NPKINPK International Inc.
Services-Miscellaneous Equipment Rental & Leasing
- Revenue
- $277M
- 27% YoY
- Operating margin
- 16.9%
- 14% YoY
- EBITDA
- $72M
- 21% YoY
- Market cap
- $843M
- Employees
- —
- Net debt / EBITDA
- 2.3×
- $165M net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 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 cashNo187% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo16% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 21st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$843M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $615M | $193M | $208M | $217M | $277M | 27% |
| Operating income | −$9M | $7M | $23M | $32M | $47M | 45% |
| Net income | −$26M | −$21M | $15M | −$150M | $39M | 126% |
| Operating cash flow | −$3M | −$25M | $100M | $38M | $73M | 91% |
| Capex | $22M | $28M | $29M | $44M | $47M | 7.2% |
| Stock-based comp | $8M | $7M | $7M | $5M | $6M | 5.3% |
| Buybacks | $1M | $20M | $34M | $5M | $23M | 404% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 4, 2023 | Radoff Bradley Louis | SC 13D/A | 0.5% | Passive |
| Aug 25, 2023 | Radoff Bradley Louis | SC 13D/A | 7.4% | Passive |
| Jul 25, 2023 | Radoff Bradley Louis | SC 13D/A | 1.0% | Passive |
| Aug 31, 2022 | Radoff Bradley Louis | SC 13D/A | 1.1% | Passive |
| Jul 6, 2022 | Radoff Bradley Louis | SC 13D/A | 0.6% | Passive |
| Apr 21, 2022 | Radoff Bradley Louis | SC 13D/A | 0.6% | Passive |
| Feb 22, 2022 | Radoff Bradley Louis | SC 13D/A | 0.2% | Active |
| Feb 9, 2022 | Radoff Bradley Louis | SC 13D | 5.5% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 16
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 621 | — |
| FY2024 | — | — | 399 | — |
| FY2023 | — | — | 346 | — |
| FY2022 | — | — | 216 | — |
| FY2021 | — | — | 153 | — |