KTBKontoor Brands, Inc.

Men's & Boys' Furnishgs, Work Clothg, & Allied Garments

Revenue: $3.2B; 21% YoY
Operating margin: 10.7%; 19% YoY
EBITDA: $385M; 0.1% YoY
Market cap: $4.1B
Employees: 10,600; $297K revenue each
Net debt / EBITDA: 2.8×; $1.1B net debt
AI in 10-K: 0.7; 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
200% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$297K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$2.6B	$2.6B	$2.6B	$3.2B	21%
Operating income	$357M	$319M	$342M	$337M	1.6%
Net income	$245M	$231M	$246M	$227M	7.5%
Operating cash flow	$84M	$357M	$368M	$456M	24%
Capex	$18M	$27M	$19M	$21M	12%
Stock-based comp	$22M	$17M	$27M	$39M	47%
Buybacks	$62M	$30M	$86M	$25M	71%
Dividends	$104M	$109M	$112M	$116M	3.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 5
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.