ONTOnterris, Inc.

Services-Management Consulting Services

Revenue: $831M; 19% YoY
Operating margin: 1.4%; 127% YoY
EBITDA: $63M; 290% YoY
Market cap: $524M
Employees: 3,500; $237K revenue each
Net debt / EBITDA: 5.2×; $325M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 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
—
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
48% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$237K · 40th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$524M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$546M	$544M	$624M	$696M	$831M	19%
Operating income	−$9M	−$28M	−$28M	−$37M	$12M	132%
Net income	−$25M	−$32M	−$31M	−$62M	−$843K	99%
Operating cash flow	$38M	$21M	$56M	$22M	$107M	383%
Capex	$7M	$10M	$30M	$21M	$16M	24%
Stock-based comp	$10M	$43M	$47M	$65M	$43M	34%
Dividends	$16M	$16M	$16M	$11M	$4M	62%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $610K · 3
Open-market sells, 12 mo: $5M · 10
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.