ROKUROKU, INC
Cable & Other Pay Television Services
- Revenue
- $4.7B
- 15% YoY
- Operating margin
- -0.1%
- 98% YoY
- EBITDA
- $40M
- 124% YoY
- Market cap
- $22.9B
- Employees
- 3,600
- $1M revenue each
- Net debt / EBITDA
- -60.5×
- −$2.4B net debt
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$21M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo547% of net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 71st pctBottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 75th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 60.5× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$22.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$143M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.8B | $3.1B | $3.5B | $4.1B | $4.7B | 15% |
| Operating income | $235M | −$531M | −$792M | −$218M | −$6M | 97% |
| Net income | $242M | −$498M | −$710M | −$129M | $88M | 168% |
| Operating cash flow | $228M | $12M | $256M | $218M | $484M | 122% |
| Capex | $40M | $162M | $83M | $5M | $5M | 4.3% |
| Stock-based comp | $188M | $360M | $370M | $385M | $354M | 7.9% |
| Buybacks | — | — | $0 | $0 | $150M |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 1, 2026 | DEFM14A | Fox Corporation | $96.00 | 22% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $143M · 181
- Net
- −$143M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $27M | $47M | 33 | 247 |
| FY2024 | $28M | $58M | 22 | 178 |
| FY2023 | $20M | $47M | 28 | 122 |
| FY2022 | $21M | −$78M | 12 | 70 |
| FY2021 | $18M | −$52M | 69 | 133 |