DORMDorman Products, Inc.
Motor Vehicle Parts & Accessories
- Revenue
- $2.1B
- 6.0% YoY
- Operating margin
- 14.1%
- 3.5% YoY
- EBITDA
- $333M
- 1.9% YoY
- Market cap
- $4.0B
- Employees
- 300
- $7M revenue each
- Net debt / EBITDA
- 0.8×
- $274M net debt
- AI in 10-K
- 2.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes56% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo48% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo15% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$7M · 96th pctBottom quartile of its SIC industry
- Quiet on AINo2.6 per 10K words · 65th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.7B | $1.9B | $2.0B | $2.1B | 6.0% |
| Operating income | $172M | $171M | $215M | $293M | $300M | 2.3% |
| Net income | $132M | $122M | $129M | $190M | $204M | 7.5% |
| Operating cash flow | $100M | $42M | $209M | $231M | $114M | 51% |
| Capex | $20M | $38M | $44M | $39M | $38M | 3.7% |
| Stock-based comp | $8M | $9M | $11M | $15M | $20M | 31% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 12, 2025 | BERMAN STEVEN L | SCHEDULE 13D/A | 6.9% | Passive |
| Jan 6, 2025 | BERMAN STEVEN L | SCHEDULE 13D/A | 8.4% | Active |
| Jun 18, 2024 | BERMAN STEVEN L | SC 13D/A | 8.9% | Active |
| Jun 18, 2024 | BERMAN SHARYN | SC 13D/A | 4.9% | Passive |
| Mar 24, 2021 | BERMAN SHARYN | SC 13D/A | 5.8% | Passive |
| Mar 24, 2021 | BERMAN STEVEN L | SC 13D/A | 9.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 12
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $9M | 137 | 83 |
| FY2024 | $7M | $12M | 172 | 81 |
| FY2023 | $4M | $3M | 111 | 104 |
| FY2022 | $3M | $1M | 108 | 108 |
| FY2021 | $3M | $4M | 142 | 139 |