TKTEEKAY CORP LTD

Deep Sea Foreign Transportation Of Freight

Revenue: $950M; 22% YoY
Operating margin: 31.9%; 6.6% YoY
EBITDA: $389M; 15% YoY
Market cap: $1.3B
Employees: —
Net debt / EBITDA: -2.4×; −$941M net debt
AI in 10-K: —

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
308% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
—
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$683M	$1.2B	$1.5B	$1.2B	$950M	22%
Operating income	−$185M	$246M	$532M	$365M	$303M	17%
Net income	$8M	$78M	$151M	$134M	$98M	27%
Operating cash flow	$78M	$199M	$630M	$467M	$302M	35%
Capex	$21M	$0	$0	$71M	$190M	170%
Buybacks	$0	$15M	$51M	$66M	$5M	93%
Dividends	$0	$0	$0	$85M	$85M	0.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 28, 2026	RESOLUTE INVESTMENTS, LTD.	SCHEDULE 13D/A	73.4%	Passive
Feb 20, 2025	RESOLUTE INVESTMENTS, LTD.	SCHEDULE 13D/A	38.0%	Passive
Nov 1, 2024	RESOLUTE INVESTMENTS, LTD.	SC 13D/A	36.4%	Passive
Sep 6, 2023	RESOLUTE INVESTMENTS, LTD.	SC 13D/A	35.0%	Passive
May 12, 2023	RESOLUTE INVESTMENTS, LTD.	SC 13D/A	33.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 15
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.