LNTHLantheus Holdings, Inc.

In Vitro & In Vivo Diagnostic Substances

Revenue: $1.5B; 0.5% YoY
Operating margin: 20.2%; 32% YoY
EBITDA: $311M; 32% YoY
Market cap: $6.6B
Employees: 1,193; $1M revenue each
Net debt / EBITDA: -0.1×; −$23M net debt
AI in 10-K: 1.5; 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
167% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.5 per 10K words · 46th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.6B 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	$425M	$935M	$1.3B	$1.5B	$1.5B	0.5%
Operating income	−$61M	$36M	$365M	$457M	$311M	32%
Net income	−$71M	$28M	$327M	$312M	$234M	25%
Operating cash flow	$54M	$282M	$305M	$545M	$390M	28%
Capex	$0	$260M	$45M	—	—
Stock-based comp	$16M	$29M	$51M	$76M	$86M	12%
Buybacks	$0	$75M	$0	$100M	$300M	200%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 8, 2026	DEFM14A	Curium US Holdings LLC	$102.50	9%
Aug 26, 2026	PREM14A	Curium US Holdings LLC	$102.50	9%

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.