FIVEFIVE BELOW, INC

Retail-Variety Stores

Revenue: $4.8B; 23% YoY
Operating margin: 9.6%; 15% YoY
EBITDA: $650M; 32% YoY
Market cap: $13.3B
Employees: 150,000; $32K revenue each
Net debt / EBITDA: —
AI in 10-K: 3.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
164% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$32K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.8B	$3.1B	$3.6B	$3.9B	$4.8B	23%
Operating income	$380M	$345M	$386M	$324M	$457M	41%
Net income	$279M	$262M	$301M	$254M	$359M	41%
Operating cash flow	$328M	$315M	$500M	$431M	$586M	36%
Capex	$288M	$252M	$335M	$324M	$175M	46%
Stock-based comp	$26M	$24M	$18M	$16M	$35M	122%
Buybacks	$60M	$40M	$81M	$40M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $93K · 1
Open-market sells, 12 mo: $24M · 51
Net: −$24M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	109	192
FY2025	—	—	53	178
FY2024	—	—	103	133
FY2023	—	—	111	97
FY2022	—	—	90	104