ADEAAdeia Inc.

Cable & Other Pay Television Services

Revenue: $443M; 18% YoY
Operating margin: 39.5%; 15% YoY
EBITDA: $177M; 35% YoY
Market cap: $2.4B
Employees: 150; $3M revenue each
Net debt / EBITDA: 1.8×; $313M net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 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
142% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 90th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$391M	$439M	$389M	$376M	$443M	18%
Operating income	$119M	$153M	$136M	$129M	$175M	36%
Net income	−$55M	−$296M	$67M	$65M	$111M	72%
Operating cash flow	$235M	$183M	$153M	$212M	$158M	26%
Capex	$14M	$13M	$4M	$2M	$2M	0.8%
Stock-based comp	$58M	$53M	$18M	$27M	$35M	30%
Buybacks	$85M	$17M	$0	$19M	$21M	14%
Dividends	$21M	$21M	$21M	$22M	$22M	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 1
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.