PODDINSULET CORP

Surgical & Medical Instruments & Apparatus

Revenue: $2.7B; 31% YoY
Operating margin: 17.5%; 17% YoY
EBITDA: $564M; 45% YoY
Market cap: $10.5B
Employees: 5,400; $502K revenue each
Net debt / EBITDA: 0.1×; $73M net debt
AI in 10-K: 4.3; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
230% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$502K · 71st pct
Bottom quartile of its SIC industry
Quiet on AINo
4.3 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.5B 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	$1.0B	$1.1B	$1.7B	$2.1B	$2.7B	31%
Operating income	$126M	$38M	$220M	$309M	$474M	53%
Net income	$17M	$5M	$206M	$418M	$247M	41%
Operating cash flow	−$68M	$119M	$146M	$430M	$569M	32%
Capex	$112M	$123M	$76M	$125M	$192M	53%
Stock-based comp	$34M	$41M	$48M	$69M	$63M	9.5%
Buybacks	—	—	$0	$0	$60M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 6
Open-market sells, 12 mo: $602K · 2
Net: $2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	111	99
FY2024	—	—	102	81
FY2023	—	—	85	82
FY2022	—	—	115	77
FY2021	—	—	104	96