TREXTREX CO INC

Lumber & Wood Products (no Furniture)

Revenue: $1.2B; 2.0% YoY
Operating margin: 22.0%; 21% YoY
EBITDA: $321M; 15% YoY
Market cap: $5.2B
Employees: 1,839; $639K revenue each
Net debt / EBITDA: 0.3×; $85M net debt
AI in 10-K: 6.1; mentions per 10K words

Takeover score 1 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
188% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
15% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
56% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$639K per employee
Bottom quartile of its SIC industry
Quiet on AINo
6.1 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$860K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.1B	$1.1B	$1.2B	$1.2B	2.0%
Operating income	$275M	$247M	$275M	$322M	$258M	20%
Net income	$209M	$185M	$204M	$238M	$190M	20%
Operating cash flow	$258M	$216M	$389M	$144M	$358M	149%
Capex	$159M	$176M	$166M	$232M	$224M	3.8%
Stock-based comp	$8M	$5M	$10M	$13M	$9M	28%
Buybacks	$82M	$398M	$18M	$106M	$54M	49%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $982K · 4
Open-market sells, 12 mo: $123K · 2
Net: $860K

Pay vs performance

No pay-versus-performance disclosure yet.