TTANServiceTitan, Inc.

Services-Prepackaged Software

Revenue: $961M; 24% YoY
Operating margin: -17.6%; 41% YoY
EBITDA: −$86M; 43% YoY
Market cap: $3.0B
Employees: 1,000; $961K revenue each
Net debt / EBITDA: —; −$480M net debt
AI in 10-K: 16.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 2 years
3+ of last 5 years
High CEO pay despite TSRNo
$68M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
21% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
48% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$961K · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
16.7 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$83M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$468M	$614M	$772M	$961M	24%
Operating income	−$222M	−$183M	−$230M	−$169M	26%
Net income	−$270M	−$195M	−$239M	−$160M	33%
Operating cash flow	−$121M	−$40M	$37M	$110M	197%
Capex	$74M	$28M	$4M	$5M	24%
Stock-based comp	$64M	$102M	$164M	$197M	20%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $83M · 232
Net: −$83M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$2M	−$90M	78	120
FY2025	$133M	$278M	102	96