If a company habitually buys shares back, then yes, that does tell you something about future growth prospects, in comparison to share buybacks. It's a pretty

If a company habitually buys shares back, then yes, that does tell you something about future growth prospects, in comparison to share buybacks. It's a pretty clear sign of management saying "We see no better opportunity than to buy shares at the current price." This may be because management believes shares are undervalued. But it may also be because they have no alternative plans. And continued buybacks would seem to indicate the latter.