The Idiot Index

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Sector
Shareholder ExtractionApplied to fabless and integrated semiconductor companies. COGS captures wafer, foundry, packaging, and test costs; Operational Markup is the more cyclically-stable indicator across product cycles.
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Shareholder Extraction in Semiconductor · FY 2023

28 of 34 companies · highest first
  1. 1
    SLABSilicon Labs
    $4.21 to shareholders for every $1 in R&D
    sector median 0.6473Top 2%
    4.2094
    × buybacks+dividends / R&D
  2. 2
    ALGMAllegro Microsystems
    $3.68 to shareholders for every $1 in R&D
    sector median 0.6473Top 5%
    3.6816
    × buybacks+dividends / R&D
  3. 3
    ADIAnalog Devices
    $2.87 to shareholders for every $1 in R&D
    sector median 0.6473Top 9%
    2.8658
    × buybacks+dividends / R&D
  4. 4
    TXNTexas Instruments
    $2.84 to shareholders for every $1 in R&D
    sector median 0.6473Top 13%
    2.8398
    × buybacks+dividends / R&D
  5. 5
    NXPINXP
    $2.36 to shareholders for every $1 in R&D
    sector median 0.6473Top 16%
    2.3642
    × buybacks+dividends / R&D
  6. 6
    LRCXLam Research
    $2.29 to shareholders for every $1 in R&D
    sector median 0.6473Top 20%
    2.2932
    × buybacks+dividends / R&D
  7. 7
    AMATApplied Materials
    $1.85 to shareholders for every $1 in R&D
    sector median 0.6473Top 23%
    1.8463
    × buybacks+dividends / R&D
  8. 8
    KLACKLA
    $1.70 to shareholders for every $1 in R&D
    sector median 0.6473Median range
    1.6986
    × buybacks+dividends / R&D
  9. 9
    TERTeradyne
    $1.56 to shareholders for every $1 in R&D
    sector median 0.6473Median range
    1.5574
    × buybacks+dividends / R&D
  10. 10
    AVGOBroadcom
    $1.28 to shareholders for every $1 in R&D
    sector median 0.6473Median range
    1.2798
    × buybacks+dividends / R&D

Not yet covered (6)

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

Applied to fabless and integrated semiconductor companies. COGS captures wafer, foundry, packaging, and test costs; Operational Markup is the more cyclically-stable indicator across product cycles.

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.