ARHSArhaus, Inc.

Retail-Furniture Stores

Revenue: $1.4B; 8.5% YoY
Operating margin: 6.4%; 5.8% YoY
EBITDA: $136M; 7.6% YoY
Market cap: $1.7B
Employees: 2,800; $493K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.0; 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
203% 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
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$493K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$30K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$797M	$1.2B	$1.3B	$1.3B	$1.4B	8.5%
Operating income	$33M	$185M	$164M	$87M	$89M	2.2%
Net income	$21M	$137M	$125M	$69M	$67M	1.9%
Operating cash flow	$141M	$77M	$169M	$147M	$137M	7.0%
Capex	$43M	$56M	$93M	$107M	$78M	27%
Stock-based comp	$6M	$4M	$8M	$8M	$9M	20%
Buybacks	$0	$0	—	—	—
Dividends	—	$0	$0	$70M	$361K	99%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 18, 2024	FS Capital Partners VI, LLC	SC 13D/A	0.5%	Passive
Nov 16, 2023	FS Capital Partners VI, LLC	SC 13D/A	23.1%	Passive
Aug 18, 2023	FS Capital Partners VI, LLC	SC 13D/A	31.5%	Passive
Jan 7, 2022	2018 Reed Dynasty Trust	SC 13D/A	26.0%	Passive
Jan 6, 2022	Reed John P	SC 13D/A	62.3%	Passive
Nov 15, 2021	FS EQUITY PARTNERS V LP	SC 13D	58.1%	Active
Nov 15, 2021	2018 Reed Dynasty Trust	SC 13D	21.0%	Passive
Nov 15, 2021	Reed John P	SC 13D	67.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $30K · 1
Net: −$30K

Pay vs performance

No pay-versus-performance disclosure yet.