REZIRESIDEO TECHNOLOGIES, INC.

Wholesale-Hardware

Revenue: $7.5B; 11% YoY
Operating margin: 8.1%; 5.6% YoY
EBITDA: $802M; 21% YoY
Market cap: $2.8B
Employees: 14,800; $505K revenue each
Net debt / EBITDA: 3.8×; $3.1B net debt
AI in 10-K: 4.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$505K · 16th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$54M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.8B	$6.4B	$6.2B	$6.8B	$7.5B	11%
Operating income	$559M	$611M	$547M	$520M	$607M	17%
Net income	$242M	$283M	$210M	$116M	−$527M	554%
Operating cash flow	$315M	$152M	$440M	$444M	−$1.1B	356%
Capex	$63M	$85M	$105M	$80M	$116M	45%
Stock-based comp	$39M	$50M	$44M	$59M	$57M	3.4%
Buybacks	$0	$0	$41M	$1M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 4, 2026	CD&R Channel Holdings II, L.P.	SCHEDULE 13D/A	19.7%	Passive
Nov 13, 2025	CD&R Channel Holdings II, L.P.	SCHEDULE 13D/A	19.9%	Passive
Aug 18, 2025	CD&R Channel Holdings II, L.P.	SCHEDULE 13D/A	18.3%	Passive
Jul 25, 2025	CD&R Channel Holdings II, L.P.	SCHEDULE 13D/A	17.2%	Passive
May 9, 2025	CD&R Channel Holdings II, L.P.	SCHEDULE 13D/A	14.5%	Active
Nov 27, 2024	CD&R Channel Holdings II, L.P.	SC 13D/A	11.2%	Active
Jun 24, 2024	CD&R Channel Holdings, L.P.	SC 13D	11.3%	Active
Nov 26, 2021	Praesidium Investment Management Company, LLC	SC 13D/A	5.0%	Passive
Jun 23, 2021	Praesidium Investment Management Company, LLC	SC 13D/A	5.3%	Passive
Dec 13, 2019	Praesidium Investment Management Company, LLC	SC 13D	6.3%	Passive

Insider trading

Open-market buys, 12 mo: $54M · 9
Open-market sells, 12 mo: $0 · 0
Net: $54M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$19M	165	191
FY2024	$15M	$21M	108	170
FY2023	$15M	$15M	89	149
FY2022	$13M	−$4M	77	114
FY2021	$14M	$16M	122	128