BRZEBraze, Inc.

Services-Prepackaged Software

Revenue: $738M; 24% YoY
Operating margin: -19.6%; 4.7% YoY
EBITDA: −$125M; 12% YoY
Market cap: $980M
Employees: 1,988; $371K revenue each
Net debt / EBITDA: —
AI in 10-K: 14.9; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$12M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$371K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
14.9 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$980M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$238M	$355M	$472M	$593M	$738M	24%
Operating income	−$78M	−$148M	−$145M	−$122M	−$145M	18%
Net income	−$77M	−$139M	−$129M	−$104M	−$131M	27%
Operating cash flow	−$35M	−$22M	$7M	$37M	$71M	95%
Capex	$2M	$15M	$10M	$13M	$10M	28%
Stock-based comp	$47M	$72M	$97M	$115M	$144M	25%
Buybacks	$0	$0	$165K	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $26M · 40
Net: −$26M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$14M	$654K	22	191
FY2025	$11M	$1M	49	147
FY2024	$12M	$28M	58	112
FY2023	$667K	−$23M	34	72
FY2022	$29M	$46M	54	93