BXCBlueLinx Holdings Inc.
Wholesale-Lumber, Plywood, Millwork & Wood Panels
- Revenue
- $3.0B
- 0.0% YoY
- Operating margin
- 1.1%
- 63% YoY
- EBITDA
- $72M
- 43% YoY
- Market cap
- $621M
- Employees
- 2,160
- $1M revenue each
- Net debt / EBITDA
- 3.8×
- $273M net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo273× net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo64% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 74th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 26th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$621M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $4.5B | $3.1B | $3.0B | $3.0B | 0.0% |
| Operating income | $439M | $138M | $88M | $32M | 63% |
| Net income | $296M | $49M | $53M | $219K | 100% |
| Operating cash flow | $400M | $306M | $85M | $60M | 30% |
| Capex | $36M | $28M | $40M | $27M | 33% |
| Stock-based comp | $10M | $12M | $8M | $11M | 45% |
| Buybacks | $66M | $42M | $45M | $38M | 16% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 19, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Oct 19, 2010 | SC 13E3/A | Cerberus Capital Management, L.P. | — | — |
| Oct 18, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Oct 6, 2010 | SC 13E3/A | Cerberus Capital Management, L.P. (Cerberus Capital) | — | — |
| Oct 4, 2010 | SC 13E3/A | Cerberus APB Investors LLC and Cerberus Capital Management, L.P. | — | — |
| Oct 4, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Sep 27, 2010 | SC 13E3 | Cerberus Capital Management, L.P. | — | — |
| Sep 23, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Sep 17, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Sep 10, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Sep 1, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Aug 26, 2010 | SC TO-T/A | Cerberus ABP Investor LLC | — | — |
| Aug 20, 2010 | SC 13E3/A | Cerberus ABP Investor LLC | — | — |
| Aug 13, 2010 | SC 13E3 | Cerberus ABP Investor LLC | — | — |
| Aug 2, 2010 | SC 13E3 | Cerberus ABP Investor LLC | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 20, 2020 | Coliseum Capital Management, LLC | SC 13D/A | 3.6% | Passive |
| Feb 25, 2020 | Coliseum Capital Management, LLC | SC 13D/A | 5.5% | Passive |
| Jun 10, 2019 | Coliseum Capital Management, LLC | SC 13D/A | 8.9% | Passive |
| May 21, 2019 | Coliseum Capital Management, LLC | SC 13D/A | 14.2% | Passive |
| Apr 15, 2019 | Coliseum Capital Management, LLC | SC 13D | 10.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 1
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 208 | 182 |
| FY2024 | — | — | 354 | 182 |
| FY2023 | — | — | 387 | 166 |
| FY2022 | — | — | 327 | 149 |