VVVVALVOLINE INC

Miscellaneous Products Of Petroleum & Coal

Revenue: $1.7B; 5.6% YoY
Operating margin: 22.8%; 0.5% YoY
EBITDA: $495M; 8.4% YoY
Market cap: $4.1B
Employees: 11,400; $150K revenue each
Net debt / EBITDA: 3.2×; $1.6B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 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
141% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
26% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$150K · 0th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$308K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.0B	$1.2B	$1.4B	$1.6B	$1.7B	5.6%
Operating income	$240M	$220M	$247M	$367M	$390M	6.2%
Net income	$420M	$424M	$1.4B	$212M	$211M	0.4%
Operating cash flow	$404M	$284M	−$41M	$265M	$297M	12%
Capex	$103M	$132M	$181M	$224M	$259M	16%
Stock-based comp	$14M	$14M	$12M	$12M	$11M	13%
Buybacks	$127M	$143M	$1.5B	$227M	$77M	66%
Dividends	$91M	$89M	$22M	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $954K · 6
Open-market sells, 12 mo: $645K · 6
Net: $308K

Pay vs performance

No pay-versus-performance disclosure yet.