ACCOACCO BRANDS Corp

Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work

Revenue: $1.5B; 8.5% YoY
Operating margin: 6.1%; 373% YoY
EBITDA: $119M; 1483% YoY
Market cap: $508M
Employees: 3,600; $424K revenue each
Net debt / EBITDA: 7.1×; $840M net debt
AI in 10-K: 2.4; 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
166% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
61% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$424K · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$508M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$230K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.0B	$1.9B	$1.8B	$1.7B	$1.5B	8.5%
Operating income	$151M	$35M	$45M	−$37M	$92M	349%
Net income	$102M	−$13M	−$22M	−$102M	$41M	141%
Operating cash flow	$160M	$78M	$129M	$148M	$69M	54%
Capex	$21M	$18M	—	—	—
Stock-based comp	$15M	$10M	$15M	$12M	$12M	3.4%
Buybacks	$0	$19M	$0	$15M	$15M	0.7%
Dividends	$26M	$29M	$29M	$28M	$27M	4.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $230K · 1
Net: −$230K

Pay vs performance

No pay-versus-performance disclosure yet.