BLBDBlue Bird Corp

Truck & Bus Bodies

Revenue: $1.5B; 9.9% YoY
Operating margin: 11.3%; 9.2% YoY
EBITDA: $183M; 19% YoY
Market cap: $1.8B
Employees: 1,640; $902K revenue each
Net debt / EBITDA: 0.4×; $66M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 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
138% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$902K · 85th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B 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	$684M	$801M	$1.1B	$1.3B	$1.5B	9.9%
Operating income	$7M	−$41M	$52M	$139M	$167M	20%
Net income	−$289K	−$46M	$24M	$106M	$128M	21%
Operating cash flow	−$54M	−$24M	$120M	$111M	$176M	59%
Capex	$12M	$6M	$9M	$15M	$23M	50%
Stock-based comp	$6M	$4M	$4M	$9M	$15M	72%
Buybacks	$517K	$2M	$376K	$1M	$10M	739%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 20, 2015	DEFM14A	Hennessy Capital Partners I LLC	$10.00	100%
Sep 23, 2014	PREM14A	The Traxis Group B.V.	$140.00	140%

13D filers

Filed	Filer	Form	Stake	Intent
Apr 8, 2026	Groupe Autobus Girardin Ltee	SCHEDULE 13D	7.9%	Passive
Feb 22, 2024	ASP BB Holdings LLC	SC 13D/A	12.6%	Passive
Dec 20, 2023	ASP BB Holdings LLC	SC 13D/A	12.6%	Passive
Sep 18, 2023	ASP BB Holdings LLC	SC 13D/A	20.3%	Passive
Jun 14, 2023	ASP BB Holdings LLC	SC 13D/A	24.3%	Passive
Jun 14, 2023	Coliseum Capital Management, LLC	SC 13D/A	3.9%	Passive
Dec 22, 2021	Coliseum Capital Management, LLC	SC 13D	14.7%	Passive
Mar 12, 2021	ASP BB Holdings LLC	SC 13D/A	35.2%	Passive

Insider trading

Open-market buys, 12 mo: $62K · 3
Open-market sells, 12 mo: $2M · 7
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.