TakeoverPE & activists

GDOTGREEN DOT CORP

Finance Services · $701M market cap · 900 employees

1.6×

More likely than average to be taken private

Top 8% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

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

3of 15 firedHow well they predict deals →
12 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
    —
    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
    5% of assets
    Over 40% of assets
  • Shareholder dissentNo
    88% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $2M · 97th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$268K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
May 8, 2026DEFM14ACommerceOne Financial Corporation$8.1132.2%
Nov 26, 20258-KCommerceOne Financial Corporation (bank) and Green Dot OpCo, LLC (Smith Ventures affiliate, non-bank business)——

Key numbers

Revenue
$2.0BFY2021: $1.4BFY2022: $1.4BFY2023: $1.5BFY2024: $1.7BFY2025: $2.0B
20% YoY
Operating margin
0.7%FY2021: 4.7%FY2022: 6.7%FY2023: 1.5%FY2024: -0.1%FY2025: 0.7%
783% YoY
EBITDA
$78MFY2021: $123MFY2022: $151MFY2023: $81MFY2024: $62MFY2025: $78M
27% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.4B$1.4B$1.5B$1.7B$2.0B 20% FY2021: $1.4BFY2022: $1.4BFY2023: $1.5BFY2024: $1.7BFY2025: $2.0B
Operating income$66M$94M$23M−$2M$14M 919% FY2021: $66MFY2022: $94MFY2023: $23MFY2024: −$2MFY2025: $14M
Net income$47M$64M$7M−$27M−$99M 270% FY2021: $47MFY2022: $64MFY2023: $7MFY2024: −$27MFY2025: −$99M
Operating cash flow$167M$278M$98M$81M$139M 70% FY2021: $167MFY2022: $278MFY2023: $98MFY2024: $81MFY2025: $139M
Capex$57M$84M$76M$74M$73M 2.4% FY2021: $57MFY2022: $84MFY2023: $76MFY2024: $74MFY2025: $73M
Stock-based comp$51M$35M$34M$30M$19M 38% FY2021: $51MFY2022: $35MFY2023: $34MFY2024: $30MFY2025: $19M
Buybacks$0$96M$0$0—FY2021: $0FY2022: $96MFY2023: $0FY2024: $0

13D filers

FiledFilerFormStakeIntent
Mar 19, 2026STEEL PARTNERS HOLDINGS L.P.SCHEDULE 13D/A4.0%Active
Jan 28, 2026STEEL PARTNERS HOLDINGS L.P.SCHEDULE 13D/A5.7%Active
May 9, 2025Starboard Value LPSCHEDULE 13D/A3.8%Active
Apr 15, 2025Starboard Value LPSCHEDULE 13D/A8.6%Active
Apr 8, 2025Starboard Value LPSCHEDULE 13D/A8.0%Passive
Mar 28, 2025STEEL PARTNERS HOLDINGS L.P.SCHEDULE 13D/A7.0%Active
Mar 7, 2025STEEL PARTNERS HOLDINGS L.P.SCHEDULE 13D5.7%Passive
May 31, 2024Starboard Value LPSC 13D/A9.4%Passive
Mar 15, 2022Starboard Value LPSC 13D/A9.6%Active
Jun 15, 2021Starboard Value LPSC 13D/A9.7%Passive

Insider trading

−$268Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $268K · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.