TakeoverPE & activists

PLTKPlaytika Holding Corp.

Services-Computer Processing & Data Preparation · $755M market cap · 3,175 employees

5.5×

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

Takeover signals

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

4of 15 firedHow well they predict deals →
11 other checks
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    3% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    26% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    94% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $868K · 75th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.9 per 10K words · 53rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    47.5× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Key numbers

Revenue
$2.8BFY2021: $2.6BFY2022: $2.6BFY2023: $2.6BFY2024: $2.5BFY2025: $2.8B
8.1% YoY
Operating margin
-0.2%FY2021: 21.8%FY2022: 18.0%FY2023: 19.5%FY2024: 15.4%FY2025: -0.2%
101% YoY
EBITDA
$42MFY2021: $605MFY2022: $517MFY2023: $547MFY2024: $438MFY2025: $42M
90% YoY
Net debt / EBITDA
47.5×
$2.0B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.6B$2.6B$2.6B$2.5B$2.8B 8.1% FY2021: $2.6BFY2022: $2.6BFY2023: $2.6BFY2024: $2.5BFY2025: $2.8B
Operating income$562M$471M$502M$392M−$5M 101% FY2021: $562MFY2022: $471MFY2023: $502MFY2024: $392MFY2025: −$5M
Net income$309M$275M$235M$162M−$206M 227% FY2021: $309MFY2022: $275MFY2023: $235MFY2024: $162MFY2025: −$206M
Operating cash flow$552M$494M$516M$490M$568M 16% FY2021: $552MFY2022: $494MFY2023: $516MFY2024: $490MFY2025: $568M
Capex$47M$68M$33M$41M$36M 11% FY2021: $47MFY2022: $68MFY2023: $33MFY2024: $41MFY2025: $36M
Stock-based comp$100M$124M$110M$99M$83M 17% FY2021: $100MFY2022: $124MFY2023: $110MFY2024: $99MFY2025: $83M
Dividends$0$0$0$112M$150M 35% FY2021: $0FY2022: $0FY2023: $0FY2024: $112MFY2025: $150M

13D filers

FiledFilerFormStakeIntent
Nov 27, 2024Alpha Frontier LtdSC 13D/A54.4%Active
Sep 20, 2024Alpha Frontier LtdSC 13D/A54.6%Active
Jan 3, 2024Alpha Frontier LtdSC 13D/A55.3%Active
Jul 31, 2023Fortune Bliss Ventures LtdSC 13D/A0.0%Passive
Jul 26, 2023Chau OnSC 13D/A77.3%Passive
May 3, 2023Fortune Bliss Ventures LtdSC 13D64.6%Passive
Apr 28, 2023Chau OnSC 13D/A73.9%Passive
Jan 3, 2023Alpha Frontier LtdSC 13D/A—Active
Dec 5, 2022Alpha Frontier LtdSC 13D/A—Active
Oct 26, 2022Chau OnSC 13D34.0%Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$6M−$11M17158
FY2024$84M$77M27142
FY2023$49M$49M32117
FY2022$57M$13M3281
FY2021$63M$12M64120