Yes, but in the case of issuance of new shares they aren’t. Stock based compensation adds to the market cap but not to the stock price. Same with acquisitions d

Yes, but in the case of issuance of new shares they aren’t. Stock based compensation adds to the market cap but not to the stock price. Same with acquisitions done in stock. You could merge your company with another company the same value and double the market cap without the share price changing.