Public float
Also called: float, free float, public float value
The shares of a company held by investors other than its officers, directors and controlling holders, or their market value; the SEC uses the dollar figure for form eligibility.
Last verified
Two meanings
The word "float" is used in two related ways:
- As a share count: shares available for public trading, which excludes shares held by insiders and other affiliates, and (in many trader definitions) restricted shares that cannot yet be sold.
- As a dollar figure: the SEC's "public float" is the aggregate market value of common equity held by non-affiliates. It drives filer status (for example, large accelerated filers have $700 million or more) and Form S-3 limits such as the baby shelf rule.
Different data providers calculate float differently, so different data sources can show different numbers for the same company. See non-affiliate float for the SEC version.
Worked example
Hypothetical: Company X has 40,000,000 shares outstanding. Officers, directors and a 25% holder own 14,000,000. Another 6,000,000 were issued in a PIPE last month and are not yet registered for resale.
| Measure | Shares |
|---|---|
| Shares outstanding | 40,000,000 |
| Non-affiliate shares (SEC basis) | 26,000,000 |
| Tradeable float (also excludes restricted) | 20,000,000 |
All figures are hypothetical.
At $2.00, the SEC public float is $52,000,000, which is under $75,000,000, so the baby shelf cap applies.
Why it matters
Float is the supply of shares that can change hands. The same news can have different effects on a stock with 5,000,000 freely tradeable shares and one with 500,000,000. Float also changes: offerings and conversions add to it, and lockup expirations release shares into it.
How to spot it
The cover page of a 10-K states the aggregate market value held by non-affiliates as of the last business day of the second fiscal quarter. Beneficial ownership tables in proxies show affiliate holdings. See Float vs shares outstanding.
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