GRCGORMAN RUPP CO

Pumps & Pumping Equipment

Revenue: $682M; 3.4% YoY
Operating margin: 14.0%; 0.8% YoY
EBITDA: $123M; 3.1% YoY
Market cap: $1.9B
Employees: —
Net debt / EBITDA: 1.6×; $191M net debt
AI in 10-K: 1.9; 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
200% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
4% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% 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
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$400K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$378M	$521M	$660M	$660M	$682M	3.4%
Operating income	$39M	$40M	$87M	$91M	$95M	4.3%
Net income	$30M	$11M	$35M	$40M	$53M	32%
Operating cash flow	$45M	$14M	$98M	$70M	$106M	52%
Capex	$10M	$18M	$21M	$14M	$17M	21%
Stock-based comp	$2M	$3M	$3M	$4M	$4M	11%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 6, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	5.1%	Passive
Feb 14, 2024	GREEN GAYLE GORMAN	SC 13D	9.6%	Passive
Feb 14, 2024	GORMAN JEFFREY S	SC 13D	10.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $400K · 1
Net: −$400K

Pay vs performance

No pay-versus-performance disclosure yet.