BC-PCBRUNSWICK CORP

Engines & Turbines

Revenue: $5.4B; 2.4% YoY
Operating margin: -0.8%; 113% YoY
EBITDA: $252M; 58% YoY
Market cap: $1.4B
Employees: 14,000; $383K revenue each
Net debt / EBITDA: 7.2×; $1.8B net debt
AI in 10-K: 1.3; 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
34% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$383K · 40th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.8B	$6.8B	$6.4B	$5.2B	$5.4B	2.4%
Operating income	$813M	$948M	$735M	$312M	−$41M	113%
Net income	$593M	$677M	$420M	$130M	−$137M	206%
Operating cash flow	$574M	$586M	$734M	$431M	$562M	30%
Capex	$267M	$388M	$289M	$167M	$166M	1.0%
Stock-based comp	$30M	$22M	$22M	$23M	$39M	65%
Buybacks	$120M	$450M	$275M	$200M	$80M	60%
Dividends	$99M	$109M	$112M	$112M	$113M	0.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 8
Net: −$7M

Pay vs performance

No pay-versus-performance disclosure yet.