IPARINTERPARFUMS INC

Perfumes, Cosmetics & Other Toilet Preparations

Revenue: $1.5B; 2.5% YoY
Operating margin: 18.2%; 4.0% YoY
EBITDA: $296M; 2.5% YoY
Market cap: $3.7B
Employees: 662; $2M revenue each
Net debt / EBITDA: 0.3×; $96M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
103% 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
0% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 91st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$880M	$1.1B	$1.3B	$1.5B	$1.5B	2.5%
Operating income	$148M	$194M	$251M	$275M	$270M	1.6%
Net income	$110M	$151M	$188M	$203M	$208M	2.5%
Operating cash flow	$120M	$73M	$106M	$188M	$215M	15%
Capex	$141M	$34M	$6M	$5M	$24M	415%
Stock-based comp	$3M	$3M	$3M	$2M	$2M	34%
Dividends	$32M	$64M	$80M	$96M	$103M	7.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 3
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$2M	157	111
FY2024	$2M	$2M	236	105
FY2023	$2M	$3M	252	118
FY2022	$1M	$945K	166	108
FY2021	$1M	$3M	179	126