GPREGreen Plains Inc.

Industrial Organic Chemicals

Revenue: $189M; 16% YoY
Operating margin: -35.6%; 22% YoY
EBITDA: $31M; 28% YoY
Market cap: $988M
Employees: —
Net debt / EBITDA: 6.1×; $189M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
28% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$988M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$101K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$86M	$79M	$136M	$163M	$189M	16%
Operating income	$26M	−$99M	−$62M	−$47M	−$67M	42%
Net income	−$66M	−$127M	−$93M	−$82M	−$121M	47%
Operating cash flow	$4M	$70M	$56M	−$30M	$111M	470%
Capex	$187M	$212M	$108M	$95M	$37M	61%
Stock-based comp	$6M	$9M	$13M	$8M	$17M	107%
Buybacks	$0	$0	$0	$0	$30M
Dividends	$9M	$23M	$23M	$5M	$721K	86%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 11, 2025	Ancora Alternatives LLC	SCHEDULE 13D/A	4.7%	Passive
Sep 5, 2025	Ancora Alternatives LLC	SCHEDULE 13D/A	5.9%	Passive
May 9, 2025	Ancora Alternatives LLC	SCHEDULE 13D/A	8.7%	Passive
Apr 15, 2025	Ancora Alternatives LLC	SCHEDULE 13D/A	6.7%	Active
Feb 7, 2024	Ancora Advisors, LLC	SC 13D/A	0.6%	Passive
Jan 18, 2022	Ancora Alternatives LLC	SC 13D/A	—	Passive
Nov 17, 2021	Ancora Advisors, LLC	SC 13D/A	0.0%	Passive
Aug 9, 2021	Ancora Advisors, LLC	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $101K · 1
Open-market sells, 12 mo: $0 · 0
Net: $101K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	74	66
FY2024	$6M	−$437K	72	50
FY2023	$6M	$4M	192	61
FY2022	$6M	$3M	232	68
FY2021	$6M	$16M	264	97