BGBunge Global SA
Fats & Oils
- Revenue
- $16.9B
- 9.0% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $18.6B
- Employees
- 34,000
- $498K revenue each
- Net debt / EBITDA
- —
- $16.2B net debt
- AI in 10-K
- 0.9
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$18M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo103% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes120% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$498K · 22nd pctBottom quartile of its SIC industry
- Quiet on AINo0.9 per 10K words · 33rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$18.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $16.8B | $21.1B | $17.8B | $15.6B | $16.9B | 9.0% |
| Net income | $2.1B | $1.6B | $2.2B | $1.1B | $816M | 28% |
| Operating cash flow | −$2.9B | −$5.5B | $3.3B | $1.9B | $844M | 56% |
| Capex | $399M | $555M | $1.1B | $1.4B | $1.7B | 25% |
| Stock-based comp | $61M | $65M | $69M | $65M | $73M | 12% |
| Buybacks | $100M | $200M | $600M | $1.1B | $551M | 50% |
| Dividends | $289M | $349M | $383M | $378M | $459M | 21% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 8, 2025 | CANADA PENSION PLAN INVESTMENT BOARD | SCHEDULE 13D | 13.1% | Active |
| Jul 7, 2025 | Glencore plc | SCHEDULE 13D | 16.4% | Active |
Insider trading
- Open-market buys, 12 mo
- $689K · 2
- Open-market sells, 12 mo
- $3M · 3
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $19M | $25M | 155 | 101 |
| FY2024 | $17M | $2M | 131 | 108 |
| FY2023 | $18M | $18M | 165 | 118 |
| FY2022 | $18M | $37M | 159 | 130 |
| FY2021 | $16M | $53M | 146 | 115 |