UVVUNIVERSAL CORP /VA/

Wholesale-Farm Product Raw Materials

Revenue: $2.9B; 1.3% YoY
Operating margin: 5.8%; 27% YoY
EBITDA: $222M; 24% YoY
Market cap: $1.0B
Employees: 25,000; $115K revenue each
Net debt / EBITDA: 0.9×; $196M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
3956× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
63% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$115K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$497K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.1B	$2.5B	$2.7B	$2.9B	$2.9B	1.3%
Operating income	$160M	$181M	$222M	$233M	$168M	28%
Net income	$87K	$124K	$120K	$95K	$33K	66%
Operating cash flow	$45M	−$11M	−$75M	$327M	$129M	61%
Capex	$53M	$55M	$66M	$63M	$49M	22%
Stock-based comp	$6M	$8M	$12M	$9M	$7M	17%
Buybacks	$3M	$3M	$5M	$0	$0
Dividends	$76M	$77M	$78M	$80M	$81M	2.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $497K · 4
Net: −$497K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	121	125
FY2025	—	—	121	103
FY2024	—	—	104	107
FY2023	—	—	101	92
FY2022	—	—	104	101