VMRKVIVMARK RESIDENTIAL

Real Estate Investment Trusts

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $23.2B
Employees: 2,400
Net debt / EBITDA: —; $8.2B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
147% of net income
Cash flow under 80% of net income
Dilutive SBCYes
84× of revenue
Over 10% of revenue
Payouts exceed cash flowNo
80% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$160 · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$23.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	$1.7B	$1.1B	$1.2B	—	—
Net income	$1.3B	$777M	$835M	$1.0B	$1.1B	8.1%
Operating cash flow	$1.3B	$1.5B	$1.5B	$1.6B	$1.6B	4.8%
Stock-based comp	$28M	$30M	$32M	$31M	$32M	3.0%
Buybacks	—	—	$49M	$38M	$281M	630%
Dividends	$900M	$932M	$990M	$1.0B	$1.0B	2.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 14
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$7M	127	138
FY2024	$11M	$19M	139	134
FY2023	$11M	$12M	115	123
FY2022	$11M	$837K	106	108
FY2021	$8M	$17M	157	143