Do I have to report foreign stock or shares I own directly?

It depends on how you hold them. Foreign stock held in a foreign brokerage or financial account is captured through that account on the FBAR and on Form 8938. Foreign stock held directly — actual shares not in any account, like shares of an overseas private company or directly registered stock — generally isn't an FBAR item, but it is a specified foreign financial asset for Form 8938 once you cross those thresholds. So directly held foreign shares can be reportable on 8938 even though they never appear on an FBAR. Vested shares in a foreign employer, an interest in a family business abroad, or directly held foreign equities all fall here. Note that a foreign mutual fund is a different and messier animal — see the PFIC rules. Track the maximum value and acquisition details. When the holding isn't inside an account, Form 8938 is usually the form that catches it.