CUBICustomers Bancorp, Inc.
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.8B
- Employees
- 31
- Net debt / EBITDA
- —
- −$4.2B net debt
- AI in 10-K
- 1.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo221% of net incomeCash flow under 80% of net income
- Dilutive SBCYes46% of revenueOver 10% of revenue
- Payouts exceed cash flowNo1% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes68% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 95th pctBottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 43rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$32M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $315M | $228M | $250M | $181M | $224M | 23% |
| Operating cash flow | $296M | −$21M | $125M | $145M | $495M | 241% |
| Capex | $613K | $4M | $590K | $1M | $14M | 821% |
| Stock-based comp | $14M | $14M | $13M | $14M | $18M | 28% |
| Buybacks | $28M | $33M | $40M | $19M | $6M | 71% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $73K · 1
- Open-market sells, 12 mo
- $32M · 17
- Net
- −$32M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $7M | 402 | 123 |
| FY2024 | $3M | $2M | 268 | 106 |
| FY2023 | $4M | $10M | 317 | 80 |
| FY2022 | $3M | −$24M | 156 | 107 |
| FY2021 | $4M | $46M | 360 | 146 |