SPBSpectrum Brands Holdings, Inc.
Miscellaneous Electrical Machinery, Equipment & Supplies
- Revenue
- $2.8B
- 5.2% YoY
- Operating margin
- 4.4%
- 23% YoY
- EBITDA
- $223M
- 18% YoY
- Market cap
- $4.5B
- Employees
- 3,000
- $936K revenue each
- Net debt / EBITDA
- 25.2×
- $5.6B net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo204% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes184% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo24% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$936K · 73rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo25.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$182K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.1B | $2.9B | $3.0B | $2.8B | 5.2% |
| Operating income | $97M | $23M | −$206M | $171M | $125M | 27% |
| Net income | $190M | $72M | $1.8B | $125M | $100M | 20% |
| Operating cash flow | $288M | −$54M | −$410M | $163M | $204M | 25% |
| Capex | $44M | $64M | $59M | $44M | $38M | 13% |
| Stock-based comp | $29M | $10M | $17M | $18M | $21M | 17% |
| Buybacks | $126M | $134M | $35M | $483M | $326M | 32% |
| Dividends | $72M | $69M | $67M | $51M | $48M | 4.7% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 9, 2020 | Fortress Investment Group LLC | SC 13D/A | 4.9% | Passive |
| Aug 21, 2020 | Fortress Investment Group LLC | SC 13D/A | 5.7% | Passive |
| Aug 4, 2020 | Fortress Investment Group LLC | SC 13D/A | 6.8% | Passive |
| May 26, 2020 | Fortress Investment Group LLC | SC 13D/A | 8.1% | Active |
| Dec 3, 2019 | Fortress Investment Group LLC | SC 13D/A | 7.9% | Passive |
| Oct 16, 2019 | Jefferies Financial Group Inc. | SC 13D/A | 0.1% | Passive |
| Sep 18, 2019 | Jefferies Financial Group Inc. | SC 13D/A | 15.4% | Passive |
| Sep 17, 2019 | Jefferies Financial Group Inc. | SC 13D/A | 15.4% | Passive |
| Sep 11, 2019 | CF Turul LLC | SC 13D/A | 0.0% | Passive |
| May 29, 2019 | Jefferies Financial Group Inc. | SC 13D/A | 15.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $182K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $182K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | −$2M | 103 | 117 |
| FY2024 | $11M | $15M | 182 | 133 |
| FY2023 | $7M | $15M | 147 | 106 |
| FY2022 | $7M | −$10M | 71 | 92 |
| FY2021 | $9M | $22M | 171 | 100 |