ABTABBOTT LABORATORIES

Pharmaceutical Preparations

Revenue: $44.3B; 5.7% YoY
Operating margin: 18.2%; 12% YoY
EBITDA: $9.5B; 16% YoY
Market cap: $185.0B
Employees: 115,000; $385K revenue each
Net debt / EBITDA: 0.6×; $6.1B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

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
147% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
52% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$385K · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$185.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$43.1B	$43.7B	$40.1B	$42.0B	$44.3B	5.7%
Operating income	$8.4B	$8.4B	$6.5B	$6.8B	$8.1B	18%
Net income	$7.1B	$6.9B	$5.7B	$13.4B	$6.5B	51%
Operating cash flow	$10.5B	$9.6B	$7.3B	$8.6B	$9.6B	12%
Capex	$1.9B	$1.8B	$2.2B	$2.2B	$2.2B	1.6%
Stock-based comp	$640M	$685M	$644M	$673M	$664M	1.3%
Buybacks	$2.3B	$3.8B	$1.2B	$1.3B	$893M	31%
Dividends	$3.2B	$3.3B	$3.6B	$3.8B	$4.1B	7.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $4M · 6
Open-market sells, 12 mo: $48M · 11
Net: −$43M

Pay vs performance

No pay-versus-performance disclosure yet.