SGISOMNIGROUP INTERNATIONAL INC.

Household Furniture

Revenue: $7.5B; 52% YoY
Operating margin: 10.1%; 21% YoY
EBITDA: $1.0B; 25% YoY
Market cap: $13.4B
Employees: 20,000; $374K revenue each
Net debt / EBITDA: 4.0×; $4.2B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 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 cashNo
208% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
16% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentYes
58% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$374K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.9B	$4.9B	$4.9B	$4.9B	$7.5B	52%
Operating income	$912M	$681M	$607M	$634M	$755M	19%
Net income	$625M	$456M	$368M	$384M	$384M	0.1%
Operating cash flow	$723M	$379M	$570M	$667M	$800M	20%
Capex	$123M	$307M	$185M	$97M	$167M	72%
Stock-based comp	$61M	$53M	$48M	$36M	$41M	13%
Dividends	$63M	$71M	$78M	$93M	$127M	37%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 4, 2021	H PARTNERS MANAGEMENT, LLC	SC 13D/A	4.6%	Passive
May 12, 2020	H PARTNERS MANAGEMENT, LLC	SC 13D/A	5.7%	Passive
Feb 19, 2020	H PARTNERS MANAGEMENT, LLC	SC 13D/A	6.8%	Passive
Nov 5, 2019	H PARTNERS MANAGEMENT, LLC	SC 13D/A	10.4%	Passive
Apr 8, 2019	MANULIFE FINANCIAL CORP	SC 13D/A	9.5%	Passive

Insider trading

Open-market buys, 12 mo: $5M · 3
Open-market sells, 12 mo: $446K · 2
Net: $4M

Pay vs performance

No pay-versus-performance disclosure yet.