Pro-forma earnings-per-share impact of an acquisition. Accretive if pro-forma EPS exceeds standalone acquirer EPS; dilutive if lower. The P/E quick rule: in a 100% stock deal, the transaction is accretive when the acquirer's P/E exceeds the target's. Accretion does not equal value creation - an EPS-accretive deal can still destroy NPV if the premium exceeds the present value of realized synergies.