EVCMEverCommerce Inc.

Services-Prepackaged Software

Revenue: $589M; 4.8% YoY
Operating margin: 10.1%; 116% YoY
EBITDA: $128M; 11% YoY
Market cap: $1.6B
Employees: 1,800; $327K revenue each
Net debt / EBITDA: 3.0×; $387M net debt
AI in 10-K: 11.0; 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
633% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
76% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
65% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$327K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
11.0 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$490M	$621M	$535M	$562M	$589M	4.8%
Operating income	−$27M	−$31M	−$3M	$26M	$59M	126%
Net income	−$82M	−$60M	−$46M	−$41M	$18M	143%
Operating cash flow	$37M	$65M	$105M	$113M	$111M	1.5%
Capex	$3M	$3M	$3M	$1M	$2M	52%
Stock-based comp	$22M	$27M	$26M	$26M	$28M	7.3%
Buybacks	$0	$43M	$67M	$58M	$85M	48%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 158
Net: −$16M

Pay vs performance

No pay-versus-performance disclosure yet.