MOVMOVADO GROUP INC

Watches, Clocks, Clockwork Operated Devices/parts

Revenue: $671M; 2.7% YoY
Operating margin: 4.4%; 45% YoY
EBITDA: $39M; 34% YoY
Market cap: $715M
Employees: —
Net debt / EBITDA: -5.1×; −$202M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
218% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
60% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$715M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$27K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$732M	$744M	$664M	$653M	$671M	2.7%
Operating income	$117M	$116M	$48M	$20M	$30M	49%
Net income	$90M	$90M	$41M	$18M	$27M	45%
Operating cash flow	$131M	$54M	$77M	−$2M	$58M	3951%
Capex	$6M	$7M	$8M	$8M	$5M	43%
Stock-based comp	$5M	$6M	$7M	$4M	$5M	26%
Buybacks	$23M	$31M	$3M	$3M	$4M	48%
Dividends	$22M	$31M	$53M	$31M	$31M	0.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $27K · 1
Net: −$27K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$5M	$7M	149	135
FY2025	$5M	$3M	115	116
FY2024	$5M	$3M	156	98
FY2023	$5M	$4M	183	95
FY2022	$7M	$12M	184	99