RDVTRed Violet, Inc.

Services-Prepackaged Software

Revenue: $90M; 20% YoY
Operating margin: 14.6%; 38% YoY
EBITDA: $24M; 36% YoY
Market cap: $1.1B
Employees: 250; $361K revenue each
Net debt / EBITDA: -2.1×; −$50M net debt
AI in 10-K: 14.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
223% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
3% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$361K · 34th pct
Bottom quartile of its SIC industry
Quiet on AINo
14.2 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$44M	$53M	$60M	$75M	$90M	20%
Operating income	−$1M	$361K	$3M	$8M	$13M	66%
Net income	$655K	$616K	$14M	$7M	$13M	88%
Operating cash flow	$9M	$12M	$15M	$24M	$29M	22%
Capex	$280K	$373K	$122K	$169K	$563K	233%
Stock-based comp	$7M	$6M	$5M	$6M	$7M	9.3%
Buybacks	—	$878K	$4M	$6M	$915K	84%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 1, 2026	Dubner Derek	SCHEDULE 13D/A	9.1%	Passive
Jun 1, 2026	Dubner Derek	SCHEDULE 13D	8.2%	Passive
Nov 13, 2025	Dubner Derek	SCHEDULE 13D/A	7.7%	Passive
Nov 13, 2025	Dubner Derek	SCHEDULE 13D	7.4%	Passive
May 9, 2025	Dubner Derek	SCHEDULE 13D	7.7%	Passive
May 9, 2025	Dubner Derek	SCHEDULE 13D/A	7.3%	Passive
Nov 25, 2024	Dubner Derek	SC 13D	6.5%	Passive
Nov 25, 2024	Dubner Derek	SC 13D/A	3.8%	Passive
Jun 4, 2021	Greater Miami Jewish Federation, Inc.	SC 13D/A	12.2%	Active
Dec 23, 2020	Greater Miami Jewish Federation, Inc.	SC 13D	20.6%	Active

Insider trading

Open-market buys, 12 mo: $143K · 1
Open-market sells, 12 mo: $6M · 36
Net: −$6M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$4M	247	—
FY2024	$2M	$3M	157	—
FY2023	$2M	$1M	87	—