HAFCHANMI FINANCIAL CORP

National Commercial Banks

Revenue: $270M; 15% YoY
Operating margin: 28.2%; 6.1% YoY
EBITDA: $79M; 21% YoY
Market cap: $965M
Employees: —
Net debt / EBITDA: —
AI in 10-K: 1.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
271% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$965M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$279K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$272M	$255M	$234M	$270M	15%
Operating income	—	$101M	$80M	$62M	$76M	22%
Net income	$99M	$101M	$80M	$62M	$76M	22%
Operating cash flow	$94M	$147M	$109M	$53M	$206M	292%
Capex	$3M	$2M	$2M	$3M	$2M	12%
Stock-based comp	$2M	$3M	$3M	$4M	$4M	0.6%
Buybacks	$6M	—	$4M	$6M	$9M	49%
Dividends	$17M	$29M	$31M	$30M	$33M	7.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $279K · 3
Net: −$279K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$3M	297	158
FY2024	$2M	$3M	248	146
FY2023	$2M	$1M	193	127
FY2022	$2M	$3M	233	128
FY2021	$2M	$3M	215	139