ALLEAllegion plc

Services-Detective, Guard & Armored Car Services

Revenue: $4.1B; 7.8% YoY
Operating margin: 21.1%; 2.1% YoY
EBITDA: $989M; 10% YoY
Market cap: $15.7B
Employees: 13,300; $306K revenue each
Net debt / EBITDA: 1.1×; $1.1B net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$306K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$15.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.9B	$3.3B	$3.7B	$3.8B	$4.1B	7.8%
Operating income	$530M	$586M	$708M	$781M	$860M	10%
Net income	$483M	$458M	$541M	$598M	$644M	7.7%
Operating cash flow	$489M	$460M	$601M	$675M	$784M	16%
Capex	$45M	$64M	$84M	$92M	$98M	6.5%
Stock-based comp	$23M	$25M	$26M	$28M	$30M	5.7%
Buybacks	$413M	$61M	$60M	$220M	$80M	64%
Dividends	$129M	$144M	$159M	$167M	$175M	5.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $591K · 5
Open-market sells, 12 mo: $5M · 11
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	147	220
FY2024	—	—	113	219
FY2023	—	—	108	190
FY2022	—	—	88	138
FY2021	—	—	109	153