ANAUTONATION, INC.

Retail-Auto Dealers & Gasoline Stations

Revenue: $27.6B; 3.2% YoY
Operating margin: 4.5%; 8.0% YoY
EBITDA: $1.2B; 5.0% YoY
Market cap: $5.8B
Employees: —
Net debt / EBITDA: 2.9×; $3.7B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 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 cashYes
17% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
707% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$710K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$25.8B	$27.0B	$26.9B	$26.8B	$27.6B	3.2%
Operating income	$1.9B	$2.0B	$1.7B	$1.3B	$1.2B	5.0%
Net income	$1.4B	$1.4B	$1.0B	$692M	$649M	6.2%
Operating cash flow	$1.6B	$1.7B	$724M	$315M	$112M	64%
Capex	$216M	$329M	$410M	$329M	$309M	5.8%
Stock-based comp	$35M	$32M	$40M	$37M	$47M	27%
Buybacks	$2.3B	$1.7B	$874M	$460M	$792M	72%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 5, 2026	CASCADE INVESTMENT, L.L.C.	SCHEDULE 13D/A	42.2%	Active
Feb 10, 2026	CASCADE INVESTMENT, L.L.C.	SCHEDULE 13D	20.1%	Active
Sep 8, 2025	ESL PARTNERS, L.P.	SCHEDULE 13D/A	0.0%	Passive
Jun 24, 2025	ESL PARTNERS, L.P.	SCHEDULE 13D/A	0.1%	Passive
Feb 18, 2025	ESL PARTNERS, L.P.	SCHEDULE 13D/A	0.0%	Passive
Nov 27, 2024	ESL PARTNERS, L.P.	SC 13D/A	8.2%	Passive
Sep 26, 2024	ESL PARTNERS, L.P.	SC 13D/A	0.0%	Passive
Jul 31, 2024	CASCADE INVESTMENT, L.L.C.	SC 13D/A	24.9%	Passive
Mar 22, 2024	ESL PARTNERS, L.P.	SC 13D/A	10.0%	Passive
Feb 13, 2024	CASCADE INVESTMENT, L.L.C.	SC 13D/A	23.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $710K · 2
Net: −$710K

Pay vs performance

No pay-versus-performance disclosure yet.