & Development | 15.98M | 14.53M | 33.93M | 41.38M | 52.87M | 50.33M | 51.14M | 44.99M | 49.64M | 20.79M |
| R&D % of Revenue | 68.01% | 84.01% | 80.79% | 89.38% | 166.25% | 1% | 1.12% | 0.34% | 0.28% | 0.09% |
| Other Operating Expenses | -337K | -1.63M | 195K | 2.06M | 16.06M | 6.81M | 2.67M | -1.52M | 8.38M | 18.76M |
| Operating Income | -23.58M | -22.81M | -47.06M | -56.16M | -90.94M | -104.29M | -180.74M | -111.47M | -91.69M | -4.69M |
| Operating Margin % | -100.34% | -131.87% | -112.05% | -121.29% | -285.98% | -2.08% | -3.96% | -0.83% | -0.52% | -0.02% |
| Operating Income Growth % | -0.36% | 0.03% | -1.06% | -0.19% | -0.62% | -0.15% | -0.73% | 0.38% | 0.18% | 0.95% |
| EBITDA | -22.02M | -21.34M | -45.61M | -54.59M | -89.77M | -102.92M | -177.97M | -108.76M | -80.04M | 14.76M |
| EBITDA Margin % | -93.71% | -123.32% | -108.59% | -117.91% | -282.3% | -2.05% | -3.9% | -0.81% | -0.46% | 0.06% |
| EBITDA Growth % | -0.4% | 0.03% | -1.14% | -0.2% | -0.64% | -0.15% | -0.73% | 0.39% | 0.26% | 1.18% |
| D&A (Non-Cash Add-back) | 1.56M | 1.48M | 1.46M | 1.56M | 1.17M | 1.37M | 2.76M | 2.71M | 11.65M | 19.45M |
| EBIT | -23.58M | -22.81M | -47.06M | -55.91M | -90.94M | -104.29M | -180.21M | -106.35M | -74.69M | 12.28M |
| Net Interest Income | 50K | 27K | 1.04M | 2.23M | 2.7M | 1.52M | 529K | 5.12M | 14.22M | 12.13M |
| Interest Income | 50K | 27K | 1.04M | 2.23M | 2.7M | 1.52M | 529K | 5.12M | 17M | 16.97M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.77M | 4.83M |
| Other Income/Expense | 4.97M | -481K | -23.73M | 2.23M | 2.7M | 1.52M | 529K | 5.12M | 14.22M | 12.13M |
| Pretax Income | -18.61M | -23.3M | -70.79M | -64.05M | -88.24M | -102.77M | -180.21M | -106.35M | -77.47M | 7.45M |
| Pretax Margin % | -79.18% | -134.65% | -168.55% | -138.33% | -277.49% | -2.05% | -3.95% | -0.79% | -0.44% | 0.03% |
| Income Tax | 0 | 0 | 0 | 73K | 144K | -94K | 760K | 1.83M | 551K | 1.7M |
| Effective Tax Rate % | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1.02% | 1.01% | 0.77% |
| Net Income | -18.61M | -23.3M | -70.79M | -64.12M | -88.39M | -102.68M | -180.97M | -108.18M | -78.02M | 5.75M |
| Net Margin % | -79.18% | -134.65% | -168.55% | -138.49% | -277.94% | -2.05% | -3.97% | -0.81% | -0.44% | 0.02% |
| Net Income Growth % | -0.12% | -0.25% | -2.04% | 0.09% | -0.38% | -0.16% | -0.76% | 0.4% | 0.28% | 1.07% |
| Net Income (Continuing) | -18.61M | -23.3M | -70.79M | -64.12M | -88.39M | -102.68M | -180.97M | -108.18M | -78.02M | 5.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.58 | -0.66 | -0.92 | -0.76 | -1.33 | -0.87 | -1.40 | -0.76 | -0.54 | 0.04 |
| EPS Growth % | -0.02% | -0.14% | -0.39% | 0.17% | -0.75% | 0.35% | -0.61% | 0.46% | 0.29% | 1.07% |
| EPS (Basic) | -0.58 | -0.66 | -0.92 | -0.76 | -1.33 | -0.87 | -1.40 | -0.76 | -0.54 | 0.04 |
| Diluted Shares Outstanding | 32.15M | 35.28M | 76.95M | 84.78M | 93.02M | 118.47M | 129.37M | 141.91M | 143.24M | 146.19M |
| Basic Shares Outstanding | 32.15M | 35.28M | 76.92M | 84.78M | 93.02M | 118.47M | 129.37M | 141.91M | 143.24M | 143.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 16.53M | 41.42M | 175.25M | 132.85M | 315.14M | 419.43M | 513.32M | 442.54M | 424.8M | 446.6M |
| Cash & Short-Term Investments | 15.75M | 39.65M | 173.46M | 125.86M | 306.02M | 398.33M | 466.08M | 389.39M | 350.49M | 358.48M |
| Cash Only | 5.76M | 39.65M | 165.63M | 117.97M | 306.02M | 272.35M | 231.9M | 94.17M | 48.88M | 83.43M |
| Short-Term Investments | 10M | 0 | 7.83M | 7.89M | 0 | 125.98M | 234.18M | 295.22M | 301.61M | 275.04M |
| Accounts Receivable | 47K | 86K | 109K | 217K | 368K | 0 | 15.41M | 13.48M | 24.09M | 36.54M |
| Days Sales Outstanding | 73 | 181.45 | 94.73 | 171.07 | 422.39 | - | 123.37 | 36.72 | 50.1 | 56.73 |
| Inventory | 0 | 0 | -109K | 0 | 0 | 13.93M | 19.33M | 24.75M | 39.7M | 39.23M |
| Days Inventory Outstanding | - | - | - | - | - | - | 6.47K | 1.6K | 1.02K | 506.88 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 1.02M | 796K | 1.33M | 1.03M | 1.13M |
| Total Non-Current Assets | 17.03M | 15.58M | 14.6M | 13.02M | 9.16M | 44.23M | 30.04M | 28.32M | 123.26M | 104.05M |
| Property, Plant & Equipment | 36K | 29K | 31K | 41K | 93K | 10.28M | 9.8M | 8.56M | 116.57M | 98.87M |
| Fixed Asset Turnover | 6.53x | 5.97x | 13.55x | 11.29x | 3.42x | 4.88x | 4.65x | 15.66x | 1.51x | 2.38x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 17M | 15.55M | 14.12M | 12.62M | 8.86M | 9.33M | 8.4M | 6.42M | 4.98M | 4.36M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 24.38M | 0 | 0 | 201K | 0 |
| Other Non-Current Assets | 0 | 0 | 448K | 358K | 209K | 247K | 11.84M | 13.34M | 1.52M | 823K |
| Total Assets | 33.57M | 57M | 189.85M | 145.86M | 324.3M | 463.66M | 543.37M | 470.86M | 548.06M | 550.64M |
| Asset Turnover | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.11x | 0.08x | 0.28x | 0.32x | 0.43x |
| Asset Growth % | -0.36% | 0.7% | 2.33% | -0.23% | 1.22% | 0.43% | 0.17% | -0.13% | 0.16% | 0% |
| Total Current Liabilities | 3.62M | 7.93M | 8.15M | 7.26M | 11.29M | 32M | 40.65M | 46.11M | 77.19M | 97.76M |
| Accounts Payable | 2.08M | 2.86M | 3.77M | 2.95M | 4.15M | 2.63M | 3.88M | 3.09M | 4.33M | 5.19M |
| Days Payables Outstanding | 63.24K | 261.25K | 1000K | 26.03 | - | - | 1.3K | 198.93 | 111.63 | 67.02 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 168K | 118K | 118K | 118K | 118K | 0 | 190K | 1000K | 1000K | 1000K |
| Other Current Liabilities | 116K | 3.78M | 2.22M | 1.92M | 0 | 6.41M | 4.45M | 2.03M | 1.59M | 66.5M |
| Current Ratio | 4.57x | 5.22x | 21.50x | 18.30x | 27.90x | 13.11x | 12.63x | 9.60x | 5.50x | 4.57x |
| Quick Ratio | 4.57x | 5.22x | 21.52x | 18.30x | 27.90x | 12.67x | 12.15x | 9.06x | 4.99x | 4.17x |
| Cash Conversion Cycle | - | - | - | - | - | - | 5.29K | 1.43K | 962.8 | 496.58 |
| Total Non-Current Liabilities | 9.99M | 13.12M | 15.95M | 26.03M | 14.41M | 23.91M | 23.63M | 19.32M | 92.92M | 75.4M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 7.62M | 7.68M | 7.15M | 82.01M | 64.3M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.31M | 12.56M | 15.51M | 25.7M | 14.2M | 16.3M | 15.95M | 12.17M | 10.91M | 11.11M |
| Total Liabilities | 13.6M | 21.05M | 24.1M | 33.29M | 25.7M | 55.91M | 64.28M | 65.42M | 170.11M | 173.17M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 8.41M | 8.74M | 8.09M | 97.61M | 79.37M |
| Net Debt | -5.76M | -39.65M | -165.63M | -117.97M | -306.02M | -263.94M | -223.16M | -86.08M | 48.73M | -4.06M |
| Debt / Equity | - | - | - | - | - | 0.02x | 0.02x | 0.02x | 0.26x | 0.21x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | 5.38x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | -0.28x |
| Interest Coverage | - | - | - | - | - | - | - | - | -33.04x | -0.97x |
| Total Equity | 19.96M | 35.95M | 165.74M | 112.58M | 298.6M | 407.75M | 479.09M | 405.44M | 377.95M | 377.48M |
| Equity Growth % | -0.56% | 0.8% | 3.61% | -0.32% | 1.65% | 0.37% | 0.17% | -0.15% | -0.07% | -0% |
| Book Value per Share | 0.62 | 1.02 | 2.15 | 1.33 | 3.21 | 3.44 | 3.70 | 2.86 | 2.64 | 2.58 |
| Total Shareholders' Equity | 19.96M | 35.95M | 165.74M | 112.58M | 298.6M | 407.75M | 479.09M | 405.44M | 377.95M | 377.48M |
| Common Stock | 261.64M | 299.81M | 499.2M | 504.65M | 746.49M | 944.33M | 1.18B | 1.19B | 1.2B | 1.19B |
| Retained Earnings | -257.75M | -281.05M | -351.84M | -415.96M | -472.48M | -575.16M | -756.12M | -864.3M | -942.32M | -936.57M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -805K | -805K | -883K | -805K | -805K | -805K | -852K | -1.06M | -730K | -647K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -17.77M | -18.71M | -41.17M | -51.61M | -63.59M | -69.86M | -157.69M | -79.53M | -33.46M | 44.39M |
| Operating CF Margin % | -75.6% | -108.17% | -98.02% | -111.47% | -199.95% | -1.39% | -3.46% | -0.59% | -0.19% | 0.19% |
| Operating CF Growth % | -0.05% | -0.05% | -1.2% | -0.25% | -0.23% | -0.1% | -1.26% | 0.5% | 0.58% | 2.33% |
| Net Income | -18.61M | -23.3M | -70.79M | -64.12M | -88.39M | -102.68M | -180.97M | -108.18M | -78.02M | 5.75M |
| Depreciation & Amortization | 1.56M | 1.48M | 1.46M | 1.56M | 1.17M | 1.37M | 2.76M | 2.71M | 11.65M | 19.45M |
| Stock-Based Compensation | 3.22M | 1.38M | 4.24M | 6.86M | 7.41M | 17.45M | 31.24M | 32.3M | 45.31M | 31.6M |
| Deferred Taxes | -5.13M | -1.75M | 23.99M | 9.97M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -36K | 2M | -1.77M | 118K | 14.19M | 9.48M | 10.9M | 462K | -6.79M | -17.85M |
| Working Capital Changes | 1.22M | 1.47M | 1.7M | -6M | 2.03M | 4.52M | -21.63M | -6.82M | -5.61M | 5.45M |
| Change in Receivables | 45K | -39K | -23K | -108K | -151K | -13.62M | -15.41M | 1.93M | -10.61M | -12.46M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -13.93M | -5.64M | -9.07M | -15.87M | 477K |
| Change in Payables | 869K | 2.46M | 2.17M | -888K | 0 | 13.62M | 4.08M | -792K | 1.24M | 860K |
| Cash from Investing | -23K | 9.99M | -8M | -66K | 7.78M | -158.19M | -103.87M | -60.63M | -6.71M | 39.26M |
| Capital Expenditures | -50K | -25K | -25K | -75K | -85K | -7.34M | -1.5M | -292K | -718K | -281K |
| CapEx % of Revenue | 0.21% | 0.14% | 0.06% | 0.16% | 0.27% | 0.15% | 0.03% | 0% | 0% | 0% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -44K | 9K | -7.98M | -45K | -16K | -1.76M | -16.63M | -663K | -11.86M | -43K |
| Cash from Financing | 839K | 42.62M | 175.15M | 4.01M | 243.85M | 194.38M | 221.11M | 2.43M | -5.13M | -49.09M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | - | - | - | - | - | - | - | - | - | - |
| Other Financing | 839K | 34.79M | 12.83M | 4.01M | 20.86M | 6.64M | 24.37M | 2.43M | 4.89M | 3.14M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | -17.82M | -18.74M | -41.19M | -51.69M | -63.69M | -77.2M | -159.19M | -79.82M | -34.18M | 44.11M |
| FCF Margin % | -75.81% | -108.31% | -98.08% | -111.63% | -200.27% | -1.54% | -3.49% | -0.6% | -0.19% | 0.19% |
| FCF Growth % | -0.05% | -0.05% | -1.2% | -0.25% | -0.23% | -0.21% | -1.06% | 0.5% | 0.57% | 2.29% |
| FCF per Share | -0.55 | -0.53 | -0.54 | -0.61 | -0.68 | -0.65 | -1.23 | -0.56 | -0.24 | 0.30 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.80x | 0.58x | 0.80x | 0.72x | 0.68x | 0.87x | 0.74x | 0.43x | 7.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 59K | 0 | 257K | 1.98M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 257K | 1.98M | 496K | 2.18M |
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -57.19% | -83.33% | -70.2% | -46.08% | -42.99% | -29.07% | -40.81% | -24.46% | -19.92% | 1.52% |
| Return on Invested Capital (ROIC) | -96.62% | -325.67% | - | - | - | -114.7% | -67.82% | -29.06% | -18.44% | -0.88% |
| Gross Margin | 94.89% | 97.69% | 99.76% | -8837.8% | 100% | 100% | 97.61% | 95.77% | 91.94% | 87.99% |
| Net Margin | -7917.87% | -13465.32% | -16855.24% | -13848.81% | -27794.03% | -204.88% | -396.81% | -80.71% | -44.45% | 2.45% |
| Debt / Equity | - | - | - | - | - | 0.02x | 0.02x | 0.02x | 0.26x | 0.21x |
| Interest Coverage | - | - | - | - | - | - | - | - | -33.04x | -0.97x |
| FCF Conversion | 0.95x | 0.80x | 0.58x | 0.80x | 0.72x | 0.68x | 0.87x | 0.74x | 0.43x | 7.72x |
| Revenue Growth | -15.47% | -26.38% | 142.77% | 10.24% | -31.32% | 15660.38% | -9% | 193.89% | 30.95% | 33.97% |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|
| Product | - | - | - | - | 45.49M | 103.47M | 158.53M | 216.19M |
| Product Growth | - | - | - | - | - | 127.46% | 53.22% | 36.37% |
| License, Collaboration and Royalty Revenue | - | - | - | - | - | - | 16.98M | 18.95M |
| License, Collaboration and Royalty Revenue Growth | - | - | - | - | - | - | - | 11.58% |
| License | - | - | - | 50.12M | 117K | 30.56M | - | - |
| License Growth | - | - | - | - | -99.77% | 26021.37% | - | - |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|
| UNITED STATES | 300K | 345K | 200K | - | 45.49M | 102.46M | 157.96M | 210.09M |
| UNITED STATES Growth | - | 15.00% | -42.03% | - | - | 125.25% | 54.17% | 33.01% |
| JAPAN | - | - | - | 50M | - | 31.48M | 17.55M | 25.04M |
| JAPAN Growth | - | - | - | - | - | - | -44.24% | 42.63% |
| Other Country | - | - | - | - | 117K | 89K | - | - |
| Other Country Growth | - | - | - | - | - | -23.93% | - | - |
| CHINA | 118K | 118K | 118K | 118K | - | - | - | - |
| CHINA Growth | - | 0.00% | 0.00% | 0.00% | - | - | - | - |
| SWITZERLAND | 2K | - | - | - | - | - | - | - |
| SWITZERLAND Growth | - | - | - | - | - | - | - | - |
Aurinia Pharmaceuticals Inc. (AUPH) has a price-to-earnings (P/E) ratio of 387.5x. This suggests investors expect higher future growth.
Aurinia Pharmaceuticals Inc. (AUPH) reported $265.8M in revenue for fiscal year 2024. This represents a 28558% increase from $0.9M in 2011.
Aurinia Pharmaceuticals Inc. (AUPH) grew revenue by 34.0% over the past year. This is strong growth.
Yes, Aurinia Pharmaceuticals Inc. (AUPH) is profitable, generating $77.8M in net income for fiscal year 2024 (2.4% net margin).
Aurinia Pharmaceuticals Inc. (AUPH) has a return on equity (ROE) of 1.5%. This is below average, suggesting room for improvement.
Aurinia Pharmaceuticals Inc. (AUPH) generated $119.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.