SXTSENSIENT TECHNOLOGIES CORP

Industrial Organic Chemicals

Revenue: $1.6B; 3.5% YoY
Operating margin: 12.8%; 4.4% YoY
EBITDA: $268M; 6.5% YoY
Market cap: $5.0B
Employees: 807; $2M revenue each
Net debt / EBITDA: 2.5×; $667M net debt
AI in 10-K: 1.4; 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
95% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 90th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$234M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.4B	$1.5B	$1.6B	$1.6B	3.5%
Operating income	$170M	$197M	$155M	$192M	$207M	8.1%
Net income	$119M	$141M	$93M	$125M	$134M	7.9%
Operating cash flow	$145M	$12M	$170M	$157M	$128M	19%
Capex	$61M	$79M	$88M	$59M	$89M	51%
Stock-based comp	$10M	$16M	$9M	$10M	$14M	38%
Buybacks	$43M	$0	$0	—	—
Dividends	$67M	$69M	$69M	$69M	$70M	0.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $291K · 2
Open-market sells, 12 mo: $234M · 7
Net: −$234M

Pay vs performance

No pay-versus-performance disclosure yet.