BFHBREAD FINANCIAL HOLDINGS, INC.
Personal Credit Institutions
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.9B
- Employees
- 6,000
- Net debt / EBITDA
- —
- $1.8B net debt
- AI in 10-K
- 4.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo404% of net incomeCash flow under 80% of net income
- Dilutive SBCNo10% of revenueOver 10% of revenue
- Payouts exceed cash flowNo17% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$96K · 12th pctBottom quartile of its SIC industry
- Quiet on AINo4.5 per 10K words · 81st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $801M | $223M | $718M | $277M | $518M | 87% |
| Operating cash flow | $1.5B | $1.8B | $2.0B | $1.9B | $2.1B | 13% |
| Capex | $84M | $68M | — | — | — | |
| Stock-based comp | $29M | $33M | $44M | $54M | $56M | 3.7% |
| Buybacks | $0 | $12M | $35M | $55M | $313M | 469% |
| Dividends | $42M | $43M | $42M | $43M | $40M | 7.0% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 30, 2019 | VA Partners I, LLC | SC 13D/A | 2.7% | Passive |
| Oct 25, 2019 | VA Partners I, LLC | SC 13D/A | 10.2% | Passive |
| Apr 29, 2019 | VA Partners I, LLC | SC 13D/A | 9.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $186K · 4
- Open-market sells, 12 mo
- $3M · 5
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $12M | $19M | 137 | 200 |
| FY2024 | $11M | $22M | 111 | 175 |
| FY2023 | $8M | $8M | 59 | 135 |
| FY2022 | $9M | $4M | 65 | 121 |
| FY2021 | $11M | $11M | 114 | 135 |