TDCTERADATA CORP /DE/

Services-Prepackaged Software

Revenue: $1.7B; 5.0% YoY
Operating margin: 12.3%; 3.2% YoY
EBITDA: $295M; 4.5% YoY
Market cap: $3.2B
Employees: 5,100; $326K revenue each
Net debt / EBITDA: -1.4×; −$414M net debt
AI in 10-K: 21.1; mentions per 10K words

Takeover score 4 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
235% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
46% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$326K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
21.1 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.2B market cap
Market cap $500M–$5B

Catalysts 2 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$1.8B	$1.8B	$1.8B	$1.7B	5.0%
Operating income	$231M	$118M	$186M	$209M	$205M	1.9%
Net income	$147M	$33M	$62M	$114M	$130M	14%
Operating cash flow	$463M	$419M	$375M	$303M	$305M	0.7%
Capex	$28M	$14M	$19M	$24M	$19M	21%
Stock-based comp	$112M	$126M	$126M	$119M	$112M	5.9%
Buybacks	$244M	$387M	$308M	$215M	$140M	35%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 8, 2026	Lynrock Lake LP	SCHEDULE 13D/A	19.8%	Passive
Jun 17, 2026	Lynrock Lake LP	SCHEDULE 13D/A	7.6%	Active
Feb 12, 2026	Lynrock Lake LP	SCHEDULE 13D/A	10.0%	Active
Mar 21, 2025	Lynrock Lake LP	SCHEDULE 13D	9.9%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 15
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.