AEISADVANCED ENERGY INDUSTRIES INC

Electronic Components, NEC

Revenue: $1.8B; 21% YoY
Operating margin: 9.3%; 278% YoY
EBITDA: $230M; 119% YoY
Market cap: $8.9B
Employees: 13,000; $138K revenue each
Net debt / EBITDA: -0.7×; −$159M net debt
AI in 10-K: 5.6; mentions per 10K words

Takeover score 3 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
430% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$138K · 8th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.6 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$35M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.8B	$1.7B	$1.5B	$1.8B	21%
Operating income	$152M	$233M	$114M	$37M	$168M	359%
Net income	$135M	$200M	$128M	$54M	—
Operating cash flow	$140M	$184M	$209M	$131M	$233M	78%
Capex	$29M	$59M	$61M	$57M	$107M	89%
Stock-based comp	$16M	$20M	$31M	$46M	$56M	21%
Buybacks	$78M	$27M	$40M	$2M	$30M	1578%
Dividends	$15M	$15M	$15M	$15M	$16M	1.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $35M · 61
Net: −$35M

Pay vs performance

No pay-versus-performance disclosure yet.