VYXNCR Voyix Corp

Calculating & Accounting Machines (no Electronic Computers)

Revenue: $2.7B; 4.6% YoY
Operating margin: 1.0%; 172% YoY
EBITDA: $257M; 0.8% YoY
Market cap: $1.2B
Employees: 13,500; $199K revenue each
Net debt / EBITDA: 14.3×; $3.7B net debt
AI in 10-K: 5.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-339% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-35% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$199K · 3rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.4 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
14.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$105K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.7B	$3.2B	$3.2B	$2.8B	$2.7B	4.6%
Operating income	$26M	−$50M	−$134M	−$38M	$26M	168%
Net income	$98M	$59M	−$428M	$957M	$62M	94%
Operating cash flow	$1.0B	$427M	$694M	−$132M	−$210M	59%
Capex	$106M	$92M	$130M	$30M	$165M	450%
Stock-based comp	$154M	$125M	$177M	$47M	$34M	28%
Buybacks	$0	$0	$0	$56M	$74M	32%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 23, 2019	Blackstone Holdings III L.P.	SC 13D/A	7.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $105K · 1
Net: −$105K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	45	258
FY2024	—	—	61	208
FY2023	—	—	74	152
FY2022	—	—	62	97
FY2021	—	—	107	135