ESABESAB Corp

General Industrial Machinery & Equipment, NEC

Revenue: $2.8B; 3.7% YoY
Operating margin: 14.5%; 11% YoY
EBITDA: $496M; 3.5% YoY
Market cap: $4.3B
Employees: 10,300; $276K revenue each
Net debt / EBITDA: 4.4×; $2.2B net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 3 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
115% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
42% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$276K · 16th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.3B 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	$2.4B	$2.6B	$2.8B	$2.7B	$2.8B	3.7%
Operating income	$306M	$329M	$404M	$447M	$412M	7.9%
Net income	$235M	$224M	$205M	$265M	$227M	14%
Operating cash flow	$251M	$214M	$330M	$355M	$261M	27%
Capex	$36M	$40M	$48M	$52M	$47M	8.7%
Stock-based comp	$6M	$13M	$16M	$20M	$17M	14%
Dividends	$0	$6M	$13M	$17M	$22M	29%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 2, 2026	RALES MITCHELL P	SCHEDULE 13D/A	7.1%	Passive
Feb 4, 2026	RALES MITCHELL P	SCHEDULE 13D/A	5.9%	Passive
Aug 18, 2022	RALES MITCHELL P	SC 13D	5.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 11
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.