NXDRNextdoor Holdings, Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $258M; 4.2% YoY
Operating margin: -27.9%; 43% YoY
EBITDA: −$70M; 41% YoY
Market cap: $858M
Employees: 463; $556K revenue each
Net debt / EBITDA: —
AI in 10-K: 13.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
25% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
292% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$556K · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
13.7 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$858M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$192M	$213M	$218M	$247M	$258M	4.2%
Operating income	−$95M	−$144M	−$172M	−$122M	−$72M	41%
Net income	$95M	$138M	$148M	−$98M	−$54M	45%
Operating cash flow	−$51M	−$61M	−$59M	−$20M	$6M	132%
Capex	$9M	$3M	$267K	$404K	$580K	44%
Stock-based comp	$48M	$64M	$83M	$74M	$65M	12%
Buybacks	$0	$77M	$0	$76M	$19M	75%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 14, 2025	BENCHMARK CAPITAL PARTNERS VI LP	SCHEDULE 13D/A	19.0%	Passive
Oct 30, 2024	Tolia Nirav N	SC 13D/A	12.2%	Active
Aug 28, 2024	Shasta Ventures II GP, LLC	SC 13D/A	2.2%	Passive
Aug 12, 2024	Shasta Ventures II GP, LLC	SC 13D/A	6.5%	Passive
Jun 7, 2024	Shasta Ventures II GP, LLC	SC 13D/A	4.7%	Passive
May 30, 2024	Shasta Ventures II GP, LLC	SC 13D/A	6.0%	Passive
Mar 18, 2024	Tolia Nirav N	SC 13D/A	13.2%	Passive
Aug 23, 2022	Greylock XIII Limited Partnership	SC 13D/A	11.8%	Passive
Aug 17, 2022	Greylock XIII Limited Partnership	SC 13D/A	11.8%	Passive
Jun 9, 2022	Bond Capital Associates, LLC	SC 13D/A	6.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 25
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	16	110
FY2024	—	—	18	99
FY2023	$3M	$3M	15	75
FY2022	$8M	$26M	16	50
FY2021	$20M	$72M	61	91