The Numbers That Hurt
Your slice of the pie keeps shrinking
When a company pays employees in stock, it creates new shares. Your ownership stake shrinks every year — even if you never sold. Here's what 15% annual SBC looks like to a 10% owner.
You never sold a share — but you lost half your ownership. This is why SBC is a real cost to shareholders, even when it's buried below the "adjusted earnings" line.
Top 10 Value Destroyers
Shareholder wealth evaporated vs 52-week highs
YTD Decline Distribution
How deep the cuts go across 37 companies
The worst of the worst
Five categories. Five companies. No winners — just the leader in each race to the bottom.
Full Company Table
All 37 companies. Click any row for a full breakdown.
| Ticker | Company | Mkt Cap | YTD % | 52w Δ | Value Lost | SBC/Yr | SBC % Rev | SBC 6mo | SBC Val Lost | Employees |
|---|---|---|---|---|---|---|---|---|---|---|
| FIG | Figma | $9.7B | -75.4% | -87.7% | $69.2B | $470M | 52.2% | $235M | $206M | 2,000 |
| MNDY | monday.com | $3.6B | -51.4% | -62.0% | $5.9B | $225M | 16.1% | $113M | $70M | 2,800 |
| ASAN | Asana | $1.3B | -48.2% | -59.5% | $1.9B | $265M | 36.8% | $133M | $79M | 2,500 |
| SNAP | Snap | $10.2B | -46.1% | -58.0% | $14.1B | $1.6B | 24.9% | $810M | $470M | 4,500 |
| HUBS | HubSpot | $12.1B | -45.4% | -55.8% | $15.3B | $335M | 11.6% | $168M | $93M | 8,100 |
| APPS | Digital Turbine | $450M | -45.0% | -54.7% | $543M | $8M | 14.5% | $4M | $2M | 280 |
| ZETA | Zeta Global | $4.3B | -44.8% | -56.1% | $5.5B | $145M | 15.3% | $73M | $41M | 2,400 |
| KVYO | Klaviyo | $5.8B | -44.5% | -55.7% | $7.3B | $205M | 18.6% | $103M | $57M | 2,200 |
| DOCU | DocuSign | $9.0B | -43.2% | -55.0% | $11.0B | $315M | 11.7% | $158M | $87M | 6,600 |
| DOCS | Doximity | $4.3B | -42.4% | -53.6% | $5.0B | $62M | 7.9% | $31M | $17M | 950 |
| GTLB | GitLab | $3.5B | -42.3% | -54.1% | $4.1B | $325M | 29.5% | $163M | $88M | 2,600 |
| NOW | ServiceNow | $93.0B | -41.3% | -54.8% | $112.8B | $1.2B | 7.9% | $590M | $323M | 24,000 |
| TTD | Trade Desk | $11.4B | -41.0% | -62.7% | $19.2B | $228M | 8.1% | $114M | $71M | 3,500 |
| CVLT | Commvault | $4.2B | -38.4% | -53.1% | $4.8B | $55M | 6.3% | $28M | $15M | 2,800 |
| IOT | Samsara | $17.0B | -38.2% | -51.0% | $17.7B | $425M | 17.7% | $213M | $108M | 4,000 |
| ADP | ADP | $84.0B | -37.1% | -37.1% | $49.5B | $248M | 1.2% | $124M | $46M | 58,000 |
| TEAM | Atlassian | $18.6B | -37.0% | -48.1% | $17.3B | $745M | 14.9% | $373M | $179M | 11,500 |
| CRM | Salesforce | $165.0B | -36.8% | -47.4% | $148.7B | $3.0B | 7.5% | $1.5B | $723M | 55,000 |
| WIX | Wix | $4.0B | -36.5% | -50.0% | $4.0B | $195M | 12.2% | $98M | $49M | 5,100 |
| WDAY | Workday | $33.0B | -35.6% | -51.5% | $35.0B | $900M | 10.7% | $450M | $232M | 19,500 |
| GWRE | Guidewire | $9.9B | -35.4% | -49.2% | $9.6B | $198M | 14.1% | $99M | $49M | 3,300 |
| ESTC | Elastic | $5.1B | -35.1% | -47.8% | $4.7B | $275M | 19.6% | $138M | $66M | 3,700 |
| BRZE | Braze | $2.7B | -34.6% | -47.5% | $2.4B | $178M | 23.4% | $89M | $42M | 1,700 |
| CLBT | Cellebrite | $3.3B | -34.5% | -45.0% | $2.7B | $72M | 10.0% | $36M | $16M | 2,600 |
| DUOL | Duolingo | $4.5B | -33.9% | -44.7% | $3.6B | $94M | 9.4% | $47M | $21M | 1,000 |
| INTU | Intuit | $108.0B | -32.3% | -42.8% | $80.8B | $985M | 4.3% | $493M | $211M | 18,500 |
| VEEV | Veeva | $26.5B | -31.4% | -44.9% | $21.6B | $360M | 10.6% | $180M | $81M | 10,500 |
| ADBE | Adobe | $96.0B | -31.0% | -43.1% | $72.7B | $1.3B | 5.3% | $640M | $276M | 30,000 |
| DDOG | Datadog | $45.0B | -29.8% | -42.0% | $32.6B | $650M | 14.4% | $325M | $136M | 6,800 |
| ZM | Zoom | $24.2B | -29.5% | -38.6% | $15.2B | $305M | 6.2% | $153M | $59M | 7,200 |
| SNOW | Snowflake | $47.0B | -28.4% | -40.2% | $31.6B | $1.1B | 21.6% | $540M | $217M | 7,400 |
| SAP | SAP | $215.0B | -28.1% | -38.0% | $131.8B | $1.2B | 2.9% | $590M | $224M | 105,000 |
| ADSK | Autodesk | $50.0B | -25.9% | -34.8% | $26.7B | $565M | 8.3% | $283M | $98M | 13,500 |
| MDB | MongoDB | $21.0B | -22.4% | -34.7% | $11.2B | $375M | 17.0% | $188M | $65M | 5,500 |
| NET | Cloudflare | $72.0B | -20.1% | -27.8% | $27.7B | $760M | 28.1% | $380M | $106M | 4,200 |
| APP | AppLovin | $151.0B | -19.8% | -27.1% | $56.1B | $188M | 2.6% | $94M | $25M | 1,400 |
| TWLO | Twilio | $21.5B | -19.2% | -27.5% | $8.2B | $272M | 11.3% | $136M | $37M | 5,800 |
- FIG$9.7BFigma-75.4%YTDValue Lost$69.2BSBC/Yr$470MSBC % Rev52%
- MNDY$3.6Bmonday.com-51.4%YTDValue Lost$5.9BSBC/Yr$225MSBC % Rev16%
- ASAN$1.3BAsana-48.2%YTDValue Lost$1.9BSBC/Yr$265MSBC % Rev37%
- SNAP$10.2BSnap-46.1%YTDValue Lost$14.1BSBC/Yr$1.6BSBC % Rev25%
- HUBS$12.1BHubSpot-45.4%YTDValue Lost$15.3BSBC/Yr$335MSBC % Rev12%
- APPS$450MDigital Turbine-45.0%YTDValue Lost$543MSBC/Yr$8MSBC % Rev15%
- ZETA$4.3BZeta Global-44.8%YTDValue Lost$5.5BSBC/Yr$145MSBC % Rev15%
- KVYO$5.8BKlaviyo-44.5%YTDValue Lost$7.3BSBC/Yr$205MSBC % Rev19%
- DOCU$9.0BDocuSign-43.2%YTDValue Lost$11.0BSBC/Yr$315MSBC % Rev12%
- DOCS$4.3BDoximity-42.4%YTDValue Lost$5.0BSBC/Yr$62MSBC % Rev8%
- GTLB$3.5BGitLab-42.3%YTDValue Lost$4.1BSBC/Yr$325MSBC % Rev30%
- NOW$93.0BServiceNow-41.3%YTDValue Lost$112.8BSBC/Yr$1.2BSBC % Rev8%
- TTD$11.4BTrade Desk-41.0%YTDValue Lost$19.2BSBC/Yr$228MSBC % Rev8%
- CVLT$4.2BCommvault-38.4%YTDValue Lost$4.8BSBC/Yr$55MSBC % Rev6%
- IOT$17.0BSamsara-38.2%YTDValue Lost$17.7BSBC/Yr$425MSBC % Rev18%
- ADP$84.0BADP-37.1%YTDValue Lost$49.5BSBC/Yr$248MSBC % Rev1%
- TEAM$18.6BAtlassian-37.0%YTDValue Lost$17.3BSBC/Yr$745MSBC % Rev15%
- CRM$165.0BSalesforce-36.8%YTDValue Lost$148.7BSBC/Yr$3.0BSBC % Rev8%
- WIX$4.0BWix-36.5%YTDValue Lost$4.0BSBC/Yr$195MSBC % Rev12%
- WDAY$33.0BWorkday-35.6%YTDValue Lost$35.0BSBC/Yr$900MSBC % Rev11%
- GWRE$9.9BGuidewire-35.4%YTDValue Lost$9.6BSBC/Yr$198MSBC % Rev14%
- ESTC$5.1BElastic-35.1%YTDValue Lost$4.7BSBC/Yr$275MSBC % Rev20%
- BRZE$2.7BBraze-34.6%YTDValue Lost$2.4BSBC/Yr$178MSBC % Rev23%
- CLBT$3.3BCellebrite-34.5%YTDValue Lost$2.7BSBC/Yr$72MSBC % Rev10%
- DUOL$4.5BDuolingo-33.9%YTDValue Lost$3.6BSBC/Yr$94MSBC % Rev9%
- INTU$108.0BIntuit-32.3%YTDValue Lost$80.8BSBC/Yr$985MSBC % Rev4%
- VEEV$26.5BVeeva-31.4%YTDValue Lost$21.6BSBC/Yr$360MSBC % Rev11%
- ADBE$96.0BAdobe-31.0%YTDValue Lost$72.7BSBC/Yr$1.3BSBC % Rev5%
- DDOG$45.0BDatadog-29.8%YTDValue Lost$32.6BSBC/Yr$650MSBC % Rev14%
- ZM$24.2BZoom-29.5%YTDValue Lost$15.2BSBC/Yr$305MSBC % Rev6%
- SNOW$47.0BSnowflake-28.4%YTDValue Lost$31.6BSBC/Yr$1.1BSBC % Rev22%
- SAP$215.0BSAP-28.1%YTDValue Lost$131.8BSBC/Yr$1.2BSBC % Rev3%
- ADSK$50.0BAutodesk-25.9%YTDValue Lost$26.7BSBC/Yr$565MSBC % Rev8%
- MDB$21.0BMongoDB-22.4%YTDValue Lost$11.2BSBC/Yr$375MSBC % Rev17%
- NET$72.0BCloudflare-20.1%YTDValue Lost$27.7BSBC/Yr$760MSBC % Rev28%
- APP$151.0BAppLovin-19.8%YTDValue Lost$56.1BSBC/Yr$188MSBC % Rev3%
- TWLO$21.5BTwilio-19.2%YTDValue Lost$8.2BSBC/Yr$272MSBC % Rev11%
SBC % Revenue vs Value Destroyed
Each dot is a company. Size = market cap, color = YTD performance. Look for the big red dots — worst on both axes.
SBC % Revenue vs Value Destroyed — dot size = market cap, color = YTD %
Top 15 by Annual SBC
Who issues the most stock-based compensation in raw dollars. Color-coded by how much of revenue that represents.
Top 15 by Annual SBC ($M) — colored by SBC % Revenue
Decode the metrics
Every term used on this page, explained in plain English.
Pay given to employees as shares or options instead of cash. Real expense, often hidden in 'adjusted' metrics.
When a company creates new shares, existing shareholders own a smaller % of the business — without doing anything.
Shareholder wealth evaporated vs the 52-week high. The paper money people thought they had but don't.
How much of every dollar earned is given back to employees in stock. Above 20% is a major red flag.
Share price × total shares outstanding. How much the public market thinks the whole company is worth.
How much the stock is up or down since January 1 of the current year.
How far the stock has fallen from its highest point in the past year.
When the stock drops, the 6 months of SBC already paid out is now worth much less — but the shares are still out there.