PRTHPriority Technology Holdings, Inc.

Services-Business Services, NEC

Revenue: $953M; 8.3% YoY
Operating margin: 14.8%; 2.3% YoY
EBITDA: $204M; 6.8% YoY
Market cap: $646M
Employees: 1,200; $794K revenue each
Net debt / EBITDA: 4.5×; $924M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
180% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$794K · 72nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$646M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$24K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$515M	$664M	$756M	$880M	$953M	8.3%
Operating income	$33M	$56M	$82M	$133M	$141M	5.9%
Net income	—	—	−$1M	$24M	$56M	132%
Operating cash flow	$9M	$71M	$81M	$86M	$100M	17%
Capex	$10M	$19M	$21M	$22M	$25M	15%
Stock-based comp	$3M	$6M	$7M	$6M	$11M	77%
Buybacks	$2M	$7M	$1M	—	—
Dividends	$7M	$11M	$25M	$24M	$0	100%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 30, 2026	SC 13E3	WD Capital Partners Parent Inc.	—	—
Oct 30, 2026	PREM14A	Searchlight Capital Partners, L.P.	$8.05	65%
Jul 5, 2018	DEFM14A	—	$10.51	100%
Apr 19, 2018	PREM14A	M I Acquisitions, Inc.	$10.22	22.5%

13D filers

Filed	Filer	Form	Stake	Intent
Sep 21, 2026	Priore Thomas Charles	SCHEDULE 13D/A	56.5%	Passive
Dec 18, 2025	Priore Thomas Charles	SCHEDULE 13D/A	56.7%	Passive
Nov 10, 2025	Priore Thomas Charles	SCHEDULE 13D/A	56.7%	Active
Jan 22, 2025	Priore John Vito	SCHEDULE 13D/A	5.4%	Passive
Jun 21, 2024	Priore John Vito	SC 13D/A	11.5%	Passive
Jun 21, 2024	Priore Thomas Charles	SC 13D/A	61.8%	Passive
Apr 20, 2020	Priore Thomas Charles	SC 13D/A	68.8%	Passive
Nov 19, 2019	Priore Thomas Charles	SC 13D/A	69.7%	Passive
Aug 21, 2019	Priore Thomas Charles	SC 13D/A	69.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $24K · 3
Net: −$24K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$6M	104	—
FY2024	$5M	$7M	167	—
FY2023	$5M	$5M	51	—