EXTREXTREME NETWORKS INC
Computer Communications Equipment
- Revenue
- $1.3B
- 13% YoY
- Operating margin
- 4.9%
- 229% YoY
- EBITDA
- $79M
- 148% YoY
- Market cap
- $3.0B
- Employees
- 910
- $1M revenue each
- Net debt / EBITDA
- -0.6×
- −$45M net debt
- AI in 10-K
- 15.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$14M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo293% of net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo71% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo31% of assetsOver 40% of assets
- Shareholder dissentNo82% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$1M · 90th pctBottom quartile of its SIC industry
- Quiet on AINo15.0 per 10K words · 97th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.6× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$26M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.3B | $1.1B | $1.1B | $1.3B | 13% |
| Operating income | $64M | $108M | −$65M | $17M | $63M | 270% |
| Net income | $44M | $78M | −$86M | −$8M | $42M | 661% |
| Operating cash flow | $128M | $249M | $55M | $152M | $123M | 19% |
| Capex | $15M | $14M | $18M | $25M | $28M | 13% |
| Stock-based comp | $43M | $63M | $77M | $82M | $88M | 7.2% |
| Buybacks | $45M | $100M | $50M | $38M | $87M | 129% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $26M · 33
- Net
- −$26M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $14M | $35M | 290 | 248 |
| FY2025 | $12M | $20M | 161 | 154 |
| FY2024 | $15M | −$12M | 120 | 158 |
| FY2023 | $16M | $53M | 233 | 141 |
| FY2022 | $9M | $6M | 80 | 99 |