BBAIBigBear.ai Holdings, Inc.
Services-Prepackaged Software
- Revenue
- $128M
- 19% YoY
- Operating margin
- -167.5%
- 99% YoY
- EBITDA
- −$199M
- 63% YoY
- Market cap
- $1.2B
- Employees
- 579
- $221K revenue each
- Net debt / EBITDA
- —
- −$60M net debt
- AI in 10-K
- 12.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 3 years3+ 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 SBCYes18% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo21% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$221K · 14th pctBottom quartile of its SIC industry
- Quiet on AINo12.2 per 10K words · 94th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$662K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $146M | $155M | $155M | $158M | $128M | 19% |
| Operating income | −$78M | −$111M | −$39M | −$133M | −$214M | 60% |
| Net income | −$124M | −$111M | −$71M | −$296M | −$294M | 0.7% |
| Operating cash flow | −$20M | −$49M | −$18M | −$38M | −$42M | 10% |
| Capex | $645K | $769K | $2K | $484K | $525K | 8.5% |
| Stock-based comp | $61M | $11M | $19M | $21M | $23M | 10% |
| Buybacks | $0 | $101M | $0 | $0 | — |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jan 29, 2024 | DEFM14A | Pangiam Ultimate Holdings, LLC | $1.34 | 33.05% |
| Jan 16, 2024 | PREM14A | Pangiam Ultimate Holdings, LLC | $1.34 | 33.12% |
| Nov 5, 2021 | DEFM14A | — | $13.12 | 100% |
| Aug 9, 2021 | PREM14A | — | $11.50 | 10.43% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 10, 2025 | AEROEQUITY GP, LLC | SCHEDULE 13D/A | 0.2% | Passive |
| Mar 27, 2025 | AEROEQUITY GP, LLC | SCHEDULE 13D/A | 19.2% | Passive |
| Mar 18, 2025 | AEROEQUITY GP, LLC | SCHEDULE 13D/A | 22.1% | Passive |
| Mar 14, 2025 | AEROEQUITY GP, LLC | SCHEDULE 13D/A | 28.3% | Passive |
| Mar 11, 2025 | PANGIAM ULTIMATE HOLDINGS, LLC | SCHEDULE 13D/A | 32.4% | Passive |
| Mar 7, 2025 | PANGIAM ULTIMATE HOLDINGS, LLC | SCHEDULE 13D/A | 37.0% | Passive |
| Mar 5, 2025 | PANGIAM ULTIMATE HOLDINGS, LLC | SCHEDULE 13D/A | 43.6% | Passive |
| Dec 30, 2024 | BBAI Ultimate Holdings, LLC | SCHEDULE 13D/A | 25.5% | Passive |
| Dec 20, 2024 | BBAI Ultimate Holdings, LLC | SCHEDULE 13D/A | 2.3% | Passive |
| Dec 18, 2024 | BBAI Ultimate Holdings, LLC | SCHEDULE 13D/A | 3.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $662K · 6
- Net
- −$662K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 802 | 287 |
| FY2024 | — | — | 661 | 216 |
| FY2023 | — | — | 318 | 158 |