SLGNSILGAN HOLDINGS INC

Metal Cans

Revenue: $6.5B; 11% YoY
Operating margin: —
EBITDA: —
Market cap: $4.3B
Employees: 4,000; $2M revenue each
Net debt / EBITDA: —; $4.5B net debt
AI in 10-K: 0.3; 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
253% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
22% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% 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
$2M · 96th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$38K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.7B	$6.4B	$6.0B	$5.9B	$6.5B	11%
Net income	$359M	$341M	$326M	$276M	$288M	4.4%
Operating cash flow	$557M	$748M	$483M	$722M	$730M	1.1%
Capex	$232M	$216M	$227M	$263M	$307M	17%
Stock-based comp	—	—	$16M	$16M	$18M	16%
Buybacks	$9M	$45M	$184M	$9M	$75M	704%
Dividends	$62M	$72M	$79M	$82M	$86M	4.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $38K · 1
Open-market sells, 12 mo: $0 · 0
Net: $38K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	117	100
FY2024	—	—	149	113
FY2023	—	—	127	98
FY2022	—	—	144	91
FY2021	—	—	117	111