SYNASYNAPTICS Inc

Semiconductors & Related Devices

Revenue: $1.2B; 11% YoY
Operating margin: -5.6%; 36% YoY
EBITDA: −$36M; 44% YoY
Market cap: $4.6B
Employees: 1,700; $704K revenue each
Net debt / EBITDA: —; $395M net debt
AI in 10-K: 11.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
41% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$704K · 70th pct
Bottom quartile of its SIC industry
Quiet on AINo
11.2 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$1.7B	$1.4B	$959M	$1.1B	$1.2B	11%
Operating income	$350M	$154M	−$102M	−$94M	−$67M	29%
Net income	$258M	$74M	$126M	−$48M	−$491M	927%
Operating cash flow	$463M	$332M	$136M	$142M	$149M	5.2%
Capex	$31M	$34M	$34M	$26M	$48M	86%
Stock-based comp	$101M	$122M	$119M	$113M	$149M	32%
Buybacks	$0	$184M	$0	$128M	$93M	28%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 19, 2026	DEFM14A	ON Semiconductor Corporation	$123.00	31%
Oct 8, 2026	PREM14A	ON Semiconductor Corporation	$123.00	31%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 59
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	80	395
FY2025	—	—	42	166
FY2024	—	—	57	164
FY2023	—	—	55	110
FY2022	—	—	76	76