Starboard Value LP Letters & Research Archive

Starboard Value is a New York activist hedge fund that Jeff Smith and partners spun out as an independent firm in 2011 (the strategy dates to 2002 at Ramius). It targets undervalued U.S. small- and mid-caps, pushing board overhauls and operational fixes — famously its ~300-page Darden/Olive Garden deck.

10 pieces · 2025–2026 · updated every Monday

2026

05-28Starboard Value LP Letter to FLS BoardThis is an activist investor letter from Starboard Value to the board of Flowserve, a pump and valve maker. The key message: Flowserve has strong businesses benefiting from nuclear power and data cent…→04-30Starboard Value LP Letter to LW BoardThis is a letter from activist investor Starboard Value to the board of Lamb Weston, a frozen potato giant. Starboard says the company has strong market position and pricing power, but past management…→04-28Starboard Value LP Letter to DT Management and BoardThis is an open letter from Starboard Value, a big investor, to Dynatrace's management. Starboard argues the market is too scared that AI will hurt Dynatrace's business. Actually, they say the opposit…→03-11Starboard Value LP Letter to KMX Incoming CEOThis is a letter from activist investor Starboard Value to CarMax's new CEO. Starboard just became one of CarMax's largest shareholders with a $350 million stake. They argue CarMax has strong advantag…→03-09Starboard Value LP Letter to LW Board and CEOThis is an activist investor letter to Lamb Weston, a frozen potato giant. Starboard Value says the company has improved but isn't reaching its full profit potential. They want deeper cost cuts (espec…→02-18Starboard Value LP Letter to RIOT CEO & Executive ChairmanThis is a letter from activist investor Starboard Value to Riot Platforms, a Bitcoin miner. The key point: Riot has a lot of already-powered land (1.7 gigawatts at two sites), which is very valuable b…→02-17Starboard Value LP Letter to TRIP Board & CEOThis is an open letter from Starboard Value, a major shareholder of Tripadvisor, to the company's board. It harshly criticizes management for destroying value over four years. Despite owning strong br…→

2025

01-012025 Active-Passive Investor Summit – Tripadvisor, Inc.This report argues that Tripadvisor is deeply undervalued. Many investors still think it's controlled by a big shareholder, but it became fully independent in April 2025. The report shows its stock tr…→01-012025 Active-Passive Investor Summit – Fluor CorporationThis report looks at Fluor Corporation, an engineering company that designs and builds big projects like factories, data centers, and nuclear plants. In the past, Fluor lost a lot of money by taking o…→01-012025 Active-Passive Investor Summit – Starboard Value LPThis report is about activist investor Starboard Value targeting BILL Holdings, a software company that helps small businesses manage payments and invoices. Starboard argues BILL has solid revenue but…→