OCOwens Corning

Abrasive, Asbestos & Misc Nonmetallic Mineral Prods

Revenue: $10.1B; 2.6% YoY
Operating margin: 3.6%; 76% YoY
EBITDA: $1.1B; 51% YoY
Market cap: $9.6B
Employees: —
Net debt / EBITDA: 3.7×; $3.9B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 0 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 cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$447K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.5B	$9.8B	$8.4B	$9.9B	$10.1B	2.6%
Operating income	$1.4B	$1.7B	$1.6B	$1.5B	$360M	76%
Net income	$995M	$1.2B	$1.2B	$647M	−$522M	181%
Operating cash flow	$1.5B	$1.8B	$1.7B	$1.9B	$1.8B	5.6%
Capex	$416M	$446M	$526M	$647M	$824M	27%
Stock-based comp	$50M	$51M	$51M	$93M	$71M	24%
Buybacks	$570M	$795M	$657M	$491M	$815M	66%
Dividends	$108M	$136M	$188M	$208M	$232M	12%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $447K · 3
Net: −$447K

Pay vs performance

No pay-versus-performance disclosure yet.