SXISTANDEX INTERNATIONAL CORP/DE/

Refrigeration & Service Industry Machinery

Revenue: $892M; 13% YoY
Operating margin: 21.7%; 83% YoY
EBITDA: $232M; 80% YoY
Market cap: $2.9B
Employees: 4,100; $217K revenue each
Net debt / EBITDA: 1.7×; $401M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
86% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$217K · 5th pct
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
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$735M	$741M	$721M	$790M	$892M	13%
Operating income	$88M	$171M	$102M	$94M	$194M	107%
Net income	$61M	$139M	$73M	$58M	$105M	81%
Operating cash flow	$78M	$91M	$93M	$70M	$90M	29%
Capex	$24M	$24M	$20M	$28M	$25M	11%
Buybacks	$31M	$26M	$32M	$10M	$4M	56%
Dividends	$12M	$13M	$14M	$15M	$16M	7.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $502K · 3
Open-market sells, 12 mo: $11M · 22
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$6M	$16M	392	212
FY2025	$5M	$4M	285	240
FY2024	$5M	$7M	291	213
FY2023	$5M	$14M	254	183
FY2022	$5M	$5M	151	142