AYIACUITY INC. (DE)

Electric Lighting & Wiring Equipment

Revenue: $4.6B; 6.8% YoY
Operating margin: 15.4%; 18% YoY
EBITDA: $870M; 25% YoY
Market cap: $13.9B
Employees: 13,900; $334K revenue each
Net debt / EBITDA: 0.1×; $61M net debt
AI in 10-K: 3.7; 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
155% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$334K · 40th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$4.0B	$4.0B	$3.8B	$4.3B	$4.6B	6.8%
Operating income	$510M	$473M	$553M	$564M	$714M	27%
Net income	$384M	$346M	$423M	$397M	$531M	34%
Operating cash flow	$316M	$578M	$619M	$601M	$826M	37%
Capex	$57M	$67M	$64M	$68M	$78M	14%
Stock-based comp	$37M	$42M	$47M	$45M	$50M	9.8%
Buybacks	$515M	$267M	$89M	$119M	$287M	142%
Dividends	$18M	$17M	$18M	$21M	$24M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $363K · 3
Open-market sells, 12 mo: $14M · 20
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.