{"slug":"market-cap-and-shares-outstanding","qid":"share_count_gap","label":"The recovered share count against the filed diluted count","post_title":"Market Cap and Which Share Count It Uses","post_url":"/blog/market-cap-and-shares-outstanding#q-share_count_gap","columns":["ticker","implied_shares_mm","filed_diluted_shares_mm","gap_pct","period_covered","priced_on"],"rows":[{"ticker":"JPM","implied_shares_mm":2658,"filed_diluted_shares_mm":2782,"gap_pct":4.43,"period_covered":"Dec 31, 2025","priced_on":"Aug 20, 2026"},{"ticker":"AAPL","implied_shares_mm":14594,"filed_diluted_shares_mm":14810,"gap_pct":1.46,"period_covered":"Dec 27, 2025","priced_on":"Aug 20, 2026"},{"ticker":"NVDA","implied_shares_mm":24221,"filed_diluted_shares_mm":24391,"gap_pct":0.7,"period_covered":"Apr 26, 2026","priced_on":"Aug 20, 2026"},{"ticker":"MSFT","implied_shares_mm":7426,"filed_diluted_shares_mm":7460,"gap_pct":0.46,"period_covered":"Dec 31, 2025","priced_on":"Aug 20, 2026"},{"ticker":"KO","implied_shares_mm":4303,"filed_diluted_shares_mm":4313,"gap_pct":0.24,"period_covered":"Jul 3, 2026","priced_on":"Aug 20, 2026"}],"shape":"table","sql":"WITH vendor AS\n(\n    SELECT\n        ticker,\n        argMax(toFloat64(market_cap), date)             AS mkt_cap,\n        argMax(toFloat64(price), date)                  AS px,\n        argMax(formatDateTime(date, '%b %e, %Y'), date) AS priced_on\n    FROM global_markets.stocks_ratios\n    WHERE ticker IN ('AAPL', 'MSFT', 'NVDA', 'KO', 'JPM', 'XOM')\n      AND price > 0\n      AND market_cap > 0\n    GROUP BY ticker\n),\nfiled AS\n(\n    SELECT\n        ticker,\n        argMax(toFloat64(diluted_shares_outstanding), (filing_date, period_end))   AS diluted,\n        argMax(formatDateTime(period_end, '%b %e, %Y'), (filing_date, period_end)) AS period_covered\n    FROM\n    (\n        SELECT\n            arrayJoin(tickers) AS ticker,\n            filing_date,\n            period_end,\n            diluted_shares_outstanding\n        FROM global_markets.stocks_income_statements\n        WHERE hasAny(tickers, ['AAPL', 'MSFT', 'NVDA', 'KO', 'JPM', 'XOM'])\n          AND timeframe = 'quarterly'\n          AND diluted_shares_outstanding > 0\n    )\n    WHERE ticker IN ('AAPL', 'MSFT', 'NVDA', 'KO', 'JPM', 'XOM')\n    GROUP BY ticker\n)\nSELECT\n    v.ticker                                                      AS ticker,\n    round(v.mkt_cap / v.px / 1e6)                                 AS implied_shares_mm,\n    round(f.diluted / 1e6)                                        AS filed_diluted_shares_mm,\n    round(abs(v.mkt_cap / v.px - f.diluted) * 100 / f.diluted, 2) AS gap_pct,\n    f.period_covered                                              AS period_covered,\n    v.priced_on                                                   AS priced_on\nFROM vendor AS v\nINNER JOIN filed AS f ON f.ticker = v.ticker\nORDER BY gap_pct DESC","computed_at":"2026-08-22T04:16:15.968154+00:00","elapsed":0.202538593}