So what we're gonna do here is have a look at various metrics such as EBIT, net income, return on equity, return on invested capital and EPS, and understand how dividends and share buybacks have an impact on those. If we think about paying dividends or buying back shares, neither of these transactions have an impact on EBIT or net income. However, both dividends and share buybacks have an impact on equity. Since return on equity is net income divided by equity, both transactions boost return on equity by reducing that equity. However, since both paying dividends and buying back shares uses cash, net debt is going to increase. So equity reduces, but net debt increases. Therefore, capital is completely unchanged as we can see in the diagram. Consequently, net assets, or we might refer to as invested capital, also remains unchanged. Again, we can see that in the diagram since return on equity is EBIT divided by invested capital, return on invested capital also remains unchanged. It's worth also reminding ourselves that although earnings per share is unchanged when paying a dividend, buying back shares reduces the share count, and this must boost earnings per share.