TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
239% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
24% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support
Buyer economics 3 of 4
Low revenue per employeeYes
$2K · 0th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.9B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $560M | $587M | $678M | $736M | $806M | ▲ 9.4% | |
|---|
| Operating income | $111M | $131M | $149M | $171M | $178M | ▲ 4.1% | |
|---|
| Net income | $60M | $74M | $85M | $94M | $103M | ▲ 9.2% | |
|---|
| Operating cash flow | $130M | $166M | $191M | $196M | $245M | ▲ 25% | |
|---|
| Stock-based comp | $4M | $5M | $5M | $6M | $6M | ▲ 15% | |
|---|
| Dividends | $40M | $44M | $48M | $52M | $59M | ▲ 12% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Feb 14, 2023 | Van Valer Robert A | SC 13D/A | 0.3% | Passive |
| Feb 15, 2022 | MOSS GEORGE E | SC 13D/A | 3.8% | Passive |
| Feb 15, 2022 | Van Valer Robert A | SC 13D/A | 11.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $6M · 4
- Open-market sells, 12 mo
- $202K · 2
- Net
- $6M
Pay vs performance
No pay-versus-performance disclosure yet.