GRDNGuardian Pharmacy Services, Inc.

Retail-Drug Stores And Proprietary Stores

Revenue: $1.4B; 18% YoY
Operating margin: 5.0%; 198% YoY
EBITDA: $95M; 320% YoY
Market cap: —
Employees: 120; $12M revenue each
Net debt / EBITDA: -0.9×; −$90M net debt
AI in 10-K: 0.8; 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
204% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$12M · 94th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
—
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$419M net
Net sales over $10M in 12 months

Financials

Metric	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.4B	18%
Operating income	−$63M	$73M	216%
Net income	−$110M	$49M	145%
Operating cash flow	$58M	$100M	73%
Capex	$15M	$13M	8.8%
Stock-based comp	$131M	$14M	89%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 28, 2026	Bindley Capital Partners I, LLC	SCHEDULE 13D/A	43.9%	Passive
Mar 24, 2026	Bindley Capital Partners I, LLC	SCHEDULE 13D/A	36.0%	Passive
Jul 29, 2025	Bindley Capital Partners I, LLC	SCHEDULE 13D/A	22.2%	Passive
May 29, 2025	Bindley Capital Partners I, LLC	SCHEDULE 13D/A	14.9%	Passive
Feb 3, 2025	Bindley Capital Partners I, LLC	SCHEDULE 13D	46.5%	Passive

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $419M · 10
Net: −$419M

Pay vs performance

No pay-versus-performance disclosure yet.