Growth in fully
diluted tangible book value (ex-AOCI) is a good measure of firm performance, if you add back dividends, and subtract out net equity issuance / buyback measured not at cost, but at the current market price.
So, that's my preferred measure for how much has the underlying value of the firm increased: growth in fully
diluted tangible book value (ex-AOCI), adding back dividends, and subtract out net equity issuance / buyback measured not at cost, but at the current market price.