FEIMFREQUENCY ELECTRONICS INC
Instruments For Meas & Testing Of Electricity & Elec Signals
- Revenue
- $63M
- Operating margin
- -4.7%
- EBITDA
- −$1M
- 108% YoY
- Market cap
- $742M
- Employees
- 242
- $261K revenue each
- Net debt / EBITDA
- —
- −$55M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 6 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—Cash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowYes123% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentYes77% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$261K · 23rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$742M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$38M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $48M | $196K | $89K | $0 | $63M | |
| Operating income | −$8M | −$5M | $5M | $12M | −$3M | 126% |
| Net income | −$9M | −$6M | $6K | $24M | −$903 | 100% |
| Operating cash flow | $4M | $1M | $9M | −$1M | $1M | 190% |
| Capex | $2M | $918K | $1M | $2M | $3M | 58% |
| Stock-based comp | $247K | $197K | $822K | $1M | $2M | 70% |
| Buybacks | — | — | $0 | $377K | $2M | 318% |
| Dividends | $0 | $9M | $0 | $10M | $0 | 100% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 30, 2026 | Edenbrook Capital, LLC | SCHEDULE 13D/A | 11.3% | Passive |
| Sep 28, 2021 | Edenbrook Capital, LLC | SC 13D/A | 20.0% | Passive |
| Apr 6, 2020 | Edenbrook Capital, LLC | SC 13D/A | 18.9% | Passive |
| Dec 17, 2019 | Edenbrook Capital, LLC | SC 13D/A | 31.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $38M · 2
- Net
- −$38M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | $7M | 270 | — |
| FY2025 | — | $3M | 179 | — |
| FY2024 | — | $1M | 89 | — |