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
185% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support
Buyer economics 1 of 4
Low revenue per employeeNo
$2M · 56th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.7B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $1.9B | $2.3B | $4.2B | $4.7B | $5.1B | ▲ 10% | |
|---|
| Operating income | $603M | $661M | $1.5B | $1.7B | $1.9B | ▲ 9.4% | |
|---|
| Net income | $432M | $465M | $944M | $1.1B | $1.1B | ▲ 5.7% | |
|---|
| Operating cash flow | $645M | $600M | $1.9B | $2.0B | $2.1B | ▲ 0.7% | |
|---|
| Capex | — | — | $2.6B | $2.9B | $3.1B | ▲ 9.5% | |
|---|
| Stock-based comp | $10M | $12M | $11M | $10M | $13M | ▲ 31% | |
|---|
| Buybacks | $3M | $1M | $4M | $4M | $2M | ▼ 44% | |
|---|
| Dividends | $259M | $289M | $532M | $585M | $633M | ▲ 8.2% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Jun 5, 2025 | CANADA PENSION PLAN INVESTMENT BOARD | SCHEDULE 13D/A | 4.2% | Passive |
| Nov 8, 2024 | CANADA PENSION PLAN INVESTMENT BOARD | SC 13D/A | 7.9% | Passive |
| Mar 24, 2020 | CANADA PENSION PLAN INVESTMENT BOARD | SC 13D | 8.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $113K · 1
- Net
- −$113K
Pay vs performance
No pay-versus-performance disclosure yet.