But the value of the company's future profits is already priced into the stock (provided the stock is priced correctly). Otherwise the value of the company woul

But the value of the company's future profits is already priced into the stock (provided the stock is priced correctly). Otherwise the value of the company would just be its book value. If a company buys back stock that is overpriced, it actually destroys shareholder value. If the stock is priced correctly the outcome will be neutral for the shareholders. Only in the case where the stock is cheap relative to its value, is value created for the shareholders.