AVTAVNET INC

Wholesale-Electronic Parts & Equipment, NEC

Revenue: $27.6B; 24% YoY
Operating margin: 2.6%; 13% YoY
EBITDA: $802M; 37% YoY
Market cap: $7.2B
Employees: 15,040; $2M revenue each
Net debt / EBITDA: 3.8×; $3.1B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-84% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-90% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 94th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$24.3B	$26.5B	$23.8B	$22.2B	$27.6B	24%
Operating income	$939M	$1.2B	$844M	$514M	$725M	41%
Net income	$692M	$771M	$499M	$240M	$334M	39%
Operating cash flow	−$219M	−$714M	$690M	$725M	−$281M	139%
Capex	$49M	$195M	$226M	$147M	$74M	50%
Stock-based comp	$37M	$39M	$33M	$36M	$49M	34%
Buybacks	$184M	$222M	$163M	$303M	$138M	54%
Dividends	$98M	$106M	$112M	$113M	$114M	0.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $17M · 9
Net: −$17M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	245	202
FY2025	—	—	146	128
FY2024	—	—	139	127
FY2023	—	—	133	109
FY2022	—	—	108	89