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
126% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% 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 AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.7B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $1.5B | $5.0B | $5.4B | — | — | | |
|---|
| Operating income | $370M | −$24M | $293M | $406M | $474M | ▲ 17% | |
|---|
| Net income | $201M | −$203M | $151M | $199M | $440M | ▲ 121% | |
|---|
| Operating cash flow | $111M | $407M | $509M | $1.4B | $556M | ▼ 59% | |
|---|
| Capex | $716M | $859M | $766M | $847M | $808M | ▼ 4.6% | |
|---|
| Stock-based comp | $9M | $9M | $6M | $11M | $15M | ▲ 29% | |
|---|
| Dividends | $138M | $161M | $175M | $178M | $179M | – 0.5% | |
|---|
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|
| May 23, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| May 9, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 26, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 25, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 22, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 21, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 19, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 14, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 12, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 11, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 7, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 6, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 6, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 5, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Apr 4, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Mar 29, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Mar 24, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Mar 14, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Mar 7, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
| Mar 1, 2022 | SC TO-T/A | IEP Utility Holdings LLC | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| May 8, 2026 | Corvex Management LP | SCHEDULE 13D/A | 5.0% | Active |
| Jan 29, 2026 | ICAHN CARL C | SCHEDULE 13D/A | 5.0% | Passive |
| Jan 21, 2026 | ICAHN CARL C | SCHEDULE 13D/A | 6.6% | Passive |
| Jan 2, 2026 | ICAHN CARL C | SCHEDULE 13D/A | 8.4% | Passive |
| Nov 26, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 8.4% | Passive |
| Oct 14, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 25.1% | Active |
| Sep 26, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 8.4% | Active |
| May 28, 2025 | Corvex Management LP | SCHEDULE 13D/A | 7.0% | Active |
| Mar 25, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 10.5% | Passive |
| Nov 20, 2024 | ICAHN CARL C | SC 13D/A | 13.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $450K · 2
- Net
- −$450K
Pay vs performance
No pay-versus-performance disclosure yet.