GRPNGroupon, Inc.

Services-Advertising Agencies

Revenue: $498M; 1.2% YoY
Operating margin: 4.7%; 166% YoY
EBITDA: $41M; 11% YoY
Market cap: $639M
Employees: 350; $1M revenue each
Net debt / EBITDA: 2.0×; $81M net debt
AI in 10-K: 8.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 85th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.2 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$639M market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$967M	$599M	$515M	$493M	$498M	1.2%
Operating income	−$5M	−$168M	−$18M	$9M	$24M	169%
Net income	$120M	−$234M	−$53M	−$57M	−$83M	47%
Operating cash flow	−$124M	−$136M	−$78M	$56M	$64M	15%
Capex	$50M	$36M	$19M	$15M	$15M	4.6%
Stock-based comp	$33M	$30M	$14M	$27M	$38M	41%
Buybacks	$0	—	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 10, 2026	Barta Jan	SCHEDULE 13D/A	32.0%	Passive
Apr 30, 2026	Barta Jan	SCHEDULE 13D/A	34.1%	Passive
Feb 6, 2025	Barta Jan	SCHEDULE 13D/A	25.6%	Passive
Nov 1, 2024	Barta Jan	SC 13D/A	25.6%	Passive
May 10, 2024	Barta Jan	SC 13D/A	25.7%	Passive
Jan 23, 2024	Barta Jan	SC 13D/A	26.2%	Passive
Nov 13, 2023	Barta Jan	SC 13D/A	21.1%	Active
Sep 7, 2023	Windward Management LP	SC 13D	8.9%	Passive
Aug 23, 2023	Barta Jan	SC 13D/A	21.2%	Active
Mar 31, 2023	Barta Jan	SC 13D/A	21.9%	Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	46	196
FY2024	—	—	32	163
FY2023	—	—	34	131
FY2022	—	—	23	85
FY2021	—	—	61	127