LXULSB INDUSTRIES, INC.
Industrial Inorganic Chemicals
- Revenue
- $615M
- 18% YoY
- Operating margin
- 9.3%
- 983% YoY
- EBITDA
- $139M
- 102% YoY
- Market cap
- $627M
- Employees
- —
- Net debt / EBITDA
- 2.9×
- $404M net debt
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo388% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo3% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 23rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$627M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$82M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $556M | $902M | $594M | $522M | $615M | 18% |
| Operating income | $101M | $308M | $52M | −$6M | $57M | 1140% |
| Net income | $44M | $230M | $28M | −$19M | $25M | 227% |
| Operating cash flow | $88M | $346M | $138M | $87M | $96M | 10% |
| Capex | $35M | $46M | $68M | $92M | $77M | 16% |
| Stock-based comp | $6M | $4M | $5M | $7M | $7M | 12% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 30, 2026 | Boehly Todd L | SCHEDULE 13D/A | 14.5% | Passive |
| Dec 23, 2025 | ROBOTTI ROBERT | SCHEDULE 13D/A | 4.9% | Passive |
| Nov 14, 2023 | SBT Investors LLC | SC 13D/A | 20.6% | Active |
| Aug 7, 2023 | ROBOTTI ROBERT | SC 13D | 5.8% | Passive |
| Nov 10, 2022 | LSB Funding LLC | SC 13D/A | 2.1% | Passive |
| Nov 10, 2022 | SBT Investors LLC | SC 13D | 23.3% | Passive |
| Aug 16, 2022 | SBT Investors LLC | SC 13D | 22.0% | Passive |
| Aug 16, 2022 | LSB Funding LLC | SC 13D/A | 21.2% | Passive |
| Aug 10, 2022 | LSB Funding LLC | SC 13D/A | 28.2% | Passive |
| Feb 8, 2022 | GOLSEN STEVEN | SC 13D/A | 3.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $31K · 3
- Open-market sells, 12 mo
- $82M · 36
- Net
- −$82M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $5M | 326 | 115 |
| FY2024 | $4M | $3M | 291 | 112 |
| FY2023 | $4M | $958K | 357 | 111 |
| FY2022 | $4M | $6M | 510 | 98 |
| FY2021 | $3M | $17M | 424 | 123 |