ENVAEnova International, Inc.

Personal Credit Institutions

Revenue: $3.2B; 19% YoY
Operating margin: 23.5%; 6.6% YoY
EBITDA: $781M; 25% YoY
Market cap: $4.3B
Employees: 1,836; $2M revenue each
Net debt / EBITDA: 6.7×; $5.3B net debt
AI in 10-K: 1.8; 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
590% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$69M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.7B	$2.1B	$2.7B	$3.2B	19%
Operating income	$413M	$384M	$422M	$585M	$739M	26%
Net income	$256M	$207M	$175M	$209M	$308M	47%
Operating cash flow	$472M	$894M	$1.2B	$1.5B	$1.8B	18%
Capex	$30M	$44M	$45M	$43M	$47M	8.6%
Stock-based comp	$21M	$22M	$27M	$32M	$33M	4.0%
Buybacks	$117M	$143M	$153M	$289M	$215M	26%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $69M · 32
Net: −$69M

Pay vs performance

No pay-versus-performance disclosure yet.