BRZEBraze, Inc.

Services-Prepackaged Software · $980M market cap · 1,988 employees

3.9×

More likely than average to be taken private

Top 2% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Not part of the score. How often companies whose 10-K read the same way went on to a take-private, against the average company (the tick).

Software or platformToward a deal
2.9× as often
44 of 1,216 companies whose 10-K read like this saw a take-private within a year (2.9× average)
Labor intensityToward a deal
2.6× as often
31 of 958 companies whose 10-K read like this saw a take-private within a year (2.6× average)
Contracted revenueToward a deal
2.4× as often
68 of 2,255 companies whose 10-K read like this saw a take-private within a year (2.4× average)

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

TSR below peersYes
5 of 5 years
3+ of last 5 years
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Shareholder dissentYes
74% lowest support
Any vote under 80% support
Buyout-sizedYes
$980M market cap
Market cap $500M–$5B
Recurring revenueYes
9.6 of 10
10-K business scored 7+ of 10 for recurring revenue
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

9 other checks

High CEO pay despite TSRNo
$12M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Low revenue per employeeNo
$371K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
14.9 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
AI-rollup shapedNo
0.3 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Active 13DNo
0 filings
Active-intent 13D in 18 months

Filed	Form	Acquirer	Price	Premium
Oct 20, 2026	8-K	Salesforce, Inc.	—	—

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY
Revenue	$238M	$355M	$472M	$593M	$738M	24%
Operating income	−$78M	−$148M	−$145M	−$122M	−$145M	18%
Net income	−$77M	−$139M	−$129M	−$104M	−$131M	27%
Operating cash flow	−$35M	−$22M	$7M	$37M	$71M	95%
Capex	$2M	$15M	$10M	$13M	$10M	28%
Stock-based comp	$47M	$72M	$97M	$115M	$144M	25%
Buybacks	$0	$0	$165K	—	—

None on file.

−$26Mnet selling by insiders, open market, last 12 months

Bought $0 · 0 tradesSold $26M · 40 trades

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$14M	$654K	22	191
FY2025	$11M	$1M	49	147
FY2024	$12M	$28M	58	112
FY2023	$667K	−$23M	34	72
FY2022	$29M	$46M	54	93