CLMBClimb Global Solutions, Inc.

Wholesale-Computers & Peripheral Equipment & Software

Revenue: $653M; 40% YoY
Operating margin: 4.5%; 26% YoY
EBITDA: $37M; 14% YoY
Market cap: $758M
Employees: 392; $2M revenue each
Net debt / EBITDA: -1.8×; −$66M net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
78% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 87th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$758M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$609K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$283M	$304M	$352M	$466M	$653M	40%
Operating income	$12M	$17M	$16M	$28M	$29M	4.3%
Net income	$9M	$12M	$12M	$19M	$21M	15%
Operating cash flow	$5M	$5M	$42M	$34M	$17M	51%
Stock-based comp	$2M	$2M	$4M	$4M	$5M	17%
Buybacks	$544K	$655K	$2M	$2M	$2M	29%
Dividends	$3M	$3M	$3M	$3M	$3M	1.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 20, 2020	SHEPHERD KAPLAN KROCHUK, LLC	SC 13D/A	0.0%	Passive
Apr 20, 2020	NYNENS SIMON F	SC 13D/A	0.0%	Passive
Dec 23, 2019	SHEPHERD KAPLAN KROCHUK, LLC	SC 13D/A	5.8%	Active
Dec 23, 2019	NYNENS SIMON F	SC 13D/A	5.8%	Active
Dec 12, 2019	NYNENS SIMON F	SC 13D/A	5.8%	Passive
Dec 11, 2019	SHEPHERD KAPLAN KROCHUK, LLC	SC 13D/A	5.8%	Active
Nov 27, 2019	NYNENS SIMON F	SC 13D/A	5.8%	Active
Nov 27, 2019	SHEPHERD KAPLAN KROCHUK, LLC	SC 13D	5.8%	Active
Jun 17, 2019	NYNENS SIMON F	SC 13D	6.1%	Passive

Insider trading

Open-market buys, 12 mo: $75K · 1
Open-market sells, 12 mo: $684K · 1
Net: −$609K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$1M	566	84
FY2024	$2M	$3M	693	102
FY2023	$3M	$2M	292	88
FY2022	$1M	$674K	173	86
FY2021	$1M	$1M	188	104