HXLHEXCEL CORP /DE/

Plastic Materials, Synth Resins & Nonvulcan Elastomers

Revenue: $1.9B; 0.5% YoY
Operating margin: 9.1%; 7.3% YoY
EBITDA: $294M; 5.2% YoY
Market cap: $5.9B
Employees: 5,563; $340K revenue each
Net debt / EBITDA: 1.1×; $337M net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 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
211% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
220% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$340K · 47th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 71st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.6B	$1.8B	$1.9B	$1.9B	0.5%
Operating income	$52M	$175M	$215M	$186M	$172M	7.8%
Net income	—	—	$106M	$132M	$109M	17%
Operating cash flow	$152M	$173M	$257M	$290M	$231M	20%
Capex	$28M	$76M	$108M	$87M	$73M	16%
Stock-based comp	$19M	$20M	$21M	$22M	$14M	35%
Buybacks	$0	$0	$30M	$252M	$454M	80%
Dividends	$0	$34M	$42M	$49M	$54M	9.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $242K · 1
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.