SAHSONIC AUTOMOTIVE INC

Retail-Auto Dealers & Gasoline Stations

Revenue: $15.2B; 6.5% YoY
Operating margin: 2.4%; 25% YoY
EBITDA: $531M; 13% YoY
Market cap: $2.1B
Employees: 11,000; $1M revenue each
Net debt / EBITDA: 3.3×; $1.7B net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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 cashNo
478% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$931K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.4B	$14.0B	$14.4B	$14.2B	$15.2B	6.5%
Operating income	$538M	$314M	$424M	$462M	$368M	20%
Net income	$349M	$89M	$178M	$216M	$119M	45%
Operating cash flow	$306M	$406M	−$16M	$109M	$567M	420%
Capex	−$298M	−$227M	−$204M	−$187M	−$150M	20%
Stock-based comp	$15M	$21M	$23M	$24M	$23M	1.7%
Buybacks	−$93M	−$262M	−$178M	−$34M	−$82M	140%
Dividends	−$18M	−$35M	−$40M	−$41M	−$49M	20%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 17, 2026	SMITH BRYAN SCOTT	SCHEDULE 13D/A	9.5%	Passive
Feb 1, 2023	SONIC FINANCIAL CORP	SC 13D/A	8.2%	Passive

Insider trading

Open-market buys, 12 mo: $11M · 11
Open-market sells, 12 mo: $10M · 5
Net: $931K

Pay vs performance

No pay-versus-performance disclosure yet.