NDSNNORDSON CORP

General Industrial Machinery & Equipment, NEC

Revenue: $2.8B; 3.8% YoY
Operating margin: 25.5%; 1.7% YoY
EBITDA: $791M; 5.3% YoY
Market cap: $18.0B
Employees: 8,000; $349K revenue each
Net debt / EBITDA: 2.0×; $1.6B net debt
AI in 10-K: 1.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
148% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
67% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
56% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$349K · 35th 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 cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.4B	$2.6B	$2.6B	$2.7B	$2.8B	3.8%
Operating income	$615M	$702M	$673M	$674M	$712M	5.6%
Net income	$454M	$513M	$487M	$467M	$484M	3.7%
Operating cash flow	$546M	$513M	$641M	$556M	$719M	29%
Capex	$38M	$51M	$35M	$64M	$58M	9.9%
Stock-based comp	$23M	$31M	$23M	$19M	$19M	0.1%
Buybacks	$61M	$263M	$90M	$33M	$306M	819%
Dividends	$98M	$126M	$150M	$161M	$179M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $26M · 53
Net: −$26M

Pay vs performance

No pay-versus-performance disclosure yet.