DJCODAILY JOURNAL CORP

Newspapers: Publishing Or Publishing & Printing

Revenue: $88M; 25% YoY
Operating margin: 10.9%; 87% YoY
EBITDA: $10M; 126% YoY
Market cap: $867M
Employees: 415; $211K revenue each
Net debt / EBITDA: -3.2×; −$31M net debt
AI in 10-K: 4.8; mentions per 10K words

Takeover score 4 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 cashYes
12% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$211K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 3.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$867M market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$50M	$54M	$68M	$70M	$88M	25%
Operating income	$2M	$2M	$7M	$4M	$10M	134%
Net income	$113M	−$21M	$21M	$78M	$112M	44%
Operating cash flow	$3M	−$5M	$15M	−$89K	$13M	15081%
Capex	$29K	$36K	$86K	$49K	$8K	84%
Stock-based comp	—	—	—	$202K	$140K	31%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 10, 2026	KAUFMAN PETER D	SCHEDULE 13D/A	4.3%	Passive
Jan 16, 2026	KAUFMAN PETER D	SCHEDULE 13D/A	8.7%	Passive
Dec 18, 2020	KAUFMAN PETER D	SC 13D	9.5%	Passive
Dec 20, 2019	GUERIN JOHN PATRICK ET AL	SC 13D/A	12.6%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.