OLNOLIN Corp

Chemicals & Allied Products

Revenue: $6.8B; 3.7% YoY
Operating margin: 0.1%; 98% YoY
EBITDA: $527M; 35% YoY
Market cap: $2.0B
Employees: 7,849; $864K revenue each
Net debt / EBITDA: 5.4×; $2.8B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 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
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$864K · 69th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B 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	$8.9B	$9.4B	$6.8B	$6.5B	$6.8B	3.7%
Operating income	$1.9B	$1.8B	$712M	$297M	$5M	98%
Net income	$1.3B	$1.3B	$452M	$105M	−$101M	196%
Operating cash flow	$1.7B	$1.9B	$974M	$503M	$474M	5.8%
Capex	$201M	$237M	$236M	$195M	$226M	16%
Stock-based comp	$8M	$14M	$19M	$17M	$21M	21%
Buybacks	$252M	$1.4B	$711M	$300M	$51M	83%
Dividends	$128M	$116M	$101M	$94M	$92M	2.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 15, 2022	Sachem Head Capital Management LP	SC 13D/A	4.7%	Passive
Nov 10, 2022	Sachem Head Capital Management LP	SC 13D/A	6.9%	Passive
May 24, 2022	Sachem Head Capital Management LP	SC 13D/A	6.2%	Passive
Sep 2, 2021	Sachem Head Capital Management LP	SC 13D/A	7.5%	Passive
Oct 2, 2020	Sachem Head Capital Management LP	SC 13D/A	9.5%	Active
Mar 2, 2020	Sachem Head Capital Management LP	SC 13D/A	9.5%	Active
Feb 24, 2020	Sachem Head Capital Management LP	SC 13D	9.4%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.