VISNVistance Networks, Inc.

Radio & Tv Broadcasting & Communications Equipment

Revenue: $1.9B; 40% YoY
Operating margin: 2.5%; 112% YoY
EBITDA: $69M; 126% YoY
Market cap: $1.5B
Employees: 4,500; $429K revenue each
Net debt / EBITDA: 148.1×; $10.2B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 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 cashYes
14% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
221% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$429K · 53rd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
148.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.7B	$5.8B	$1.9B	$1.4B	$1.9B	40%
Operating income	$197M	−$935M	−$660M	−$292M	$48M	116%
Net income	−$463M	−$1.3B	−$1.5B	−$316M	$2.3B	824%
Operating cash flow	$122M	$190M	$297M	$273M	$323M	18%
Capex	$131M	$101M	$61M	$25M	$70M	178%
Stock-based comp	$80M	$61M	$47M	$29M	$43M	47%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 16, 2025	DEFM14A	Amphenol Corporation	$10.50	30.8%
Sep 5, 2025	PREM14A	Amphenol Corporation	$10.50	30%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $108K · 1
Open-market sells, 12 mo: $1M · 2
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.