SABRSabre Corp

Services-Computer Programming, Data Processing, Etc.

Revenue: $2.8B; 1.0% YoY
Operating margin: 10.7%; 21% YoY
EBITDA: $401M; 14% YoY
Market cap: $654M
Employees: 4,650; $596K revenue each
Net debt / EBITDA: 9.6×; $3.9B net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-21% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
55% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$596K · 63rd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$654M market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$2.5B	$2.6B	$2.7B	$2.8B	1.0%
Operating income	−$665M	−$261M	$32M	$242M	$295M	22%
Net income	−$928M	−$435M	−$528M	−$279M	$525M	288%
Operating cash flow	−$415M	−$276M	$67M	$70M	−$109M	255%
Capex	$54M	$69M	$81M	$80M	$83M	4.2%
Stock-based comp	$121M	$83M	$47M	$49M	$46M	6.9%
Buybacks	$0	—	—	—	—
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 5, 2026	CONSTELLATION SOFTWARE INC	SCHEDULE 13D	38.0%	Active

Insider trading

Open-market buys, 12 mo: $12M · 1
Open-market sells, 12 mo: $0 · 0
Net: $12M

Pay vs performance

No pay-versus-performance disclosure yet.