NVTnVent Electric plc

Special Industry Machinery (no Metalworking Machinery)

Revenue: $3.9B; 30% YoY
Operating margin: 15.8%; 9.6% YoY
EBITDA: $678M; 17% YoY
Market cap: $20.4B
Employees: 12,000; $324K revenue each
Net debt / EBITDA: 2.9×; $2.0B net debt
AI in 10-K: 2.1; 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 cashYes
66% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
82% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$324K · 28th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 56th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$20.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$50M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.5B	$2.3B	$2.7B	$3.0B	$3.9B	30%
Operating income	$355M	$309M	$463M	$527M	$617M	17%
Net income	$273M	$400M	$567M	$332M	$710M	114%
Operating cash flow	$373M	$395M	$528M	$643M	$465M	28%
Capex	$40M	$41M	$66M	$74M	$93M	26%
Stock-based comp	$17M	$23M	$22M	$27M	$38M	37%
Buybacks	$112M	$66M	$61M	$100M	$253M	153%
Dividends	$118M	$117M	$117M	$127M	$130M	2.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2020	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	3.4%	Passive
Jul 30, 2020	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	0.1%	Passive
Jul 2, 2020	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	7.0%	Passive
May 1, 2020	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	8.0%	Passive
May 17, 2019	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	7.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $50M · 30
Net: −$50M

Pay vs performance

No pay-versus-performance disclosure yet.