CCKCROWN HOLDINGS, INC.

Metal Cans

Revenue: $12.4B; 4.8% YoY
Operating margin: 12.6%; 4.5% YoY
EBITDA: $1.9B; 8.4% YoY
Market cap: $13.5B
Employees: 23,000; $538K revenue each
Net debt / EBITDA: 2.8×; $5.2B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
207% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
21% of assets
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$538K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 50th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.4B	$12.9B	$12.0B	$11.8B	$12.4B	4.8%
Operating income	$1.4B	$1.3B	$1.3B	$1.4B	$1.6B	9.4%
Net income	−$560M	$727M	$450M	$424M	$738M	74%
Operating cash flow	$905M	$803M	$1.5B	$1.2B	$1.5B	28%
Capex	$816M	$839M	$793M	$403M	$413M	2.5%
Stock-based comp	$33M	$29M	$31M	$42M	$48M	14%
Buybacks	$950M	$722M	$12M	$217M	$505M	133%
Dividends	$105M	$106M	$115M	$119M	$120M	0.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 20, 2023	ICAHN CARL C	SC 13D/A	5.0%	Active
Nov 1, 2023	ICAHN CARL C	SC 13D/A	6.7%	Active
Dec 13, 2022	ICAHN CARL C	SC 13D/A	—	Active
Nov 3, 2022	ICAHN CARL C	SC 13D	8.5%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 11
Net: −$16M

Pay vs performance

No pay-versus-performance disclosure yet.