PECOPhillips Edison & Company, Inc.
Real Estate Investment Trusts
- Revenue
- $13M
- 19% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $4.9B
- Employees
- 320
- $40K revenue each
- Net debt / EBITDA
- —
- $2.5B net debt
- AI in 10-K
- 2.6
- mentions per 10K words
Takeover score 3 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 cashNo313% of net incomeCash flow under 80% of net income
- Dilutive SBCYes92% of revenueOver 10% of revenue
- Payouts exceed cash flowNo45% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$40K · 11th pctBottom quartile of its SIC industry
- Quiet on AINo2.6 per 10K words · 63rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo92.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $10M | $12M | $10M | $11M | $13M | 19% |
| Net income | $15M | $48M | $57M | $63M | $111M | 78% |
| Operating cash flow | $263M | $291M | $291M | $335M | $348M | 4.0% |
| Stock-based comp | $16M | $15M | $7M | $10M | $12M | 20% |
| Buybacks | $78M | $0 | $0 | — | — | |
| Dividends | $107M | $127M | $136M | $134M | $157M | 17% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jul 6, 2017 | DEFM14A | — | $10.20 | 10.2% |
| Jun 21, 2017 | PREM14A | — | $10.20 | 100% |
| Jun 7, 2016 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| May 9, 2016 | SC TO-T/A | CMG PARTNERS LLC | — | — |
| Apr 22, 2016 | SC TO-T | CMG PARTNERS LLC | — | — |
| May 21, 2013 | SC TO-T/A | REIT Exchange Fund, Inc. | — | — |
| Apr 24, 2013 | SC TO-T/A | REIT Exchange Fund, Inc. | — | — |
| Apr 15, 2013 | SC TO-T/A | REIT Exchange Fund, Inc. | — | — |
| Apr 10, 2013 | SC TO-T | REIT Exchange Fund, Inc. | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 27, 2022 | Edison Jeffrey | SC 13D/A | 7.2% | Passive |
| Jul 19, 2021 | Edison Jeffrey | SC 13D | 6.6% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.