LIVNLivaNova PLC

Electromedical & Electrotherapeutic Apparatus

Revenue: $1.4B; 11% YoY
Operating margin: 14.4%; 40% YoY
EBITDA: $228M; 48% YoY
Market cap: $4.3B
Employees: 3,300; $421K revenue each
Net debt / EBITDA: -1.0×; −$227M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% 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
$421K · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 65th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.0B	$1.0B	$1.2B	$1.3B	$1.4B	11%
Operating income	−$784K	−$77M	−$68M	$129M	$199M	55%
Net income	−$136M	−$86M	$18M	$63M	−$243M	484%
Operating cash flow	$103M	$70M	$75M	$183M	$254M	39%
Capex	$25M	$27M	$35M	$47M	$81M	72%
Stock-based comp	$41M	$45M	$36M	$34M	$36M	7.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 7
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$15M	93	127
FY2024	—	—	70	117
FY2023	—	—	78	106
FY2022	—	—	84	97
FY2021	—	—	132	119