STUBStubHub Holdings, Inc.

Services-Miscellaneous Amusement & Recreation

Revenue: $1.7B; 1.4% YoY
Operating margin: -77.0%; 1088% YoY
EBITDA: −$1.3B; 911% YoY
Market cap: $2.2B
Employees: 900; $2M revenue each
Net debt / EBITDA: —; −$297M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
83% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
48% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 87th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.8B	$1.7B	1.4%
Operating income	$253M	$138M	−$1.3B	1073%
Net income	$405M	−$3M	−$1.9B	67969%
Operating cash flow	$307M	$261M	$193M	26%
Capex	$2M	$2M	$1M	16%
Stock-based comp	$35M	$8M	$1.4B	18611%
Buybacks	$1M	$0	$1M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 30
Net: −$11M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	−$575M	62	106