AZTAAzenta, Inc.

Special Industry Machinery, NEC

Revenue: $594M; 3.6% YoY
Operating margin: -4.5%; 49% YoY
EBITDA: $34M; 13% YoY
Market cap: $1.7B
Employees: 3,000; $198K revenue each
Net debt / EBITDA: -4.1×; −$140M net debt
AI in 10-K: 4.3; mentions per 10K words

Takeover score 3 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
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$198K · 2nd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.3 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 4.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$172K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$514M	$555M	$551M	$573M	$594M	3.6%
Operating income	−$31M	−$25M	−$61M	−$51M	−$27M	48%
Net income	$111M	$2.1B	−$15M	−$165M	−$56M	66%
Operating cash flow	$150M	−$466M	$6M	$50M	$72M	45%
Capex	$53M	$73M	$39M	$37M	$34M	9.5%
Stock-based comp	$27M	$11M	$9M	$14M	$21M	44%
Buybacks	—	$0	$839M	$662M	$0	100%
Dividends	$30M	$7M	$0	$0	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 4, 2024	Politan Capital Management LP	SC 13D/A	9.4%	Active
Nov 15, 2023	Politan Capital Management LP	SC 13D/A	7.9%	Passive
Nov 1, 2023	Politan Capital Management LP	SC 13D/A	7.6%	Active
Sep 14, 2023	Politan Capital Management LP	SC 13D	6.9%	Active

Insider trading

Open-market buys, 12 mo: $172K · 2
Open-market sells, 12 mo: $0 · 0
Net: $172K

Pay vs performance

No pay-versus-performance disclosure yet.