RIVNRivian Automotive, Inc. / DE

Motor Vehicles & Passenger Car Bodies

Revenue: $5.4B; 8.4% YoY
Operating margin: -66.5%; 29% YoY
EBITDA: −$2.8B; 23% YoY
Market cap: $17.8B
Employees: 15,232; $354K revenue each
Net debt / EBITDA: —; $2.0B net debt
AI in 10-K: 4.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 3 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$15M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
67% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$354K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.0 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$17.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$993M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$55M	$1.7B	$4.4B	$5.0B	$5.4B	8.4%
Operating income	−$4.2B	−$6.9B	−$5.7B	−$4.7B	−$3.6B	24%
Net income	−$4.7B	−$6.8B	−$5.4B	−$4.7B	−$3.6B	23%
Operating cash flow	−$2.6B	−$5.1B	−$4.9B	−$1.7B	−$779M	55%
Capex	$1.8B	$1.4B	$1.0B	$1.1B	$1.7B	50%
Stock-based comp	$570M	$987M	$821M	$692M	$741M	7.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1.0B · 2
Open-market sells, 12 mo: $8M · 27
Net: $993M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$403M	$443M	20	108
FY2024	$15M	−$99M	13	95
FY2023	$14M	$36M	23	77
FY2022	$1M	−$2.0B	18	53
FY2021	$422M	$2.3B	103	97