FIVNFive9, Inc.
Services-Computer Processing & Data Preparation
- Revenue
- $1.1B
- 10% YoY
- Operating margin
- 2.5%
- 151% YoY
- EBITDA
- $91M
- 5556% YoY
- Market cap
- $2.7B
- Employees
- 2,910
- $395K revenue each
- Net debt / EBITDA
- -1.6×
- −$148M net debt
- AI in 10-K
- 18.4
- mentions per 10K words
Takeover score 4 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 cashNo574% of net incomeCash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo20% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$395K · 41st pctBottom quartile of its SIC industry
- Quiet on AINo18.4 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.6× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes5 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$7M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $610M | $779M | $910M | $1.0B | $1.1B | 10% |
| Operating income | −$56M | −$88M | −$99M | −$51M | $29M | 156% |
| Net income | −$53M | −$95M | −$82M | −$13M | $39M | 408% |
| Operating cash flow | $29M | $89M | $129M | $143M | $226M | 58% |
| Capex | $42M | $52M | $31M | $42M | $25M | 41% |
| Stock-based comp | $109M | $173M | $206M | $166M | $148M | 11% |
| Buybacks | — | — | $0 | $0 | $50M |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Aug 26, 2021 | DEFM14A | Zoom Video Communications, Inc. | $200.28 | 12% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 27, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 3.8% | Active |
| Feb 17, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 7.4% | Active |
| Feb 17, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 7.4% | Active |
| Aug 11, 2025 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 8.5% | Active |
| Aug 7, 2025 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 8.5% | Active |
| Apr 15, 2025 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D | 7.3% | Active |
| Apr 15, 2025 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 7.3% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $7M · 56
- Net
- −$7M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 11 | — |
| FY2024 | — | — | 23 | — |
| FY2023 | — | — | 45 | — |
| FY2022 | — | — | 39 | — |
| FY2021 | — | — | 79 | — |