CSLCARLISLE COMPANIES INC

Fabricated Rubber Products, NEC

Revenue: $5.0B; 0.3% YoY
Operating margin: 20.0%; 13% YoY
EBITDA: $1.2B; 8.9% YoY
Market cap: $14.6B
Employees: 5,900; $851K revenue each
Net debt / EBITDA: 0.0×; $49M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
149% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
134% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$851K · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.8B	$5.4B	$4.6B	$5.0B	$5.0B	0.3%
Operating income	$573M	$1.2B	$983M	$1.1B	$1.0B	12%
Net income	$422M	$924M	$767M	$1.3B	$741M	44%
Operating cash flow	$422M	$1.0B	$1.2B	$1.0B	$1.1B	6.9%
Capex	$135M	$184M	$142M	$113M	$131M	16%
Stock-based comp	$19M	$31M	$42M	$30M	$35M	16%
Buybacks	$316M	$400M	$900M	$1.6B	$1.3B	18%
Dividends	$113M	$134M	$160M	$172M	$181M	5.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $28M · 18
Net: −$28M

Pay vs performance

No pay-versus-performance disclosure yet.