PDPagerDuty, Inc.
Services-Prepackaged Software
- Revenue
- $493M
- 5.4% YoY
- Operating margin
- 1.2%
- 109% YoY
- EBITDA
- $19M
- 148% YoY
- Market cap
- $1.4B
- Employees
- 1,155
- $426K revenue each
- Net debt / EBITDA
- 9.9×
- $187M net debt
- AI in 10-K
- 19.5
- mentions per 10K words
Takeover score 8 of 13
Fixable underperformance 6 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$20M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes67% of net incomeCash flow under 80% of net income
- Dilutive SBCYes20% of revenueOver 10% of revenue
- Payouts exceed cash flowYes117% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentYes75% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$426K · 47th pctBottom quartile of its SIC industry
- Quiet on AINo19.5 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo9.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$14M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $281M | $371M | $431M | $467M | $493M | 5.4% |
| Operating income | −$102M | −$129M | −$96M | −$60M | $6M | 110% |
| Net income | −$107M | −$129M | −$77M | −$44M | $173M | 497% |
| Operating cash flow | −$6M | $17M | $72M | $118M | $115M | 2.6% |
| Capex | $3M | $5M | $2M | $3M | $3M | 5.4% |
| Stock-based comp | $70M | $110M | $127M | $126M | $98M | 23% |
| Buybacks | $0 | $0 | $50M | $100M | $135M | 35% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $14M · 9
- Net
- −$14M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $15M | $2M | 22 | 110 |
| FY2025 | $20M | $13M | 38 | 127 |
| FY2024 | $20M | $3M | 49 | 97 |
| FY2023 | $23M | $5M | 61 | 80 |
| FY2022 | $13M | −$2M | 68 | 97 |