DRVNDriven Brands Holdings Inc.

Services-Automotive Repair, Services & Parking

Revenue: $1.9B; 6.3% YoY
Operating margin: 12.4%; 8.8% YoY
EBITDA: $313M; 12% YoY
Market cap: $2.0B
Employees: 7,100; $262K revenue each
Net debt / EBITDA: 4.7×; $1.5B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 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
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$262K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 17th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$750K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$2.0B	$1.7B	$1.8B	$1.9B	6.3%
Operating income	$177M	$200M	$115M	$200M	$231M	16%
Net income	$10M	$43M	−$745M	−$292M	—
Operating cash flow	$284M	$197M	$229M	$244M	$331M	35%
Capex	$161M	$436M	$596M	$289M	$223M	23%
Stock-based comp	$4M	$21M	$20M	$52M	$32M	38%
Buybacks	$43M	$0	$50M	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $750K · 1
Net: −$750K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	55	158
FY2024	—	—	61	153
FY2023	—	—	53	113
FY2022	—	—	102	79
FY2021	—	—	125	120