TTCTORO CO

Lawn & Garden Tractors & Home Lawn & Gardens Equip

Revenue: $4.5B; 1.6% YoY
Operating margin: 9.1%; 22% YoY
EBITDA: $553M; 16% YoY
Market cap: $10.2B
Employees: 9,791; $461K revenue each
Net debt / EBITDA: 1.5×; $819M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 1 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
209% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
67% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$461K · 53rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.0B	$4.5B	$4.6B	$4.6B	$4.5B	1.6%
Operating income	$518M	$576M	$431M	$533M	$410M	23%
Net income	$410M	$443M	$330M	$419M	$316M	25%
Operating cash flow	$556M	$297M	$307M	$570M	$662M	16%
Capex	$104M	$144M	$150M	$104M	$84M	19%
Stock-based comp	$22M	$22M	$19M	$23M	$19M	17%
Buybacks	$302M	$140M	$60M	$246M	$290M	18%
Dividends	$112M	$126M	$142M	$150M	$151M	1.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $14K · 1
Open-market sells, 12 mo: $14M · 14
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.