PRMPerimeter Solutions, Inc.

Chemicals & Allied Products

Revenue: $653M; 16% YoY
Operating margin: -30.8%; 4483% YoY
EBITDA: −$127M; 305% YoY
Market cap: $4.6B
Employees: 356; $2M revenue each
Net debt / EBITDA: —; $1.1B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 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
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
42% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 89th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$240M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$361M	$322M	$561M	$653M	16%
Operating income	—	$130M	$94M	−$4M	−$201M	5234%
Net income	−$662M	$92M	$68M	−$6M	−$206M	3398%
Operating cash flow	—	−$40M	$193K	$188M	$238M	26%
Capex	—	$9M	$9M	$16M	$30M	91%
Stock-based comp	—	$15M	$2M	$13M	$17M	30%
Buybacks	—	$49M	$64M	$14M	$40M	180%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 10, 2026	Thorndike William N Jr	SCHEDULE 13D	5.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $240M · 28
Net: −$240M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	229	127
FY2024	—	—	107	111
FY2023	—	—	38	110
FY2022	—	—	76	91
FY2021	—	—	116	97