ORCLORACLE CORP

Services-Prepackaged Software

Revenue: $67.4B; 17% YoY
Operating margin: 30.6%; 0.7% YoY
EBITDA: $28.2B; 31% YoY
Market cap: $395.1B
Employees: 141,000; $478K revenue each
Net debt / EBITDA: 3.3×; $93.2B net debt
AI in 10-K: 16.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 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
188% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
18% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$478K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
16.9 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$395.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$82M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$42.4B	$50.0B	$53.0B	$57.4B	$67.4B	17%
Operating income	$10.9B	$13.1B	$15.4B	$17.7B	$20.6B	17%
Net income	$6.7B	$8.5B	$10.5B	$12.4B	$17.0B	36%
Operating cash flow	$9.5B	$17.2B	$18.7B	$20.8B	$32.0B	54%
Capex	$4.5B	$8.7B	$6.9B	$21.2B	$55.7B	162%
Stock-based comp	$2.6B	$3.5B	$4.0B	$4.7B	$4.8B	2.9%
Buybacks	$16.2B	$1.3B	$1.2B	$600M	$95M	84%
Dividends	$3.5B	$3.7B	$4.4B	$4.7B	$5.8B	22%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 1
Open-market sells, 12 mo: $85M · 20
Net: −$82M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	207	190
FY2025	—	—	232	172
FY2024	—	—	132	137
FY2023	—	—	107	69
FY2022	—	—	38	42