LEALEAR CORP

Motor Vehicle Parts & Accessories

Revenue: $23.3B; 0.2% YoY
Operating margin: 3.3%; 12% YoY
EBITDA: $1.4B; 8.4% YoY
Market cap: $5.7B
Employees: 75,000; $310K revenue each
Net debt / EBITDA: 0.9×; $1.2B net debt
AI in 10-K: 7.6; mentions per 10K words

Takeover score 1 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
249% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$310K · 30th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.6 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$19.3B	$20.9B	$23.5B	$23.3B	$23.3B	0.2%
Operating income	$675M	$654M	$933M	$888M	$777M	12%
Net income	$374M	$328M	$573M	$507M	$437M	14%
Operating cash flow	$670M	$1.0B	$1.2B	$1.1B	$1.1B	2.8%
Capex	$585M	$638M	$627M	$559M	$562M	0.5%
Stock-based comp	$60M	$52M	$68M	$64M	$66M	2.8%
Buybacks	$100M	$100M	$297M	$417M	$325M	22%
Dividends	$107M	$186M	$182M	$174M	$165M	5.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 22
Net: −$16M

Pay vs performance

No pay-versus-performance disclosure yet.