PSNPARSONS CORP

Services-Computer Integrated Systems Design

Revenue: $6.4B; 5.7% YoY
Operating margin: 6.6%; 3.6% YoY
EBITDA: $535M; 1.4% YoY
Market cap: $2.9B
Employees: 10,600; $600K revenue each
Net debt / EBITDA: 2.0×; $1.1B net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
198% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
40% 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
$600K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.7B	$4.2B	$5.4B	$6.8B	$6.4B	5.7%
Operating income	$132M	$186M	$288M	$428M	$418M	2.3%
Net income	$64M	$97M	$161M	$235M	$241M	2.6%
Operating cash flow	$206M	$238M	$408M	$524M	$478M	8.6%
Capex	$21M	$31M	$40M	$49M	$68M	38%
Stock-based comp	$20M	$23M	$34M	$56M	$43M	23%
Buybacks	$22M	$22M	$11M	$25M	$125M	400%
Dividends	$0	—	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 7
Open-market sells, 12 mo: $0 · 0
Net: $3M

Pay vs performance

No pay-versus-performance disclosure yet.