WOOFPetco Health & Wellness Company, Inc.

Retail-Retail Stores, NEC

Revenue: $6.0B; 2.5% YoY
Operating margin: 2.0%; 1652% YoY
EBITDA: $317M; 47% YoY
Market cap: $756M
Employees: —
Net debt / EBITDA: 3.8×; $1.2B net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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 cashNo
35× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$756M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$5.8B	$6.0B	$6.3B	$6.1B	$6.0B	2.5%
Operating income	$266M	$226M	−$1.2B	$7M	$120M	1608%
Net income	$160M	$90M	−$1.3B	−$102M	$9M	109%
Operating cash flow	$358M	$346M	$216M	$178M	$314M	77%
Capex	$239M	$278M	$226M	$128M	$127M	0.7%
Stock-based comp	$49M	$61M	$82M	$50M	$33M	35%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	10	107
FY2025	—	—	12	117
FY2024	—	—	8	117
FY2023	—	—	40	87
FY2022	—	—	62	106