The Idiot Index

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Shareholder ExtractionApplied to pharmaceutical and integrated healthcare companies. COGS captures manufacturing of drugs, devices, and clinical services; R&D in this sector is capitalized into pipeline value rather than expensed-and-forgotten, so the Shareholder Extraction ratio carries explicit…
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Shareholder Extraction in Pharma & Healthcare · FY 2023

31 of 48 companies · highest first
  1. 1
    IDXXIDEXX Labs
    $4.64 to shareholders for every $1 in R&D
    sector median 0.7492Top 2%
    4.6381
    × buybacks+dividends / R&D
  2. 2
    ZTSZoetis
    $2.40 to shareholders for every $1 in R&D
    sector median 0.7492Top 5%
    2.3957
    × buybacks+dividends / R&D
  3. 3
    AAgilent
    $2.32 to shareholders for every $1 in R&D
    sector median 0.7492Top 8%
    2.3220
    × buybacks+dividends / R&D
  4. 4
    STESTERIS
    $2.24 to shareholders for every $1 in R&D
    sector median 0.7492Top 11%
    2.2387
    × buybacks+dividends / R&D
  5. 5
    BDXBD
    $2.19 to shareholders for every $1 in R&D
    sector median 0.7492Top 15%
    2.1876
    × buybacks+dividends / R&D
  6. 6
    BAXBaxter
    $2.13 to shareholders for every $1 in R&D
    sector median 0.7492Top 18%
    2.1281
    × buybacks+dividends / R&D
  7. 7
    AMGNAmgen
    $1.87 to shareholders for every $1 in R&D
    sector median 0.7492Top 21%
    1.8651
    × buybacks+dividends / R&D
  8. 8
    TMOThermo Fisher
    $1.70 to shareholders for every $1 in R&D
    sector median 0.7492Top 24%
    1.7034
    × buybacks+dividends / R&D
  9. 9
    MDTMedtronic
    $1.51 to shareholders for every $1 in R&D
    sector median 0.7492Median range
    1.5130
    × buybacks+dividends / R&D
  10. 10
    ALGNAlign Technology
    $1.50 to shareholders for every $1 in R&D
    sector median 0.7492Median range
    1.4983
    × buybacks+dividends / R&D

Not yet covered (17)

These companies are in the Pharma & Healthcare 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
Pharma & Healthcare
Methodology version
v1.0.0
Formula
(Buybacks + Dividends) / R&DExpense
Sector context

Applied to pharmaceutical and integrated healthcare companies. COGS captures manufacturing of drugs, devices, and clinical services; R&D in this sector is capitalized into pipeline value rather than expensed-and-forgotten, so the Shareholder Extraction ratio carries explicit weight as an indicator of capital allocation priority.

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.