BALLBALL Corp

Metal Cans

Revenue: $13.2B; 12% YoY
Operating margin: —
EBITDA: —
Market cap: $17.6B
Employees: 16,000; $823K revenue each
Net debt / EBITDA: —; −$489M net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 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
284% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
122% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$823K · 93rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 17th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$17.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.8B	$13.4B	$12.1B	$11.8B	$13.2B	12%
Operating income	$1.3B	$1.2B	$1.3B	—	—
Operating cash flow	$1.8B	$301M	$1.9B	$115M	$1.3B	997%
Capex	$1.7B	$1.7B	$1.0B	$484M	$474M	2.1%
Stock-based comp	$40M	$39M	$33M	$63M	$28M	56%
Buybacks	$766M	$618M	$3M	$1.7B	$1.3B	23%
Dividends	$229M	$254M	$252M	$244M	$220M	9.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 21, 2025	PARNASSUS INVESTMENTS, LLC	SCHEDULE 13D/A	4.9%	Passive
Mar 24, 2025	PARNASSUS INVESTMENTS, LLC	SCHEDULE 13D	5.6%	Passive

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.