ECVTEcovyst Inc.

Chemicals & Allied Products

Revenue: $724M; 21% YoY
Operating margin: 9.0%; 37% YoY
EBITDA: $133M; 24% YoY
Market cap: $1.1B
Employees: 617; $1M revenue each
Net debt / EBITDA: 3.1×; $405M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 80th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$11K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$611M	$820M	$585M	$598M	$724M	21%
Operating income	$55M	$104M	$90M	$85M	$65M	24%
Net income	$2M	$70M	$71M	−$7M	−$71M	961%
Operating cash flow	$130M	$187M	$138M	$150M	$140M	6.4%
Capex	$60M	$59M	$59M	$56M	$70M	27%
Stock-based comp	$32M	$21M	$13M	$11M	$10M	12%
Buybacks	$0	$137M	$79M	$5M	$47M	837%
Dividends	$436M	$0	$0	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 2, 2025	INEOS Ltd	SCHEDULE 13D/A	0.0%	Passive
Jun 27, 2023	INEOS Ltd	SC 13D/A	7.8%	Passive
May 26, 2023	INEOS Ltd	SC 13D/A	9.2%	Passive
Dec 20, 2021	INEOS Ltd	SC 13D/A	18.0%	Passive
Nov 23, 2021	INEOS Ltd	SC 13D/A	18.3%	Passive
May 5, 2021	INEOS Ltd	SC 13D/A	20.4%	Passive
May 3, 2021	INEOS Ltd	SC 13D/A	20.9%	Passive
Mar 22, 2019	INEOS Ltd	SC 13D	24.3%	Passive

Insider trading

Open-market buys, 12 mo: $250K · 1
Open-market sells, 12 mo: $239K · 2
Net: $11K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	84	103
FY2024	—	—	66	105
FY2023	—	—	85	108
FY2022	—	—	77	97
FY2021	—	—	89	117