TKOTKO Group Holdings, Inc.
Services-Amusement & Recreation Services
- Revenue
- $4.7B
- 3.1% YoY
- Operating margin
- 17.6%
- 2683% YoY
- EBITDA
- $1.3B
- 170% YoY
- Market cap
- $34.9B
- Employees
- 4,000
- $1M revenue each
- Net debt / EBITDA
- 3.1×
- $4.0B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersNo1 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$65M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo235% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo82% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes52% of assetsOver 40% of assets
- Shareholder dissentYes80% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 73rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 21st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$34.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$63M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.0B | $2.7B | $3.2B | $4.9B | $4.7B | 3.1% |
| Operating income | $391M | $533M | $376M | $31M | $835M | 2598% |
| Net income | — | $0 | $176M | $6M | $546M | 8466% |
| Operating cash flow | $441M | $395M | $266M | $586M | $1.3B | 119% |
| Stock-based comp | $64M | $32M | $65M | $103M | $118M | 14% |
| Buybacks | — | $0 | $100M | $165M | $867M | 425% |
| Dividends | — | — | — | — | $185M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 2, 2026 | Endeavor Group Holdings, Inc. | SCHEDULE 13D/A | 62.6% | Passive |
| Jun 4, 2025 | Silver Lake West VoteCo, L.L.C. | SCHEDULE 13D/A | 61.7% | Passive |
| Jun 4, 2025 | Endeavor Group Holdings, Inc. | SCHEDULE 13D/A | 61.7% | Passive |
| Mar 26, 2025 | Silver Lake West VoteCo, L.L.C. | SCHEDULE 13D/A | 61.0% | Passive |
| Mar 26, 2025 | Emanuel Ariel | SCHEDULE 13D/A | 0.1% | Passive |
| Mar 26, 2025 | Endeavor Group Holdings, Inc. | SCHEDULE 13D/A | 61.0% | Passive |
| Mar 12, 2025 | Silver Lake West HoldCo, L.P. | SCHEDULE 13D/A | 24.5% | Passive |
| Mar 12, 2025 | Endeavor Group Holdings, Inc. | SCHEDULE 13D/A | 61.0% | Passive |
| Mar 12, 2025 | Emanuel Ariel | SCHEDULE 13D/A | 61.0% | Passive |
| Feb 28, 2025 | Silver Lake West HoldCo, L.P. | SCHEDULE 13D/A | 61.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $5M · 8
- Open-market sells, 12 mo
- $69M · 133
- Net
- −$63M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $67M | $102M | 213 | 205 |
| FY2024 | $18M | $41M | 143 | 151 |
| FY2023 | $65M | $0 | 100 | 100 |