I was referring to both because EPS is wrapped up into P/E... P/E = stock price / (earnings / # of shares oustanding) And it actually does matter because a co

I was referring to both because EPS is wrapped up into P/E... P/E = stock price / (earnings / # of shares oustanding) And it actually does matter because a company can steadily grow EPS while not growing revenue meaning that something might be amiss, but it can easily be overlooked because EPS has been growing. Also, there are plenty of reasons not to want buybacks. Many times companies will buy their stock when it's at highs, thus destroying value for shareholders.