AMRCAmeresco, Inc.

Construction - Special Trade Contractors

Revenue: $1.8B; 29% YoY
Operating margin: 6.1%; 2.7% YoY
EBITDA: $198M; 34% YoY
Market cap: $1.1B
Employees: 117; $15M revenue each
Net debt / EBITDA: 8.4×; $1.7B net debt
AI in 10-K: 0.1; 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
207% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$15M · 100th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$454K net
Net sales over $10M in 12 months

Financials

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	YoY	Trend
Revenue	$1.0B	$1.2B	$1.8B	$1.4B	$1.8B	29%
Operating income	$71M	$95M	$133M	$82M	$109M	32%
Net income	$54M	$70M	$95M	$62M	$57M	9.1%
Operating cash flow	−$103M	−$172M	−$338M	−$70M	$118M	268%
Capex	$2M	$5M	$5M	$6M	$4M	25%
Stock-based comp	$2M	$9M	$15M	$10M	$14M	37%
Buybacks	$6K	$0	$0	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 13
Open-market sells, 12 mo: $1M · 16
Net: $454K

Pay vs performance

No pay-versus-performance disclosure yet.