UUnity Software Inc.

Services-Prepackaged Software

Revenue: $1.8B; 2.0% YoY
Operating margin: -25.9%; 38% YoY
EBITDA: −$18M; 95% YoY
Market cap: $16.6B
Employees: 4,412; $419K revenue each
Net debt / EBITDA: —
AI in 10-K: 11.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 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
—
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
47% of assets
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$419K · 46th pct
Bottom quartile of its SIC industry
Quiet on AINo
11.3 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$16.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$86M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.4B	$2.2B	$1.8B	$1.8B	2.0%
Operating income	−$532M	−$882M	−$833M	−$755M	−$479M	37%
Net income	−$533M	−$921M	−$822M	−$664M	−$403M	39%
Operating cash flow	−$111M	−$59M	$235M	$316M	$423M	34%
Capex	$42M	$57M	$56M	$30M	$19M	36%
Stock-based comp	$347M	$550M	$649M	$596M	$385M	35%
Buybacks	$0	$1.5B	$250M	$0	$0

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 1, 2023	Ante Joachim Christoph	SC 13D/A	4.8%	Passive
Oct 20, 2021	OTEE 2020 ApS	SC 13D/A	6.6%	Passive
Sep 29, 2020	OTEE 2020 ApS	SC 13D	11.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $86M · 54
Net: −$86M

Pay vs performance

No pay-versus-performance disclosure yet.