HLIOHELIOS TECHNOLOGIES, INC.

Miscellaneous Fabricated Metal Products

Revenue: $839M; 4.1% YoY
Operating margin: 7.9%; 22% YoY
EBITDA: $129M; 11% YoY
Market cap: $2.2B
Employees: 2,300; $365K revenue each
Net debt / EBITDA: 2.0×; $264M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
263% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$365K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 42nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$885M	$836M	$806M	$839M	4.1%
Operating income	$137M	$80M	$82M	$66M	19%
Net income	$105M	$38M	$39M	$48M	24%
Operating cash flow	$110M	$84M	$122M	$127M	4.3%
Capex	$32M	$34M	$27M	$24M	12%
Stock-based comp	$9M	$12M	$3M	$5M	50%
Dividends	$12M	$12M	$12M	$12M	0.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 5
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	106	190
FY2024	—	—	86	206
FY2023	—	—	87	147
FY2022	—	—	198	123