olivLaw · US equity research
Teamshares, Inc. TMS
Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)
Teamshares is a tech-enabled acquirer of small and mid-sized businesses that buys companies from retiring owners and integrates them into a common platform with employee stock ownership. The company began trading on Nasdaq in June 2026 through a merger with a SPAC, and quarterly revenue reached 148.7 million USD.
At the close of 04 Nov 2026, Teamshares, Inc. (TMS) stock was 4.68 USD (−0.21% on the day), with market capitalisation 344.7 m USD, beta 0.20, 52-week range 4.10–12.50 USD. Latest reported quarter (Q2 2026): revenue of 148.7 m USD (+20.3% YoY), net income of 9.2 m USD, diluted EPS 0.16 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 3.83 – 6.63
- in the lower half of the band · %B 0.30 · band width 53.5%
- SMA 50 / 200
- 6.44 / 8.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.64 / -0.64
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −36.8% | −1.1% | −35.7 pp | — |
| 3 months | −39.6% | −0.5% | −39.2 pp | — |
| 6 months | −55.2% | +4.4% | −59.6 pp | — |
| Year to date | −54.6% | +12.3% | −66.9 pp | — |
| 1 year | −54.6% | +13.5% | −68.1 pp | −24.1% |
| 3 years | unavailable | +76.4% | unavailable | −16.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|
| Revenue | — | 123.6 m | — | — | — | 148.7 m |
| Cost of revenue | — | 74.5 m | — | — | — | 87.2 m |
| Gross profit | — | 49.1 m | — | — | — | 61.4 m |
| SG&A | — | 47.3 m | — | — | — | 55.3 m |
| Operating income | -7.0 m | -4.8 m | -339.3 k | -1.4 m | -966.2 k | 3.0 m |
| Interest expense | — | 7.8 m | — | — | — | 10.2 m |
| Pre-tax income | — | -12.7 m | — | — | — | 10.1 m |
| Income tax | — | 109.0 k | — | — | — | 601.0 k |
| Net income | -6.3 m | -12.8 m | 2.1 m | -14.4 m | -129.3 k | 9.2 m |
| Diluted EPS | — | -0.26 | — | — | — | 0.16 |
| Operating cash flow | -363.9 k | -27.2 m ≈ | 26.9 m ≈ | -615.1 k | -204.9 k | -4.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | unavailable |
| Revenue YoY | unavailable |
| Net income | -16.5 m |
| Net income YoY | unavailable |
| Diluted EPS | unavailable |
| Diluted EPS YoY | unavailable |
| net % | unavailable |
| Free cash flow | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.2 m USD
- Financial debt
- 291.5 m USD
- Net debt
- 251.3 m USD
- Equity
- 63.6 m USD
- Total assets
- 528.2 m USD
- Debt / equity
- 4.58x
- Current ratio
- 0.48x
- ROE
- unavailable
- ROA
- -3.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating income | -9.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -16.5 m | SEC (XBRL)· 30 Mar 2026verified |
Balance sheet · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 40.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Receivables | 21.4 m | SEC (XBRL)· 14 Aug 2026verified |
| Inventories | 46.4 m | SEC (XBRL)· 14 Aug 2026verified |
| Current assets | 127.4 m | SEC (XBRL)· 14 Aug 2026verified |
| Property, plant & equipment, net | 30.0 m | SEC (XBRL)· 14 Aug 2026verified |
| Goodwill | 244.7 m | SEC (XBRL)· 14 Aug 2026verified |
| Total assets | 528.2 m | SEC (XBRL)· 14 Aug 2026verified |
| Accounts payable | 22.6 m | SEC (XBRL)· 14 Aug 2026verified |
| Short-term debt | 200.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Long-term debt | 91.4 m | SEC (XBRL)· 14 Aug 2026verified |
| Current liabilities | 264.9 m | SEC (XBRL)· 14 Aug 2026verified |
| Total liabilities | 462.1 m | SEC (XBRL)· 14 Aug 2026verified |
| Equity | 63.6 m | SEC (XBRL)· 14 Aug 2026verified |
Cash flow · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | -1.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Investing cash flow | -231.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 233.8 m | SEC (XBRL)· 30 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 344.7 m USD
Key indicators
Coverage and freshness
Score by group
15% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.1% | 0 (on a fixed band) | 71% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Teamshares Inc (TMS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: ROE -6.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 0.1%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Miscellaneous Retail (SIC 5900) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FCFSFirstcash Holdings, Inc. | 8.3 bn | 20.9 | 18.2% | 9.5% | +8.0% | +22% / +73% |
| REALTheRealReal, Inc. | 1.7 bn | — | — | -1.4% | +15.4% | −6% / +500% |
| SVVSavers Value Village, Inc. | 1.5 bn | 63.3 | 5.7% | 1.4% | unavailable | +10% / −33% |
| SPHSuburban Propane Partners LP | 1.1 bn | 7.3 | — | 9.4% | +7.9% | −12% / +0% |
| WINAWinmark Corporation | 987.7 m | 24.8 | — | 45.1% | +5.9% | −32% / −35% |
| TMSTeamshares Inc | 344.7 m | — | -6.7% | — | unavailable | −55% / unavailable |
| PLBYPlayboy, Inc. | 164.1 m | 609.5 | 12.4% | 0.2% | +4.1% | −29% / +161% |
| LIVELIVE VENTURES Inc | 22.9 m | — | -2.8% | -0.6% | −5.9% | −19% / −70% |
| WBUYWebuy Global Ltd | 1.3 m | — | -160.3% | -45.3% | −63.0% | −66% / −100% |
| NEXRNexera Technologies Ltd | 62.0 k | — | -43.2% | -21.8% | +23.0% | −100% / −100% |
| WSHPWeShop Holdings Ltd | — | — | -946.5% | -14,972.7% | −67.3% | −98% / unavailable |
| EZPWEzcorp, Inc. | — | 15.1 | 14.7% | 10.0% | +9.7% | +53% / +260% |
| POMPOMDOCTOR Ltd | — | — | — | -32.7% | unavailable | −98% / unavailable |
1- and 3-year price returns: for TMS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Teamshares is a tech-enabled acquirer of small and mid-sized businesses that buys companies from retiring owners and integrates them into a common platform with employee stock ownership. The company began trading on Nasdaq in June 2026 through a merger with a SPAC, and quarterly revenue reached 148.7 million USD 13.
SWOT
Strengths
- The programmatic acquisition model is supported by proprietary software that identifies a large number of opportunities, enabling a repeatable acquisition pace.
- Revenue and EBITDA growth in 2026 suggests that integration of acquired companies has worked so far, and corporate costs have grown more slowly than revenue.
- The listing and equity raise provide a broader financial base than before the transaction, and debt has been partly reduced.
Weaknesses
- Consolidated free cash flow has been negative because of platform investment, so external financing remains necessary.
- The company depends on debt and on financing with favorable terms, and refinancing is not yet complete.
- The operating history as a listed entity is short, and organic growth at subsidiaries remained modest in the second quarter of 2026.
Opportunities
- A pipeline of letters of intent for businesses with annual EBITDA could turn programmatic growth into additional revenue and EBITDA if the transactions close.
- Debt refinancing and a possible warehouse facility could lower the cost of capital and speed up acquisitions.
- The large number of retiring owners could create a steady supply of businesses to buy, and the employee ownership model could attract sellers.
Threats
- If financing is not available on acceptable terms, planned acquisitions could be postponed or abandoned.
- Competition with other buyers could raise prices and reduce acquisition returns.
- If Nasdaq listing or reporting requirements are not met, the company could lose access to public markets, and the share value could be affected.
Risks
- Dependence on external financinghigh
The company relies on debt and new capital for acquisitions. If refinancing or the proposed facility does not close, the growth pace could slow significantly.
- Negative consolidated free cash flowmedium
Investment in platform and technology has made consolidated free cash flow negative. If subsidiary revenue does not grow enough, the company could remain dependent on external funding.
- Acquisition execution and integrationmedium
Letters of intent are not binding commitments, and due diligence and closing could lead to changes or abandonment of transactions. Integration of acquired companies could cause variability in results.
- Going concernhigh
The company lists as a risk the possibility that it may not continue as a going concern if financing and refinancing fail, which could seriously affect its financial position.
- Listing maintenance and public company costslow
If the Nasdaq listing cannot be maintained or the costs of operating as a public company rise, the company could face financial and reputational pressure.
Investment thesis
What would need to be true (bull case)
- If the pipeline acquisitions close and refinancing succeeds, revenue and EBITDA growth could continue, and operating leverage could support better margins.
- A repeatable acquisition model backed by proprietary software could become a competitive advantage if the market for small businesses remains fragmented.
- Debt reduction and access to public capital could strengthen the balance sheet and allow larger acquisitions without adding pressure on cash flow.
What would break the thesis
- If financing cannot be obtained on acceptable terms, acquisition-led growth could slow, and capital already invested could produce lower returns.
- Negative consolidated free cash flow and reliance on debt could make the company vulnerable to higher interest rates or an economic downturn.
- Competition for the same businesses could raise acquisition multiples, which could reduce deal returns and slow growth plans.
What to watch
- Completion of debt refinancing and the warehouse facilityQ3 2026
- Number of acquisitions closed from the letter of intent pipeline2026
- Organic growth at subsidiaries and trends in EBITDA marginsQ3 2026
- Development of consolidated free cash flownext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Teamshares describes itself as a tech-enabled acquiror of high-quality businesses, aiming to be a permanent home for companies it buys from retiring owners, with acquisitions of companies with 0.5 to 5 million USD of EBITDA 1. It operates as part holding company and part fintech, and its subsidiaries reported consolidated revenue of over 400 million USD across more than 40 industries and 30 states, per the annual report 1. For the second quarter of 2026, revenue reached 148.7 million USD, and pro forma LTM revenue was 560.0 million USD 32.
The model relies on proprietary software that sources thousands of SME acquisition opportunities each year, with typical purchase multiples of 4x to 6x EBITDA, partly funded with debt 2. Excess cash from subsidiaries is moved to the platform and redeployed into acquisitions, which the company describes as a self-funding flywheel. The company noted that consolidated free cash flow has been negative because of investment in corporate infrastructure and technology 2.
The business combination with Live Oak Acquisition Corp. V closed on June 18, 2026, and shares began trading on Nasdaq on June 23, 2026, alongside a concurrent equity raise 23. The transaction provided 132.4 million USD in gross proceeds, used for transaction costs, debt reduction and growth funding 3.
Segments
SME segment (small and mid-sized enterprises)
The SME segment comprises the company's operating subsidiaries, which generate revenue and cash flow. In the second quarter of 2026, segment revenue rose 20% year over year, mainly through acquisitions, with organic growth of 3.4% 3. Segment EBITDA rose 47% over the same period, primarily from acquisitions 3.
Holding company and corporate platform
Corporate expenses not allocated to segments, excluding transaction costs, declined slightly year over year, which the company presents as evidence of operating leverage 3. The technology platform and shared services are investments that the company says could support margin expansion as subsidiary revenue grows 2.
Market context
The company operates in the market for small and mid-sized businesses in the United States, where many owners are expected to retire and the transfer of businesses to new owners is slow and fragmented. Teamshares says it could expand acquisitions in this market if it has enough access to capital, and access to acquisition financing remains central to its strategy 23.
The pace of acquisitions depends on long-term financing, and the company has signaled that current debt terms could limit projects if they are not refinanced. With letters of intent covering about 30 million USD of annual EBITDA, the pipeline looks consistent but is not final 3.
Trends
- Consolidation of businesses owned by retiring founderstailwind
Many owners of small businesses are approaching retirement, creating a potential supply of companies for sale. The Teamshares model depends on this supply and could become more attractive if sellers prefer a transfer to a platform with employee ownership.
- Cost and availability of financingheadwind
Growth depends on debt and on financing with favorable terms. If interest rates stay high or refinancing fails, acquisitions could slow, and interest costs could absorb subsidiary cash flow.
- Public company statusmixed
The Nasdaq listing may ease access to capital for acquisitions, according to the company, but it brings public reporting obligations and listing requirements that must be maintained after the transaction.
- Inflation and interest rate movementsheadwind
The annual report warns that fluctuations in U.S. inflation and interest rates could make it harder to complete acquisitions and could affect the financial health of target companies.
Competitive position
Teamshares competes with other buyers of small businesses, including private equity funds, other SPAC vehicles and strategic acquirers. The annual report notes that a growing number of SPACs are searching for targets, which could make attractive targets scarcer and more expensive.
The company's differentiation rests on its employee ownership model and its technology-driven sourcing platform, but competition for the same businesses could compress multiples and delay deal completion.
- Private equity funds focused on small businesses
Investors that acquire small and mid-sized companies with debt financing, competing for the same businesses from retiring owners.
- Other SPAC vehicles searching for targets
Listed acquisition vehicles competing for the same opportunities, which could raise transaction costs.
- Strategic acquirers in related industries
Existing companies buying small businesses to expand their operations, which can push acquisition prices up.
- Small business brokerage platforms
Intermediaries that connect sellers and buyers, reducing the company's sourcing advantage if they become more efficient.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report19 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Item 3.03 · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Item 3.02 · Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Jun 2026Material agreement · Acquisition or disposition of assets · Item 3.02 · Item 3.03 · Item 4.01 · Item 5.01 · Departure or appointment of officers · Amendments to articles or bylaws · Item 5.05 · Item 5.06 · Other events · Financial statements and exhibits
- Current report24 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jun 2026Shareholder vote · Other events · Financial statements and exhibits
- Current report09 Jun 2026Material agreement · Financial statements and exhibits
- Current report09 Jun 2026Other events · Financial statements and exhibits
- Current report (amendment)02 Jun 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Teamshares, Inc. · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Teamshares, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Teamshares, Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.