ARXAccelerant Holdings
Insurance Agents, Brokers & Service
- Revenue
- $913M
- 51% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.3B
- Employees
- 250
- $4M revenue each
- Net debt / EBITDA
- —
- −$1.5B net debt
- AI in 10-K
- 4.4
- 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—Cash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$4M · 100th pctBottom quartile of its SIC industry
- Quiet on AINo4.4 per 10K words · 80th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$20M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $344M | $603M | $913M | 51% |
| Operating cash flow | $290M | $786M | $445M | 43% |
| Stock-based comp | $5M | $8M | $43M | 413% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 30, 2026 | SC 13E3 | Thoma Bravo, L.P. | — | — |
| Oct 30, 2026 | PREM14A | Thoma Bravo Discover Fund V, L.P. | $20.25 | 54% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $2M · 6
- Open-market sells, 12 mo
- $22M · 25
- Net
- −$20M
Pay vs performance
No pay-versus-performance disclosure yet.