Shareholder yield and its trade-off against reinvestment.
| Concept | Explanation | |---|---| | Buyback yield | Net reduction in shares relative to market value. | | Dividend yield | Annual dividend relative to share price. | | Total shareholder yield | Dividends plus net buybacks relative to market value. | | Payout sustainability | Ability to fund distributions from recurring cash flow. | | Reinvestment trade-off | Cash returned cannot also be invested in growth or debt reduction. |