EPCEDGEWELL PERSONAL CARE Co

Perfumes, Cosmetics & Other Toilet Preparations

Revenue: $2.2B; 1.3% YoY
Operating margin: 4.3%; 51% YoY
EBITDA: $185M; 35% YoY
Market cap: $1.3B
Employees: 6,700; $332K revenue each
Net debt / EBITDA: 8.2×; $1.5B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 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
466% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
101% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$332K · 46th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.2B	$2.3B	$2.3B	$2.2B	1.3%
Operating income	$240M	$182M	$227M	$199M	$97M	52%
Net income	$118M	$100M	$115M	$99M	$25M	74%
Operating cash flow	$229M	$102M	−$216M	−$231M	$118M	151%
Capex	$57M	$56M	$50M	$57M	$77M	36%
Stock-based comp	$27M	$24M	$28M	$27M	$25M	7.5%
Buybacks	$9M	$125M	$75M	$59M	$90M	54%
Dividends	$26M	$33M	$32M	$31M	$29M	4.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 28, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.1%	Passive
Dec 5, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	5.1%	Passive
Jul 20, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.1%	Passive
Feb 4, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6K · 1
Net: −$6K

Pay vs performance

No pay-versus-performance disclosure yet.