IOSPINNOSPEC INC.

Chemicals & Allied Products

Revenue: $1.8B; 3.7% YoY
Operating margin: 7.3%; 24% YoY
EBITDA: $173M; 22% YoY
Market cap: $2.5B
Employees: 2,450; $726K revenue each
Net debt / EBITDA: -1.4×; −$250M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 2 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
116% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
48% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% 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
$726K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$549K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$2.0B	$1.9B	$1.8B	$1.8B	3.7%
Operating income	$132M	$187M	$162M	$178M	$130M	27%
Operating cash flow	$93M	$82M	$207M	$185M	$138M	25%
Stock-based comp	$4M	$7M	$8M	$9M	$8M	4.7%
Buybacks	$800K	$6M	$1M	$700K	$24M	3314%
Dividends	$29M	$32M	$35M	$39M	$42M	9.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $25K · 1
Open-market sells, 12 mo: $574K · 8
Net: −$549K

Pay vs performance

No pay-versus-performance disclosure yet.