PCORPROCORE TECHNOLOGIES, INC.

Services-Prepackaged Software

Revenue: $1.3B; 15% YoY
Operating margin: -9.4%; 21% YoY
EBITDA: −$14M; 71% YoY
Market cap: $9.3B
Employees: 4,421; $299K revenue each
Net debt / EBITDA: —
AI in 10-K: 10.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 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
—
Cash flow under 80% of net income
Dilutive SBCYes
18% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
43% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentYes
63% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$299K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.1 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.3B 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	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$515M	$720M	$950M	$1.2B	$1.3B	15%
Operating income	−$286M	−$290M	−$216M	−$136M	−$124M	8.9%
Net income	−$265M	−$287M	−$190M	−$106M	−$101M	4.7%
Operating cash flow	$37M	$13M	$92M	$196M	$300M	53%
Capex	$12M	$16M	$10M	$19M	$18M	5.4%
Stock-based comp	$227M	$163M	$175M	$187M	$238M	28%
Buybacks	—	—	$0	$0	$129M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $82M · 80
Net: −$82M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	83	240
FY2024	—	—	85	187
FY2023	—	—	79	137
FY2022	—	—	54	82
FY2021	—	—	91	128