PENGPenguin Solutions, Inc.

Semiconductors & Related Devices

Revenue: $1.7B; 26% YoY
Operating margin: 9.6%; 125% YoY
EBITDA: $216M; 89% YoY
Market cap: $3.1B
Employees: 2,800; $618K revenue each
Net debt / EBITDA: 0.7×; $142M net debt
AI in 10-K: 20.2; mentions per 10K words

Takeover score 2 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 cashYes
-84% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$618K · 66th pct
Bottom quartile of its SIC industry
Quiet on AINo
20.2 per 10K words · 98th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.4B	$1.4B	$1.2B	$1.4B	$1.7B	26%
Operating income	$67M	$9M	$18M	$58M	$166M	185%
Net income	$67M	−$188M	−$52M	$25M	$181M	611%
Operating cash flow	$105M	$104M	$77M	$109M	−$152M	239%
Capex	$20M	$39M	$19M	$9M	$12M	28%
Stock-based comp	$37M	$39M	$43M	$41M	$32M	23%
Buybacks	$57M	$25M	$21M	$52M	$74M	42%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 2, 2026	SK TELECOM CO LTD	SCHEDULE 13D/A	—	Passive
Jul 28, 2026	SK TELECOM CO LTD	SCHEDULE 13D/A	10.3%	Passive
Dec 20, 2024	SK TELECOM CO LTD	SCHEDULE 13D	10.3%	Passive
Jul 26, 2021	Silver Lake (Offshore) AIV GP III, Ltd.	SC 13D/A	0.0%	Passive
Jul 13, 2021	Silver Lake (Offshore) AIV GP III, Ltd.	SC 13D/A	6.3%	Passive
Apr 28, 2021	Silver Lake (Offshore) AIV GP III, Ltd.	SC 13D/A	14.8%	Passive
Jan 8, 2021	Silver Lake (Offshore) AIV GP III, Ltd.	SC 13D/A	20.1%	Passive
Oct 22, 2020	Silver Lake (Offshore) AIV GP III, Ltd.	SC 13D/A	25.4%	Passive
Jul 11, 2019	Silver Lake (Offshore) AIV GP III, Ltd.	SC 13D/A	26.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 38
Net: −$5M

Pay vs performance

No pay-versus-performance disclosure yet.