LUMNLumen Technologies, Inc.

Telephone Communications (no Radiotelephone)

Revenue: $11.3B; 6.6% YoY
Operating margin: -7.2%; 289% YoY
EBITDA: $1.9B; 43% YoY
Market cap: $5.0B
Employees: 24,000; $472K revenue each
Net debt / EBITDA: 5.8×; $11.3B net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$472K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$758K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$17.8B	$16.1B	$13.5B	$12.1B	$11.3B	6.6%
Operating income	$4.3B	$95M	−$9.6B	$460M	−$812M	277%
Net income	$2.0B	−$1.5B	−$10.3B	−$55M	−$1.7B	3062%
Operating cash flow	$6.5B	$4.7B	$2.2B	$4.3B	$4.7B	9.3%
Capex	$2.9B	$3.0B	$3.1B	$3.2B	$4.4B	35%
Stock-based comp	$120M	$98M	$52M	$29M	$48M	66%
Buybacks	$1.0B	$200M	$0	$0	—
Dividends	$1.1B	$780M	$11M	$3M	$1M	67%

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 13, 2018	SC 13E3/A	STATE STREET CORP	—	—

13D filers

Filed	Filer	Form	Stake	Intent
Nov 21, 2022	Temasek Holdings (Private) Ltd	SC 13D/A	4.9%	Passive
Nov 14, 2022	Temasek Holdings (Private) Ltd	SC 13D/A	5.4%	Passive
Oct 12, 2022	SOUTHEASTERN ASSET MANAGEMENT INC/TN/	SC 13D/A	4.7%	Passive
Jan 14, 2022	Temasek Holdings (Private) Ltd	SC 13D/A	7.1%	Passive
Nov 4, 2021	SOUTHEASTERN ASSET MANAGEMENT INC/TN/	SC 13D/A	6.4%	Passive
Dec 7, 2020	SOUTHEASTERN ASSET MANAGEMENT INC/TN/	SC 13D/A	6.0%	Passive
Feb 19, 2019	SOUTHEASTERN ASSET MANAGEMENT INC/TN/	SC 13D	6.2%	Active
Jan 18, 2019	Temasek Holdings (Private) Ltd	SC 13D/A	9.9%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $355K · 1
Net: $758K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	92	213
FY2024	—	—	63	160
FY2023	—	—	22	114
FY2022	—	—	62	73
FY2021	—	—	139	122