AVAAVISTA CORP

Electric & Other Services Combined

Revenue: $2.0B; 1.3% YoY
Operating margin: 18.0%; 14% YoY
EBITDA: $643M; 11% YoY
Market cap: $3.1B
Employees: —
Net debt / EBITDA: 2.8×; $1.8B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 1 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
243% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
34% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$693K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.7B	$1.8B	$1.9B	$2.0B	1.3%
Operating income	$228M	$190M	$258M	$306M	$354M	16%
Net income	$147M	$155M	$171M	$180M	$193M	7.2%
Operating cash flow	$267M	$124M	$447M	$534M	$469M	12%
Capex	$440M	$452M	$499M	$533M	$570M	6.9%
Stock-based comp	$5M	$9M	$8M	$9M	$9M	0.0%
Dividends	$118M	$129M	$141M	$150M	$159M	6.0%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 2, 2017	DEFM14A	Hydro One Limited	$53.00	24%
Sep 14, 2017	PREM14A	Hydro One Limited	$53.00	24%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $693K · 8
Net: −$693K

Pay vs performance

No pay-versus-performance disclosure yet.