It is not the same as a dividend. Not even close. By definition, one returns cash, the other doesn’t. The stock buyback also prevents market price discovery b

It is not the same as a dividend. Not even close. By definition, one returns cash, the other doesn’t. The stock buyback also prevents market price discovery because of an artificial price floor. The buyback is also a subject to buyback tax, transaction fee at the broker, and the benefits of the buyback are not captured by the long term holders, only by short term holders, e.g. insiders, who often sell into the buyback guaranteeing a price floor and effectively an execution price.