HROWHARROW, INC.

Pharmaceutical Preparations

Revenue: $272M; 36% YoY
Operating margin: 11.2%; 154% YoY
EBITDA: $32M; 204% YoY
Market cap: $1.1B
Employees: 2,023; $135K revenue each
Net debt / EBITDA: 6.7×; $216M net debt
AI in 10-K: 1.8; 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
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$135K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$72M	$89M	$130M	$200M	$272M	36%
Operating income	$2M	$2M	$431K	$9M	$31M	246%
Net income	−$18M	−$14M	−$24M	−$17M	−$5M	71%
Operating cash flow	$5M	$2M	$4M	−$22M	$44M	298%
Capex	$2M	$3M	$1M	$2M	$887K	44%
Stock-based comp	$6M	$8M	$16M	$18M	$13M	29%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 7, 2025	BAUM MARK L	SCHEDULE 13D/A	10.7%	Passive
Aug 18, 2023	BAUM MARK L	SC 13D/A	9.5%	Passive
Apr 27, 2021	BAUM MARK L	SC 13D/A	8.6%	Passive

Insider trading

Open-market buys, 12 mo: $469K · 4
Open-market sells, 12 mo: $10M · 7
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$24M	$33M	714	120
FY2024	$1M	$21M	489	91
FY2023	$15M	$3M	163	92
FY2022	$1M	$10M	215	89
FY2021	$7M	$9M	126	99