TRNSTRANSCAT INC
Instruments For Meas & Testing Of Electricity & Elec Signals
- Revenue
- $332M
- 19% YoY
- Operating margin
- 4.0%
- 38% YoY
- EBITDA
- $39M
- 8.2% YoY
- Market cap
- $808M
- Employees
- 1,413
- $235K revenue each
- Net debt / EBITDA
- 2.6×
- $104M net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo648% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo1% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes46% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$235K · 18th pctBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 12th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$808M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$575K netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $205M | $231M | $259M | $278M | $332M | 19% |
| Operating income | $14M | $16M | $20M | $18M | $13M | 26% |
| Net income | $11M | $11M | $14M | $15M | $5M | 63% |
| Operating cash flow | $18M | $17M | $33M | $39M | $35M | 11% |
| Capex | $10M | $9M | $13M | $13M | $15M | 16% |
| Stock-based comp | $2M | $3M | $5M | $3M | $8M | 132% |
| Buybacks | $7M | $447K | $5M | $4M | $469K | 87% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 5, 2021 | Juniper Investment Company, LLC | SC 13D/A | 4.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $99K · 1
- Open-market sells, 12 mo
- $673K · 2
- Net
- −$575K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $6M | $5M | 150 | 86 |
| FY2025 | $2M | $104K | 152 | 88 |
| FY2024 | $2M | $2M | 227 | 110 |
| FY2023 | $1M | $1M | 182 | 105 |
| FY2022 | $1M | $2M | 165 | 118 |