BCOBRINKS CO

Arrangement Of Transportation Of Freight & Cargo

Revenue: $5.3B; 5.0% YoY
Operating margin: 11.1%; 23% YoY
EBITDA: $876M; 17% YoY
Market cap: $4.2B
Employees: 65,400; $80K revenue each
Net debt / EBITDA: 2.7×; $2.3B net debt
AI in 10-K: 0.4; 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
320% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
39% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$80K · 0th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$169K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.2B	$4.5B	$4.9B	$5.0B	$5.3B	5.0%
Operating income	$355M	$361M	$425M	$453M	$586M	29%
Net income	$105M	$171M	$88M	$163M	$200M	23%
Operating cash flow	$478M	$480M	$702M	$426M	$640M	50%
Capex	$168M	$183M	$203M	$223M	$203M	8.7%
Stock-based comp	$33M	$49M	$32M	$37M	$26M	29%
Buybacks	$200M	$52M	$170M	$204M	$209M	2.8%
Dividends	$37M	$38M	$40M	$42M	$42M	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $169K · 1
Net: −$169K

Pay vs performance

No pay-versus-performance disclosure yet.