OIO-I Glass, Inc. /DE/

Glass Containers

Revenue: $6.4B; 1.6% YoY
Operating margin: —
EBITDA: —
Market cap: $925M
Employees: 19,000; $338K revenue each
Net debt / EBITDA: —; $4.4B net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 1 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
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$338K per employee
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$925M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$279K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.4B	$6.9B	$7.1B	$6.5B	$6.4B	1.6%
Operating income	$332M	$805M	$67M	$38M	—
Net income	$149M	$584M	−$103M	−$106M	−$129M	22%
Operating cash flow	$687M	$154M	$818M	$489M	$600M	23%
Capex	$398M	$539M	$688M	$617M	$432M	30%
Stock-based comp	$8M	$33M	$43M	$14M	$25M	79%
Buybacks	$40M	$40M	$40M	$40M	$40M	0.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 8, 2020	ATLANTIC INVESTMENT MANAGEMENT, INC.	SC 13D/A	4.9%	Active
Oct 31, 2019	ATLANTIC INVESTMENT MANAGEMENT, INC.	SC 13D	5.2%	Passive

Insider trading

Open-market buys, 12 mo: $279K · 5
Open-market sells, 12 mo: $0 · 0
Net: $279K

Pay vs performance

No pay-versus-performance disclosure yet.