ACELAccel Entertainment, Inc.

Services-Amusement & Recreation Services

Revenue: $1.3B; 8.1% YoY
Operating margin: 8.1%; 9.8% YoY
EBITDA: $161M; 19% YoY
Market cap: $982M
Employees: 1,600; $832K revenue each
Net debt / EBITDA: 2.0×; $318M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
293% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$832K · 53rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$982M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$735M	$970M	$1.2B	$1.2B	$1.3B	8.1%
Operating income	$70M	$97M	$107M	$91M	$108M	19%
Net income	$32M	$74M	$46M	$35M	$51M	46%
Operating cash flow	$111M	$108M	$133M	$121M	$151M	24%
Capex	$30M	$47M	$82M	$67M	$89M	34%
Stock-based comp	$6M	$7M	$9M	$12M	$12M	0.0%
Buybacks	$9M	$79M	$30M	$25M	$40M	56%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 25, 2023	CLAIRVEST GROUP INC	SC 13D/A	19.5%	Passive
Aug 19, 2020	Peterson Karl Mr.	SC 13D/A	3.8%	Passive
Mar 30, 2020	Peterson Karl Mr.	SC 13D	5.4%	Passive
Mar 20, 2020	CLAIRVEST GROUP INC	SC 13D/A	22.6%	Passive
Jan 15, 2020	CLAIRVEST GROUP INC	SC 13D/A	21.3%	Passive
Dec 2, 2019	CLAIRVEST GROUP INC	SC 13D	21.2%	Active

Insider trading

Open-market buys, 12 mo: $578K · 1
Open-market sells, 12 mo: $15M · 41
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.