CSTMCONSTELLIUM SE
Secondary Smelting & Refining Of Nonferrous Metals
- Revenue
- $8.4B
- 15% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.1B
- Employees
- 11,500
- $735K revenue each
- Net debt / EBITDA
- —
- $1.6B net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo179% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$735K · 54th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 27th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$12M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $8.5B | $7.8B | $7.3B | $8.4B | 15% |
| Net income | $308M | $152M | $56M | $273M | 388% |
| Operating cash flow | $365M | $432M | $301M | $489M | 62% |
| Capex | $289M | $366M | $413M | $330M | 20% |
| Stock-based comp | $18M | $22M | $25M | $19M | 24% |
| Buybacks | $0 | $0 | $79M | $115M | 46% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 28, 2026 | Bpifrance Participations SA | SCHEDULE 13D/A | 6.2% | Passive |
| Jun 6, 2024 | Bpifrance Participations SA | SC 13D/A | 8.6% | Passive |
| Aug 10, 2023 | Bpifrance Participations SA | SC 13D/A | 11.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $208K · 7
- Open-market sells, 12 mo
- $12M · 26
- Net
- −$12M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $30M | $23M | 105 | 124 |
| FY2024 | $9M | −$5M | 57 | 110 |
| FY2023 | $10M | $23M | 111 | 110 |
| FY2022 | $9M | −$3M | 66 | 93 |