Executive & Board / Risk & Governance
Total Shareholder Return TSR (rTSR relative)
The total return a shareholder earned over a period, price change plus dividends, the ultimate scorecard for value creation.
The fork, why two teams get different numbers
First, whether dividends are included and reinvested: price-only return understates TSR for any dividend-payer, and the reinvestment assumption (reinvested at the ex-date price) affects compounding.
In the Metric Library
- The full fork, both definitions worked all the way through
- The trap that makes the number lie, on a real export
- Every formula variant, spelled out
- The reconciliation anchor, what to tie it to and when to refuse
Reference: SEC Regulation S-K Item 402(v) (Pay Versus Performance TSR disclosure) · standard total-return convention