SLVMSylvamo Corp

Paper Mills

Revenue: $3.4B; 11% YoY
Operating margin: 7.5%; 38% YoY
EBITDA: $430M; 30% YoY
Market cap: $1.3B
Employees: 6,500; $516K revenue each
Net debt / EBITDA: 1.7×; $720M net debt
AI in 10-K: 1.6; 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
203% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
58% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$516K · 58th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$801K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.8B	$3.6B	$3.7B	$3.8B	$3.4B	11%
Operating income	—	$553M	$441M	$453M	$251M	45%
Net income	$331M	$118M	$253M	$302M	$132M	56%
Operating cash flow	$549M	$438M	$504M	$469M	$268M	43%
Capex	$69M	$149M	$210M	$221M	$224M	1.4%
Stock-based comp	$14M	$20M	$23M	$23M	$18M	22%
Buybacks	$0	$80M	$70M	$69M	$82M	19%
Dividends	$0	$10M	$57M	$62M	$73M	18%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 6, 2025	ACR Group Paper Holdings LP	SCHEDULE 13D/A	15.6%	Active
Jun 23, 2023	ACR Group Paper Holdings LP	SC 13D/A	14.8%	Passive
Feb 15, 2023	ACR Group Paper Holdings LP	SC 13D/A	22.2%	Active
Apr 25, 2022	ACR Group Paper Holdings LP	SC 13D	14.3%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $801K · 7
Net: −$801K

Pay vs performance

No pay-versus-performance disclosure yet.