CXTCrane NXT, Co.

Miscellaneous Fabricated Metal Products

Revenue: $1.7B; 11% YoY
Operating margin: 14.9%; 18% YoY
EBITDA: $353M; 0.6% YoY
Market cap: $3.4B
Employees: 2,200; $753K revenue each
Net debt / EBITDA: 2.6×; $908M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
166% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
100% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
40% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$753K · 85th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.4B 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	$1.3B	$1.3B	$1.4B	$1.5B	$1.7B	11%
Operating income	$279M	$301M	$287M	$269M	$247M	8.2%
Net income	$178M	$205M	$188M	$184M	$145M	21%
Operating cash flow	$277M	$306M	$276M	$214M	$242M	13%
Capex	$19M	$21M	$31M	$45M	$43M	4.8%
Stock-based comp	$9M	$9M	$10M	$11M	$13M	20%
Buybacks	$96M	$204M	—	—	—
Dividends	$0	$0	$24M	$37M	$39M	6.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 28, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.2%	Passive
Aug 1, 2019	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	191	220
FY2024	—	—	233	182
FY2023	—	—	226	158
FY2022	—	—	134	115
FY2021	—	—	133	128