capital-allocation
GitHub深入分析公司资本配置，包括回购、分红和股东收益率。支持按股票代码查询，自动获取市场数据及过去8个季度的财务指标，计算股东回报、FCF部署、杠杆及股本动态等关键比率，并结合SEC文件进行定性研究。
Trigger Scenarios
Install
npx skills add openai/plugins --skill capital-allocation -g -y
SKILL.md
Frontmatter
{
"name": "capital-allocation",
"description": "Deep dive into capital deployment, buybacks, dividends, and shareholder yield"
}
Perform a deep dive into capital allocation for the company named in the user's request. If no ticker or company is provided, ask for one before proceeding.
Before starting, read ../data-access.md for data access methods and ../design-system.md for formatting conventions. Follow the data access detection logic and design system throughout this skill.
Follow these steps:
1. Company Lookup
Look up the company by ticker using discover_companies. Capture:
company_idlatest_calendar_quarter— anchor for all period calculations below (see../data-access.mdSection 1.5)latest_fiscal_quarter- Firm name for report attribution (default: "Daloopa") — see
../data-access.mdSection 4.5
2. Market Data
Get the current stock price, market cap, and shares outstanding for {TICKER} (see ../data-access.md Section 2 for how to source market data in your environment).
- This is needed to compute yields and per-share metrics
If market data is unavailable, note that market-derived metrics (yields, etc.) cannot be computed and proceed with Daloopa data only.
3. Capital Allocation Data
Calculate 8 quarters backward from latest_calendar_quarter. Pull:
Share Count & Buybacks:
- Diluted shares outstanding
- Share repurchase amounts (dollars)
- Shares retired/repurchased (units, if available)
Dividends:
- Dividends per share
- Total dividend payments
- Special dividends (if any)
Cash Flow:
- Operating Cash Flow
- Capital Expenditures
- Free Cash Flow (compute as OCF - CapEx, label "(calc.)")
- D&A (for reference)
Balance Sheet:
- Cash and equivalents
- Short-term investments / marketable securities
- Total debt (short + long term)
- Net debt (compute as Total Debt - Cash - Investments, label "(calc.)")
M&A / Investments:
- Search for "acquisition", "purchase of business", "investment" in series
- Pull any available M&A-related series
4. Compute Capital Allocation Metrics
Calculate for each quarter where data is available:
Shareholder Returns:
- Total Buyback Amount
- Total Dividend Amount
- Total Shareholder Return = Buybacks + Dividends
- Shareholder Yield = (Buybacks + Dividends) / Market Cap (annualized)
- Buyback Yield = Buybacks / Market Cap (annualized)
- Dividend Yield = Dividends / Market Cap (annualized)
FCF Deployment:
- FCF Payout Ratio = Total Shareholder Return / FCF
- CapEx as % of Revenue
- CapEx as % of OCF
- FCF Margin = FCF / Revenue
Leverage:
- Net Debt / EBITDA (if EBITDA available; compute from Operating Income + D&A if needed)
- Net Debt / Equity
- Interest Coverage = Operating Income / Interest Expense (if available)
- Cash as % of Market Cap
Share Count Dynamics:
- QoQ share count change
- YoY share count change
- Implied buyback rate (QoQ % reduction)
- At current buyback rate, years to retire X% of shares
5. Qualitative Research
Search SEC filings for capital allocation strategy and context. Try multiple searches:
- Buyback program: Try "repurchase program", "share repurchase"; fallback to "buyback", "authorization"
- Dividend policy: Try "dividend", "capital return"; fallback to "distribution", "payout"
- M&A strategy: Try "acquisition", "strategic"; fallback to "purchase", "investment"
- Capital priorities: Try "capital allocation", "priorities"; fallback to "deploy", "balance sheet"
- Debt management: Try "debt", "refinance"; fallback to "leverage", "maturity"
Extract:
- Board-authorized buyback programs (remaining authorization amount)
- Dividend policy (commitment to growth, payout ratio targets)
- M&A philosophy (bolt-on vs transformational, deal pipeline commentary)
- Management's stated capital allocation framework and priorities
- Any changes in capital allocation strategy
- Direct quotes with document citations
6. Historical Analysis & Value Judgment
Analyze the 8-quarter trend:
- Is buyback activity accelerating or decelerating?
- Is the company buying back more shares when price is lower (disciplined) or higher (less disciplined)?
- Dividend growth rate (if applicable)
- Shift between CapEx, buybacks, dividends, and debt repayment over time
- FCF conversion trend (is more/less of OCF converting to FCF?)
Honestly assess whether capital allocation is creating or destroying value:
- If the company is buying back stock at all-time-high prices with deteriorating fundamentals, call it value destruction — even if EPS looks better from the lower share count.
- If the company is under-investing in CapEx or R&D to fund buybacks, flag the risk to long-term competitiveness.
- If FCF payout ratio exceeds 100%, the company is funding returns with debt or cash drawdowns — flag this as unsustainable.
- Compare the implied return from buybacks (inverse of P/E at purchase prices) to what the company could earn from organic reinvestment or M&A.
6.5. Reinvestment Assessment
Assess whether the company is adequately reinvesting in its business or funding returns at the expense of long-term competitiveness.
Pull reinvestment metrics (8 quarters):
- R&D expense (and R&D as % of revenue)
- Capital Expenditures (and CapEx as % of revenue)
- Key growth KPIs relevant to the business model (use sector taxonomy):
- SaaS/Cloud: ARR, net revenue retention, RPO/cRPO, customers >$100K
- Consumer Tech: DAU/MAU, ARPU, installed base, paid subscribers
- E-commerce/Marketplace: GMV, take rate, active buyers/sellers
- Retail: same-store sales, store count, average ticket
- Telecom/Media: subscribers, churn, ARPU, content spend
- Hardware: units shipped, ASP, attach rate
- Financial Services: AUM, NIM, loan growth, fee income ratio
- Pharma/Biotech: pipeline stage, patient starts, scripts, market share
- Industrials/Energy: backlog, book-to-bill, utilization, production volumes
Assess reinvestment adequacy:
- Is R&D/revenue trending down while buybacks are increasing? This may indicate the company is funding shareholder returns by underinvesting in innovation.
- Is CapEx/revenue declining while the business requires sustained infrastructure investment (e.g., cloud, manufacturing, stores)?
- Are growth KPIs (subscriber adds, customer growth, same-store sales) deteriorating while capital returns are at record levels? This is a red flag — the company may be harvesting rather than growing.
- Compare R&D intensity and CapEx intensity vs peers (if available from the industry or comps skills). Is the company investing more or less than competitors?
Value creation vs extraction verdict:
- Net assessment: Is the company's capital allocation creating long-term value (reinvesting at high ROIC, buying back cheap stock, growing dividends sustainably) or extracting value (under-investing to fund buybacks at premium valuations, leveraging up for returns)?
7. Save Report
Save to reports/{TICKER}_capital_allocation.html using the HTML report template from ../design-system.md. Write the full analysis as styled HTML with the design system CSS inlined. This is the final deliverable — no intermediate markdown step needed.
Structure the report with these sections:
<h1>{Company Name} ({TICKER}) — Capital Allocation Analysis</h1>
<p>Generated: {date}</p>
<h2>Summary</h2>
{2-3 sentences: How does this company deploy its capital? Key takeaways.}
<h2>Current Snapshot</h2>
<table>
| Metric | Value |
| Market Cap | $XXX |
| Trailing 4Q FCF | $XXX |
| FCF Yield | X.X% |
| Shareholder Yield | X.X% |
| Net Debt / EBITDA | X.Xx |
| Remaining Buyback Authorization | $XXX |
</table>
<h2>Cash Flow & FCF (8 Quarters)</h2>
<table>
| Metric | Q1 | Q2 | ... | Q8 |
{OCF, CapEx, FCF, FCF Margin % — with Daloopa citations}
</table>
<h2>Share Repurchases & Dividends (8 Quarters)</h2>
<table>
| Metric | Q1 | Q2 | ... | Q8 |
{Buyback $, Dividends $, Total Return, Share Count — with Daloopa citations}
</table>
<h2>Shareholder Yield Analysis</h2>
<table>
| Metric | Q1 | Q2 | ... | Q8 |
{Buyback Yield, Div Yield, Total Yield, FCF Payout Ratio}
</table>
<h2>Leverage & Balance Sheet (8 Quarters)</h2>
<table>
| Metric | Q1 | Q2 | ... | Q8 |
{Cash, Debt, Net Debt, Net Debt/EBITDA — with Daloopa citations}
</table>
<h2>Capital Allocation Framework</h2>
{Management's stated priorities from filings, with document citations}
<h2>Reinvestment Assessment</h2>
<table>
| Metric | Q1 | Q2 | ... | Q8 |
{R&D, R&D % Rev, CapEx, CapEx % Rev, key growth KPIs — with Daloopa citations}
</table>
{Analysis: Is the company adequately reinvesting? R&D/CapEx trends vs growth KPI trends. Value creation vs extraction verdict.}
<h2>Buyback Discipline Analysis</h2>
{Analysis of buyback timing vs price, share count reduction trend, authorization remaining}
<h2>M&A Activity</h2>
{Any acquisitions from filings, deal sizes, strategic rationale}
<h2>Key Observations</h2>
<ul>{3-5 bullet points on capital allocation quality, trends, and implications}</ul>
All financial figures must use Daloopa citation format: <a href="https://daloopa.com/src/{fundamental_id}">$X.XX million</a>
Tell the user where the HTML report was saved.
Highlight the key capital allocation story (e.g., "AAPL returned $XX billion to shareholders over the last year, a X.X% shareholder yield, with buybacks accelerating").
Version History
- 11c74d6 Current 2026-07-19 09:32
