A correspondent writes in (edited for clarity):
"In CHK’s first year public they had $3.905 million in cash flow from operations and a fully diluted share count of 24.183 million shares. In 2013 (which I think is a normalized year), they will have $4.85 billion in cash flow from operations at the midpoint of guidance. Assuming all preferreds convert, the fully diluted share count is 769 million.
This means that from 1993-2013, shares outstanding will have grown at a compound rate of 19%, but cashflow from operations (CFO) will have grown at a compound rate of 43%, and CFO per share will have grown at a compound rate of 20%. Meanwhile, the price per share has gone up at a compound rate of only 13.5% from the IPO to the present."