Stocks are distinct from bonds, they're an ownership stake in a business so dividends are only a small component of their value. Share buybacks, liquidity event

Stocks are distinct from bonds, they're an ownership stake in a business so dividends are only a small component of their value. Share buybacks, liquidity events like exits, voting rights, etc all feed into value. Stock buybacks in particular can have tax advantages over dividends leading to companies like apple favoring them as a way of distributing value to shareholders. And the the terms of a stock aren't set at stock issuance, since they represent shares in a business they can go from dividend paying to not dividend paying and back.