MARAMARA Holdings, Inc.

Finance Services

Revenue: $59M; 39% YoY
Operating margin: -2085.5%; 758% YoY
EBITDA: −$451M; 161% YoY
Market cap: $2.6B
Employees: 266; $221K revenue each
Net debt / EBITDA: —; $2.0B net debt
AI in 10-K: 15.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 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
—
Cash flow under 80% of net income
Dilutive SBCYes
293% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentYes
59% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$221K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
15.7 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$24M	$10M	$58M	$97M	$59M	39%
Operating income	−$3M	−$674M	$221M	$306M	−$1.2B	500%
Net income	−$30M	−$694M	$259M	$541M	−$1.3B	342%
Operating cash flow	−$19M	−$176M	−$316M	−$677M	−$803M	19%
Capex	$274M	$41M	$28M	$251M	$407M	62%
Stock-based comp	$161M	$25M	$33M	$158M	$172M	9.3%
Buybacks	—	$0	$380K	$37M	$47M	25%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 6, 2021	Two Point One, LLC	SC 13D/A	0.4%	Passive
Apr 1, 2021	Two Point One, LLC	SC 13D/A	3.0%	Passive
Nov 25, 2020	Two Point One, LLC	SC 13D	5.7%	Passive
Nov 9, 2020	Lucky Liefern LLC	SC 13D	5.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 34
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	86	62
FY2024	—	—	161	51
FY2023	—	—	225	74
FY2022	—	—	33	16
FY2021	—	—	315	116