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BABA announced it had re-purchased $4.8B shares in Q1.

Cash is ~$87B
Debt is ~$23.5B
Total: ~$63.5B

Current market cap: $185b

In Q4 2023, $BABA paid $870 million in SBC. That leaves a net buyback of ~$4b for the QUARTER!

Now let’s do some quick math.

•$185b-$63.5b = $121b
•$4b * 4 = $16b/year buybacks

$BABA created ~$27b of free cash flow last year, which makes the 16b buybacks possible.

That means $BABA could buyback its entire stock within 7 years.
(That is expecting no growth in fcf and using 60% of the expected free cash flow which should end up as cash otherwise)
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