HTHHilltop Holdings Inc.
State Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.1B
- Employees
- 1,030
- Net debt / EBITDA
- —
- −$262M net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-23% of net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-593% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentYes32% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$148K · 65th pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 35th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.1B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$15M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $374M | $113M | $110M | $113M | $166M | 47% |
| Operating cash flow | $766M | $1.2B | $443M | $274M | −$39M | 114% |
| Capex | $25M | $10M | $8M | $7M | $17M | 136% |
| Stock-based comp | $18M | $16M | $16M | $11M | — | |
| Buybacks | $124M | $442M | $5M | $20M | $184M | 826% |
| Dividends | $39M | $43M | $42M | $44M | $45M | 2.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 16, 2026 | FORD GERALD J | SCHEDULE 13D/A | 27.3% | Active |
| Oct 1, 2026 | FORD GERALD J | SCHEDULE 13D/A | 27.3% | Passive |
| Jul 22, 2026 | FORD GERALD J | SCHEDULE 13D/A | 26.7% | Active |
| Aug 8, 2025 | FORD GERALD J | SCHEDULE 13D/A | 25.2% | Passive |
| Jul 18, 2025 | FORD GERALD J | SCHEDULE 13D/A | 24.8% | Passive |
| Jul 11, 2025 | FORD GERALD J | SCHEDULE 13D/A | 49.2% | Passive |
| Jul 8, 2025 | FORD GERALD J | SCHEDULE 13D/A | 24.8% | Passive |
| Sep 9, 2022 | FORD GERALD J | SC 13D/A | 24.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $15M · 19
- Net
- −$15M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $5M | 136 | 143 |
| FY2024 | $4M | $2M | 112 | 130 |
| FY2023 | $4M | $5M | 135 | 109 |
| FY2022 | $5M | $2M | 113 | 118 |
| FY2021 | $7M | $12M | 130 | 139 |