I can argue that in the last 10 years, the stock price for non-payers of dividends is no longer a function of KPIs. Take for example Pinterest. It was offloaded to the stock market when KPIs have been dropping for a very long time [1]. The company is likely doomed. Yet the stock is above the IPO [2].

1. https://trends.google.com/trends/explore?date=all&geo=US&q=p...

2. https://robinhood.com/stocks/PINS [1Y]

What makes you say that Pinterest is doomed?

In my anecdotal experience it seems like every suburban mom curates several boards near-obsessively.