CEVACEVA INC

Services-Computer Programming, Data Processing, Etc.

Revenue: $110M; 2.5% YoY
Operating margin: -10.4%; 47% YoY
EBITDA: −$8M; 76% YoY
Market cap: $831M
Employees: —
Net debt / EBITDA: —
AI in 10-K: 24.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
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 SBCYes
18% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-213% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentYes
50% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
24.7 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$831M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$174K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$114M	$121M	$97M	$107M	$110M	2.5%
Operating income	$7M	$4M	−$13M	−$8M	−$11M	50%
Net income	$396K	−$23M	−$12M	−$9M	−$11M	21%
Operating cash flow	$26M	$7M	−$6M	$3M	−$3M	197%
Capex	$2M	$3M	$3M	$3M	$3M	1.2%
Stock-based comp	$13M	$15M	$16M	$16M	$20M	27%
Buybacks	$0	$7M	$6M	$8M	$7M	15%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $174K · 3
Open-market sells, 12 mo: $0 · 0
Net: $174K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	47	194
FY2024	—	—	69	149
FY2023	—	—	50	134
FY2022	—	—	56	99
FY2021	—	—	95	143