What is dilution-aware valuation?

Dilution-aware valuation accounts for the impact of stock-based compensation (SBC) on shareholder value. Traditional models ignore SBC dilution, but Michael Burry's approach adjusts the valuation formula to reflect the true cost of equity dilution from stock grants and options.

What is Owner's Earnings?

Owner's Earnings is a cash flow metric that represents the true earnings available to shareholders. It's calculated as: Net Income + GAAP SBC (add back non-cash) - Actual Stock Buybacks - RSU Tax Withholding Payments. This shows the real cash cost of stock-based compensation.

How is this different from a regular DCF calculator?

Unlike traditional DCF calculators that use GAAP earnings or free cash flow, BurryDCF uses Owner's Earnings which properly accounts for stock-based compensation costs. It also applies a dilution adjustment to the Gordon Growth Model formula to reflect ongoing shareholder dilution.

Where does the data come from?

BurryDCF pulls data directly from SEC EDGAR XBRL filings (10-K and 10-Q reports) for Owner's Earnings components, and uses Polygon.io for real-time stock prices, dividends, and company information. All data sources are transparent and verifiable.

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