The 2021 Domino’s Pizza (DPZ) share repurchase binge— based on the current $434 share price— has destroyed approximately $24.1 million in shareholder value. In its latest 10-K, Domino’s revealed the company repurchased shares at a maximum price of $525, or nearly 21% higher than the current price. On average, Domino’s repurchases shares at a price of $488, or 12.4% higher than the current price.

In a footnote, Domino’s revealed after the fourth quarter 2021 it repurchased an additional 100.8k shares for $47.7 million at an average price of $472.78. The latest transaction destroyed an additional $3.8 million in shareholder value.

The $27.9 million total in value destruction is roughly equivalent to the $28.6 million in Domino’s stock-based compensation expense in 2021.

To its credit, Domino’s did appear to slow its repurchases after the stock topped $500 per share, potentially signaling to investors its the top of the range for its intrinsic value calculation. The company has more than $700 million available for future repurchases.

Investors who believe Domino’s intrinsic value is much higher than the current $21.4 billion enterprise value will look past the market’s short term judgment on the wisdom of recent repurchases.