Start with the security, then examine the business. These guides connect common and preferred stock, per-share measures, and corporate capital allocation. Read the stock-equity primer before the buybacks analysis so that changes in the denominator have a clear meaning. The examples are educational calculations, not a stock selection service.
A useful reading order
Begin with Stock Equity Explained to identify the security and denominator. Then read Share Buybacks Explained to see how company spending and net share changes interact. Compare the fictional calculations on a consistent basis and keep each assumption visible. When researching a real company, replace every illustration with dated company disclosures and your own clearly labeled analysis.
Share Buybacks Explained: Follow the Cash and the Share Count
Examine share buybacks through cash use, net share changes, EPS arithmetic, purchase prices, and financing choices without assuming value creation.
Stock Equity Explained: Shares, Rights, and Real Ownership
Understand stock equity, common and preferred shares, ownership percentages, market value, and the questions to ask before interpreting a holding.