FPSForgent Power Solutions, Inc.

Electrical Industrial Apparatus

Revenue: $1.4B; 89% YoY
Operating margin: 12.9%; 34% YoY
EBITDA: $249M; 82% YoY
Market cap: $6.3B
Employees: —
Net debt / EBITDA: 1.9×; $485M net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 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
133% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$650M net
Net sales over $10M in 12 months

Financials

Metric	FY2025	FY2026	YoY	Trend
Revenue	$753M	$1.4B	89%
Operating income	$72M	$182M	153%
Net income	$15M	$82M	439%
Operating cash flow	$45M	$109M	142%
Capex	$84M	$116M	38%
Stock-based comp	$2M	$10M	463%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $650M · 12
Net: −$650M

Pay vs performance

No pay-versus-performance disclosure yet.