GCOGENESCO INC

Retail-Shoe Stores

Revenue: $2.4B; 4.8% YoY
Operating margin: 0.7%; 19% YoY
EBITDA: $71M; 6.4% YoY
Market cap: $553M
Employees: 16,000; $152K revenue each
Net debt / EBITDA: -0.6×; −$41M net debt
AI in 10-K: 4.7; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
11× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
11% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$152K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.7 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$553M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
$110K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.4B	$2.4B	$2.3B	$2.3B	$2.4B	4.8%
Operating income	$156M	$93M	−$13M	$14M	$17M	24%
Net income	$115M	$72M	−$17M	−$19M	$13M	168%
Operating cash flow	$240M	−$165M	$95M	$88M	$146M	66%
Capex	$54M	$60M	$60M	$41M	$62M	51%
Stock-based comp	$9M	$14M	$14M	$13M	$12M	4.9%
Buybacks	$78M	$77M	$32M	$10M	$13M	28%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 3, 2026	Radoff Bradley Louis	SCHEDULE 13D/A	9.1%	Passive
Jun 10, 2026	Radoff Bradley Louis	SCHEDULE 13D/A	8.7%	Active
Apr 27, 2026	Radoff Bradley Louis	SCHEDULE 13D/A	8.1%	Active
Apr 15, 2026	Radoff Bradley Louis	SCHEDULE 13D	7.6%	Active
Feb 17, 2023	Legion Partners Asset Management, LLC	SC 13D/A	3.1%	Passive
Feb 3, 2023	Legion Partners Asset Management, LLC	SC 13D/A	5.3%	Passive
Jan 24, 2023	Legion Partners Asset Management, LLC	SC 13D/A	5.3%	Active
Jan 10, 2023	Legion Partners Asset Management, LLC	SC 13D/A	3.0%	Passive
Dec 9, 2022	Legion Partners Asset Management, LLC	SC 13D/A	6.8%	Passive
Sep 1, 2022	Legion Partners Asset Management, LLC	SC 13D/A	6.3%	Passive

Insider trading

Open-market buys, 12 mo: $110K · 2
Open-market sells, 12 mo: $0 · 0
Net: $110K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$4M	$3M	75	67
FY2025	$5M	$7M	107	71
FY2024	$4M	−$912K	74	77
FY2023	$4M	$4M	123	97
FY2022	$9M	$9M	162	107