HRBH&R BLOCK INC

Services-Personal Services

Revenue: $3.9B; 4.9% YoY
Operating margin: —
EBITDA: —
Market cap: $6.3B
Employees: —
Net debt / EBITDA: —; −$52M net debt
AI in 10-K: 5.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 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
114% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
97% 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
5.9 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.5B	$3.5B	$3.6B	$3.8B	$3.9B	4.9%
Net income	$554M	$554M	$595M	$606M	$734M	21%
Operating cash flow	$809M	$822M	$721M	$681M	$839M	23%
Capex	$62M	$70M	$64M	$82M	$83M	0.7%
Stock-based comp	$34M	$31M	$34M	$33M	$30M	6.2%
Dividends	$186M	$178M	$180M	$197M	$211M	6.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 3
Net: −$14M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	192	119
FY2025	—	—	265	133
FY2024	—	—	255	121
FY2023	—	—	146	104
FY2022	—	—	157	86