TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
25× net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
90% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% 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
2.8 per 10K words · 67th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$764M market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $13M | $5M | $4M | $125M | $150M | ▲ 20% | |
|---|
| Operating income | $23M | $11M | $27M | $18M | $34M | ▲ 93% | |
|---|
| Net income | $28M | −$2M | $758K | −$9M | $3M | ▲ 129% | |
|---|
| Operating cash flow | $28M | $56M | $46M | $60M | $65M | ▲ 7.9% | |
|---|
| Capex | $257M | $385M | — | — | — | | |
|---|
| Stock-based comp | $3M | $3M | $4M | $4M | $4M | ▲ 14% | |
|---|
| Buybacks | $2M | $3M | $6M | $664K | $9M | ▲ 1309% | |
|---|
| Dividends | $24M | $29M | $34M | $40M | $49M | ▲ 22% | |
|---|
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|
| Oct 19, 2020 | DEFM14A | — | $42.75 | 20% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Apr 11, 2019 | Wintergreen Advisers, LLC | SC 13D/A | 0.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|
| FY2025 | $4M | $4M | 196 | 122 |
| FY2024 | $3M | $4M | 193 | 124 |
| FY2023 | $3M | $2M | 156 | 120 |
| FY2022 | $2M | $2M | 151 | 111 |
| FY2021 | $2M | $5M | 157 | 130 |