GAPGAP INC

Retail-Family Clothing Stores

Revenue: $15.4B; 1.9% YoY
Operating margin: 7.3%; 1.6% YoY
EBITDA: $1.6B; 0.1% YoY
Market cap: $7.8B
Employees: 79,000; $195K revenue each
Net debt / EBITDA: -0.5×; −$854M net debt
AI in 10-K: 5.6; mentions per 10K words

Takeover score 2 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
158% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$195K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.6 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$84M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$16.7B	$15.6B	$14.9B	$15.1B	$15.4B	1.9%
Operating income	$810M	−$69M	$560M	$1.1B	$1.1B	0.3%
Net income	$256M	−$202M	$502M	$844M	$816M	3.3%
Operating cash flow	$809M	$607M	$1.5B	$1.5B	$1.3B	13%
Capex	$694M	$685M	$420M	$447M	$470M	5.1%
Stock-based comp	$139M	$37M	$80M	$126M	$162M	29%
Buybacks	$201M	$123M	$0	$75M	$155M	107%
Dividends	$226M	$220M	$222M	$225M	$247M	9.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 8, 2026	FISHER WILLIAM SYDNEY	SCHEDULE 13D/A	13.5%	Passive
Sep 4, 2026	FISHER ROBERT J	SCHEDULE 13D/A	13.0%	Passive
Sep 4, 2026	FISHER JOHN J	SCHEDULE 13D/A	13.0%	Passive
Aug 31, 2026	FISHER WILLIAM SYDNEY	SCHEDULE 13D/A	14.6%	Passive
Jun 5, 2026	FISHER ROBERT J	SCHEDULE 13D/A	14.6%	Passive
Mar 12, 2025	FISHER WILLIAM SYDNEY	SCHEDULE 13D/A	16.3%	Passive
Mar 12, 2025	FISHER ROBERT J	SCHEDULE 13D/A	15.2%	Passive
Mar 12, 2025	FISHER JOHN J	SCHEDULE 13D/A	14.9%	Passive
Jun 7, 2024	FISHER JOHN J	SC 13D/A	23.1%	Passive
May 31, 2024	FISHER WILLIAM SYDNEY	SC 13D/A	24.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $84M · 30
Net: −$84M

Pay vs performance

No pay-versus-performance disclosure yet.