LYTSLSI INDUSTRIES INC
Electric Lighting & Wiring Equipment
- Revenue
- $689M
- 20% YoY
- Operating margin
- 5.6%
- 11% YoY
- EBITDA
- $55M
- 14% YoY
- Market cap
- $739M
- Employees
- 2,025
- $340K revenue each
- Net debt / EBITDA
- -0.2×
- −$13M net debt
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo195% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo15% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo21% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$340K · 41st pctBottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 42nd pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$739M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $455M | $497M | $470M | $573M | $689M | 20% |
| Operating income | $21M | $37M | $36M | $36M | $38M | 7.4% |
| Net income | $15M | $26M | $25M | $24M | $23M | 7.4% |
| Operating cash flow | −$4M | $50M | $43M | $38M | $44M | 16% |
| Capex | $2M | $3M | $5M | $3M | $5M | 48% |
| Stock-based comp | $3M | $4M | $4M | $4M | $4M | 5.2% |
| Dividends | $5M | $5M | $6M | $6M | $6M | 8.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 23, 2021 | ACCRETIVE CAPITAL PARTNERS, LLC | SC 13D/A | 16.9% | Passive |
| May 7, 2021 | ACCRETIVE CAPITAL PARTNERS, LLC | SC 13D/A | 12.6% | Passive |
| Jun 25, 2019 | ACCRETIVE CAPITAL PARTNERS, LLC | SC 13D | 5.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $39K · 2
- Open-market sells, 12 mo
- $8M · 17
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $3M | $6M | 359 | 164 |
| FY2025 | $3M | $4M | 228 | 139 |
| FY2024 | $3M | $4M | 1 | 132 |
| FY2023 | $3M | $6M | 164 | 109 |
| FY2022 | $3M | $2M | 79 | 78 |