GCTGigaCloud Technology Inc

Retail-Catalog & Mail-Order Houses

Revenue: $1.3B; 11% YoY
Operating margin: 11.2%; 0.1% YoY
EBITDA: $153M; 10% YoY
Market cap: $544M
Employees: 187; $7M revenue each
Net debt / EBITDA: -2.2×; −$334M net debt
AI in 10-K: 4.6; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
139% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$7M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.6 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$544M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$59M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$414M	$490M	$704M	$1.2B	$1.3B	11%
Operating income	$39M	$35M	$110M	$131M	$145M	11%
Net income	$29M	$24M	$94M	$126M	$137M	9.2%
Operating cash flow	$9M	$50M	$133M	$158M	$191M	21%
Capex	$2M	$709K	$4M	$16M	$8M	49%
Stock-based comp	$10M	$9M	$3M	$17M	$5M	71%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 12, 2024	DCM IV L P	SC 13D/A	4.0%	Passive
Jul 10, 2024	DCM IV L P	SC 13D/A	8.1%	Passive
Jul 2, 2024	DCM IV L P	SC 13D/A	9.5%	Passive
Jun 21, 2024	DCM IV L P	SC 13D/A	10.3%	Passive
May 24, 2024	DCM IV L P	SC 13D/A	11.4%	Passive
May 22, 2024	DCM IV L P	SC 13D/A	4.3%	Passive
Dec 29, 2023	DCM IV L P	SC 13D/A	18.8%	Passive
Jun 16, 2023	DCM IV L P	SC 13D/A	38.5%	Passive
Aug 29, 2022	DCM IV L P	SC 13D	24.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $59M · 104
Net: −$59M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$2M	250	199
FY2024	$3M	$3M	118	177
FY2023	$287K	$287K	117	128
FY2022	$163K	$163K	36	82