LXFRLUXFER HOLDINGS PLC

Industrial Inorganic Chemicals

Revenue: $385M; 1.9% YoY
Operating margin: 6.2%; 19% YoY
EBITDA: $34M; 16% YoY
Market cap: $461M
Employees: 1,400; $275K revenue each
Net debt / EBITDA: 0.2×; $5M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 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
442% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
50% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$275K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$461M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$322K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$374M	$423M	$405M	$392M	$385M	1.9%
Operating income	$36M	$45M	$4M	$30M	$24M	20%
Net income	$30M	$27M	−$2M	$18M	$8M	58%
Operating cash flow	$26M	$16M	$26M	$51M	$34M	33%
Capex	$9M	$8M	$9M	$10M	$8M	24%
Stock-based comp	$3M	$3M	$3M	$4M	$4M	2.9%
Buybacks	$6M	$11M	$3M	$2M	$3M	35%
Dividends	$14M	$14M	$14M	$14M	$14M	0.7%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 17, 2026	DEFM14A	Wynnchurch Capital, L.P.	$17.37	31%
Aug 26, 2026	PREM14A	Wynnchurch Capital, L.P.	$17.37	31%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $322K · 5
Net: −$322K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	108	98
FY2024	—	—	155	119
FY2023	—	—	68	130
FY2022	—	—	73	75
FY2021	—	—	121	129