The ranking measure: Ranked by the 12-month growth in period-end shares outstanding, adjusted for stock splits (fastest dilution first), with stock-based compensation as a percentage of revenue alongside, from SEC filings. Share issuance for acquisitions, offerings and employee pay all count.

Who is included: Passes data-quality checks; revenue of at least $100M; share-count growth of at least 1% (companies holding their count flat are not 'diluting'); not a bank, insurer or REIT.

Methodology change: From the 2026-Q4 edition the share count is the period-end number of shares outstanding (from the balance sheet, or the filing's cover page where the balance sheet doesn't tag it), adjusted for stock splits and compared with a year earlier. Earlier editions used the trailing-twelve-month average of weighted-average diluted shares, which moves with the share price and with swings between profit and loss, and lags actual buybacks.

A new edition is published each calendar quarter; past editions are kept unchanged. Observations, not recommendations — a position on this ranking is a description of reported figures, never advice.

Research cited

  • Pontiff, J., & Woodgate, A. (2008). Share issuance and cross-sectional returns. Journal of Finance.
  • Daniel, K., & Titman, S. (2006). Market reactions to tangible and intangible information. Journal of Finance.