AKAMAKAMAI TECHNOLOGIES INC

Services-Business Services, NEC

Revenue: $4.2B; 5.4% YoY
Operating margin: 13.5%; 0.8% YoY
EBITDA: $1.3B; 7.9% YoY
Market cap: $13.3B
Employees: 11,000; $383K revenue each
Net debt / EBITDA: —
AI in 10-K: 10.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
336% of net income
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$383K · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.9 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$3.6B	$3.8B	$4.0B	$4.2B	5.4%
Operating income	$783M	$676M	$637M	$533M	$567M	6.3%
Net income	$652M	$524M	$548M	$505M	$452M	10%
Operating cash flow	$1.4B	$1.3B	$1.3B	$1.5B	$1.5B	0.0%
Capex	$329M	$241M	$458M	$390M	$508M	30%
Stock-based comp	$203M	$217M	$328M	$393M	$459M	17%
Buybacks	$522M	$608M	$654M	$557M	$800M	43%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 34
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.