PDFSPDF SOLUTIONS INC

Services-Prepackaged Software

Revenue: $219M; 22% YoY
Operating margin: 2.7%; 412% YoY
EBITDA: $10M; 118% YoY
Market cap: $1.7B
Employees: 600; $365K revenue each
Net debt / EBITDA: -4.9×; −$48M net debt
AI in 10-K: 8.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$596K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$365K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.2 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 4.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$228K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$111M	$149M	$166M	$179M	$219M	22%
Operating income	—	—	−$151K	$935K	$6M	525%
Net income	−$22M	−$3M	$3M	$4M	−$600K	115%
Operating cash flow	$4M	$32M	$15M	$10M	$24M	148%
Capex	$4M	$8M	$11M	$17M	$33M	90%
Stock-based comp	$13M	$20M	$21M	$25M	$26M	3.5%
Buybacks	$5M	$22M	$743K	$7M	$244K	96%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 19, 2019	VIEX Capital Advisors, LLC	SC 13D/A	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $228K · 2
Net: −$228K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$694K	$694K	132	141
FY2024	$590K	$590K	125	118
FY2023	$596K	$596K	149	119
FY2022	$655K	$655K	132	98
FY2021	$409K	$409K	147	127