SIRISIRIUS XM HOLDINGS INC.

Radio Broadcasting Stations

Revenue: $8.6B; 1.6% YoY
Operating margin: 17.2%; 199% YoY
EBITDA: $1.9B; 277% YoY
Market cap: $9.8B
Employees: 500; $17M revenue each
Net debt / EBITDA: 4.2×; $7.9B net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
236% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
21% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
46% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$17M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 67th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.7B	$9.0B	$9.0B	$8.7B	$8.6B	1.6%
Operating income	$2.0B	$1.9B	$1.8B	−$1.5B	$1.5B	197%
Net income	$1.3B	$1.1B	$988M	−$2.1B	$805M	139%
Operating cash flow	$2.0B	$2.0B	$1.8B	$1.7B	$1.9B	9.0%
Capex	$388M	$426M	$650M	$728M	$653M	10%
Stock-based comp	$202M	$209M	$203M	$200M	$179M	11%
Buybacks	$1.5B	$647M	$274M	$6M	$136M	2167%
Dividends	$268M	—	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 10, 2026	MALONE JOHN C	SCHEDULE 13D/A	5.5%	Passive
Sep 11, 2024	MALONE JOHN C	SC 13D	6.5%	Passive
Sep 9, 2024	SIRIUS XM HOLDINGS INC.	SC 13D	0.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 4
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$6M	37	221
FY2024	$37M	$12M	40	163
FY2023	$7M	$3M	93	116
FY2022	$6M	$5M	98	71
FY2021	$32M	$32M	101	126