TakeoverPE & activists

RPDRapid7, Inc.

Services-Prepackaged Software · $1.1B market cap · 2,500 employees

8.1×

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.

6of 15 firedHow well they predict deals →
9 other checks
  • High CEO pay despite TSRNo
    $10M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    658% of net income
    Cash flow under 80% of net income
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    34% of assets
    Over 40% of assets
  • Shareholder dissentNo
    93% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $344K · 30th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    7.9 per 10K words · 90th pct
    Bottom quartile of AI mentions in 10-Ks
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $4M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$860MFY2021: $535MFY2022: $685MFY2023: $778MFY2024: $844MFY2025: $860M
1.9% YoY
Operating margin
1.3%FY2021: -22.4%FY2022: -16.3%FY2023: -10.8%FY2024: 4.2%FY2025: 1.3%
68% YoY
EBITDA
$57MFY2021: −$87MFY2022: −$71MFY2023: −$38MFY2024: $80MFY2025: $57M
29% YoY
Net debt / EBITDA
-7.2×
−$409M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$535M$685M$778M$844M$860M 1.9% FY2021: $535MFY2022: $685MFY2023: $778MFY2024: $844MFY2025: $860M
Operating income−$120M−$112M−$84M$35M$12M 67% FY2021: −$120MFY2022: −$112MFY2023: −$84MFY2024: $35MFY2025: $12M
Net income−$146M−$125M−$153M$26M$23M 8.4% FY2021: −$146MFY2022: −$125MFY2023: −$153MFY2024: $26MFY2025: $23M
Operating cash flow$54M$78M$104M$172M$154M 10% FY2021: $54MFY2022: $78MFY2023: $104MFY2024: $172MFY2025: $154M
Capex$9M$20M$4M$3M$8M 122% FY2021: $9MFY2022: $20MFY2023: $4MFY2024: $3MFY2025: $8M
Stock-based comp$103M$120M$112M$108M$104M 3.4% FY2021: $103MFY2022: $120MFY2023: $112MFY2024: $108MFY2025: $104M

13D filers

FiledFilerFormStakeIntent
Mar 30, 2026JANA Partners Management, LPSCHEDULE 13D/A10.3%Active
Aug 13, 2025JANA Partners Management, LPSCHEDULE 13D/A10.1%Active
Apr 21, 2025JANA Partners Management, LPSCHEDULE 13D/A8.0%Active
Apr 10, 2025JANA Partners Management, LPSCHEDULE 13D/A7.7%Active
Mar 24, 2025JANA Partners Management, LPSCHEDULE 13D/A6.0%Active
Mar 13, 2025JANA Partners Management, LPSCHEDULE 13D/A5.8%Active
Dec 18, 2024JANA Partners Management, LPSCHEDULE 13D/A5.9%Passive
Sep 27, 2024JANA Partners Management, LPSC 13D5.8%Active

Insider trading

+$4Mnet buying by insiders, open market, last 12 months
Bought $4M · 7 tradesSold $42K · 4 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$10M$2M1768
FY2024$15M$8M4574
FY2023$3M$6M6382
FY2022$8M−$10M3850
FY2021$11M$18M131108