PSMTPRICESMART INC

Retail-Variety Stores

Revenue: $5.9B; 12% YoY
Operating margin: 4.4%; 0.7% YoY
EBITDA: $361M; 12% YoY
Market cap: $5.1B
Employees: 13,000; $452K revenue each
Net debt / EBITDA: -0.1×; −$53M net debt
AI in 10-K: 2.9; 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
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
185% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$452K · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$4.1B	$4.4B	$4.9B	$5.3B	$5.9B	12%
Operating income	$167M	$185M	$221M	$233M	$261M	12%
Net income	$105M	$109M	$139M	$148M	$167M	13%
Operating cash flow	$122M	$257M	$208M	$261M	$308M	18%
Capex	$121M	$143M	$169M	$158M	$211M	34%
Stock-based comp	$17M	$17M	$17M	$19M	$23M	24%
Buybacks	$6M	$13M	$73M	$7M	$9M	35%
Dividends	$27M	$29M	$66M	$39M	$43M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 36
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.