NRDSNERDWALLET, INC.

Services-Computer Processing & Data Preparation

Revenue: $837M; 22% YoY
Operating margin: 7.8%; 470% YoY
EBITDA: $112M; 93% YoY
Market cap: $714M
Employees: 650; $1M revenue each
Net debt / EBITDA: 0.1×; $8M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

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
270% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 84th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$714M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$37M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$380M	$539M	$599M	$688M	$837M	22%
Operating income	−$39M	−$19M	$4M	$9M	$65M	594%
Net income	−$43M	−$10M	−$12M	$30M	$49M	60%
Operating cash flow	$7M	$25M	$72M	$72M	$132M	83%
Capex	$2M	$5M	$700K	$600K	$1M	117%
Stock-based comp	$18M	$34M	$39M	$38M	$29M	24%
Buybacks	—	—	$20M	$80M	$70M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $37M · 21
Net: −$37M

Pay vs performance

No pay-versus-performance disclosure yet.