RBBNRibbon Communications Inc.
Services-Computer Integrated Systems Design
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $277M
- Employees
- 3,080
- Net debt / EBITDA
- —
- $310M net debt
- AI in 10-K
- 8.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo1297× net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo19% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo26% of assetsOver 40% of assets
- Shareholder dissentYes69% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$274K · 19th pctBottom quartile of its SIC industry
- Quiet on AINo8.7 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo23.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$277M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$74K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $820M | $826M | $834M | $845M | — | |
| Operating income | −$48M | −$24M | $17M | −$3M | — | |
| Net income | −$98K | −$66K | −$54K | $40K | — | |
| Operating cash flow | −$26M | $17M | $50M | $51M | — | |
| Capex | $10M | $9M | $22M | $25M | — | |
| Stock-based comp | $19M | $22M | $16M | $19M | — | |
| Buybacks | — | — | — | $9M | $10M | 9.4% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jan 10, 2020 | DEFM14A | Eclipse Communications Ltd. | $414675000.00 | 29.4% |
| Dec 24, 2019 | PREM14A | — | $414675000.00 | 29.4% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 18, 2022 | Swarth Investments Ltd. | SC 13D/A | 32.8% | Passive |
| Aug 16, 2022 | JPMORGAN CHASE & CO | SC 13D/A | 30.8% | Passive |
| May 5, 2020 | JPMORGAN CHASE & CO | SC 13D/A | 72.8% | Passive |
| Mar 13, 2020 | ECI Holding (Hungary) Kft. | SC 13D | 35.9% | Passive |
| Mar 5, 2020 | JPMORGAN CHASE & CO | SC 13D/A | 87.3% | Passive |
| Nov 18, 2019 | JPMORGAN CHASE & CO | SC 13D/A | 94.1% | Active |
Insider trading
- Open-market buys, 12 mo
- $74K · 3
- Open-market sells, 12 mo
- $0 · 0
- Net
- $74K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 44 | 107 |
| FY2024 | — | — | 63 | 98 |
| FY2023 | — | — | 44 | 88 |
| FY2022 | — | — | 43 | 78 |
| FY2021 | — | — | 92 | 105 |