SSDSimpson Manufacturing Co., Inc.

Cutlery, Handtools & General Hardware

Revenue: $2.3B; 4.5% YoY
Operating margin: 19.6%; 1.9% YoY
EBITDA: $548M; 6.3% YoY
Market cap: $8.0B
Employees: —
Net debt / EBITDA: -0.8×; −$449M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 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
133% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
37% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% 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
—
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$2.1B	$2.2B	$2.2B	$2.3B	4.5%
Operating income	$368M	$459M	$475M	$430M	$458M	6.5%
Net income	$266M	$334M	$354M	$322M	$345M	7.1%
Operating cash flow	$151M	$400M	$427M	$338M	$459M	36%
Capex	$44M	$62M	$89M	$180M	$161M	11%
Stock-based comp	$18M	$15M	$24M	$19M	$23M	21%
Buybacks	$24M	$79M	$50M	$100M	$120M	20%
Dividends	$42M	$44M	$45M	$47M	$48M	2.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 4
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.