ADTADT Inc.
Services-Detective, Guard & Armored Car Services
- Revenue
- $5.1B
- 4.7% YoY
- Operating margin
- 25.5%
- 3.5% YoY
- EBITDA
- $2.7B
- 4.9% YoY
- Market cap
- —
- Employees
- 12,200
- $420K revenue each
- Net debt / EBITDA
- 2.8×
- $7.4B net debt
- AI in 10-K
- 13.1
- mentions per 10K words
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear316% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear42% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear32% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.2B | $4.4B | $4.7B | $4.9B | $5.1B | 4.7% |
| Operating income | $10M | $725M | $1.2B | $1.2B | $1.3B | 8.3% |
| Net income | −$341M | $133M | $463M | $501M | $596M | 19% |
| Operating cash flow | $1.6B | $1.9B | $1.7B | $1.9B | $1.9B | 0.0% |
| Capex | $168M | $177M | $176M | $164M | $176M | 7.3% |
| Stock-based comp | $61M | $67M | $51M | $49M | $55M | 12% |
| Buybacks | $0 | $1.2B | $0 | $241M | $607M | 152% |
| Dividends | $116M | $127M | $129M | $182M | $187M | 2.5% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 29, 2026 | 8-K | Mentions Thrive Holdings | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 14, 2024 | Prime Security Services TopCo (ML), L.P. | SC 13G/A | 100.0% | Passive |
| Feb 28, 2024 | Prime Security Services TopCo (ML), L.P. et al. | SC 13G/A | 57.5% | Passive |
| Feb 13, 2024 | Prime Security Services TopCo (ML), L.P. | SC 13G/A | 57.5% | Passive |
| Feb 13, 2023 | Prime Security Services TopCo (ML), L.P., Prime Security Services TopCo (ML II), L.P., Prime Security Services TopCo (ML), LLC, Prime Security Services TopCo (ML II), LLC, Prime Security Services TopCo Parent GP, LLC, AP VII Prime Security Services Holdings, L.P., Prime Security Services GP, LLC, AP VIII Prime Security Services Management, LLC, Apollo Management, L.P., Apollo Management GP, LLC, Apollo Management Holdings, L.P., Apollo Management Holdings GP, LLC | SC 13G/A | 58.0% | Passive |
| Feb 10, 2023 | State Farm Mutual Automobile Insurance Company | SC 13D/A | 15.5% | Passive |
| Jan 31, 2023 | State Farm Fire and Casualty Company | SC 13G | 15.5% | Passive |
| Nov 16, 2022 | State Farm Mutual Automobile Insurance Company | SC 13D/A | 15.5% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $15M | $15M | 115 | 142 |
| FY2024 | $16M | $17M | 96 | 134 |
| FY2023 | $9M | $1M | 92 | 124 |
| FY2022 | $9M | $11M | 120 | 106 |
| FY2021 | $7M | $10M | 109 | 127 |