LKQLKQ CORP

Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies

Revenue: $13.7B; 1.2% YoY
Operating margin: 7.3%; 12% YoY
EBITDA: $1.4B; 9.0% YoY
Market cap: $4.7B
Employees: 44,000; $310K revenue each
Net debt / EBITDA: 0.9×; $1.3B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 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
175% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$310K · 0th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.1B	$12.8B	$13.3B	$13.8B	$13.7B	1.2%
Operating income	$1.5B	$1.6B	$1.3B	$1.1B	$993M	13%
Net income	$1.1B	$1.1B	$938M	$693M	$608M	12%
Operating cash flow	$1.4B	$1.3B	$1.4B	$1.1B	$1.1B	5.2%
Capex	$293M	$222M	$358M	$311M	$216M	31%
Stock-based comp	$34M	$38M	$40M	$30M	$34M	13%
Buybacks	$877M	$1.0B	$38M	$360M	$159M	56%
Dividends	$73M	$284M	$302M	$318M	$310M	2.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 19, 2022	VA Partners I, LLC	SC 13D/A	4.4%	Passive
Nov 18, 2021	VA Partners I, LLC	SC 13D/A	6.1%	Passive
Aug 14, 2020	VA Partners I, LLC	SC 13D/A	7.1%	Passive
Mar 9, 2020	VA Partners I, LLC	SC 13D/A	7.0%	Passive
Sep 12, 2019	VA Partners I, LLC	SC 13D	5.2%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.