NWLNEWELL BRANDS INC.

Plastics Products, NEC

Revenue: $7.2B; 5.0% YoY
Operating margin: 0.5%; 39% YoY
EBITDA: $350M; 10% YoY
Market cap: $2.2B
Employees: 900; $8M revenue each
Net debt / EBITDA: 13.1×; $4.6B net debt
AI in 10-K: 3.0; 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$8M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
13.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$10.6B	$9.5B	$8.1B	$7.6B	$7.2B	5.0%
Operating income	$1.0B	$312M	−$85M	$67M	$39M	42%
Net income	$622M	$197M	−$388M	−$216M	−$285M	32%
Operating cash flow	$884M	−$272M	$930M	$496M	$264M	47%
Capex	$289M	$312M	$284M	$259M	$247M	4.6%
Stock-based comp	$52M	$12M	$50M	$74M	$68M	8.1%
Buybacks	$0	$325M	$0	$0	—
Dividends	$394M	$385M	$184M	$118M	$120M	1.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 30, 2023	ICAHN CARL C	SC 13D/A	4.9%	Active
Aug 11, 2023	ICAHN CARL C	SC 13D/A	6.1%	Active
Mar 15, 2023	ICAHN CARL C	SC 13D/A	4.3%	Active
Feb 10, 2023	ICAHN CARL C	SC 13D/A	9.9%	Active
Feb 22, 2022	ICAHN CARL C	SC 13D/A	8.3%	Passive
Mar 12, 2020	ICAHN CARL C	SC 13D/A	8.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 6
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.