CARAVIS BUDGET GROUP, INC.

Services-Auto Rental & Leasing (no Drivers)

Revenue: $11.7B; 1.2% YoY
Operating margin: —
EBITDA: —
Market cap: $3.8B
Employees: 25,000; $466K revenue each
Net debt / EBITDA: —; $3.5B net debt
AI in 10-K: 0.0; 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 cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$466K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.7B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.3B	$12.0B	$12.0B	$11.8B	$11.7B	1.2%
Net income	$1.3B	$2.8B	$1.6B	−$1.8B	−$889M	51%
Operating cash flow	$3.5B	$4.7B	$3.8B	$3.5B	$3.3B	6.3%
Stock-based comp	$30M	$25M	$30M	$19M	$19M	0.0%
Buybacks	$1.5B	$3.3B	$951M	$70M	$7M	90%
Dividends	$0	$0	$355M	$0	$0

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 25, 2023	SRS Investment Management, LLC	SC 13D/A	45.0%	Passive
Dec 27, 2022	SRS Investment Management, LLC	SC 13D/A	44.4%	Active
Dec 2, 2022	SRS Investment Management, LLC	SC 13D/A	44.4%	Passive
Sep 2, 2022	SRS Investment Management, LLC	SC 13D/A	38.3%	Passive
May 6, 2022	SRS Investment Management, LLC	SC 13D/A	38.2%	Passive
Mar 18, 2022	SRS Investment Management, LLC	SC 13D/A	34.3%	Passive
Feb 11, 2022	SRS Investment Management, LLC	SC 13D/A	32.7%	Passive
Dec 3, 2021	SRS Investment Management, LLC	SC 13D/A	32.7%	Passive
Nov 5, 2021	SRS Investment Management, LLC	SC 13D/A	32.7%	Passive
Sep 15, 2021	SRS Investment Management, LLC	SC 13D/A	27.7%	Passive

Insider trading

Open-market buys, 12 mo: $40M · 1
Open-market sells, 12 mo: $1.8B · 67
Net: −$1.7B

Pay vs performance

No pay-versus-performance disclosure yet.