AXTAAxalta Coating Systems Ltd.

Paints, Varnishes, Lacquers, Enamels & Allied Prods

Revenue: $5.1B; 3.0% YoY
Operating margin: 14.4%; 7.3% YoY
EBITDA: $1.0B; 4.5% YoY
Market cap: $8.6B
Employees: 1,300; $4M revenue each
Net debt / EBITDA: 1.8×; $1.8B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 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
171% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
25% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$4M · 97th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.4B	$4.9B	$5.2B	$5.3B	$5.1B	3.0%
Operating income	$462M	$423M	$588M	$706M	$735M	4.1%
Net income	$264M	$192M	$269M	$391M	$379M	3.1%
Operating cash flow	$559M	$294M	$575M	$576M	$649M	13%
Capex	$122M	$151M	$138M	$140M	$196M	40%
Stock-based comp	$15M	$22M	$26M	$28M	$25M	11%
Buybacks	$244M	$200M	$50M	$100M	$165M	65%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 24, 2026	DEFM14A	Akzo Nobel N.V.	$15.00	12.4%

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	113	142
FY2024	—	—	120	138
FY2023	—	—	119	143
FY2022	—	—	89	125
FY2021	—	—	116	130