DSPViant Technology Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $344M; 19% YoY
Operating margin: 3.5%; 192% YoY
EBITDA: $31M; 54% YoY
Market cap: $825M
Employees: 380; $906K revenue each
Net debt / EBITDA: -6.3×; −$193M net debt
AI in 10-K: 11.7; mentions per 10K words

Takeover score 2 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
630% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$906K · 76th pct
Bottom quartile of its SIC industry
Quiet on AINo
11.7 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 6.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$825M market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$224M	$197M	$223M	$289M	$344M	19%
Operating income	−$43M	−$49M	−$18M	$3M	$12M	247%
Net income	−$8M	−$12M	−$3M	$2M	$8M	254%
Operating cash flow	$29M	−$4M	$38M	$52M	$53M	1.6%
Capex	$441K	$758K	$1M	$2M	$926K	63%
Stock-based comp	$69M	$29M	$32M	$21M	$25M	18%
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 18, 2026	MADDEN LARRY	SCHEDULE 13D/A	5.1%	Passive
Jan 14, 2026	MADDEN LARRY	SCHEDULE 13D/A	6.9%	Passive
Jan 13, 2026	MADDEN LARRY	SCHEDULE 13D/A	7.8%	Passive
Dec 22, 2025	MADDEN LARRY	SCHEDULE 13D/A	6.3%	Passive
Jun 4, 2025	MADDEN LARRY	SCHEDULE 13D/A	6.5%	Passive
May 15, 2025	MADDEN LARRY	SCHEDULE 13D/A	6.5%	Passive
Dec 6, 2024	MADDEN LARRY	SC 13D/A	5.8%	Passive
Jun 12, 2024	MADDEN LARRY	SC 13D	6.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 102
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.