TakeoverPE & activists

FIVNFive9, Inc.

Services-Computer Processing & Data Preparation · $2.7B market cap · 2,910 employees

3.9×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Other things in the 10-K that mattered in past deals

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)
  • 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)

Takeover signals

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

5of 15 firedHow well they predict deals →
10 other checks
  • 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
    574% of net income
    Cash flow under 80% of net income
  • Payouts exceed cash flowNo
    22% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    20% of assets
    Over 40% of assets
  • Shareholder dissentNo
    91% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $395K · 41st pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    18.4 per 10K words · 98th pct
    Bottom quartile of AI mentions in 10-Ks
  • AI-rollup shapedNo
    1.1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$7M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Aug 26, 2021DEFM14AZoom Video Communications, Inc.$200.2812%

Key numbers

Revenue
$1.1BFY2021: $610MFY2022: $779MFY2023: $910MFY2024: $1.0BFY2025: $1.1B
10% YoY
Operating margin
2.5%FY2021: -9.2%FY2022: -11.2%FY2023: -10.8%FY2024: -4.9%FY2025: 2.5%
151% YoY
EBITDA
$91MFY2021: −$18MFY2022: −$43MFY2023: −$50MFY2024: $2MFY2025: $91M
5556% YoY
Net debt / EBITDA
-1.6×
−$148M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$610M$779M$910M$1.0B$1.1B 10% FY2021: $610MFY2022: $779MFY2023: $910MFY2024: $1.0BFY2025: $1.1B
Operating income−$56M−$88M−$99M−$51M$29M 156% FY2021: −$56MFY2022: −$88MFY2023: −$99MFY2024: −$51MFY2025: $29M
Net income−$53M−$95M−$82M−$13M$39M 408% FY2021: −$53MFY2022: −$95MFY2023: −$82MFY2024: −$13MFY2025: $39M
Operating cash flow$29M$89M$129M$143M$226M 58% FY2021: $29MFY2022: $89MFY2023: $129MFY2024: $143MFY2025: $226M
Capex$42M$52M$31M$42M$25M 41% FY2021: $42MFY2022: $52MFY2023: $31MFY2024: $42MFY2025: $25M
Stock-based comp$109M$173M$206M$166M$148M 11% FY2021: $109MFY2022: $173MFY2023: $206MFY2024: $166MFY2025: $148M
Buybacks——$0$0$50MFY2023: $0FY2024: $0FY2025: $50M

13D filers

FiledFilerFormStakeIntent
Feb 27, 2026PICTET ASSET MANAGEMENT SASCHEDULE 13D/A3.8%Active
Feb 17, 2026PICTET ASSET MANAGEMENT SASCHEDULE 13D/A7.4%Active
Feb 17, 2026PICTET ASSET MANAGEMENT SASCHEDULE 13D/A7.4%Active
Aug 11, 2025PICTET ASSET MANAGEMENT SASCHEDULE 13D/A8.5%Active
Aug 7, 2025PICTET ASSET MANAGEMENT SASCHEDULE 13D/A8.5%Active
Apr 15, 2025PICTET ASSET MANAGEMENT SASCHEDULE 13D7.3%Active
Apr 15, 2025PICTET ASSET MANAGEMENT SASCHEDULE 13D/A7.3%Active

Insider trading

−$7Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $7M · 55 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——11—
FY2024——23—
FY2023——45—
FY2022——39—
FY2021——79—