QTWOQ2 Holdings, Inc.

Services-Prepackaged Software · $4.1B market cap · 2,549 employees

4.9×

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

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
11% of revenue
Over 10% of revenue
Goodwill-heavyYes
51% of assets
Over 40% of assets
Net cashYes
Net cash · 1.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B
Recurring revenueYes
9 of 10
10-K business scored 7+ of 10 for recurring revenue
Net insider sellingYes
−$31M net
Net sales over $10M in 12 months

8 other checks

High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
387% of net income
Cash flow under 80% of net income
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Shareholder dissentNo
97% lowest support
Any vote under 80% support
Low revenue per employeeNo
$312K · 25th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.5 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
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	FY2021	FY2022	FY2023	FY2024	FY2025	YoY
Revenue	$499M	$566M	$625M	$696M	$795M	14%
Operating income	−$78M	−$105M	−$86M	−$42M	$40M	194%
Net income	−$113M	−$109M	−$65M	−$39M	$52M	235%
Operating cash flow	$31M	$37M	$70M	$136M	$201M	48%
Capex	$20M	$11M	$6M	$7M	$7M	1.8%
Stock-based comp	$56M	$65M	$79M	$89M	$87M	2.5%
Buybacks	—	—	$0	$0	$5M

None on file.

−$31Mnet selling by insiders, open market, last 12 months

Bought $0 · 0 tradesSold $31M · 38 trades

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	−$10M	57	123
FY2024	$12M	$66M	80	124
FY2023	$11M	$18M	34	99
FY2022	$8M	−$2M	21	71
FY2021	$8M	−$6M	63	108