CMPRCIMPRESS plc

Commercial Printing

Revenue: $3.7B; 9.8% YoY
Operating margin: 6.7%; 1.0% YoY
EBITDA: $403M; 9.7% YoY
Market cap: $1.4B
Employees: 16,000; $234K revenue each
Net debt / EBITDA: 3.8×; $1.5B net debt
AI in 10-K: 6.4; 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
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
296% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
18% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$234K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
6.4 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.9B	$3.1B	$3.3B	$3.4B	$3.7B	9.8%
Operating income	$47M	$57M	$247M	$226M	$251M	11%
Net income	−$54M	−$186M	$174M	$15M	$96M	541%
Operating cash flow	$220M	$130M	$351M	$298M	$284M	4.8%
Capex	$54M	$54M	$55M	$89M	$100M	13%
Stock-based comp	$50M	$42M	$66M	$59M	$61M	4.2%
Buybacks	$0	$0	$157M	$78M	$50M	36%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 27, 2019	DEFM14A	—	$0.00	—
Aug 21, 2019	PREM14A	—	$0.00	0%

13D filers

Filed	Filer	Form	Stake	Intent
Aug 20, 2026	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SCHEDULE 13D/A	4.2%	Passive
May 5, 2026	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SCHEDULE 13D/A	5.1%	Passive
Feb 2, 2026	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SCHEDULE 13D/A	6.0%	Passive
Dec 1, 2025	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SCHEDULE 13D/A	13.9%	Passive
Jul 3, 2025	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SCHEDULE 13D	8.3%	Active
Nov 12, 2024	Prescott General Partners LLC	SC 13D/A	14.4%	Passive
Sep 11, 2024	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SC 13D/A	8.2%	Passive
Mar 5, 2024	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SC 13D/A	8.0%	Passive
Sep 15, 2023	SPRUCE HOUSE INVESTMENT MANAGEMENT LLC	SC 13D/A	9.1%	Passive
Nov 15, 2019	Prescott General Partners LLC	SC 13D/A	14.0%	Passive

Insider trading

Open-market buys, 12 mo: $251K · 4
Open-market sells, 12 mo: $9M · 21
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$9M	—	—	—
FY2025	$11M	—	—	—
FY2024	$8M	—	—	—