CODICompass Diversified Holdings

Household Furniture

Revenue: $1.9B; 4.8% YoY
Operating margin: 0.6%; 171% YoY
EBITDA: $154M; 20% YoY
Market cap: $839M
Employees: 1,288; $1M revenue each
Net debt / EBITDA: 9.7×; $1.5B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$0 median
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
-10× cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$839M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.8B	$1.7B	$1.8B	$1.9B	4.8%
Operating income	$123M	$44M	−$69M	−$15M	$11M	175%
Net income	$127M	−$59M	$109M	−$209M	−$226M	8.4%
Operating cash flow	$134M	−$47M	$17M	−$151M	−$7M	95%
Capex	$33M	$60M	$55M	$57M	$44M	22%
Stock-based comp	$10M	$11M	$10M	$16M	$16M	1.2%
Buybacks	$0	$0	$9M	$10M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 16, 2026	ADW Capital Partners, L.P.	SCHEDULE 13D/A	19.3%	Active
Jun 2, 2026	ADW Capital Partners, L.P.	SCHEDULE 13D/A	19.3%	Passive
May 11, 2026	ADW Capital Partners, L.P.	SCHEDULE 13D/A	17.9%	Passive
Apr 6, 2026	ADW Capital Partners, L.P.	SCHEDULE 13D/A	14.0%	Passive
Mar 30, 2026	ADW Capital Partners, L.P.	SCHEDULE 13D/A	9.9%	Active
Feb 25, 2026	ADW Capital Partners, L.P.	SCHEDULE 13D	7.6%	Active
Nov 26, 2024	CGI Magyar Holdings LLC	SC 13D/A	9.6%	Passive
Jan 10, 2024	CGI Magyar Holdings LLC	SC 13D	10.6%	Passive
Jan 5, 2024	CGI Diversified Holdings, LP	SC 13D/A	0.0%	Passive
May 19, 2022	CGI Diversified Holdings, LP	SC 13D/A	11.8%	Passive

Insider trading

Open-market buys, 12 mo: $2M · 9
Open-market sells, 12 mo: $0 · 0
Net: $2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$0	$0	32	194
FY2024	$0	$0	149	160
FY2023	$0	$0	138	128
FY2022	$0	$0	107	109
FY2021	$0	$0	172	125