TakeoverPE & activists

UNFUNIFIRST CORP

Services-Personal Services · $5.1B market cap

3.4×

More likely than average to be taken private

Top 2% 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.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    187% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    28% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    24% of assets
    Over 40% of assets
  • Shareholder dissentNo
    85% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.5 per 10K words · 74th pct
    Bottom quartile of AI mentions in 10-Ks
  • Buyout-sizedNo
    $5.1B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    3 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$575K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
May 11, 2026DEFM14ACintas Corporation$155.00—
Mar 11, 20268-KCintas Corporation——

Key numbers

Revenue
$2.5BFY2022: $2.0BFY2023: $2.2BFY2024: $2.4BFY2025: $2.4BFY2026: $2.5B
3.7% YoY
Operating margin
5.4%FY2022: 6.7%FY2023: 6.0%FY2024: 7.6%FY2025: 7.6%FY2026: 5.4%
29% YoY
EBITDA
$278MFY2022: $243MFY2023: $255MFY2024: $325MFY2025: $325MFY2026: $278M
14% YoY
Net debt / EBITDA
-0.7×
−$184M net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$2.0B$2.2B$2.4B$2.4B$2.5B 3.7% FY2022: $2.0BFY2023: $2.2BFY2024: $2.4BFY2025: $2.4BFY2026: $2.5B
Operating income$134M$134M$184M$184M$136M 26% FY2022: $134MFY2023: $134MFY2024: $184MFY2025: $184MFY2026: $136M
Net income$103M$104M$145M$148M$109M 26% FY2022: $103MFY2023: $104MFY2024: $145MFY2025: $148MFY2026: $109M
Operating cash flow$123M$216M$295M$297M$205M 31% FY2022: $123MFY2023: $216MFY2024: $295MFY2025: $297MFY2026: $205M
Capex$144M$172M$160M$154M$135M 13% FY2022: $144MFY2023: $172MFY2024: $160MFY2025: $154MFY2026: $135M
Stock-based comp$9M$9M$10M$12M$13M 7.3% FY2022: $9MFY2023: $9MFY2024: $10MFY2025: $12MFY2026: $13M
Buybacks$44M$0$24M$71M$33M 54% FY2022: $44MFY2023: $0FY2024: $24MFY2025: $71MFY2026: $33M
Dividends$21M$22M$23M$25M$25M 2.1% FY2022: $21MFY2023: $22MFY2024: $23MFY2025: $25MFY2026: $25M

13D filers

FiledFilerFormStakeIntent
Mar 17, 2026River Road Asset Management, LLCSCHEDULE 13D/A3.9%Passive
Feb 26, 2026River Road Asset Management, LLCSCHEDULE 13D/A5.0%Active
Nov 25, 2025River Road Asset Management, LLCSCHEDULE 13D/A6.1%Passive
Nov 17, 2025River Road Asset Management, LLCSCHEDULE 13D6.1%Passive

Insider trading

−$575Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $575K · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.