UFPTUFP TECHNOLOGIES INC

Surgical & Medical Instruments & Apparatus

Revenue: $603M; 20% YoY
Operating margin: 15.3%; 4.5% YoY
EBITDA: $111M; 17% YoY
Market cap: $2.2B
Employees: 4,846; $124K revenue each
Net debt / EBITDA: 1.0×; $108M net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
135% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$124K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B 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	$206M	$354M	$400M	$504M	$603M	20%
Operating income	$21M	$55M	$58M	$81M	$92M	14%
Net income	$16M	$42M	$45M	$59M	$68M	16%
Operating cash flow	$14M	$18M	$41M	$67M	$92M	38%
Capex	$5M	$14M	$10M	$10M	—
Stock-based comp	$2M	$3M	$5M	$7M	$9M	29%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 4, 2019	Ancora Advisors, LLC	SC 13D/A	4.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 27
Net: −$14M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$8M	476	113
FY2024	$5M	$9M	525	113
FY2023	$5M	$8M	369	102
FY2022	$4M	$7M	253	83
FY2021	$3M	$4M	151	104