| Name | Market Cap | Current Price | P/E Ratio | Revenue Growth 1Y | Net Margin | ROE | FCF Yield | Debt/Equity |
|---|---|---|---|---|---|---|---|---|
| GTMZoomInfo Technologies Inc. | 3.12B | 10.00 | 125 | -2.03% | 8.4% | 6.8% | 9.66% | 0.82 |
| UBERUber Technologies, Inc. | 175.33B | 84.38 | 18.50 | 17.96% | 33.54% | 57.07% | 3.93% | 0.51 |
| CXMSprinklr, Inc. | 1.01B | 6.96 | 15.82 | 8.74% | 13.42% | 20.18% | 7.09% | 0.08 |
| EGANeGain Corporation | 283.5M | 10.48 | 9.27 | -4.71% | 38.19% | 41.21% | 1.66% | 0.05 |
| YMMFull Truck Alliance Co. Ltd. | 9.21B | 9.80 | 3.33 | 33.22% | 34.41% | 10.5% | 31.45% | 0.00 |
| AMODAlpha Modus Holdings, Inc. | 29.16M | 0.70 | 0.95 | |||||
| LPSNLivePerson, Inc. | 38.17M | 3.27 | -0.14 | -22.27% | -51.72% | |||
| PSQHPSQ Holdings, Inc. | 48.82M | 1.05 | -0.58 | 308.01% | -178.95% | -305.78% | 1.21 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 209.34M | 253.39M | 296.5M | 352.59M | 446.24M | 532.34M | 638.13M | 728.71M | 728.71M | 715.07M |
| Revenue Growth % | 0.29% | 0.21% | 0.17% | 0.19% | 0.27% | 0.19% | 0.2% | 0.14% | 0% | -0.02% |
| Cost of Goods Sold | 57.25M | 62.11M | 71.17M | 129.97M | 201.23M | 230.15M | 247.56M | 224.91M | 224.91M | 229.8M |
| COGS % of Revenue | 0.27% | 0.25% | 0.24% | 0.37% | 0.45% | 0.43% | 0.39% | 0.31% | 0.31% | 0.32% |
| Gross Profit | 152.09M | 191.27M | 225.33M | 222.61M | 245.01M | 302.19M | 390.57M | 503.8M | 503.8M | 485.27M |
| Gross Margin % | 0.73% | 0.75% | 0.76% | 0.63% | 0.55% | 0.57% | 0.61% | 0.69% | 0.69% | 0.68% |
| Gross Profit Growth % | 0.3% | 0.26% | 0.18% | -0.01% | 0.1% | 0.23% | 0.29% | 0.29% | 0% | -0.04% |
| Operating Expenses | 159.16M | 197.94M | 257.76M | 313.6M | 404.83M | 448.34M | 544.71M | 531.4M | 531.4M | 470.08M |
| OpEx % of Revenue | 0.76% | 0.78% | 0.87% | 0.89% | 0.91% | 0.84% | 0.85% | 0.73% | 0.73% | 0.66% |
| Selling, General & Admin | 135.12M | 170.49M | 222.96M | 251.54M | 327.04M | 356.31M | 432.33M | 384.15M | 384.15M | 346.87M |
| SG&A % of Revenue | 0.65% | 0.67% | 0.75% | 0.71% | 0.73% | 0.67% | 0.68% | 0.53% | 0.53% | 0.49% |
| Research & Development | 24.04M | 27.45M | 34.8M | 62.06M | 77.79M | 92.03M | 112.39M | 136.22M | 136.22M | 123.21M |
| R&D % of Revenue | 0.11% | 0.11% | 0.12% | 0.18% | 0.17% | 0.17% | 0.18% | 0.19% | 0.19% | 0.17% |
| Other Operating Expenses | 1.11M | 1.79M | 0 | 2.82M | 0 | 0 | 0 | 11.03M | 11.03M | 0 |
| Operating Income | -7.07M | -6.67M | -41.9M | -90.99M | -159.82M | -146.15M | -154.14M | -27.6M | -27.6M | 15.19M |
| Operating Margin % | -0.03% | -0.03% | -0.14% | -0.26% | -0.36% | -0.27% | -0.24% | -0.04% | -0.04% | 0.02% |
| Operating Income Growth % | -2.82% | 0.06% | -5.28% | -1.17% | -0.76% | 0.09% | -0.05% | 0.82% | 0% | 1.55% |
| EBITDA | 1.93M | 3.77M | -26.18M | -66.32M | -122.59M | -101.03M | -103.72M | 19.58M | 19.58M | 54.41M |
| EBITDA Margin % | 0.01% | 0.01% | -0.09% | -0.19% | -0.27% | -0.19% | -0.16% | 0.03% | 0.03% | 0.08% |
| EBITDA Growth % | -0.81% | 0.95% | -7.95% | -1.53% | -0.85% | 0.18% | -0.03% | 1.19% | 0% | 1.78% |
| D&A (Non-Cash Add-back) | 9.01M | 10.44M | 15.72M | 24.67M | 37.23M | 45.12M | 50.42M | 47.18M | 47.18M | 39.22M |
| EBIT | -7.07M | -6.67M | -32.43M | -89.63M | -159.82M | -146.03M | -153.09M | -24.13M | -24.13M | 4.79M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | -18.71M | -22.68M | -35.85M | -39.82M | -25.54M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.98M | 0 | 3.32M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 18.71M | 22.68M | 39.82M | 39.82M | 28.86M |
| Other Income/Expense | 1.11M | 1.79M | 3.69M | 2.82M | -11.72M | -18.59M | -21.63M | -36.35M | -36.35M | -39.26M |
| Pretax Income | -5.97M | -4.88M | -38.2M | -88.17M | -171.54M | -164.74M | -175.77M | -63.95M | -63.95M | -24.06M |
| Pretax Margin % | -0.03% | -0.02% | -0.13% | -0.25% | -0.38% | -0.31% | -0.28% | -0.09% | -0.09% | -0.03% |
| Income Tax | -847K | -126K | 66.29M | 569K | 832K | 843K | -387K | 3.64M | 3.64M | 3.15M |
| Effective Tax Rate % | 0.86% | 0.97% | 2.74% | 1.01% | 1% | 1.01% | 1% | 1.06% | 1.06% | 1.13% |
| Net Income | -5.12M | -4.75M | -104.5M | -88.74M | -172.37M | -165.59M | -175.38M | -67.59M | -67.59M | -27.21M |
| Net Margin % | -0.02% | -0.02% | -0.35% | -0.25% | -0.39% | -0.31% | -0.27% | -0.09% | -0.09% | -0.04% |
| Net Income Growth % | -3.66% | 0.07% | -20.99% | 0.15% | -0.94% | 0.04% | -0.06% | 0.61% | 0% | 0.6% |
| Net Income (Continuing) | -5.12M | -4.75M | -104.5M | -88.74M | -172.37M | -165.59M | -175.38M | -67.59M | -67.59M | -27.21M |
| 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) | -0.06 | -0.05 | -1.14 | -0.94 | -1.72 | -1.40 | -1.55 | -0.56 | -0.56 | -0.21 |
| EPS Growth % | -3.9% | 0.09% | -20.67% | 0.18% | -0.83% | 0.19% | -0.11% | 0.64% | 0% | 0.63% |
| EPS (Basic) | -0.06 | -0.05 | -1.14 | -0.94 | -1.72 | -1.40 | -1.55 | -0.56 | -0.56 | -0.21 |
| Diluted Shares Outstanding | 88.48M | 90.34M | 92.02M | 94.53M | 100M | 118.29M | 113.35M | 121.11M | 121.11M | 129.77M |
| Basic Shares Outstanding | 88.48M | 90.34M | 92.02M | 94.53M | 100M | 118.29M | 113.35M | 121.11M | 121.11M | 129.77M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 185.9M | 197.35M | 178.6M | 397.39M | 277.16M | 276.53M | 275.62M | 273.12M | 247.84M | 203.87M |
| Cash & Short-Term Investments | 162.85M | 174.99M | 152.26M | 346.48M | 170.85M | 152.87M | 136.05M | 137.63M | 117.31M | 88.05M |
| Cash Only | 33.58M | 41.03M | 31.7M | 276.58M | 137.39M | 112.53M | 91.2M | 111.4M | 116.26M | 88.05M |
| Short-Term Investments | 129.27M | 133.96M | 120.56M | 69.9M | 33.46M | 40.34M | 44.84M | 26.23M | 1.05M | 0 |
| Accounts Receivable | 11.07M | 14.26M | 16.3M | 20.18M | 55.09M | 63.99M | 57.4M | 62.31M | 58.98M | 49.68M |
| Days Sales Outstanding | 19.3 | 20.55 | 20.06 | 20.89 | 45.06 | 43.87 | 32.83 | 31.21 | 29.54 | 25.36 |
| Inventory | 520K | 908K | 0 | 15.6M | 32.82M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 3.32 | 5.34 | - | 43.81 | 59.53 | - | - | - | - | - |
| Other Current Assets | 11.46M | 7.19M | 10.04M | 15.13M | 3.91M | 41.7M | 57.95M | 54.64M | 53.38M | 44.37M |
| Total Non-Current Assets | 127.55M | 136.5M | 98.61M | 148.97M | 423.48M | 401.88M | 634.65M | 568.69M | 508.14M | 479.31M |
| Property, Plant & Equipment | 12.38M | 16.38M | 35.73M | 52.84M | 173.34M | 159.74M | 142.43M | 110.31M | 89.11M | 81.43M |
| Fixed Asset Turnover | 16.92x | 15.47x | 8.30x | 6.67x | 2.57x | 3.33x | 4.48x | 6.61x | 8.18x | 8.78x |
| Goodwill | 47.42M | 46.14M | 40.05M | 39.69M | 128.3M | 131.52M | 266.87M | 266.86M | 266.57M | 271.53M |
| Intangible Assets | 21.46M | 17.04M | 11.96M | 11.68M | 24M | 17.13M | 128.21M | 107.11M | 86.72M | 67.95M |
| Long-Term Investments | 0 | 0 | 8.1M | 8.1M | 16.08M | 0 | 2.67M | 0 | 0 | 8.08M |
| Other Non-Current Assets | 3.1M | 8.08M | 10.87M | 44.76M | 28.44M | 93.49M | 94.46M | 84.4M | 65.75M | 50.33M |
| Total Assets | 313.45M | 333.86M | 277.21M | 546.36M | 700.64M | 678.41M | 910.27M | 841.81M | 755.98M | 683.18M |
| Asset Turnover | 0.67x | 0.76x | 1.07x | 0.65x | 0.64x | 0.78x | 0.70x | 0.87x | 0.96x | 1.05x |
| Asset Growth % | 0.06% | 0.07% | -0.17% | 0.97% | 0.28% | -0.03% | 0.34% | -0.08% | -0.1% | -0.1% |
| Total Current Liabilities | 34.73M | 43.34M | 56.26M | 74.7M | 123.42M | 121.38M | 191.53M | 229.89M | 172.58M | 169.24M |
| Accounts Payable | 10.95M | 15.71M | 23.9M | 32.28M | 40.26M | 31.24M | 49.72M | 46.8M | 48.86M | 45.77M |
| Days Payables Outstanding | 69.84 | 92.32 | 122.57 | 90.65 | 73.03 | 49.54 | 73.31 | 75.96 | 79.3 | 72.7 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.93M | 0 | 11.59M |
| Deferred Revenue (Current) | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Current Liabilities | 10.06M | 5.71M | 6.03M | 6.79M | 22.66M | 32.87M | 36.32M | 29.61M | 19.55M | 17.75M |
| Current Ratio | 5.35x | 4.55x | 3.17x | 5.32x | 2.25x | 2.28x | 1.44x | 1.19x | 1.44x | 1.20x |
| Quick Ratio | 5.34x | 4.53x | 3.17x | 5.11x | 1.98x | 2.28x | 1.44x | 1.19x | 1.44x | 1.20x |
| Cash Conversion Cycle | -47.23 | -66.44 | - | -25.95 | 31.56 | - | - | - | - | - |
| Total Non-Current Liabilities | 3.41M | 1.91M | 2.17M | 222.26M | 386.49M | 396.53M | 536.38M | 512.02M | 481.44M | 391.73M |
| Long-Term Debt | 0 | 0 | 0 | 216.03M | 291.54M | 308.44M | 447.45M | 428.81M | 409.69M | 338.37M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 92.45M | 82.46M | 74.52M | 65.62M | 56.65M | 49.2M |
| Deferred Tax Liabilities | 43.19M | 0 | 0 | -6K | -1.12M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.26M | 1.85M | 2.15M | 6.22M | 2.5M | 5.64M | 2.98M | 6.96M | 7.29M | 3.46M |
| Total Liabilities | 38.15M | 45.25M | 58.44M | 296.97M | 509.91M | 517.9M | 727.9M | 741.9M | 654.02M | 560.97M |
| Total Debt | 0 | 0 | 0 | 216.03M | 389.86M | 403.83M | 537.46M | 568.87M | 477.63M | 410.26M |
| Net Debt | -33.58M | -41.03M | -31.7M | -60.55M | 252.47M | 291.3M | 446.25M | 457.47M | 361.37M | 322.21M |
| Debt / Equity | - | - | - | 0.87x | 2.04x | 2.52x | 2.95x | 5.69x | 4.68x | 3.36x |
| Debt / EBITDA | - | - | - | - | - | - | - | 29.06x | 24.40x | 7.54x |
| Net Debt / EBITDA | -17.37x | -10.89x | - | - | - | - | - | 23.37x | 18.46x | 5.92x |
| Interest Coverage | - | - | - | - | - | -7.81x | -6.80x | -0.69x | -0.69x | 0.53x |
| Total Equity | 275.31M | 288.6M | 218.77M | 249.39M | 190.73M | 160.5M | 182.37M | 99.91M | 101.96M | 122.2M |
| Equity Growth % | 0.01% | 0.05% | -0.24% | 0.14% | -0.24% | -0.16% | 0.14% | -0.45% | 0.02% | 0.2% |
| Book Value per Share | 3.11 | 3.19 | 2.38 | 2.64 | 1.91 | 1.36 | 1.61 | 0.82 | 0.84 | 0.94 |
| Total Shareholders' Equity | 275.31M | 288.6M | 218.77M | 249.39M | 190.73M | 160.5M | 182.37M | 99.91M | 101.96M | 122.2M |
| Common Stock | 89K | 91K | 93K | 96K | 103K | 109K | 118K | 115K | 125K | 134K |
| Retained Earnings | -109.86M | -114.61M | -201.46M | -250.3M | -422.67M | -591.05M | -766.44M | -792.92M | -860.51M | -887.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4.18M | -9.64M | -5.64M | -7.35M | -12.18M | -4.19M | -7.91M | -12.93M | -11.55M | -9.11M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 23.57M | 28.48M | 22.04M | -14.87M | -93.91M | -14.07M | 34.68M | 48.79M | 78.98M | 63.55M |
| Operating CF Margin % | 0.11% | 0.11% | 0.07% | -0.04% | -0.21% | -0.03% | 0.05% | 0.07% | 0.11% | 0.09% |
| Operating CF Growth % | 0.11% | 0.21% | -0.23% | -1.67% | -5.32% | 0.85% | 3.47% | 0.41% | 0.62% | -0.2% |
| Net Income | -5.12M | -4.75M | -104.5M | -88.74M | -172.37M | -165.59M | -175.38M | -73.14M | -67.59M | -27.21M |
| Depreciation & Amortization | 9.01M | 10.44M | 15.72M | 24.67M | 37.23M | 45.12M | 48.55M | 52.28M | 47.18M | 39.22M |
| Stock-Based Compensation | 16.33M | 21.46M | 29.18M | 44.51M | 70.88M | 0 | 133.33M | 89.54M | 61.91M | 39.94M |
| Deferred Taxes | -1.72M | -897K | 66.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.91M | 1.21M | 8.75M | 7.45M | 55.56M | 173.56M | 74.29M | 42.07M | 69.31M | 63.67M |
| Working Capital Changes | 3.15M | 1.02M | 6.62M | -2.76M | -85.2M | -67.15M | -46.11M | -61.96M | -31.82M | -52.06M |
| Change in Receivables | -4.54M | -4.8M | -2.4M | -5.39M | -12.74M | -14.87M | 6.87M | -8.45M | 753K | 7.84M |
| Change in Inventory | 136K | -430K | 0 | -4.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.22M | 4.17M | 11.86M | 17.25M | 0 | -10.03M | 0 | 0 | 0 | -24.81M |
| Cash from Investing | -36.3M | -22.19M | -7.27M | 10.87M | -106.29M | -36.32M | -159.98M | 6.05M | 8.55M | -16.42M |
| Capital Expenditures | -6.99M | -14.37M | -21.66M | -34.72M | -35.83M | -35.25M | -4.14M | -2.99M | -2.65M | -2.4M |
| CapEx % of Revenue | 0.03% | 0.06% | 0.07% | 0.1% | 0.08% | 0.07% | 0.01% | 0% | 0% | 0% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.99M | -5.52M | 13.88M | -25.62M | -31.57M | 0 | -20.37M | -10.9M | -14.29M | -11.07M |
| Cash from Financing | -7.25M | 1.6M | -16.44M | 249.24M | 72.09M | 13.19M | 105.42M | -37.78M | -83.41M | -75.11M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | - | - | - | - | - | - | - | - | - | - |
| Other Financing | 24K | 5.27M | 7.08M | -21.52M | -1.51M | -69K | 15.8M | 4.92M | 4.88M | -5.8M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | 16.58M | 14.11M | 377K | -49.59M | -161.31M | -49.31M | 10.17M | 33.9M | 62.05M | 50.09M |
| FCF Margin % | 0.08% | 0.06% | 0% | -0.14% | -0.36% | -0.09% | 0.02% | 0.05% | 0.09% | 0.07% |
| FCF Growth % | 0.13% | -0.15% | -0.97% | -132.53% | -2.25% | 0.69% | 1.21% | 2.33% | 0.83% | -0.19% |
| FCF per Share | 0.19 | 0.16 | 0.00 | -0.52 | -1.61 | -0.42 | 0.09 | 0.28 | 0.51 | 0.39 |
| FCF Conversion (FCF/Net Income) | -4.60x | -5.99x | -0.21x | 0.17x | 0.54x | 0.08x | -0.20x | -0.72x | -1.17x | -2.34x |
| Interest Paid | 44K | 16K | 36K | 0 | 1.55M | 0 | 2.16M | 22.16M | 35.57M | 26.3M |
| Taxes Paid | 445K | 460K | 38K | 356K | 934K | 0 | 1.32M | 1.53M | 5.97M | 3.77M |
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -1.87% | -1.69% | -41.19% | -37.91% | -78.33% | -94.29% | -102.3% | -47.89% | -66.97% | -24.28% |
| Return on Invested Capital (ROIC) | -2.3% | -2.04% | -14.46% | -36.31% | -37.93% | -24.49% | -21.4% | -3.49% | -4.06% | 2.51% |
| Gross Margin | 72.65% | 75.49% | 76% | 63.14% | 54.91% | 56.77% | 61.21% | 69.14% | 69.14% | 67.86% |
| Net Margin | -2.45% | -1.88% | -35.24% | -25.17% | -38.63% | -31.1% | -27.48% | -9.28% | -9.28% | -3.81% |
| Debt / Equity | - | - | - | 0.87x | 2.04x | 2.52x | 2.95x | 5.69x | 4.68x | 3.36x |
| Interest Coverage | - | - | - | - | - | -7.81x | -6.80x | -0.69x | -0.69x | 0.53x |
| FCF Conversion | -4.60x | -5.99x | -0.21x | 0.17x | 0.54x | 0.08x | -0.20x | -0.72x | -1.17x | -2.34x |
| Revenue Growth | 28.89% | 21.04% | 17.01% | 18.92% | 26.56% | 19.3% | 19.87% | 14.19% | 0% | -1.87% |
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| Service | - | 414.08M | 495.99M | 602.36M | 710.04M | 700.58M | 692.92M |
| Service Growth | - | - | 19.78% | 21.45% | 17.88% | -1.33% | -1.09% |
| Product and Service, Other | - | 32.16M | 36.36M | 35.77M | 33.89M | 28.13M | 22.15M |
| Product and Service, Other Growth | - | - | 13.06% | -1.61% | -5.25% | -17.02% | -21.26% |
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| UNITED STATES | - | 350.37M | 390.76M | 443.12M | 536.68M | 507.51M | 478.34M |
| UNITED STATES Growth | - | - | 11.53% | 13.40% | 21.11% | -5.44% | -5.75% |
| Non-US | - | 95.87M | 141.59M | 195.01M | 207.26M | 99.28M | 112.61M |
| Non-US Growth | - | - | 47.69% | 37.73% | 6.28% | -52.10% | 13.43% |
| Americas | 316.43M | - | - | - | - | - | - |
| Americas Growth | - | - | - | - | - | - | - |
| Europe | 36.16M | - | - | - | - | - | - |
| Europe Growth | - | - | - | - | - | - | - |
8x8, Inc. (EGHT) reported $718.6M in revenue for fiscal year 2025. This represents a 738% increase from $85.8M in 2012.
8x8, Inc. (EGHT) saw revenue decline by 1.9% over the past year.
8x8, Inc. (EGHT) reported a net loss of $11.0M for fiscal year 2025.
8x8, Inc. (EGHT) has a return on equity (ROE) of -24.3%. Negative ROE indicates the company is unprofitable.
8x8, Inc. (EGHT) generated $61.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.