TKRTIMKEN CO

Ball & Roller Bearings

Revenue: $4.6B; 0.2% YoY
Operating margin: 11.8%; 12% YoY
EBITDA: $771M; 7.5% YoY
Market cap: $7.7B
Employees: 19,000; $241K revenue each
Net debt / EBITDA: 2.0×; $1.5B net debt
AI in 10-K: 4.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 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
192% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
28% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentYes
75% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$241K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.9 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.1B	$4.5B	$4.8B	$4.6B	$4.6B	0.2%
Operating income	$513M	$607M	$657M	$611M	$541M	12%
Net income	$369M	$407M	$394M	$353M	$288M	18%
Operating cash flow	$387M	$464M	$545M	$476M	$554M	17%
Capex	$148M	$178M	$188M	$170M	$148M	13%
Stock-based comp	$20M	$30M	$31M	$26M	$28M	9.3%
Buybacks	$93M	$212M	$251M	$41M	$57M	42%
Dividends	$92M	$92M	$94M	$96M	$98M	2.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 12
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.