DBDDIEBOLD NIXDORF, Inc

Calculating & Accounting Machines (no Electronic Computers)

Revenue: $3.8B; 1.5% YoY
Operating margin: 6.4%; 31% YoY
EBITDA: $370M; 18% YoY
Market cap: $1.8B
Employees: 20,000; $190K revenue each
Net debt / EBITDA: 1.7×; $618M net debt
AI in 10-K: 7.1; mentions per 10K words

Takeover score 4 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
318% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
43% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$190K · 1st pct
Bottom quartile of its SIC industry
Quiet on AINo
7.1 per 10K words · 88th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$142M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2024	FY2025	YoY	Trend
Revenue	$3.9B	$3.5B	$3.8B	$3.8B	1.5%
Operating income	$137M	−$212M	$182M	$242M	33%
Net income	−$79M	−$581M	−$17M	$95M	673%
Operating cash flow	$123M	−$388M	$149M	$301M	102%
Stock-based comp	$14M	$13M	$10M	$12M	25%
Buybacks	$8M	$8M	$0	$131M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 31, 2026	Capital World Investors	SCHEDULE 13D/A	34.9%	Passive
Jun 26, 2026	Millstreet Capital Management LLC	SCHEDULE 13D/A	36.4%	Passive
Apr 17, 2026	Millstreet Capital Management LLC	SCHEDULE 13D/A	26.8%	Active
Feb 17, 2026	Capital World Investors	SCHEDULE 13D/A	33.8%	Passive
Jan 20, 2026	Millstreet Capital Management LLC	SCHEDULE 13D/A	44.5%	Active
Jun 17, 2025	Beach Point Capital Management LP	SCHEDULE 13D/A	4.4%	Passive
May 19, 2025	Hein Park Capital Management LP	SCHEDULE 13D/A	8.3%	Active
Oct 22, 2024	Hein Park Capital Management LP	SC 13D/A	5.9%	Active
Oct 2, 2024	Beach Point Capital Management LP	SC 13D/A	5.4%	Passive
Jul 23, 2024	Hein Park Capital Management LP	SC 13D/A	7.7%	Active

Insider trading

Open-market buys, 12 mo: $300K · 5
Open-market sells, 12 mo: $142M · 14
Net: −$142M

Pay vs performance

No pay-versus-performance disclosure yet.