The most counter-intuitive fact in corporate finance is that growth consumes cash. A business winning more orders and expanding margins can run out of money doing it.
Operating Leverage: Why Some Companies Fall Apart Faster Than Others
Two companies with identical revenue, profit and growth can differ by several times in how dangerous they are to own. The difference is what share of costs is fixed.
Buybacks vs Dividends: Why Companies Choose One Over the Other
The financial effect is nearly identical. The signalling, the tax treatment and the incentives are not, which is why the choice says more about management than about the business.