Adjusted Price

A historical stock price restated to reflect corporate actions — primarily stock splits and dividends — so that prices across time are directly comparable. Charting and total-return calculations rely on adjusted prices; a raw price series alone would show artificial step-downs on the ex-split or ex-dividend date.

Adjusted Price is a historical stock price that has been restated to remove the artificial price changes caused by corporate actions, so a long-term price series can be read as a smooth representation of return.

**What gets adjusted for:**
- **Stock splits and reverse splits** — historical prices are scaled so that share counts and per-share prices align with the current share basis.
- **Cash dividends** — historical prices are reduced by the dividend amount (typically as a ratio) so that the chart reflects total return rather than just price return.
- **Spin-offs and rights offerings** — handled similarly to dividends, by reducing the pre-event price by the value distributed.

**Why it matters on Manifest:**
- Long-term charts and percent-change calculations use adjusted prices so that a stock that has split or paid dividends does not appear to have lost value on those dates.
- The "current price" shown for a stock is the raw market quote, not an adjusted price — adjustment only matters for historical comparison.
- Adjusted prices are standard market-data plumbing rather than a Manifest-specific concept; the term appears in this glossary because users sometimes ask Solomon to explain what they see on a chart.