DOLEDole plc

Agricultural Production-Crops

Revenue: $9.2B; 8.2% YoY
Operating margin: 2.4%; 27% YoY
EBITDA: $336M; 12% YoY
Market cap: $1.2B
Employees: —
Net debt / EBITDA: 1.6×; $538M net debt
AI in 10-K: 0.5; 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
240% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.9B	$8.0B	$8.2B	$8.5B	$9.2B	8.2%
Operating income	−$9M	$175M	$272M	$281M	$223M	21%
Net income	−$7M	$86M	$124M	$126M	$51M	59%
Operating cash flow	$16M	$239M	$299M	$263M	$123M	53%
Capex	$59M	$86M	$78M	$82M	$121M	47%
Stock-based comp	$815K	$5M	$6M	$8M	$7M	14%
Dividends	$17M	$30M	$30M	$31M	$32M	3.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 14, 2026	Barta Jan	SCHEDULE 13D/A	40.8%	Passive
Jan 12, 2026	Balkan Investment Unlimited Co	SCHEDULE 13D/A	7.7%	Passive
Sep 8, 2025	Barta Jan	SCHEDULE 13D/A	36.1%	Passive
Feb 6, 2025	Barta Jan	SCHEDULE 13D/A	6.5%	Passive
Nov 8, 2024	Barta Jan	SC 13D/A	6.5%	Passive
Dec 27, 2022	Barta Jan	SC 13D/A	7.8%	Passive
Dec 21, 2022	Barta Jan	SC 13D/A	7.8%	Passive
Dec 9, 2022	Barta Jan	SC 13D/A	7.8%	Passive
Aug 29, 2022	Barta Jan	SC 13D	5.2%	Active
Aug 9, 2021	Balkan Investment Unlimited Co	SC 13D	7.8%	Passive

Insider trading

Open-market buys, 12 mo: $9M · 4
Open-market sells, 12 mo: $0 · 0
Net: $9M

Pay vs performance

No pay-versus-performance disclosure yet.