WWayfair Inc.

Retail-Catalog & Mail-Order Houses

Revenue: $12.5B; 5.1% YoY
Operating margin: 0.1%; 104% YoY
EBITDA: $322M; 535% YoY
Market cap: $15.2B
Employees: 2,000; $6M revenue each
Net debt / EBITDA: 6.4×; $2.1B net debt
AI in 10-K: 6.2; 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
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$6M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
6.2 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$15.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$231M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.7B	$12.2B	$12.0B	$11.9B	$12.5B	5.1%
Operating income	−$94M	−$1.4B	−$813M	−$461M	$17M	104%
Net income	−$131M	−$1.3B	−$738M	−$492M	−$313M	36%
Operating cash flow	$410M	−$674M	$349M	$317M	$534M	68%
Capex	$101M	$186M	$148M	$73M	$70M	4.1%
Stock-based comp	$344M	$513M	$605M	$395M	$335M	15%
Buybacks	$300M	$75M	$0	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 20, 2021	GREAT HILL INVESTORS LLC	SC 13D/A	0.0%	Passive
Dec 2, 2020	GREAT HILL INVESTORS LLC	SC 13D/A	13.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $231M · 141
Net: −$231M

Pay vs performance

No pay-versus-performance disclosure yet.