HELEHELEN OF TROY LTD

Electric Housewares & Fans

Revenue: $1.8B; 6.4% YoY
Operating margin: -43.8%; 685% YoY
EBITDA: −$729M; 468% YoY
Market cap: $673M
Employees: 1,854; $963K revenue each
Net debt / EBITDA: —; $763M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$963K · 74th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$673M market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.2B	$2.1B	$2.0B	$1.9B	$1.8B	6.4%
Operating income	$273M	$212M	$261M	$143M	−$782M	648%
Net income	$224M	$143M	$169M	$124M	−$899M	825%
Operating cash flow	$141M	$208M	$306M	$113M	$171M	51%
Capex	$78M	$175M	$37M	$30M	$39M	30%
Stock-based comp	$35M	$27M	$34M	$21M	$17M	21%
Buybacks	$188M	$18M	$55M	$103M	$2M	98%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	8	69
FY2025	—	—	25	67
FY2024	—	—	58	84
FY2023	—	—	52	96
FY2022	—	—	95	105