POSTPost Holdings, Inc.

Grain Mill Products

Revenue: $8.2B; 3.0% YoY
Operating margin: 9.8%; 2.2% YoY
EBITDA: $1.3B; 4.2% YoY
Market cap: $2.7B
Employees: 13,180; $619K revenue each
Net debt / EBITDA: 5.6×; $7.4B net debt
AI in 10-K: 1.2; 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
297% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
46% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$619K · 39th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 37th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$35M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.0B	$5.9B	$7.0B	$7.9B	$8.2B	3.0%
Operating income	$488M	$416M	$599M	$794M	$799M	0.7%
Net income	$167M	$757M	$301M	$367M	$336M	8.5%
Operating cash flow	$588M	$383M	$750M	$932M	$998M	7.1%
Capex	$191M	$255M	$303M	$430M	$510M	19%
Stock-based comp	$49M	$66M	$77M	$84M	$82M	3.3%
Buybacks	$397M	$443M	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 5, 2026	STIRITZ WILLIAM P	SCHEDULE 13D/A	10.3%	Passive
Oct 15, 2025	STIRITZ WILLIAM P	SCHEDULE 13D/A	9.3%	Passive
Feb 14, 2025	STIRITZ WILLIAM P	SCHEDULE 13D/A	8.3%	Passive

Insider trading

Open-market buys, 12 mo: $176K · 1
Open-market sells, 12 mo: $35M · 8
Net: −$35M

Pay vs performance

No pay-versus-performance disclosure yet.