Jim Cramer, the host of Mad Money, on Wednesday shared what he called his best “buyback monsters,” explaining that these companies can offer investors a path to earnings growth.
“With the data center trade flagging, we’re seeing money rotate back into all sorts of non-tech growth stocks. And if you want earnings per share growth, the most straightforward way to get it is by betting on companies with enormous buybacks. Even if the underlying business isn’t growing, as long as they’re repurchasing enough shares, they shrink the share count and therefore, their earnings per share soar. Since the end of 2015, there are 51 companies in the S&P 500 that have reduced their share count by more than 30%. That’s amazing.”
READ ALSO: Jim Cramer Was Asked About These 11 Stocks and Jim Cramer Recently Discussed These 19 Stocks.
Cramer also noted that buybacks alone do not guarantee success. He said that not every company on that list deserves investor money and explained that repurchasing stock cannot rescue a business that is deteriorating. He added that buybacks can sometimes be a poor use of capital and pointed out that the five largest repurchasers over the past decade have all lagged the S&P 500. Because of that, Cramer said he reviewed all 51 companies and narrowed the group down to 10 he believes are worth recommending.
“Here’s the bottom line: When you’ve got a company with strong fundamentals and a long history of aggressively buying back its own stock, you just might have a winner, especially now that the market’s fallen out of love, at least momentarily, with the tech stocks.”
Our Methodology
For this article, we compiled a list of 10 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on December 17. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the third quarter of 2025, which was taken from Insider Monkey’s database of 978 hedge funds.
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Jim Cramer Was Bullish on 10 Stocks Due to Share Buyback Activity
10. AutoZone, Inc. (NYSE:AZO)
Number of Hedge Fund Holders: 60
AutoZone, Inc. (NYSE:AZO) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer highlighted that he has recommended the stock “endlessly.” He commented:
“Finally, there’s one that I’ve recommended to you endlessly, and that is AutoZone, the auto parts retailer, which has shrunk its share count by 44.9%, can you believe that, since the end of 2015, 44.9%. If you go back to the summer of 1998, AutoZone’s shrunk its share count by roughly 89%. That’s why the stock’s been a massive long-term outperformer I always recommended. At the same time, I like the fundamentals here. Rates are still high. Getting financing for new cars is expensive, so people need new parts to make their old cars last longer. Plus, AutoZone’s pulled back 22% from its highs. You know what? I’d be a buyer. I bet the company is too.”
AutoZone, Inc. (NYSE:AZO) sells and distributes automotive replacement parts, maintenance items, and accessories for cars, SUVs, vans, and light trucks. Cramer mentioned the stock during the September 19 episode and said:
“Tuesday morning, we have AutoZone, AZO, reports, and I’ve been recommending this stock for two decades because no matter what happens, the company takes whatever cash it has on hand that’s spare and uses that money to buy back stock. It’s the most aggressive buyback in the New York Stock Exchange. Plus, the average car on the road in this country is getting real old. New ones cost a lot of money after tariffs, too much money. If you want to repair or maintain your old car yourself, it’s easier than ever because the instructions are all on YouTube. Even I, you know, 5, 10, 17 thumbs, I figure out stuff on YouTube and the parts, you can buy them at AutoZone.”
9. HCA Healthcare, Inc. (NYSE:HCA)
Number of Hedge Fund Holders: 73
HCA Healthcare, Inc. (NYSE:HCA) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer noted that the company significantly reduced its share count, as he remarked:
“Ninth, there’s HCA Healthcare. I’ve said I’ve liked this many times. It operates a network of 190 hospitals along with roughly 2,400 ambulatory care sites, and that’s not even counting the British business. HCA has shrunk its share count by 44% since the end of 2015. I’ve pushed the stock hard in recent years, and it just keeps climbing higher. HCA hit new all-time highs last month, but since then, it’s pulled back nearly 50 bucks on really no particular reason. I think it’s a terrific one to buy.”
HCA Healthcare, Inc. (NYSE:HCA) runs hospitals that provide inpatient, emergency, surgical, diagnostic, and intensive care services. In addition, the company operates outpatient and behavioral health facilities and physician practices. L1 Capital stated the following regarding HCA Healthcare, Inc. (NYSE:HCA) in its third quarter 2025 investor letter:
“We continued to trim our investment in HCA Healthcare, Inc. (NYSE:HCA) the leader in for-profit hospital and outpatient services in the U.S. after strong share price appreciation. While we continue to retain an investment in the company, it is no longer a top 10 Fund holding. At times the market has taken an overly pessimistic view of potential regulatory developments affecting HCA, causing the share price to fall to attractive levels. We have used these windows of opportunity to materially increase our HCA investment in the past. Today, expectations for operating conditions are much more balanced, the HCA share price has increased materially, and our assessment of risk adjusted return potential from the current share price is less favourable.”
8. Marathon Petroleum Corporation (NYSE:MPC)
Number of Hedge Fund Holders: 53
Marathon Petroleum Corporation (NYSE:MPC) is one of the stocks Jim Cramer was bullish on due to share buyback activity. During the episode, Cramer highlighted that the company generates a lot of cash, as he said:
“Eighth, hey, here’s one that nobody thinks about that I think they should. It’s called Marathon Petroleum. Marathon Pete. It operates the nation’s largest oil refining system as well as its largest midstream and retail businesses. Marathon Pete has reduced its share count by an astounding 43.6%, generates a lot of cash, since the end of 2015. At a time when I’m still pretty bearish on most of the energy sector, and I’m doubling down soon on that, I like Marathon. The refiners don’t need higher energy prices to do well. Sometimes, they benefit from lower energy prices, which is one reason the stock’s up 25% year to date. Plus, anytime there’s a pullback, you can bet, you… [can] be pretty confident the company’s in there buying them with you.”
Marathon Petroleum Corporation (NYSE:MPC) focuses on refining crude oil into fuels and other products and selling them. Moreover, the company runs fuel transportation and storage operations and produces renewable diesel. During the lightning round of June 26 episode, a caller inquired about the stock and Cramer responded:
“Yes, and it’s a good one. I think you want to own that stock. I like it very, very much. I just think that it’s one of the few… in that group that I actually want to own.”
7. Jabil Inc. (NYSE:JBL)
Number of Hedge Fund Holders: 54
Jabil Inc. (NYSE:JBL) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer highlighted the company’s transformation, as he remarked:
“Seventh, one that just reported, Jabil, the contract manufacturer formerly known as Jabil Circuit, which has shrunk its share count by 43.6% since the end of 2015. Jabil’s transformed itself from an outsourced kind of low-multiple manufacturer into a company that helps its clients actually design their products and figure out where to make them, very important now that there are tariffs all over the place. Jabil just reported a fantastic set of numbers this morning. But while the stock initially jumped nearly 10% in response, it eventually gave up most of those gains, but that’s because of a full-blown sector sell-off. Holy cow. They were shooting everything today. Now, you’re practically getting this quarter for free. I think some investors wanted just to ring the register, given that the stock is up 50%.”
Jabil Inc. (NYSE:JBL) provides manufacturing, design, and product management services, including electronics design, prototyping, and system assembly. It is worth noting that during the October 1 episode, Cramer called the company stock one of his favorites, as he stated:
“Right now, we’ve got a quiet bull market in what’s called contract manufacturers, although they do far more than that, the companies that provide outsourced manufacturing for all sorts of industries. Take Jabil, one of my favorites, which does manufacturing for everything from healthcare to autos to electronics and equipment that goes into the data center. This company’s been putting up excellent numbers, including last Thursday when Jabil reported a blowout quarter with better-than-expected guidance for the current quarter.
Bizarrely, the stock actually sold off in response. This has been happening quite a few times lately, losing almost 7% of its value in a single session, although since then, it’s recouped about a third of those losses. Now, some of that might be because Jabil’s revenue guidance seemed a little conservative. I think a lot of it’s just profit taking in a traditionally quiet company that’s seen its shares explode higher deservedly over the past year.”
6. General Motors Company (NYSE:GM)
Number of Hedge Fund Holders: 71
General Motors Company (NYSE:GM) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer praised the company’s CEO during the episode. The Mad Money host said:
“Now, the next five buyback monsters are more elite. They’ve retired more than 40% of their shares in the last decade. For starters, there’s General Motors. Now, get this, General Motors has shrunk its share count by 40.1% since 2015. This one’s interesting because GM’s simply retiring the new shares it issued during the financial crisis and its aftermath. Still, when you look at the rest of the auto industry, it’s clear CEO Mary Barra has been doing a remarkable job. She is so good. After tariff concerns kept a lid on GM for much of the first half of the year, the stock’s exploded higher in recent months. It’s now up over 50% year to date, trading at its highest level since the company returned to public markets in 2010. The best part, even after this move, GM still sells for just under seven times next year’s estimates. I bet it can keep climbing, especially if we get more rate cuts from the Fed. Now, you know, I expect that.”
General Motors Company (NYSE:GM) manufactures vehicles and parts under brands such as Chevrolet, Cadillac, Buick, GMC, Baojun, and Wuling. Cramer discussed the company during the October 27 episode and said:
“In the United States, GM said that they achieved their highest third-quarter market share since 2017, thanks to their industry-leading full-size pickup and SUV franchise, as well as record crossover deliveries. Even though they’re pulling back on electric vehicles, Chevy’s now the number two EV brand in America. Plus, GM’s also starting to get meaningful contributions from their self-driving Super Cruise technology as well as OnStar and other software and services business. It’s coming together for GM.
Now, GM’s bread and butter North American business was still down substantially year over year, thanks to the big margin decline, but GM International’s cleaning up. Even the previously challenged Chinese business helped make up the decline in North America… On the conference call, CEO Mary Barra thanked President Trump for slapping tariffs on medium and heavy-duty trucks, protecting GM from competition while giving them some offsets to deal with tariffs on imported car parts. No business ever got hurt by staying in the White House’s good graces.
Hey, look, even after the monster run, I think the future looks really great for GM, especially if the Federal Reserve cuts rates again this weekend. You know, I think they’re going to… Wall Street had a lot of worries for both Ford and GM, and it turned out things weren’t that bad, and that’s okay when you have low price to earnings multiples like we have here. More importantly, I think both stocks can keep running. Even after these moves, GM sells for seven times this year’s earnings estimate, six times next year’s earnings estimates. Come on.”
5. Domino’s Pizza, Inc. (NASDAQ:DPZ)
Number of Hedge Fund Holders: 52
Domino’s Pizza, Inc. (NASDAQ:DPZ) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer highlighted that the company’s performance over the years, as he remarked:
“Fifth buyback monster, it’s another household name. It’s Domino’s Pizza… [It] has shrunk its share count by 38.2% since the end of 2015. That’s a lot. Domino’s is no longer the massive outperformer that it was from 2010 through 2021. The stock’s been pretty choppy for the past five years or so. But you know what? I think Domino’s can win in this current moment because it offers great value at a time when that’s what consumers care most about. We had CEO Russell Weiner on the show in October, and after he delivered a strong set of numbers, I thought he sounded very confident in the future. I believe him. I think it’s a buy now.”
Domino’s Pizza, Inc. (NASDAQ:DPZ) operates and franchises pizza restaurants under the Domino’s brand that sell pizzas, sides, sandwiches, pastas, and desserts. Cramer discussed the company during the July 22 episode. The Mad Money host said:
“Sometimes a company reports, and Wall Street can’t seem to decide whether to send the stock in question higher or lower. That’s exactly what we saw yesterday morning when we got results from… Domino’s Pizza… and the market’s initial reaction was overwhelmingly positive… Throughout the session, Domino’s flipped through positive, negative, positive, before ultimately closing lower by less than 1%. Then today it rallied… Okay, I thought this was a good quarter…
I’m much more focused on the market share gains and strong same-store sales… Stuffed crust pizza isn’t anything new, but apparently Domino’s did it very well because this was the biggest launch in company history, exceeding all of management’s expectations… I think it’s helping them pick up some market share. At the same time, Domino’s represents a terrific value proposition… See, Russell (CEO Russell Weiner) was spot on about the company’s growth drivers in the second quarter when I spoke with him in April.
I bet he’s correct when he says he’ll be able to leverage the scale of this chain to continue delivering growth in the future. That’s something the bears seemed to overlook yesterday, but it appears the market’s starting to recognize it today as the stock really was roaring back… I think that people are underestimating when he says things are the best ever, he means it.
Bottom line: I like what I’m seeing from Domino’s and trust that management can use all the tools at their disposal to sustain their growth, which means this stock could have quite a bit more upside. The only thing that may be missing, listen, Russell, is a stock split. Now I know splits don’t create any actual value. I know the institutions don’t like them, but the same people who buy Domino’s Pizza would be willing to buy the stock if it was 48 instead of 480. Come on, Russell. Show those institutions that you work for, the shareholders and the pizza buyers, who often are the exact same people.”
4. The Bank of New York Mellon Corporation (NYSE:BK)
Number of Hedge Fund Holders: 62
The Bank of New York Mellon Corporation (NYSE:BK) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer said, “we think the world of” the company’s CEO, as he commented:
“Fourth is a bank that I’ve come to like very much over the past couple years, and that’s BNY, the old Bank of New York Mellon. BNY shrunk its share count by 36.2% since the end of 2015, even if the stock wasn’t a real outperformer until more recently. Under CEO Robin Vince, we think the world of him, a Goldman Sachs alum who’s been leading BNY for the past three years or so. The nation’s oldest bank has found new life. They focus on selling their entire suite of financial services to investors rather than marketing this stuff as one-off products. And they’ve also leaned heavily into technology, including AI, maybe the most of all the banks I follow. It’s truly working as the stock’s nearly tripled in a little more than two years.”
The Bank of New York Mellon Corporation (NYSE:BK) provides financial services, including investment management, custody, clearing, and wealth planning. The company also offers banking, trading, and cash management solutions. Cramer mentioned the company during the July 15 episode and remarked:
“This morning, everybody was focused on the numbers from the big banks, JPMorgan, Wells Fargo, and Citigroup, but they were also watching the report from BNY, and that’s the old Bank of New York Mellon. This is one of the top custodial banks in America. And this morning, BNY reported another strong quarter with easy top and bottom line beats, not to mention a stunning nearly 28% return on something called tangible common equity. That’s one of the best results I’ve ever seen from a bank. BNY even raised its full-year net interest income forecast with the quarter. Very few did that.”
3. Ralph Lauren Corporation (NYSE:RL)
Number of Hedge Fund Holders: 58
Ralph Lauren Corporation (NYSE:RL) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer highlighted it as one of his favorites in the industry given the current environment, as he stated:
“Third, here’s a fun one, Ralph Lauren, one of my favorite apparel stocks in this environment. The company’s retired 34.1% of the shares since the end of 2015, though its stock is basically even with the S&P 500 over the same period. That’s because Ralph Lauren’s true outperformance only started in the past few years, especially this year, with RL up nearly 60% while many other consumer names are in tatters. Now, the company really… came… [to] its fore under CEO Patrice Louvet, whom I think the world of. I am a huge fan. I bet that they draw a lot of attention at the Winter Olympics in a couple of months, where Team USA will be rocking Ralph Lauren gear. It is still a buy.”
Ralph Lauren Corporation (NYSE:RL) designs and sells apparel, footwear, accessories, home products, and fragrances across multiple luxury and lifestyle brands. During the September 17 episode, Cramer called it a “phenomenal winner” and said:
“In a year that’s been very tricky for most apparel stocks, Ralph Lauren… has been a phenomenal winner, up 33% for 2025, trouncing the S&P 500… I recommended this thing after speaking with CEO Patrice Louvet in August of 2023… If you’re selling a winner because they promised 150 basis points of margin expansion over the three years instead of 200 basis points that you were looking for, I can’t do anything for you. What I care about is steady margin expansion, and that’s what Ralph Lauren told us we’ll get. Investors look for steady margin expansion… And two, that it’s got a moat. This one’s got a moat, and that’s something you’ve gotta think about. The rest of the longer-term guidance looks fine to me…
I’m more interested in is how Ralph Lauren believes they can hit these great numbers. Management continues to emphasize three strategic growth drivers… Putting it all together, I came away from yesterday’s investor event feeling pretty darn impressed by what Ralph Lauren’s doing. Impressed enough that I’m willing to keep recommending this stock. I like the new three-year financial targets. The numbers weren’t stunning, but they’re good enough and they’re able to be, they’re attainable. Plus, even though the stock’s had a huge run, it doesn’t feel too expensive, selling worth just over 20 times this year’s earnings estimate.
Keep in mind, any aggregate in the S&P 500 trades at almost 25 times earnings. So even though Ralph Lauren is expected to put up nearly 20% earnings growth this year, the stock still trades at a sizable discount to the broader market. Earnings growth for the S&P is just 9%. Ralph Lauren should be trading at a premium.
Bottom line: If doing the work, if you’re checking into the company’s new targets, I’m still bullish on RL. Nothing’s changed for me. I bet the stock can keep working its way higher from here. I have said it before, and I will say it again, RL is leaving the competition behind and will continue to do so.”
2. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 166
Apple Inc. (NASDAQ:AAPL) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer called it a “buyback monster” during the episode and said:
“Second, don’t forget that Apple, the second largest company in the world, also happens to be a buyback monster, having shrunk its share count by 33.7% since the end of 2015. The stock’s up 933% over that same period. I always say own Apple, don’t trade it, so tonight, I just want to point out that this is a $4 trillion company that still managed to repurchase more than a third of its shares over the past decade.”
Apple Inc. (NASDAQ:AAPL) manufactures and sells devices such as the iPhone, Mac, iPad, along with its line-up of wearables and accessories. The devices are supported by the company’s app ecosystem, AppleCare, and cloud tools. Cramer highlighted the company’s “immense cash position” during the December 11 episode, as he remarked:
“Apple’s not really impacted by lower rates. It has an immense cash position. It’ll probably earn less on its cash. It’s considered an AI loser even though I think their installed base of over 2.3 billion devices and 1.5 billion users means one of these big chatbots will pay them a fortune to be the default platform, just like Google did with search. The long knives are always out for Apple. But if we all think that the hyperscalers are spending too much money on data centers… then how the heck can we chide Apple for not doing much at all of spending on data centers?
If OpenAI were to pay Apple $25 billion a year to be its default AI choice, it might be the greatest free rider case in history. If Gemini were to do it… with today’s Alphabet stock already red hot, that would go up another 50 points. All that said, Apple simply is not a beneficiary of lower rates. And when you’re within a day of a rate cut, it’s not the kind of stock money managers have any interest in. Apple’s a momentary yawner and an underperformer as people sell Apple to move into these industrials and these banks, the other stocks I talked about, like maybe the retailers. That’s just what’s happened. It’s happened no matter what.”
1. Applied Materials, Inc. (NASDAQ:AMAT)
Number of Hedge Fund Holders: 89
Applied Materials, Inc. (NASDAQ:AMAT) is one of the stocks Jim Cramer was bullish on due to share buyback activity. During the episode, Cramer said it is one of his “old favorites.” He said:
“That’s why I went through that list of 51 companies to pick out 10 that are worth recommending to you. Now, first up is one of my old favorites is Applied Materials. It’s a semiconductor capital equipment maker, which has reduced its share count by 31% since the end of 2015. Now, this stock had a strong year. It’s up over 50% for 2025 because we have insatiable demand for all sorts of semiconductors, especially, you know, believe it or not, the commodity ones, which means there’s equally big demand for the machines that make semiconductors. But Applied Materials, AMAT, is also a great long-term performer. It is up 1,200% since the end of 2015, versus 229% for the S&P 500. Now, some of that’s the strength of the core business, and some of it’s the voracious buyback. By the way, it is a terrific example of the kind of stock I suggest you buy in my new book, How to Make Money in Any Market. This is the essence of what I’m trying to get across to you.”
Applied Materials, Inc. (NASDAQ:AMAT) provides equipment, software, and services that help manufacturers produce semiconductors and other electronic devices.
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