EVCENTRAVISION COMMUNICATIONS CORP

Television Broadcasting Stations

Revenue: $448M; 23% YoY
Operating margin: -18.6%; 31% YoY
EBITDA: −$71M; 102% YoY
Market cap: $607M
Employees: 1,025; $437K revenue each
Net debt / EBITDA: —; $87M net debt
AI in 10-K: 5.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 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
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
171% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$437K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.4 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$607M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$42M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$760M	$324M	$297M	$365M	$448M	23%
Operating income	$60M	$31M	−$26M	−$52M	−$83M	60%
Net income	—	—	−$15M	−$149M	−$79M	47%
Operating cash flow	$65M	$79M	$75M	$75M	$11M	86%
Capex	$6M	$11M	$27M	$8M	$7M	16%
Stock-based comp	$10M	$20M	$24M	$14M	$11M	21%
Buybacks	—	$11M	$0	—	—
Dividends	$9M	$9M	$18M	$18M	$18M	1.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 19, 2026	Seros Alexandra	SCHEDULE 13D/A	9.2%	Passive
May 14, 2026	Seros Alexandra	SCHEDULE 13D/A	10.4%	Passive
May 11, 2026	Seros Alexandra	SCHEDULE 13D/A	11.9%	Passive
May 7, 2026	Seros Alexandra	SCHEDULE 13D/A	17.3%	Passive
Nov 17, 2025	Seros Alexandra	SCHEDULE 13D/A	13.4%	Passive
Aug 21, 2025	Seros Alexandra	SCHEDULE 13D/A	16.1%	Passive
Jun 13, 2023	Seros Alexandra	SC 13D/A	3.4%	Active
Feb 13, 2023	Seros Alexandra	SC 13D/A	3.5%	Passive
Feb 16, 2021	ANGELO GORDON & CO., L.P.	SC 13D/A	5.0%	Passive
Feb 16, 2021	ANGELO GORDON & CO., L.P.	SC 13D/A	4.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $42M · 40
Net: −$42M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	77	—
FY2024	—	—	57	—
FY2023	—	—	91	—