VVISA INC.

Services-Business Services, NEC

Revenue: $40.0B; 11% YoY
Operating margin: 60.0%; 8.7% YoY
EBITDA: $25.2B; 2.4% YoY
Market cap: $194.1B
Employees: 34,100; $1M revenue each
Net debt / EBITDA: 0.5×; $11.6B net debt
AI in 10-K: 8.8; mentions per 10K words

Takeover score 1 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
115% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
100% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 81st pct
Bottom quartile of its SIC industry
Quiet on AINo
8.8 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$194.1B 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	$24.1B	$29.3B	$32.7B	$35.9B	$40.0B	11%
Operating income	$15.8B	$18.8B	$21.0B	$23.6B	$24.0B	1.7%
Net income	$12.3B	$15.0B	$17.3B	$19.7B	$20.1B	1.6%
Operating cash flow	$15.2B	$18.8B	$20.8B	$19.9B	$23.1B	16%
Capex	$705M	$970M	$1.1B	$1.3B	$1.5B	18%
Stock-based comp	$542M	$602M	$765M	$850M	$897M	5.5%
Buybacks	$8.7B	$11.6B	$12.1B	$16.7B	$18.3B	9.6%
Dividends	$2.8B	$3.2B	$3.8B	$4.2B	$4.6B	9.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $86M · 24
Net: −$86M

Pay vs performance

No pay-versus-performance disclosure yet.