KLICKULICKE & SOFFA INDUSTRIES INC

Semiconductors & Related Devices

Revenue: $654M; 7.4% YoY
Operating margin: -0.5%; 96% YoY
EBITDA: $15M; 122% YoY
Market cap: $3.9B
Employees: 2,551; $256K revenue each
Net debt / EBITDA: -17.6×; −$260M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 4 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
533× net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
124% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% 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
$256K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 17.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.5B	$742M	$706M	$654M	7.4%
Operating income	$412M	$470M	$39M	−$92M	−$3M	97%
Net income	$367M	$434M	$57M	−$69M	$213K	100%
Operating cash flow	$300M	$390M	$173M	$31M	$114M	266%
Capex	$23M	$23M	$44M	$16M	$17M	6.5%
Stock-based comp	$16M	$19M	$23M	$27M	$29M	6.1%
Buybacks	$10M	$281M	$69M	$151M	$97M	36%
Dividends	$33M	$39M	$42M	$44M	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 14
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.