PRDOPERDOCEO EDUCATION Corp

Services-Educational Services

Revenue: $846M; 24% YoY
Operating margin: 23.2%; 9.4% YoY
EBITDA: $238M; 26% YoY
Market cap: $1.9B
Employees: 6,000; $141K revenue each
Net debt / EBITDA: -0.7×; −$163M net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 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
141% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
60% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
20% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$141K per employee
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$693M	$695M	$710M	$681M	$846M	24%
Operating income	$149M	$130M	$150M	$174M	$196M	12%
Net income	$110M	$96M	$148M	$148M	$160M	8.3%
Operating cash flow	$191M	$148M	$112M	$162M	$225M	39%
Stock-based comp	$15M	$9M	$8M	$10M	$12M	15%
Buybacks	$25M	$23M	$8M	$7M	$121M	1685%
Dividends	—	—	$14M	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 21
Net: −$16M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	245	93
FY2024	—	—	217	92
FY2023	—	—	141	75
FY2022	—	—	110	64
FY2021	—	—	93	80