MAMAMama's Creations, Inc.

Sausages & Other Prepared Meat Products

Revenue: $172M; 39% YoY
Operating margin: 4.1%; 4.7% YoY
EBITDA: $10M; 60% YoY
Market cap: $598M
Employees: 581; $296K revenue each
Net debt / EBITDA: -12.8×; −$133M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 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
216% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 4 of 4

Low revenue per employeeYes
$296K · 0th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 12.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$598M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$47M	$93M	$103M	$123M	$172M	39%
Operating income	$83K	$3M	$9M	$5M	$7M	46%
Net income	−$252K	$2M	$7M	$4M	$5M	42%
Operating cash flow	$910K	$6M	$12M	$5M	$11M	121%
Capex	$10M	$593K	$786K	$5M	$2M	68%
Stock-based comp	$33K	$110K	$436K	$1M	$2M	79%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 28, 2023	WOLF CARL T	SC 13D/A	0.0%	Passive
Aug 5, 2020	WOLF CARL T	SC 13D/A	22.7%	Passive
Aug 5, 2020	Brown Matthew	SC 13D/A	17.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 4
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$2M	$21M	807	111
FY2025	—	—	412	110
FY2024	—	—	230	105
FY2023	—	—	107	110
FY2022	—	—	104	105