JBLJABIL INC

Printed Circuit Boards

Revenue: $36.0B; 21% YoY
Operating margin: 4.7%; 19% YoY
EBITDA: $2.4B; 29% YoY
Market cap: $28.5B
Employees: 4,400; $8M revenue each
Net debt / EBITDA: 0.3×; $749M net debt
AI in 10-K: 5.6; mentions per 10K words

Takeover score 2 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
192% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentYes
16% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$8M · 98th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.6 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$28.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$62M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$33.5B	$34.7B	$28.9B	$29.8B	$36.0B	21%
Operating income	$1.4B	$1.5B	$2.0B	$1.2B	$1.7B	44%
Net income	$996M	$818M	$1.4B	$657M	$1.0B	59%
Operating cash flow	$1.7B	$1.7B	$1.7B	$1.6B	$2.0B	22%
Capex	$1.4B	$1.0B	$784M	$468M	$628M	34%
Stock-based comp	$81M	$95M	$89M	$107M	$140M	31%
Buybacks	$696M	$487M	$2.5B	$1.0B	$1.1B	6.0%
Dividends	$48M	$45M	$42M	$36M	$35M	2.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $150K · 1
Open-market sells, 12 mo: $62M · 85
Net: −$62M

Pay vs performance

No pay-versus-performance disclosure yet.