SMPSTANDARD MOTOR PRODUCTS, INC.
Motor Vehicle Parts & Accessories
- Revenue
- $1.8B
- 22% YoY
- Operating margin
- 7.6%
- 38% YoY
- EBITDA
- $180M
- 61% YoY
- Market cap
- $948M
- Employees
- 5,700
- $314K revenue each
- Net debt / EBITDA
- 2.2×
- $400M net debt
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo136% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo47% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo13% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$314K · 33rd pctBottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 42nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$948M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.4B | $1.5B | $1.8B | 22% |
| Operating income | $129M | $104M | $93M | $81M | $137M | 69% |
| Net income | $91M | $55M | $34M | $28M | $42M | 48% |
| Operating cash flow | $86M | −$28M | $144M | $77M | $57M | 25% |
| Capex | $26M | $26M | $29M | $44M | $39M | 12% |
| Stock-based comp | $9M | $8M | $7M | $6M | $8M | 22% |
| Buybacks | $27M | $30M | $0 | $10M | $0 | 100% |
| Dividends | $22M | $23M | $25M | $25M | $27M | 7.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 17, 2025 | GAMCO INVESTORS, INC. ET AL | SCHEDULE 13D/A | 6.2% | Passive |
| Aug 16, 2024 | GAMCO INVESTORS, INC. ET AL | SC 13D | 5.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 14
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $3M | 106 | 85 |
| FY2024 | $2M | $1M | 86 | 70 |
| FY2023 | $1M | $1M | 107 | 88 |
| FY2022 | $1M | $764K | 90 | 83 |
| FY2021 | $2M | $2M | 132 | 122 |