FNDFloor & Decor Holdings, Inc.

Retail-Lumber & Other Building Materials Dealers

Revenue: $4.7B; 5.1% YoY
Operating margin: 5.8%; 0.3% YoY
EBITDA: $511M; 4.6% YoY
Market cap: $5.0B
Employees: 13,723; $341K revenue each
Net debt / EBITDA: 0.4×; $202M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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
183% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$341K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.4B	$4.3B	$4.4B	$4.5B	$4.7B	5.1%
Operating income	$339M	$397M	$321M	$256M	$270M	5.4%
Net income	$283M	$298M	$246M	$206M	$209M	1.3%
Operating cash flow	$301M	$112M	$804M	$603M	$382M	37%
Capex	$408M	$457M	$548M	$447M	$318M	29%
Stock-based comp	$21M	$22M	$27M	$34M	$30M	12%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 14, 2020	ARES CORPORATE OPPORTUNITIES FUND III LP	SC 13D/A	0.0%	Passive
Aug 5, 2020	ARES CORPORATE OPPORTUNITIES FUND III LP	SC 13D/A	5.2%	Passive
Aug 5, 2020	FS Equity Partners VI, L.P.	SC 13D/A	0.0%	Passive
May 26, 2020	ARES CORPORATE OPPORTUNITIES FUND III LP	SC 13D/A	8.5%	Passive
May 26, 2020	FS Equity Partners VI, L.P.	SC 13D/A	8.5%	Passive
May 11, 2020	ARES CORPORATE OPPORTUNITIES FUND III LP	SC 13D/A	12.9%	Passive
May 8, 2020	FS Equity Partners VI, L.P.	SC 13D/A	12.9%	Passive
Nov 18, 2019	FS Equity Partners VI, L.P.	SC 13D/A	18.0%	Passive
Nov 18, 2019	ARES CORPORATE OPPORTUNITIES FUND III LP	SC 13D/A	18.0%	Passive
Aug 13, 2019	ARES CORPORATE OPPORTUNITIES FUND III LP	SC 13D/A	25.4%	Passive

Insider trading

Open-market buys, 12 mo: $674K · 4
Open-market sells, 12 mo: $14M · 2
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.