DANDANA Inc

Motor Vehicle Parts & Accessories

Revenue: $7.5B; 3.0% YoY
Operating margin: 1.9%; 181% YoY
EBITDA: $484M; 201% YoY
Market cap: $2.5B
Employees: 26,900; $279K revenue each
Net debt / EBITDA: 2.0×; $986M net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 3 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
602% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
138% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$279K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$298K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.9B	$10.2B	$7.6B	$7.7B	$7.5B	3.0%
Operating income	$395M	$86M	−$108M	−$176M	$139M	179%
Net income	$197M	−$242M	$38M	−$57M	$85M	249%
Operating cash flow	$158M	$649M	$476M	$450M	$512M	14%
Capex	$369M	$440M	$427M	$312M	$214M	31%
Stock-based comp	$17M	$19M	$26M	$30M	$40M	33%
Buybacks	$23M	$25M	—	—	$650M
Dividends	$58M	$58M	$58M	$58M	$54M	6.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 18, 2025	ICAHN CARL C	SCHEDULE 13D/A	0.0%	Passive
Jan 23, 2025	ICAHN CARL C	SCHEDULE 13D/A	4.1%	Active
Aug 19, 2024	ICAHN CARL C	SC 13D/A	—	Passive
Feb 7, 2024	ICAHN CARL C	SC 13D/A	4.1%	Passive
Jan 7, 2022	ICAHN CARL C	SC 13D	4.1%	Active
Jul 26, 2019	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $298K · 11
Net: −$298K

Pay vs performance

No pay-versus-performance disclosure yet.