COLMCOLUMBIA SPORTSWEAR CO

Apparel & Other Finishd Prods Of Fabrics & Similar Matl

Revenue: $3.4B; 0.9% YoY
Operating margin: 6.1%; 24% YoY
EBITDA: $264M; 19% YoY
Market cap: $3.5B
Employees: 9,620; $353K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
160% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
94% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$353K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.1B	$3.5B	$3.5B	$3.4B	$3.4B	0.9%
Operating income	$451M	$393M	$310M	$271M	$207M	24%
Net income	$354M	$311M	$251M	$223M	$177M	21%
Operating cash flow	$354M	−$25M	$636M	$491M	$283M	42%
Capex	$35M	$58M	$55M	$60M	$66M	11%
Stock-based comp	$19M	$21M	$23M	$25M	$24M	2.2%
Buybacks	$165M	$287M	$184M	$318M	$201M	37%
Dividends	$69M	$75M	$73M	$70M	$66M	6.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 8, 2021	BANY SARAH	SC 13D/A	4.9%	Passive
Jun 23, 2021	BANY SARAH	SC 13D/A	5.6%	Passive
Jun 1, 2021	BANY SARAH	SC 13D/A	11.7%	Passive
Apr 21, 2021	BANY SARAH	SC 13D/A	13.8%	Passive
Apr 6, 2021	BANY SARAH	SC 13D/A	16.0%	Passive
Dec 2, 2020	BANY SARAH	SC 13D/A	18.2%	Passive
Nov 10, 2020	BANY SARAH	SC 13D/A	20.5%	Passive
Jul 31, 2020	BANY SARAH	SC 13D/A	23.1%	Passive
Jul 23, 2020	BANY SARAH	SC 13D/A	25.2%	Passive
Jun 11, 2020	BANY SARAH	SC 13D/A	28.2%	Passive

Insider trading

Open-market buys, 12 mo: $16K · 1
Open-market sells, 12 mo: $1M · 6
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$3M	68	67
FY2024	$3M	$3M	101	92
FY2023	$2M	$969K	95	99
FY2022	$3M	$2M	103	77
FY2021	$5M	$5M	113	111