CAVACAVA GROUP, INC.

Retail-Eating Places

Revenue: $1.2B; 22% YoY
Operating margin: 4.7%; 4.7% YoY
EBITDA: $129M; 25% YoY
Market cap: $6.9B
Employees: 12,900; $91K revenue each
Net debt / EBITDA: —
AI in 10-K: 3.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
290% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$91K · 48th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$285M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$500M	$564M	$729M	$964M	$1.2B	22%
Operating income	−$53M	−$60M	$5M	$43M	$55M	28%
Net income	−$37M	−$59M	$13M	$130M	$64M	51%
Operating cash flow	$3M	$6M	$97M	$161M	$185M	15%
Capex	$56M	$104M	$139M	$108M	$159M	47%
Stock-based comp	$5M	$4M	$9M	$14M	$15M	12%
Buybacks	$8M	$911K	$3M	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 7
Open-market sells, 12 mo: $286M · 34
Net: −$285M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	−$41M	134	110
FY2024	$2M	$80M	255	111
FY2023	$17M	$47M	96	105