DLBDolby Laboratories, Inc.

Patent Owners & Lessors

Revenue: $1.3B; 5.9% YoY
Operating margin: 19.6%; 3.2% YoY
EBITDA: $353M; 5.7% YoY
Market cap: $5.9B
Employees: 2,051; $658K revenue each
Net debt / EBITDA: —
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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
185% of net income
Cash flow under 80% of net income
Dilutive SBCNo
10% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$658K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 45th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	5.9%
Operating income	$344M	$207M	$216M	$258M	$265M	2.6%
Net income	$310M	$184M	$201M	$262M	$255M	2.6%
Operating cash flow	$448M	$319M	$367M	$327M	$472M	44%
Capex	$54M	$48M	$30M	$30M	$36M	21%
Stock-based comp	$100M	$115M	$118M	$120M	$129M	7.3%
Buybacks	$246M	$530M	$149M	$160M	$125M	22%
Dividends	$89M	$100M	$103M	$115M	$127M	10%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 13, 2026	Dolby Dagmar	SCHEDULE 13D/A	36.0%	Passive
Feb 3, 2025	Dolby Dagmar	SCHEDULE 13D/A	36.6%	Passive
Nov 18, 2022	Dolby Dagmar	SC 13D/A	37.9%	Active
Sep 28, 2020	Dolby Dagmar	SC 13D/A	36.6%	Passive
Mar 19, 2020	Dolby Dagmar	SC 13D/A	36.7%	Passive
Sep 24, 2019	Dolby Dagmar	SC 13D/A	1.6%	Passive
Jul 3, 2019	Dolby Dagmar	SC 13D/A	38.0%	Passive
May 7, 2019	Dolby Dagmar	SC 13D/A	38.0%	Passive
Mar 13, 2019	Dolby Dagmar	SC 13D/A	38.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 38
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.