The Idiot Index

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Shareholder ExtractionApplied to packaged-food, beverage, and quick-service restaurant companies. COGS captures ingredients, packaging, and (for QSR) franchise-operated cost of revenue. The Markup Ratio is meaningful but the Operational Markup is the cleaner signal because brand investment flows…
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Shareholder Extraction in Food & Beverage · FY 2023

19 of 34 companies · highest first
  1. 1
    JJSFJ&J Snack Foods
    $74.64 to shareholders for every $1 in R&D
    sector median 11.34Top 3%
    74.64
    × buybacks+dividends / R&D
  2. 2
    MOAltria
    $56.01 to shareholders for every $1 in R&D
    sector median 11.34Top 8%
    56.01
    × buybacks+dividends / R&D
  3. 3
    FLOFlowers Foods
    $33.11 to shareholders for every $1 in R&D
    sector median 11.34Top 13%
    33.11
    × buybacks+dividends / R&D
  4. 4
    HSYHershey
    $28.52 to shareholders for every $1 in R&D
    sector median 11.34Top 18%
    28.52
    × buybacks+dividends / R&D
  5. 5
    POSTPost Holdings
    $18.13 to shareholders for every $1 in R&D
    sector median 11.34Top 24%
    18.13
    × buybacks+dividends / R&D
  6. 6
    HRLHormel
    $16.16 to shareholders for every $1 in R&D
    sector median 11.34Median range
    16.16
    × buybacks+dividends / R&D
  7. 7
    KHCKraft Heinz
    $15.93 to shareholders for every $1 in R&D
    sector median 11.34Median range
    15.93
    × buybacks+dividends / R&D
  8. 8
    CAGConagra
    $15.06 to shareholders for every $1 in R&D
    sector median 11.34Median range
    15.06
    × buybacks+dividends / R&D
  9. 9
    KDPKeurig Dr Pepper
    $14.47 to shareholders for every $1 in R&D
    sector median 11.34Median range
    14.47
    × buybacks+dividends / R&D
  10. 10
    MDLZMondelez
    $11.34 to shareholders for every $1 in R&D
    sector median 11.34Median range
    11.34
    × buybacks+dividends / R&D

Not yet covered (15)

These companies are in the Food & Beverage cohort but don't have a Shareholder Extraction computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

Dollars sent to shareholders for every dollar invested in R&D.

Ratio
Shareholder Extraction
Sector
Food & Beverage
Methodology version
v1.0.0
Formula
(Buybacks + Dividends) / R&DExpense
Sector context

Applied to packaged-food, beverage, and quick-service restaurant companies. COGS captures ingredients, packaging, and (for QSR) franchise-operated cost of revenue. The Markup Ratio is meaningful but the Operational Markup is the cleaner signal because brand investment flows through SG&A — and Shareholder Extraction often runs high because mature consumer-staples brands return capital aggressively rather than reinvest.

Whether the company invests in future productive capacity or extracts current value to shareholders. A ratio above 3.0 typically indicates an extraction-dominant capital allocation policy. A ratio below 1.0 indicates the company is investing more in its future than returning to shareholders.

Source data: PaymentsForRepurchaseOfCommonStock, PaymentsOfDividends, ResearchAndDevelopmentExpense (us-gaap) or equivalents in IFRS.