COTYCOTY INC.
Perfumes, Cosmetics & Other Toilet Preparations
- Revenue
- $5.8B
- 1.5% YoY
- Operating margin
- -1.4%
- 134% YoY
- EBITDA
- $401M
- 39% YoY
- Market cap
- $3.0B
- Employees
- 11,335
- $512K revenue each
- Net debt / EBITDA
- 9.9×
- $4.0B net debt
- AI in 10-K
- 4.9
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ 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 SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo36% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo37% of assetsOver 40% of assets
- Shareholder dissentYes76% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$512K · 57th pctBottom quartile of its SIC industry
- Quiet on AINo4.9 per 10K words · 82nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo9.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$214K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.3B | $5.6B | $6.1B | $5.9B | $5.8B | 1.5% |
| Operating income | $241M | $544M | $547M | $241M | −$82M | 134% |
| Net income | $56M | $495M | $76M | −$381M | −$618M | 62% |
| Operating cash flow | $727M | $626M | $615M | $493M | $538M | 9.2% |
| Capex | $174M | $223M | $245M | $215M | $190M | 12% |
| Stock-based comp | $196M | $136M | $89M | $50M | $46M | 7.4% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| May 1, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Apr 29, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Apr 26, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Apr 25, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Apr 19, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Apr 16, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Apr 1, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Mar 28, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Mar 27, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Mar 18, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Feb 26, 2019 | SC TO-T/A | Cottage Holdco B.V. | — | — |
| Feb 13, 2019 | SC TO-T | Cottage Holdco B.V. | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 3, 2025 | JAB Beauty B.V. | SCHEDULE 13D/A | 54.5% | Passive |
| Oct 10, 2023 | JAB Beauty B.V. | SC 13D/A | 53.0% | Passive |
| Jun 20, 2023 | JAB Beauty B.V. | SC 13D/A | 53.2% | Passive |
| Feb 10, 2023 | Cottage Holdco B.V. | SC 13D/A | 53.2% | Passive |
| Nov 8, 2021 | KKR Rainbow Aggregator L.P. | SC 13D/A | 2.4% | Passive |
| Oct 29, 2021 | Cottage Holdco B.V. | SC 13D/A | 55.6% | Passive |
| Oct 1, 2021 | KKR Rainbow Aggregator L.P. | SC 13D/A | 5.2% | Passive |
| Sep 10, 2021 | KKR Rainbow Aggregator L.P. | SC 13D/A | 10.9% | Passive |
| Aug 27, 2021 | KKR Rainbow Aggregator L.P. | SC 13D/A | 16.3% | Passive |
| Nov 16, 2020 | Cottage Holdco B.V. | SC 13D/A | 60.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $214K · 2
- Open-market sells, 12 mo
- $0 · 0
- Net
- $214K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 23 | 77 |
| FY2025 | — | — | 104 | 109 |
| FY2024 | — | — | 79 | 124 |
| FY2023 | — | — | 93 | 162 |
| FY2022 | — | — | 63 | 137 |