TGLSTecnoglass Holdings Inc.

Flat Glass

Revenue: $984M; 10% YoY
Operating margin: 23.5%; 8.0% YoY
EBITDA: $268M; 5.5% YoY
Market cap: $1.7B
Employees: 9,601; $102K revenue each
Net debt / EBITDA: 0.7×; $187M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 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
85% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$102K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingNo
$27M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$497M	$717M	$833M	$890M	$984M	10%
Operating income	$117M	$226M	$260M	$227M	$231M	1.6%
Net income	$68M	$156M	$183M	$161M	$160M	1.1%
Operating cash flow	$117M	$142M	$139M	$171M	$136M	20%
Capex	$52M	$71M	$78M	$80M	$101M	27%
Dividends	$5M	$13M	$16M	$20M	$28M	42%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 4, 2013	DEFM14A	—	$10.14	0%
Sep 30, 2013	PREM14A	—	$10.14	0%

13D filers

Filed	Filer	Form	Stake	Intent
May 13, 2026	Energy Holding Corp	SCHEDULE 13D/A	46.7%	Active
Aug 15, 2025	Energy Holding Corp	SCHEDULE 13D/A	43.0%	Active
May 14, 2025	Energy Holding Corp	SCHEDULE 13D/A	46.2%	Passive
Nov 13, 2024	Energy Holding Corp	SC 13D/A	49.4%	Passive
Jun 25, 2024	Energy Holding Corp	SC 13D/A	52.4%	Active
May 26, 2023	Energy Holding Corp	SC 13D/A	51.7%	Passive

Insider trading

Open-market buys, 12 mo: $27M · 8
Open-market sells, 12 mo: $0 · 0
Net: $27M

Pay vs performance

No pay-versus-performance disclosure yet.