CMPCOMPASS MINERALS INTERNATIONAL INC

Mining & Quarrying Of Nonmetallic Minerals (no Fuels)

Revenue: $1.2B; 11% YoY
Operating margin: 2.0%; 119% YoY
EBITDA: $129M; 1189% YoY
Market cap: $979M
Employees: 1,800; $691K revenue each
Net debt / EBITDA: 5.2×; $666M net debt
AI in 10-K: 0.4; 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 SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$691K · 57th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$979M market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.2B	$1.1B	$1.2B	11%
Operating income	$106M	$45M	$77M	−$117M	$25M	122%
Net income	−$186M	−$21M	$11M	−$206M	−$80M	61%
Operating cash flow	$141M	$120M	$106M	$14M	$198M	1273%
Capex	$86M	$97M	$154M	$114M	$70M	39%
Stock-based comp	$10M	$16M	$21M	$8M	$10M	26%
Dividends	$98M	$21M	$25M	$13M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 2, 2024	KM&T Investment Holdings, LLC	SC 13D/A	17.0%	Active
Oct 21, 2022	KM&T Investment Holdings, LLC	SC 13D	17.2%	Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.