WCCWESCO INTERNATIONAL INC
Wholesale-Electrical Apparatus & Equipment, Wiring Supplies
- Revenue
- $23.5B
- 7.8% YoY
- Operating margin
- 5.2%
- 6.5% YoY
- EBITDA
- $1.4B
- 1.7% YoY
- Market cap
- $14.9B
- Employees
- 21,000
- $1M revenue each
- Net debt / EBITDA
- 0.7×
- $955M net debt
- AI in 10-K
- 9.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes20% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes131% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 65th pctBottom quartile of its SIC industry
- Quiet on AINo9.0 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$14.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$68M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $18.2B | $21.4B | $22.4B | $21.8B | $23.5B | 7.8% |
| Operating income | $802M | $1.4B | $1.4B | $1.2B | $1.2B | 0.8% |
| Net income | $465M | $861M | $766M | $718M | $640M | 11% |
| Operating cash flow | $67M | $11M | $493M | $1.1B | $125M | 89% |
| Capex | $55M | $99M | $92M | $95M | $100M | 5.4% |
| Stock-based comp | $31M | $46M | $48M | $29M | $41M | 40% |
| Buybacks | $0 | $11M | $75M | $425M | $75M | 82% |
| Dividends | $0 | $0 | $77M | $82M | $88M | 8.5% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 15, 2020 | Blue Harbour Group, L.P. | SC 13D/A | 4.9% | Passive |
| Mar 27, 2019 | Blue Harbour Group, L.P. | SC 13D/A | 8.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $724K · 2
- Open-market sells, 12 mo
- $68M · 55
- Net
- −$68M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $12M | $19M | 321 | 219 |
| FY2024 | $11M | $2M | 235 | 196 |
| FY2023 | $10M | $30M | 224 | 172 |
| FY2022 | $11M | $15M | 159 | 116 |
| FY2021 | $10M | $39M | 168 | 134 |