BLMNBloomin' Brands, Inc.
Retail-Eating Places
- Revenue
- $4.0B
- 0.1% YoY
- Operating margin
- 0.9%
- 73% YoY
- EBITDA
- $215M
- 32% YoY
- Market cap
- $905M
- Employees
- 64,000
- $62K revenue each
- Net debt / EBITDA
- 3.3×
- $699M net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 3 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 cashNo34× net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo14% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$62K · 13th pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 37th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$905M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.1B | $4.0B | $4.2B | $4.0B | $4.0B | 0.1% |
| Operating income | $309M | $306M | $283M | $140M | $37M | 73% |
| Net income | $216M | $102M | $247M | −$128M | $8M | 106% |
| Operating cash flow | $402M | $391M | $532M | $228M | $277M | 21% |
| Capex | $123M | $193M | $282M | $221M | $180M | 18% |
| Stock-based comp | $24M | $16M | $12M | $7M | $8M | 4.0% |
| Buybacks | $0 | $109M | $71M | $266M | $0 | 100% |
| Dividends | $0 | $50M | $84M | $83M | $38M | 54% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 8, 2026 | Starboard Value LP | SCHEDULE 13D/A | 4.9% | Active |
| Jan 2, 2024 | Starboard Value LP | SC 13D/A | 9.7% | Active |
| Sep 6, 2023 | Starboard Value LP | SC 13D/A | 9.6% | Active |
| Aug 18, 2023 | Starboard Value LP | SC 13D | — | Passive |
| Nov 27, 2020 | JANA PARTNERS LLC | SC 13D/A | 4.8% | Active |
| Nov 12, 2020 | JANA PARTNERS LLC | SC 13D/A | 5.3% | Active |
| Sep 9, 2020 | JANA PARTNERS LLC | SC 13D/A | 6.5% | Active |
| Jul 2, 2020 | JANA PARTNERS LLC | SC 13D/A | 8.4% | Active |
| Apr 9, 2020 | JANA PARTNERS LLC | SC 13D/A | 9.2% | Active |
| Mar 12, 2020 | JANA PARTNERS LLC | SC 13D/A | 9.2% | Active |
Insider trading
- Open-market buys, 12 mo
- $1M · 4
- Open-market sells, 12 mo
- $27K · 1
- Net
- $1M
Pay vs performance
No pay-versus-performance disclosure yet.