KSSKOHLS Corp

Retail-Department Stores

Revenue: $15.5B; 4.3% YoY
Operating margin: 4.0%; 51% YoY
EBITDA: $1.3B; 13% YoY
Market cap: $2.8B
Employees: 84,000; $185K revenue each
Net debt / EBITDA: 0.5×; $702M net debt
AI in 10-K: 4.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 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
507% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
4% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$185K · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$19.4B	$18.1B	$17.5B	$16.2B	$15.5B	4.3%
Operating income	$1.7B	$246M	$717M	$433M	$624M	44%
Net income	$938M	−$19M	$317M	$109M	$272M	150%
Operating cash flow	$2.3B	$282M	$1.2B	$648M	$1.4B	113%
Capex	$605M	$826M	$577M	$466M	$372M	20%
Stock-based comp	$48M	$30M	$42M	$30M	$34M	13%
Buybacks	$1.4B	$658M	—	$0	—
Dividends	$147M	$239M	$220M	$222M	$56M	75%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 15, 2021	Macellum Advisors GP, LLC	SC 13D/A	—	Passive
Mar 12, 2021	Macellum Advisors GP, LLC	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 15
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	54	164
FY2025	—	—	39	161
FY2024	—	—	70	123
FY2023	—	—	77	88
FY2022	—	—	139	106