PDPagerDuty, Inc.

Services-Prepackaged Software · $1.4B market cap · 1,155 employees

4.7×

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

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
High CEO pay despite TSRYes
$20M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
67% of net income
Cash flow under 80% of net income
Dilutive SBCYes
20% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
117% of cash flow
Buybacks + dividends over cash flow
Shareholder dissentYes
75% lowest support
Any vote under 80% support
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B
Recurring revenueYes
9 of 10
10-K business scored 7+ of 10 for recurring revenue
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

6 other checks

Goodwill-heavyNo
14% of assets
Over 40% of assets
Low revenue per employeeNo
$426K · 47th pct
Bottom quartile of its SIC industry
Quiet on AINo
19.5 per 10K words · 98th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.9× EBITDA net debt
More cash than debt, positive EBITDA
AI-rollup shapedNo
1 of 10
10-K business scored 5+ of 10 as an AI-rollup target
Active 13DNo
0 filings
Active-intent 13D in 18 months

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY
Revenue	$281M	$371M	$431M	$467M	$493M	5.4%
Operating income	−$102M	−$129M	−$96M	−$60M	$6M	110%
Net income	−$107M	−$129M	−$77M	−$44M	$173M	497%
Operating cash flow	−$6M	$17M	$72M	$118M	$115M	2.6%
Capex	$3M	$5M	$2M	$3M	$3M	5.4%
Stock-based comp	$70M	$110M	$127M	$126M	$98M	23%
Buybacks	$0	$0	$50M	$100M	$135M	35%

None on file.

−$14Mnet selling by insiders, open market, last 12 months

Bought $0 · 0 tradesSold $14M · 9 trades

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$15M	$2M	22	110
FY2025	$20M	$13M	38	127
FY2024	$20M	$3M	49	97
FY2023	$23M	$5M	61	80
FY2022	$13M	−$2M	68	97