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
10× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
28% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support
Buyer economics 1 of 4
Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $520M | $1.2B | $1.6B | $1.8B | $2.0B | ▲ 9.8% | |
|---|
| Operating income | $11M | $42M | $43M | $56M | $78M | ▲ 40% | |
|---|
| Net income | −$5M | $7M | −$9M | −$7M | $8M | ▲ 214% | |
|---|
| Operating cash flow | $10M | −$11M | $102M | $56M | $84M | ▲ 49% | |
|---|
| Capex | $3M | $8M | $15M | $14M | $21M | ▲ 54% | |
|---|
| Stock-based comp | $5M | $2M | $8M | $5M | $7M | ▲ 27% | |
|---|
| Buybacks | $0 | $2M | $4M | $3M | $24M | ▲ 821% | |
|---|
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|
| Oct 28, 2026 | SC 13E3/A | LKCM Headwater Investments II, L.P. and LKCM Headwater Investments IV, L.P. | — | — |
| Oct 28, 2026 | DEFM14A | LKCM Headwater Investments, LLC | $35.00 | 52.8% |
| Oct 27, 2026 | SC 13E3/A | LKCM Headwater Investments II, L.P. and LKCM Headwater Investments IV, L.P. | — | — |
| Oct 20, 2026 | SC 13E3/A | Luther King Capital Management Corporation | — | — |
| Sep 1, 2026 | SC 13E3 | LKCM Headwater Investments, LLC | — | — |
| Sep 1, 2026 | PREM14A | LKCM Headwater Investments, LLC | $35.00 | 52.8% |
| Feb 10, 2022 | DEFM14A | Luther King Capital Management Corporation | $48.39 | 0% |
| Jan 14, 2022 | PREM14A | LKCM TE Investors, LLC | $48.12 | 1.6% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Sep 10, 2026 | KING LUTHER CAPITAL MANAGEMENT CORP | SCHEDULE 13D/A | 7.7% | Active |
| Jul 16, 2026 | KING LUTHER CAPITAL MANAGEMENT CORP | SCHEDULE 13D/A | 78.7% | Active |
| Mar 16, 2026 | KING LUTHER CAPITAL MANAGEMENT CORP | SCHEDULE 13D/A | 7.7% | Active |
| Feb 14, 2025 | KING LUTHER CAPITAL MANAGEMENT CORP | SCHEDULE 13D/A | 77.6% | Passive |
| Dec 27, 2023 | KING LUTHER CAPITAL MANAGEMENT CORP | SC 13D/A | 77.6% | Passive |
| Sep 8, 2023 | KING LUTHER CAPITAL MANAGEMENT CORP | SC 13D/A | 77.9% | Passive |
| Jun 2, 2023 | KING LUTHER CAPITAL MANAGEMENT CORP | SC 13D/A | 77.9% | Passive |
| Mar 22, 2023 | KING LUTHER CAPITAL MANAGEMENT CORP | SC 13D/A | 8.0% | Passive |
| Jun 17, 2022 | KING LUTHER CAPITAL MANAGEMENT CORP | SC 13D/A | 8.8% | Passive |
| May 2, 2022 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 2.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $297K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $297K
Pay vs performance
No pay-versus-performance disclosure yet.