SEICSEI INVESTMENTS CO

Security Brokers, Dealers & Flotation Companies

Revenue: $2.3B; 8.1% YoY
Operating margin: 27.3%; 5.2% YoY
EBITDA: $627M; 14% YoY
Market cap: $12.3B
Employees: 5,000; $459K revenue each
Net debt / EBITDA: -0.6×; −$367M net debt
AI in 10-K: 4.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
85% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
124% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$459K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$54M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$2.0B	$1.9B	$2.1B	$2.3B	8.1%
Operating income	$553M	$476M	$425M	$552M	$627M	14%
Net income	$547M	$475M	$462M	$581M	$715M	23%
Operating cash flow	$633M	$566M	$447M	$622M	$608M	2.4%
Capex	$26M	$39M	$25M	$32M	$23M	30%
Stock-based comp	$41M	$39M	$31M	$59M	$54M	8.6%
Buybacks	$408M	$345M	$309M	$500M	$628M	26%
Dividends	$106M	$110M	$115M	$120M	$124M	3.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $54M · 40
Net: −$54M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	152	202
FY2024	—	—	135	247
FY2023	—	—	102	182
FY2022	—	—	93	130
FY2021	—	—	95	180