DCODUCOMMUN INC /DE/

Aircraft Parts & Auxiliary Equipment, NEC

Revenue: $825M; 4.9% YoY
Operating margin: -4.3%; 181% YoY
EBITDA: −$2M; 103% YoY
Market cap: $2.4B
Employees: 2,130; $387K revenue each
Net debt / EBITDA: —; $209M net debt
AI in 10-K: 0.3; 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
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-3% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
20% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$387K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$645M	$713M	$757M	$786M	$825M	4.9%
Operating income	$49M	$40M	$29M	$42M	−$36M	185%
Net income	$136M	$29M	$16M	$22M	−$37M	272%
Operating cash flow	−$565K	$33M	$31M	$34M	−$33M	198%
Capex	$17M	$20M	$20M	$14M	$15M	7.8%
Stock-based comp	$11M	$11M	$15M	$27M	$28M	5.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 10, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	4.0%	Passive
Nov 12, 2024	Albion River Management LLC	SC 13D/A	5.0%	Passive
Jul 17, 2024	Albion River Management LLC	SC 13D/A	9.2%	Active
Apr 8, 2024	Albion River Management LLC	SC 13D	9.0%	Active
Feb 21, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D	2.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 11
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.