GBXGREENBRIER COMPANIES INC

Railroad Equipment

Revenue: $2.5B; 24% YoY
Operating margin: 5.8%; 47% YoY
EBITDA: $274M; 43% YoY
Market cap: $1.2B
Employees: 10,000; $246K revenue each
Net debt / EBITDA: 5.8×; $1.6B net debt
AI in 10-K: 0.9; 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 cashYes
50% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
141% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$246K · 20th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$493K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.0B	$3.9B	$3.5B	$3.2B	$2.5B	24%
Operating income	$118M	$176M	$325M	$360M	$144M	60%
Net income	$47M	$63M	$160M	$204M	$79M	61%
Operating cash flow	−$150M	$71M	$330M	$266M	$40M	85%
Capex	$381M	$362M	$398M	$280M	$279M	0.4%
Stock-based comp	$16M	$12M	$17M	$18M	$16M	11%
Buybacks	—	$57M	$1M	$23M	$13M	41%
Dividends	$36M	$36M	$38M	$40M	$43M	7.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $493K · 2
Net: −$493K

Pay vs performance

No pay-versus-performance disclosure yet.