ADTADT Inc.
Services-Detective, Guard & Armored Car Services
- Revenue
- $5.1B
- 4.7% YoY
- Operating margin
- 25.5%
- 3.5% YoY
- EBITDA
- $2.7B
- 4.9% YoY
- Market cap
- $7.6B
- Employees
- 12,200
- $420K revenue each
- Net debt / EBITDA
- 2.8×
- $7.4B net debt
- AI in 10-K
- 13.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo316% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo42% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo32% of assetsOver 40% of assets
- Shareholder dissentYes78% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$420K · 47th pctBottom quartile of its SIC industry
- Quiet on AINo13.1 per 10K words · 95th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$526K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.2B | $4.4B | $4.7B | $4.9B | $5.1B | 4.7% |
| Operating income | $10M | $725M | $1.2B | $1.2B | $1.3B | 8.3% |
| Net income | −$341M | $133M | $463M | $501M | $596M | 19% |
| Operating cash flow | $1.6B | $1.9B | $1.7B | $1.9B | $1.9B | 0.0% |
| Capex | $168M | $177M | $176M | $164M | $176M | 7.3% |
| Stock-based comp | $61M | $67M | $51M | $49M | $55M | 12% |
| Buybacks | $0 | $1.2B | $0 | $241M | $607M | 152% |
| Dividends | $116M | $127M | $129M | $182M | $187M | 2.5% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 29, 2026 | 8-K | Mentions Thrive Holdings | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 11, 2026 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | SCHEDULE 13D/A | 19.7% | Passive |
| Jun 10, 2026 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | SCHEDULE 13D/A | 18.1% | Passive |
| Apr 15, 2025 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | SCHEDULE 13D/A | 16.8% | Passive |
| Nov 14, 2024 | Apollo Management Holdings GP, LLC | SC 13G/A | — | Passive |
| Feb 28, 2024 | Apollo Management Holdings GP, LLC | SC 13G/A | 57.5% | Passive |
| Feb 13, 2024 | Apollo Management Holdings GP, LLC | SC 13G/A | 57.5% | Passive |
| Feb 13, 2023 | Apollo Management Holdings GP, LLC | SC 13G/A | 58.0% | Passive |
| Feb 10, 2023 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | SC 13D/A | 15.5% | Passive |
| Jan 31, 2023 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | SC 13G | 15.5% | Passive |
| Nov 16, 2022 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | SC 13D/A | 15.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $526K · 6
- Open-market sells, 12 mo
- $0 · 0
- Net
- $526K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $15M | 115 | 142 |
| FY2024 | $16M | $17M | 96 | 134 |
| FY2023 | $9M | $1M | 92 | 124 |
| FY2022 | $9M | $11M | 120 | 106 |
| FY2021 | $7M | $10M | 109 | 127 |