NPOEnpro Inc.

Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose

Revenue: $1.1B; 9.0% YoY
Operating margin: 14.1%; 4.2% YoY
EBITDA: $264M; 9.0% YoY
Market cap: $5.7B
Employees: 4,000; $286K revenue each
Net debt / EBITDA: 2.2×; $578M net debt
AI in 10-K: 2.2; 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
497% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
40% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$286K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$840M	$1.1B	$1.1B	$1.0B	$1.1B	9.0%
Operating income	$65M	$72M	$77M	$142M	$162M	14%
Net income	$178M	$205M	$22M	$73M	$41M	44%
Operating cash flow	$124M	$106M	$208M	$163M	$201M	24%
Capex	$15M	$29M	$34M	$29M	$42M	44%
Stock-based comp	$5M	$7M	$10M	$12M	$14M	13%
Buybacks	$0	—	—	—	—
Dividends	$22M	$23M	$24M	$25M	$26M	3.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 7, 2023	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.5%	Passive
Oct 18, 2022	GAMCO INVESTORS, INC. ET AL	SC 13D/A	5.6%	Passive
Mar 18, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.6%	Passive
Jul 23, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 6
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.