DOCNDigitalOcean Holdings, Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $901M; 15% YoY
Operating margin: 17.4%; 49% YoY
EBITDA: $294M; 33% YoY
Market cap: $9.4B
Employees: 500; $2M revenue each
Net debt / EBITDA: 0.5×; $154M net debt
AI in 10-K: 22.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
119% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentYes
80% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
22.4 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.4B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
4 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$574M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$429M	$576M	$693M	$781M	$901M	15%
Operating income	−$11M	−$26M	$12M	$91M	$157M	73%
Net income	−$20M	−$28M	$19M	$84M	$259M	207%
Operating cash flow	$133M	$195M	$235M	$283M	$310M	9.5%
Capex	$97M	$106M	$119M	$178M	$129M	28%
Stock-based comp	$62M	$106M	$88M	$91M	$80M	11%
Buybacks	$350M	$600M	$488M	$60M	$82M	37%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 6, 2026	ACCESS INDUSTRIES MANAGEMENT, LLC	SCHEDULE 13D/A	31.6%	Active
May 15, 2026	ACCESS INDUSTRIES MANAGEMENT, LLC	SCHEDULE 13D/A	17.9%	Active
May 11, 2026	ACCESS INDUSTRIES MANAGEMENT, LLC	SCHEDULE 13D/A	41.4%	Active
Jun 6, 2025	ACCESS INDUSTRIES MANAGEMENT, LLC	SCHEDULE 13D/A	24.7%	Active
Aug 12, 2024	ACCESS INDUSTRIES MANAGEMENT, LLC	SC 13D/A	28.1%	Active
Jul 12, 2023	ACCESS INDUSTRIES MANAGEMENT, LLC	SC 13D/A	29.1%	Active
Nov 8, 2022	ACCESS INDUSTRIES MANAGEMENT, LLC	SC 13D/A	26.9%	Active
Apr 5, 2021	ACCESS INDUSTRIES MANAGEMENT, LLC	SC 13D	24.6%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $574M · 33
Net: −$574M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	113	253
FY2024	—	—	80	204
FY2023	—	—	86	150
FY2022	—	—	60	95
FY2021	—	—	189	132