ACIAlbertsons Companies, Inc.

Retail-Grocery Stores

Revenue: $83.2B; 3.5% YoY
Operating margin: 0.9%; 55% YoY
EBITDA: $2.6B; 21% YoY
Market cap: $3.6B
Employees: 280,000; $297K revenue each
Net debt / EBITDA: 3.1×; $8.2B net debt
AI in 10-K: 4.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
11× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
76% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$297K per employee
Bottom quartile of its SIC industry
Quiet on AINo
4.2 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$180K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$71.9B	$77.6B	$79.2B	$80.4B	$83.2B	3.5%
Operating income	$2.4B	$2.3B	$2.1B	$1.5B	$728M	53%
Net income	$1.6B	$1.5B	$1.3B	$959M	$217M	77%
Operating cash flow	$3.5B	$2.9B	$2.7B	$2.7B	$2.4B	12%
Capex	$1.6B	$2.2B	$2.0B	$1.9B	$1.8B	4.8%
Stock-based comp	$101M	$138M	$105M	$106M	$96M	10%
Buybacks	$0	$0	$0	$83M	$1.5B	1692%
Dividends	$207M	$255M	$276M	$295M	$323M	9.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 27, 2023	HPS Investment Partners, LLC	SC 13D/A	0.0%	Passive

Insider trading

Open-market buys, 12 mo: $3M · 4
Open-market sells, 12 mo: $2M · 24
Net: $180K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	166	166
FY2025	—	—	185	158
FY2024	—	—	188	130
FY2023	—	—	176	90
FY2022	—	—	187	110