CNNECannae Holdings, Inc.

Retail-Eating & Drinking Places

Revenue: $424M; 6.4% YoY
Operating margin: -28.2%; 23% YoY
EBITDA: −$108M; 19% YoY
Market cap: $743M
Employees: 6,602; $64K revenue each
Net debt / EBITDA: —; −$500K net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 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 SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-19× cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
35% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$64K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$743M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
5 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$742M	$662M	$570M	$453M	$424M	6.4%
Operating income	−$134M	−$145M	−$119M	−$104M	−$120M	15%
Net income	−$287M	−$428M	−$313M	−$305M	−$513M	68%
Operating cash flow	−$176M	−$205M	−$88M	−$90M	−$18M	80%
Capex	$14M	$14M	$10M	$7M	$10M	49%
Stock-based comp	$2M	$2M	$4M	$19M	$19M	1.6%
Buybacks	$160M	$230M	$113M	$231M	$320M	38%
Dividends	—	$0	$0	$22M	$31M	36%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 5, 2026	CARRONADE CAPITAL MANAGEMENT, LP	SCHEDULE 13D/A	16.1%	Active
Aug 7, 2026	CARRONADE CAPITAL MANAGEMENT, LP	SCHEDULE 13D/A	14.6%	Active
Dec 16, 2025	CARRONADE CAPITAL MANAGEMENT, LP	SCHEDULE 13D/A	6.8%	Active
Sep 8, 2025	CARRONADE CAPITAL MANAGEMENT, LP	SCHEDULE 13D/A	6.4%	Active
Jun 9, 2025	CARRONADE CAPITAL MANAGEMENT, LP	SCHEDULE 13D	5.2%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2K · 1
Net: −$2K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	37	176
FY2024	—	—	46	172
FY2023	—	—	44	127
FY2022	—	—	47	91
FY2021	—	—	79	122