SKYChampion Homes, Inc.

Mobile Homes

Revenue: $2.7B; 7.3% YoY
Operating margin: 9.5%; 1.0% YoY
EBITDA: $300M; 7.4% YoY
Market cap: $4.6B
Employees: 9,300; $286K revenue each
Net debt / EBITDA: -2.5×; −$761M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 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
147% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
66% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$286K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.2B	$2.6B	$2.0B	$2.5B	$2.7B	7.3%
Operating income	$333M	$518M	$175M	$237M	$252M	6.2%
Net income	$248M	$402M	$147M	$198M	$207M	4.3%
Operating cash flow	$224M	$416M	$223M	$241M	$304M	26%
Capex	$32M	$52M	$53M	$51M	$34M	32%
Stock-based comp	$10M	$14M	$20M	$18M	$21M	14%
Buybacks	—	$0	$0	$80M	$200M	150%

Deal filings

Filed	Form	Acquirer	Price	Premium
Apr 25, 2018	DEFM14A	—	$24.41	95%
Feb 27, 2018	PREM14A	—	$21.02	50%

13D filers

Filed	Filer	Form	Stake	Intent
Sep 6, 2024	MAK CAPITAL ONE LLC	SC 13D/A	4.8%	Passive
Jun 14, 2019	MAK CAPITAL ONE LLC	SC 13D/A	6.1%	Passive
Mar 6, 2019	MAK CAPITAL ONE LLC	SC 13D/A	7.1%	Passive
Mar 5, 2019	BAIN CAPITAL CREDIT MEMBER, LLC	SC 13D/A	5.1%	Passive
Mar 5, 2019	CENTERBRIDGE CAPITAL PARTNERS L P	SC 13D/A	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 10
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	153	125
FY2025	—	—	198	129
FY2024	—	—	179	158
FY2023	—	—	159	106
FY2022	—	—	117	83