KMPRKEMPER Corp

Fire, Marine & Casualty Insurance

Revenue: $4.8B; 3.3% YoY
Operating margin: —
EBITDA: —
Market cap: $2.0B
Employees: 7,400; $647K revenue each
Net debt / EBITDA: —; $867M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 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
408% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
65% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$647K · 25th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B 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	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.7B	$5.5B	$4.9B	$4.6B	$4.8B	3.3%
Operating income	−$334M	−$167M	−$69M	—	—
Net income	−$124M	−$287M	−$272M	$318M	$143M	55%
Operating cash flow	$351M	−$210M	−$134M	$383M	$585M	53%
Capex	$58M	$31M	$54M	$53M	$31M	42%
Stock-based comp	$28M	$18M	$29M	$29M	$29M	0.7%
Buybacks	$162M	$0	$0	$39M	$302M	676%
Dividends	$81M	$80M	$80M	$80M	$80M	0.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 5, 2019	SINGLETON GROUP LLC	SC 13D/A	0.0%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 6
Open-market sells, 12 mo: $17K · 1
Net: $1M

Pay vs performance

No pay-versus-performance disclosure yet.