ADTNADTRAN Holdings, Inc.

Telephone & Telegraph Apparatus

Revenue: $1.1B; 17% YoY
Operating margin: -1.4%; 97% YoY
EBITDA: $77M; 123% YoY
Market cap: $530M
Employees: 1,162; $933K revenue each
Net debt / EBITDA: -0.7×; −$55M net debt
AI in 10-K: 5.1; mentions per 10K words

Takeover score 2 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$933K · 73rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.1 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$530M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$563M	$1.0B	$1.1B	$923M	$1.1B	17%
Operating income	−$15M	−$73M	−$224M	−$428M	−$16M	96%
Net income	−$9M	−$2M	−$269M	−$460M	−$46M	90%
Operating cash flow	$3M	−$44M	−$43M	$104M	$130M	25%
Capex	$6M	$17M	$36M	$35M	$32M	8.0%
Stock-based comp	$7M	$28M	$16M	$16M	$10M	37%
Dividends	$18M	$23M	$21M	$0	—

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 2, 2021	DEFM14A	Acorn HoldCo, Inc.	$20.64	33%

13D filers

Filed	Filer	Form	Stake	Intent
Jul 20, 2022	Protiva Brian	SC 13D	8.4%	Passive

Insider trading

Open-market buys, 12 mo: $500K · 4
Open-market sells, 12 mo: $3M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.