KEKimball Electronics, Inc.

Printed Circuit Boards

Revenue: $1.4B; 3.7% YoY
Operating margin: 4.6%; 51% YoY
EBITDA: $105M; 27% YoY
Market cap: $620M
Employees: 5,600; $256K revenue each
Net debt / EBITDA: 0.3×; $27M net debt
AI in 10-K: 7.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
258% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
16% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$256K · 26th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.5 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$620M market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.3B	$1.8B	$1.7B	$1.5B	$1.4B	3.7%
Operating income	$53M	$88M	$49M	$46M	$66M	45%
Net income	$31M	$56M	$21M	$17M	$28M	65%
Operating cash flow	−$83M	−$14M	$73M	$184M	$72M	61%
Capex	$74M	$89M	$46M	$33M	$51M	55%
Stock-based comp	$6M	$7M	$7M	$7M	$8M	26%
Buybacks	$9M	$0	$3M	$12M	$12M	1.3%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	118	611
FY2025	—	—	88	246
FY2024	—	—	101	182
FY2023	—	—	127	150
FY2022	—	—	92	132