ALTGALTA EQUIPMENT GROUP INC.

Wholesale-Industrial Machinery & Equipment

Revenue: $1.8B; 2.2% YoY
Operating margin: 1.3%; 27% YoY
EBITDA: $157M; 3.9% YoY
Market cap: $240M
Employees: 2,750; $668K revenue each
Net debt / EBITDA: 4.5×; $699M net debt
AI in 10-K: 3.2; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$668K · 29th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.2 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$240M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$468K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.6B	$1.9B	$1.9B	$1.8B	2.2%
Operating income	$18M	$41M	$54M	$19M	$23M	25%
Net income	−$21M	$9M	$9M	−$62M	−$80M	29%
Operating cash flow	$31M	$19M	$58M	$57M	$33M	42%
Capex	$8M	$13M	$12M	$15M	$9M	40%
Stock-based comp	$1M	$3M	$4M	$5M	$4M	21%
Buybacks	—	—	—	$6M	$8M	29%
Dividends	$3M	$3M	$3M	$3M	$3M	0.0%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 23, 2020	DEFM14A	B. Riley Principal Sponsor Co., LLC	$10.00	10%
Dec 13, 2019	PREM14A	—	$10.00	43%

13D filers

Filed	Filer	Form	Stake	Intent
Jan 22, 2026	Mill Road Capital III, L.P.	SCHEDULE 13D/A	13.3%	Active
Sep 24, 2024	Mill Road Capital III, L.P.	SC 13D/A	12.7%	Passive
Jul 26, 2024	Mill Road Capital III, L.P.	SC 13D/A	11.7%	Passive
Jul 3, 2024	Mill Road Capital III, L.P.	SC 13D/A	11.2%	Passive
Jun 3, 2024	Greenawalt Ryan	SC 13D/A	16.9%	Passive
May 14, 2024	Mill Road Capital III, L.P.	SC 13D/A	9.8%	Passive
Apr 11, 2024	Mill Road Capital III, L.P.	SC 13D/A	9.3%	Passive
Feb 9, 2024	Mill Road Capital III, L.P.	SC 13D/A	9.4%	Passive
Feb 9, 2024	B. Riley Financial, Inc.	SC 13D/A	0.7%	Passive
Jan 23, 2024	Mill Road Capital III, L.P.	SC 13D/A	8.4%	Passive

Insider trading

Open-market buys, 12 mo: $722K · 8
Open-market sells, 12 mo: $255K · 2
Net: $468K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$3M	50	126
FY2024	$2M	$210K	70	137
FY2023	$3M	$3M	128	144
FY2022	$4M	$4M	135	131
FY2021	$1M	$2M	148	142