PLTKPlaytika Holding Corp.
Services-Computer Processing & Data Preparation
- Revenue
- $2.8B
- 8.1% YoY
- Operating margin
- -0.2%
- 101% YoY
- EBITDA
- $42M
- 90% YoY
- Market cap
- $755M
- Employees
- 3,175
- $868K revenue each
- Net debt / EBITDA
- 47.5×
- $2.0B net debt
- AI in 10-K
- 1.9
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$57M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo26% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes51% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$868K · 75th pctBottom quartile of its SIC industry
- Quiet on AINo1.9 per 10K words · 53rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo47.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$755M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.6B | $2.6B | $2.5B | $2.8B | 8.1% |
| Operating income | $562M | $471M | $502M | $392M | −$5M | 101% |
| Net income | $309M | $275M | $235M | $162M | −$206M | 227% |
| Operating cash flow | $552M | $494M | $516M | $490M | $568M | 16% |
| Capex | $47M | $68M | $33M | $41M | $36M | 11% |
| Stock-based comp | $100M | $124M | $110M | $99M | $83M | 17% |
| Dividends | $0 | $0 | $0 | $112M | $150M | 35% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 27, 2024 | Alpha Frontier Ltd | SC 13D/A | 54.4% | Active |
| Sep 20, 2024 | Alpha Frontier Ltd | SC 13D/A | 54.6% | Active |
| Jan 3, 2024 | Alpha Frontier Ltd | SC 13D/A | 55.3% | Active |
| Jul 31, 2023 | Fortune Bliss Ventures Ltd | SC 13D/A | 0.0% | Passive |
| Jul 26, 2023 | Chau On | SC 13D/A | 77.3% | Passive |
| May 3, 2023 | Fortune Bliss Ventures Ltd | SC 13D | 64.6% | Passive |
| Apr 28, 2023 | Chau On | SC 13D/A | 73.9% | Passive |
| Jan 3, 2023 | Alpha Frontier Ltd | SC 13D/A | — | Active |
| Dec 5, 2022 | Alpha Frontier Ltd | SC 13D/A | — | Active |
| Oct 26, 2022 | Chau On | SC 13D | 34.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | −$11M | 17 | 158 |
| FY2024 | $84M | $77M | 27 | 142 |
| FY2023 | $49M | $49M | 32 | 117 |
| FY2022 | $57M | $13M | 32 | 81 |
| FY2021 | $63M | $12M | 64 | 120 |