TFXTELEFLEX INC

Surgical & Medical Instruments & Apparatus

Revenue: $2.0B; 17% YoY
Operating margin: 5.9%; 2.6% YoY
EBITDA: $296M; 12% YoY
Market cap: $5.9B
Employees: 15,500; $129K revenue each
Net debt / EBITDA: 8.5×; $2.5B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
373% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$129K · 7th 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
8.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.8B	$2.8B	$1.7B	$1.7B	$2.0B	17%
Operating income	$628M	$500M	$259M	$104M	$118M	14%
Net income	$485M	$363M	$358M	$70M	−$906M	1391%
Operating cash flow	$652M	$343M	$206M	$302M	$97M	68%
Capex	$72M	$79M	$46M	$90M	$95M	5.3%
Stock-based comp	$23M	$27M	$27M	$26M	$26M	1.0%
Buybacks	—	$0	$0	$200M	$300M	50%
Dividends	$64M	$64M	$64M	$64M	$60M	5.2%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$2M	31	123
FY2024	$9M	$3M	48	135
FY2023	$9M	$9M	67	123
FY2022	$8M	$5M	67	112
FY2021	$9M	$4M	88	142