NXTNextpower Inc.

Semiconductors & Related Devices

Revenue: $3.6B; 20% YoY
Operating margin: 19.6%; 9.3% YoY
EBITDA: $728M; 12% YoY
Market cap: $4.9B
Employees: 542; $7M revenue each
Net debt / EBITDA: -1.4×; −$1.0B net debt
AI in 10-K: 5.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$20M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
96% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$7M · 97th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.0 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$53M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.5B	$1.9B	$2.5B	$3.0B	$3.6B	20%
Operating income	$66M	$168M	$587M	$639M	$697M	9.1%
Net income	$0	$121M	$496M	$517M	$586M	13%
Operating cash flow	−$147M	$108M	$429M	$656M	$563M	14%
Capex	$6M	$3M	$6M	$34M	$49M	45%
Stock-based comp	$3M	$32M	$57M	$119M	$120M	1.2%
Buybacks	$0	$694M	$0	$0	$395K

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $53M · 38
Net: −$53M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$22M	$64M	396	132
FY2025	$20M	$35M	138	100
FY2024	$21M	$23M	185	97
FY2023	$9M	$12M	119	99