DAVEDave Inc./DE
Finance Services
- Revenue
- $554M
- 60% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.4B
- Employees
- 280
- $2M revenue each
- Net debt / EBITDA
- —
- −$210M net debt
- AI in 10-K
- 5.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo148% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo15% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$2M · 94th pctBottom quartile of its SIC industry
- Quiet on AINo5.2 per 10K words · 83rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.4B 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 |
|---|---|---|---|---|---|---|
| Revenue | $153M | $205M | $259M | $347M | $554M | 60% |
| Operating income | −$6M | — | — | — | — | |
| Net income | −$20M | −$129M | −$49M | $58M | $196M | 238% |
| Operating cash flow | −$541K | −$45M | $34M | $125M | $290M | 132% |
| Capex | $371K | $728K | $688K | $262K | $317K | 21% |
| Stock-based comp | $2M | $41M | $27M | $37M | $30M | 20% |
| Buybacks | $0 | $536K | $0 | $0 | $44M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 15, 2026 | Wilk Jason | SCHEDULE 13D/A | 11.8% | Passive |
| Jun 17, 2025 | Wilk Jason | SCHEDULE 13D/A | 10.9% | Passive |
| Mar 17, 2025 | Wilk Jason | SCHEDULE 13D/A | 12.4% | Passive |
| Oct 18, 2024 | Section 32 Fund 1, LP | SC 13D/A | 0.0% | Passive |
| Oct 11, 2024 | Section 32 Fund 1, LP | SC 13D/A | 9.1% | Passive |
| May 14, 2024 | Section 32 Fund 1, LP | SC 13D/A | 18.7% | Passive |
| May 9, 2024 | Section 32 Fund 1, LP | SC 13D/A | 19.7% | Passive |
| Aug 10, 2023 | Section 32 Fund 1, LP | SC 13D/A | 2.9% | Passive |
| Aug 17, 2022 | Section 32 Fund 1, LP | SC 13D/A | 28.8% | Passive |
| Apr 4, 2022 | Section 32 Fund 1, LP | SC 13D/A | 30.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $31M · 111
- Net
- −$31M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $102M | 2386 | 172 |
| FY2024 | $12M | $51M | 937 | 174 |
| FY2023 | $2M | $2M | 90 | 139 |