RHRH
Retail-Furniture Stores
- Revenue
- $3.4B
- 8.1% YoY
- Operating margin
- 11.3%
- 11% YoY
- EBITDA
- $536M
- 18% YoY
- Market cap
- $2.8B
- Employees
- —
- Net debt / EBITDA
- 4.2×
- $2.2B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$1M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo362% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo3% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$25M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.8B | $3.6B | $3.0B | $3.2B | $3.4B | 8.1% |
| Operating income | $927M | $722M | $366M | $323M | $387M | 20% |
| Net income | $689M | $529M | $128M | $72M | $125M | 72% |
| Operating cash flow | $662M | $404M | $202M | $17M | $452M | 2545% |
| Capex | $185M | $174M | $269M | $231M | $200M | 13% |
| Stock-based comp | $48M | $44M | $39M | $44M | $44M | 0.7% |
| Buybacks | — | $1.0B | $1.3B | $12M | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 9, 2026 | FRIEDMAN GARY G | SCHEDULE 13D/A | 23.9% | Passive |
| Jul 14, 2023 | FRIEDMAN GARY G | SC 13D/A | 24.9% | Passive |
| Jul 7, 2023 | FRIEDMAN GARY G | SC 13D/A | 23.4% | Passive |
| Jun 28, 2023 | FRIEDMAN GARY G | SC 13D/A | 22.2% | Passive |
| Jun 15, 2023 | FRIEDMAN GARY G | SC 13D/A | 21.2% | Passive |
| Jan 4, 2023 | FRIEDMAN GARY G | SC 13D/A | 20.2% | Passive |
| Dec 15, 2022 | FRIEDMAN GARY G | SC 13D/A | 19.0% | Passive |
| Sep 12, 2022 | FRIEDMAN GARY G | SC 13D/A | 21.5% | Passive |
| Apr 4, 2022 | FRIEDMAN GARY G | SC 13D/A | 20.8% | Passive |
| Oct 21, 2020 | FRIEDMAN GARY G | SC 13D/A | 29.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 3
- Open-market sells, 12 mo
- $26M · 33
- Net
- −$25M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $1M | $1M | 42 | 100 |
| FY2025 | $1M | $1M | 88 | 93 |
| FY2024 | $1M | $1M | 54 | 82 |
| FY2023 | $3M | $3M | 65 | 80 |
| FY2022 | $5M | $5M | 82 | 90 |