GFFGRIFFON CORP

Metal Doors, Sash, Frames, Moldings & Trim

Revenue: $2.5B; 3.9% YoY
Operating margin: 8.2%; 46% YoY
EBITDA: $246M; 44% YoY
Market cap: $4.6B
Employees: 3,100; $813K revenue each
Net debt / EBITDA: 5.4×; $1.3B net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 2 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
699% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$813K · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$37M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$2.8B	$2.7B	$2.6B	$2.5B	3.9%
Operating income	$171M	−$189M	$197M	$398M	$206M	48%
Net income	$79M	−$192M	$78M	$210M	$51M	76%
Operating cash flow	$70M	$59M	$432M	$380M	$357M	5.9%
Capex	$37M	$42M	$64M	$68M	$52M	23%
Stock-based comp	$20M	$33M	$41M	$27M	$25M	5.0%
Buybacks	$3M	$11M	$164M	$310M	$183M	41%
Dividends	$17M	$127M	$134M	$36M	$40M	11%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 22, 2024	Voss Capital, LLC	SC 13D/A	2.6%	Passive
Sep 7, 2023	Voss Value Fund, LP	SC 13D/A	2.7%	Passive
Feb 8, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.4%	Passive
Jan 10, 2023	Voss Capital, LLC	SC 13D/A	2.7%	Passive
Jan 10, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	5.5%	Passive
Dec 30, 2022	Voss Capital, LLC	SC 13D/A	2.7%	Active
Dec 21, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.6%	Passive
Nov 15, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	7.6%	Passive
Aug 26, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.6%	Passive
Aug 15, 2022	Voss Capital, LLC	SC 13D	2.8%	Active

Insider trading

Open-market buys, 12 mo: $80K · 1
Open-market sells, 12 mo: $37M · 55
Net: −$37M

Pay vs performance

No pay-versus-performance disclosure yet.