KODKEASTMAN KODAK CO

Photographic Equipment & Supplies

Revenue: $1.1B; 2.5% YoY
Operating margin: 0.0%; 100% YoY
EBITDA: $29M; 38% YoY
Market cap: $859M
Employees: 3,500; $305K revenue each
Net debt / EBITDA: 0.9×; $27M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$305K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$859M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$203M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.1B	$1.0B	$1.1B	2.5%
Operating income	−$46M	−$26M	$4M	−$7M	$0	100%
Net income	$24M	$26M	$80M	$102M	−$128M	225%
Operating cash flow	−$47M	−$116M	$38M	−$7M	$480M	6957%
Capex	$21M	$31M	$32M	$56M	$34M	39%
Stock-based comp	$7M	$5M	$7M	$6M	$5M	17%
Buybacks	$1M	$1M	$0	$1M	$7M	600%
Dividends	$7M	$4M	$4M	$4M	$2M	50%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2025	GO EK Ventures IV, LLC	SCHEDULE 13D/A	37.5%	Passive
Jan 3, 2025	GO EK Ventures IV, LLC	SCHEDULE 13D/A	13.1%	Passive
Jul 27, 2023	KENNEDY LEWIS MANAGEMENT LP	SC 13D/A	4.7%	Passive
Jul 7, 2023	KENNEDY LEWIS MANAGEMENT LP	SC 13D/A	2.7%	Passive
Oct 4, 2022	GO EK Ventures IV, LLC	SC 13D/A	12.1%	Passive
Mar 28, 2022	KENNEDY LEWIS MANAGEMENT LP	SC 13D	7.8%	Passive
Apr 6, 2021	GO EK Ventures IV, LLC	SC 13D/A	11.3%	Passive
Mar 8, 2021	GO EK Ventures IV, LLC	SC 13D	—	Passive
Jan 14, 2021	KARFUNKEL GEORGE	SC 13D/A	6.5%	Passive
Aug 4, 2020	KARFUNKEL GEORGE	SC 13D/A	4.4%	Passive

Insider trading

Open-market buys, 12 mo: $57K · 2
Open-market sells, 12 mo: $158K · 1
Net: −$101K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$9M	104	141
FY2024	$6M	$9M	81	118
FY2023	$7M	$7M	48	119
FY2022	$3M	$2M	37	98
FY2021	$6M	$4M	57	127