RBARB GLOBAL INC.

Services-Business Services, NEC

Revenue: $4.6B; 7.2% YoY
Operating margin: 15.5%; 13% YoY
EBITDA: $1.2B; 0.7% YoY
Market cap: $16.6B
Employees: 8,000; $574K revenue each
Net debt / EBITDA: 1.9×; $2.3B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 0 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
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$574K · 61st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 29th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$16.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.7B	$3.7B	$4.3B	$4.6B	7.2%
Operating income	$241M	$454M	$471M	$761M	$713M	6.3%
Net income	$152M	$320M	$207M	$413M	$428M	3.7%
Operating cash flow	$318M	$463M	$544M	$932M	$978M	5.0%
Capex	$10M	$32M	$228M	$167M	$259M	55%
Stock-based comp	$31M	$42M	$56M	$62M	$66M	5.8%
Dividends	$104M	$115M	$298M	$206M	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 10, 2023	Starboard Value LP	SC 13D/A	3.7%	Passive
Mar 6, 2023	Starboard Value LP	SC 13D	5.9%	Passive

Insider trading

Open-market buys, 12 mo: $326K · 6
Open-market sells, 12 mo: $2M · 3
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.