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 SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support
Buyer economics 1 of 4
Low revenue per employeeNo
$209K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
34.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$662M market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $1.3B | $2.3B | $2.4B | $2.5B | — | | |
|---|
| Operating income | $93M | −$293M | $104M | −$258M | — | | |
|---|
| Net income | −$115M | −$426M | −$188M | −$568M | −$701M | ▼ 23% | |
|---|
| Operating cash flow | $83M | $271M | $189M | $114M | — | | |
|---|
| Capex | $98M | $212M | $311M | $200M | — | | |
|---|
| Stock-based comp | $20M | $28M | $24M | $15M | — | | |
|---|
| Buybacks | $87M | $153M | $99M | $0 | — | | |
|---|
| Dividends | $0 | $0 | — | — | — | | |
|---|
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|
| Feb 14, 2025 | SC 13E3/A | Standard General L.P. | — | — |
| Dec 11, 2024 | SC 13E3/A | Standard General L.P. | — | — |
| Nov 8, 2024 | SC 13E3/A | Standard General L.P. | — | — |
| Oct 17, 2024 | SC 13E3/A | Standard General L.P. | — | — |
| Oct 17, 2024 | DEFM14A | SG Parent LLC | $18.25 | 13% |
| Oct 1, 2024 | SC 13E3/A | Standard General L.P. | — | — |
| Aug 28, 2024 | PREM14A | Standard General L.P. | $18.25 | 13% |
| Aug 28, 2024 | SC 13E3 | Standard General L.P. | — | — |
| Jun 1, 2021 | DEFM14A | — | $26.25 | 29.1095235% |
| May 19, 2021 | PREM14A | — | $26.18 | 26.18% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Dec 23, 2025 | Standard General L.P. | SCHEDULE 13D/A | 66.1% | Active |
| Sep 17, 2025 | Standard General L.P. | SCHEDULE 13D/A | 13.6% | Active |
| Feb 11, 2025 | Standard General L.P. | SCHEDULE 13D/A | 73.7% | Active |
| Oct 18, 2024 | Standard General L.P. | SC 13D/A | 21.8% | Active |
| Jul 30, 2024 | Hayden Noel | SC 13D | 12.2% | Passive |
| Jul 26, 2024 | Standard General L.P. | SC 13D/A | 26.2% | Active |
| Mar 19, 2024 | Standard General L.P. | SC 13D/A | 26.4% | Passive |
| Mar 11, 2024 | Standard General L.P. | SC 13D/A | 23.2% | Passive |
| Jul 29, 2022 | Standard General L.P. | SC 13D/A | 23.1% | Passive |
| Jul 15, 2022 | Standard General L.P. | SC 13D/A | 21.7% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|
| FY2025 | — | — | 85 | — |
| FY2024 | — | — | 95 | — |
| FY2023 | — | — | 72 | — |