LCIILCI INDUSTRIES

Motor Vehicle Parts & Accessories

Revenue: $4.1B; 10% YoY
Operating margin: 6.8%; 16% YoY
EBITDA: $401M; 17% YoY
Market cap: $2.4B
Employees: 12,300; $335K revenue each
Net debt / EBITDA: 1.6×; $636M net debt
AI in 10-K: 1.2; 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
176% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
73% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% 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
$335K · 39th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.5B	$5.2B	$3.8B	$3.7B	$4.1B	10%
Operating income	$398M	$553M	$123M	$218M	$280M	28%
Net income	$288M	$395M	$64M	$143M	$188M	32%
Operating cash flow	−$112M	$603M	$527M	$370M	$331M	11%
Capex	$99M	$131M	$62M	$42M	$53M	24%
Stock-based comp	$27M	$24M	$18M	$19M	$23M	22%
Buybacks	$0	$24M	$0	$0	$129M
Dividends	$87M	$103M	$106M	$109M	$114M	4.2%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 19, 2026	DEFM14A	Patrick Industries, Inc.	$84.64	30.4%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $13M · 6
Net: −$13M

Pay vs performance

No pay-versus-performance disclosure yet.