PRGPROG Holdings, Inc.

Services-Equipment Rental & Leasing, NEC

Revenue: $2.4B; 0.4% YoY
Operating margin: 8.6%; 5.7% YoY
EBITDA: $231M; 4.4% YoY
Market cap: $1.4B
Employees: —
Net debt / EBITDA: 3.3×; $757M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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 cashNo
228% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
22% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
20% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$183K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.7B	$2.6B	$2.3B	$2.4B	$2.4B	0.4%
Operating income	$334M	$186M	$219M	$195M	$207M	6.2%
Net income	$244M	$99M	$139M	$197M	$147M	26%
Operating cash flow	$246M	$242M	$204M	$139M	$335M	142%
Capex	$10M	$10M	$10M	$8M	$10M	21%
Stock-based comp	$21M	$18M	$25M	$29M	$29M	1.3%
Buybacks	$142M	$224M	$140M	$139M	$52M	63%
Dividends	$0	$0	$0	$20M	$21M	1.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $183K · 3
Net: −$183K

Pay vs performance

No pay-versus-performance disclosure yet.