DDDuPont de Nemours, Inc.

Plastic Materials, Synth Resins & Nonvulcan Elastomers

Revenue: $6.8B; 1.9% YoY
Operating margin: —
EBITDA: —
Market cap: $102.8B
Employees: 15,000; $457K revenue each
Net debt / EBITDA: —; $1.4B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 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
636% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
489% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
37% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$457K · 53rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$102.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$607K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.6B	$13.0B	$6.6B	$6.7B	$6.8B	1.9%
Net income	$6.5B	$5.9B	$423M	$703M	$88M	87%
Operating cash flow	$2.3B	$588M	$845M	$765M	$560M	27%
Capex	$788M	$662M	$302M	$285M	$333M	17%
Stock-based comp	$67M	$75M	$57M	$56M	$38M	32%
Buybacks	$2.1B	—	—	—	—
Dividends	$630M	$652M	$651M	$635M	$597M	6.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $607K · 3
Net: −$607K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	169	190
FY2024	—	—	131	176
FY2023	—	—	129	150
FY2022	—	—	113	127
FY2021	—	—	131	135