BTUPEABODY ENERGY CORP
Bituminous Coal & Lignite Surface Mining
- Revenue
- $3.9B
- 8.9% YoY
- Operating margin
- -2.1%
- 120% YoY
- EBITDA
- $304M
- 61% YoY
- Market cap
- $2.9B
- Employees
- 5,400
- $715K revenue each
- Net debt / EBITDA
- -0.7×
- −$201M net debt
- AI in 10-K
- 1.4
- 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—Cash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo11% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$715K per employeeBottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 44th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.7× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 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 | $3.3B | $5.0B | $4.9B | $4.2B | $3.9B | 8.9% |
| Operating income | $432M | $1.4B | $1.1B | $445M | −$80M | 118% |
| Operating cash flow | $420M | $1.2B | $1.0B | $607M | $334M | 45% |
| Capex | $183M | $222M | $348M | $401M | $411M | 2.5% |
| Stock-based comp | $10M | $8M | $7M | $7M | $14M | 89% |
| Buybacks | $0 | $0 | $348M | $183M | $0 | 100% |
| Dividends | $0 | $0 | $31M | $38M | $37M | 2.9% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 13, 2024 | THOMIST CAPITAL MANAGEMENT, LP | SC 13D/A | 2.0% | Active |
| Oct 16, 2024 | THOMIST CAPITAL MANAGEMENT, LP | SC 13D/A | 5.1% | Active |
| Sep 24, 2024 | THOMIST CAPITAL MANAGEMENT, LP | SC 13D/A | 9.3% | Active |
| Aug 20, 2024 | THOMIST CAPITAL MANAGEMENT, LP | SC 13D | 10.0% | Active |
| Mar 1, 2024 | Elliott Investment Management L.P. | SC 13D/A | 4.6% | Passive |
| Feb 20, 2024 | Elliott Investment Management L.P. | SC 13D/A | 7.3% | Passive |
| Jan 23, 2024 | Elliott Investment Management L.P. | SC 13D/A | 8.5% | Passive |
| Dec 21, 2023 | Elliott Investment Management L.P. | SC 13D/A | 10.0% | Passive |
| Dec 15, 2023 | Elliott Investment Management L.P. | SC 13D/A | 11.4% | Passive |
| Dec 5, 2023 | Elliott Investment Management L.P. | SC 13D/A | 13.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 5
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.