TakeoverPE & activists

SABRSabre Corp

Services-Computer Programming, Data Processing, Etc. · $654M market cap · 4,650 employees

5.7×

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

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
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    88% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $596K · 63rd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    2.4 per 10K words · 62nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    9.6× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    4 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    $12M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$2.8BFY2021: $1.7BFY2022: $2.5BFY2023: $2.6BFY2024: $2.7BFY2025: $2.8B
1.0% YoY
Operating margin
10.7%FY2021: -39.4%FY2022: -10.3%FY2023: 1.2%FY2024: 8.8%FY2025: 10.7%
21% YoY
EBITDA
$401MFY2021: −$403MFY2022: −$76MFY2023: $153MFY2024: $351MFY2025: $401M
14% YoY
Net debt / EBITDA
9.6×
$3.9B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.7B$2.5B$2.6B$2.7B$2.8B 1.0% FY2021: $1.7BFY2022: $2.5BFY2023: $2.6BFY2024: $2.7BFY2025: $2.8B
Operating income−$665M−$261M$32M$242M$295M 22% FY2021: −$665MFY2022: −$261MFY2023: $32MFY2024: $242MFY2025: $295M
Net income−$928M−$435M−$528M−$279M$525M 288% FY2021: −$928MFY2022: −$435MFY2023: −$528MFY2024: −$279MFY2025: $525M
Operating cash flow−$415M−$276M$67M$70M−$109M 255% FY2021: −$415MFY2022: −$276MFY2023: $67MFY2024: $70MFY2025: −$109M
Capex$54M$69M$81M$80M$83M 4.2% FY2021: $54MFY2022: $69MFY2023: $81MFY2024: $80MFY2025: $83M
Stock-based comp$121M$83M$47M$49M$46M 6.9% FY2021: $121MFY2022: $83MFY2023: $47MFY2024: $49MFY2025: $46M
Buybacks$0————
Dividends$0$0———FY2021: $0FY2022: $0

13D filers

FiledFilerFormStakeIntent
Mar 5, 2026CONSTELLATION SOFTWARE INCSCHEDULE 13D38.0%Active

Insider trading

+$12Mnet buying by insiders, open market, last 12 months
Bought $12M · 1 tradeSold $0 · 0 trades

Pay vs performance

No pay-versus-performance disclosure yet.