The investor’s field guide · C
Cap table
A record of a company’s ownership, showing shareholders, securities and the effect of potential share issuances.
Explained by the editorial team
A cap table, short for capitalisation table, shows who owns a company and in what form. A useful version distinguishes issued shares from options, warrants and convertible instruments. It should also explain whether ownership percentages are calculated on an issued or fully diluted basis.
A worked example
A company has 900 ordinary shares and 100 shares reserved for options. Someone holding 90 shares owns 10% of the issued shares, but 9% on a basis that includes the full option reserve. Both statements can be arithmetically correct while answering different questions.
What to examine
Reconcile the table with legal records and signed agreements. Different share classes may have different voting or economic rights, so percentage ownership alone is incomplete. Model what happens when outstanding notes or SAFEs convert and when a new round issues shares. A spreadsheet is a summary of rights and obligations, not the legal source of those rights.
General information, not investment, legal or tax advice. Examples are illustrative. Read the disclaimer.