KAIKADANT INC

Special Industry Machinery (no Metalworking Machinery)

Revenue: $1.1B; 0.1% YoY
Operating margin: 14.9%; 8.1% YoY
EBITDA: $209M; 5.6% YoY
Market cap: $3.1B
Employees: 3,900; $270K revenue each
Net debt / EBITDA: -0.5×; −$103M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 3 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
168% 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
35% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$270K · 15th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B 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	$905M	$958M	$1.1B	$1.1B	0.1%
Operating income	$171M	$166M	$171M	$157M	8.2%
Net income	$121M	$116M	$112M	$102M	8.6%
Operating cash flow	$103M	$166M	$155M	$171M	10%
Capex	$28M	$32M	$21M	$17M	19%
Stock-based comp	$9M	$10M	$11M	$11M	5.7%
Dividends	$12M	$13M	$15M	$16M	7.5%

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

No pay-versus-performance disclosure yet.