CXWCoreCivic, Inc.

Real Estate Investment Trusts

Revenue: $2.2B; 13% YoY
Operating margin: —
EBITDA: —
Market cap: $3.1B
Employees: 6,028; $367K revenue each
Net debt / EBITDA: —; $1.2B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
159% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
118% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$367K · 30th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$1.8B	$1.9B	$2.0B	$2.2B	13%
Net income	−$52M	$122M	—	—	—
Operating cash flow	$263M	$154M	$232M	$269M	$195M	28%
Capex	$81M	$83M	$68M	$70M	$142M	101%
Stock-based comp	$19M	$18M	$21M	$26M	$28M	7.8%
Buybacks	$2M	$80M	$43M	$77M	$229M	197%
Dividends	$3M	$886K	$131K	$136K	$45K	67%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 5, 2022	MASON CAPITAL MANAGEMENT LLC	SC 13D/A	3.7%	Active
Nov 12, 2021	MASON CAPITAL MANAGEMENT LLC	SC 13D	15.3%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 27
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.