AINALBANY INTERNATIONAL CORP /DE/

Broadwoven Fabric Mills, Man Made Fiber & Silk

Revenue: $1.2B; 3.9% YoY
Operating margin: -3.1%; 129% YoY
EBITDA: $52M; 77% YoY
Market cap: $2.1B
Employees: 5,700; $208K revenue each
Net debt / EBITDA: 6.6×; $343M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 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 flowYes
143% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$208K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$97K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$929M	$1.0B	$1.1B	$1.2B	$1.2B	3.9%
Operating income	$178M	$181M	$168M	$131M	−$36M	127%
Net income	$118M	$96M	$111M	$88M	−$57M	165%
Operating cash flow	$217M	$128M	$148M	$218M	$152M	30%
Capex	$53M	$94M	$84M	$80M	$70M	13%
Stock-based comp	—	—	$7M	$5M	$10M	113%
Buybacks	$23M	$85M	$0	$14M	$186M	1212%
Dividends	$26M	$26M	$31M	$32M	$32M	0.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 10, 2021	Standish Family Holdings, LLC	SC 13D/A	0.0%	Passive
Aug 5, 2021	Standish Family Holdings, LLC	SC 13D/A	4.8%	Passive
Jul 22, 2021	Standish Family Holdings, LLC	SC 13D/A	11.8%	Passive
Jun 4, 2019	Standish Family Holdings, LLC	SC 13D/A	5.0%	Passive
May 28, 2019	Standish Family Holdings, LLC	SC 13D/A	10.0%	Passive

Insider trading

Open-market buys, 12 mo: $97K · 1
Open-market sells, 12 mo: $0 · 0
Net: $97K

Pay vs performance

No pay-versus-performance disclosure yet.