ASTEASTEC INDUSTRIES INC

Construction Machinery & Equip

Revenue: $1.4B; 8.1% YoY
Operating margin: 4.7%; 163% YoY
EBITDA: $102M; 104% YoY
Market cap: $903M
Employees: 3,679; $383K revenue each
Net debt / EBITDA: 2.8×; $289M net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 1 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
158% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$383K · 41st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$903M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$60K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.3B	$1.3B	$1.3B	$1.4B	8.1%
Operating income	$20M	$8M	$49M	$23M	$66M	184%
Net income	$16M	−$100K	$34M	$4M	$39M	802%
Operating cash flow	$7M	−$74M	$28M	$23M	$61M	167%
Capex	$20M	$41M	$34M	$21M	$41M	99%
Stock-based comp	$6M	$7M	$4M	$5M	$7M	42%
Buybacks	$0	$10M	$0	$0	—
Dividends	$10M	$11M	$12M	$12M	$12M	0.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	6.7%	Passive
Jan 8, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	7.7%	Passive
Jul 10, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.7%	Passive
May 28, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D/A	7.7%	Passive
Aug 31, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $60K · 1
Net: −$60K

Pay vs performance

No pay-versus-performance disclosure yet.