ENTGENTEGRIS INC

Plastics Products, NEC

Revenue: $3.2B; 1.4% YoY
Operating margin: 14.3%; 13% YoY
EBITDA: $661M; 8.4% YoY
Market cap: $23.6B
Employees: 700; $5M revenue each
Net debt / EBITDA: 4.4×; $2.9B net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
295% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
46% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$5M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$23.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$51M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$3.3B	$3.5B	$3.2B	$3.2B	1.4%
Operating income	$552M	$480M	$499M	$534M	$456M	15%
Net income	$409M	$209M	$181M	$293M	$236M	20%
Operating cash flow	$400M	$363M	$645M	$632M	$695M	10%
Capex	$211M	$466M	$457M	$316M	$299M	5.2%
Stock-based comp	$30M	$67M	$61M	$66M	$69M	5.2%
Buybacks	$67M	$0	$0	—	—
Dividends	$44M	$57M	$60M	$61M	$61M	0.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $51M · 44
Net: −$51M

Pay vs performance

No pay-versus-performance disclosure yet.