CTSCTS CORP

Printed Circuit Boards

Revenue: $541M; 5.2% YoY
Operating margin: 15.3%; 10% YoY
EBITDA: $117M; 15% YoY
Market cap: $1.7B
Employees: —
Net debt / EBITDA: -0.6×; −$69M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 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
156% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
60% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% 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
—
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$513M	$587M	$550M	$515M	$541M	5.2%
Operating income	$76M	$93M	$75M	$71M	$83M	16%
Net income	−$42M	$60M	$61M	$55M	$65M	18%
Operating cash flow	$86M	$121M	$89M	$98M	$102M	3.9%
Capex	$16M	$14M	$15M	$19M	$16M	16%
Buybacks	$9M	$21M	$41M	$43M	$56M	32%
Dividends	$5M	$5M	$5M	$5M	$5M	2.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 5, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	5.8%	Passive
Apr 3, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.4%	Passive
Mar 23, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.8%	Passive
Jun 2, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 4
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.