KOPKoppers Holdings Inc.

Lumber & Wood Products (no Furniture)

Revenue: $1.9B; 10% YoY
Operating margin: 8.9%; 26% YoY
EBITDA: $241M; 12% YoY
Market cap: $784M
Employees: 160; $12M revenue each
Net debt / EBITDA: 3.6×; $860M net debt
AI in 10-K: 0.2; 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
219% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
36% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$12M per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 12th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$784M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$2.0B	$2.2B	$2.1B	$1.9B	10%
Operating income	$157M	$138M	$195M	$148M	$168M	13%
Net income	$85M	$63M	$89M	$52M	$56M	6.9%
Operating cash flow	$103M	$102M	$146M	$119M	$123M	2.6%
Capex	$125M	$105M	$121M	$77M	$55M	29%
Stock-based comp	$13M	$13M	$17M	$21M	$14M	34%
Buybacks	$12M	$24M	$20M	$51M	$38M	25%
Dividends	$0	$4M	$5M	$6M	$6M	8.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 22, 2026	Simcoe Capital Management, LLC	SCHEDULE 13D/A	5.6%	Passive
May 19, 2026	Simcoe Capital Management, LLC	SCHEDULE 13D	7.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 14
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.