WESTWestrock Coffee Co

Beverages

Revenue: $1.2B; 40% YoY
Operating margin: -3.8%; 34% YoY
EBITDA: $10M; 172% YoY
Market cap: $969M
Employees: 1,393; $854K revenue each
Net debt / EBITDA: 45.6×; $473M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$854K · 71st 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
45.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$969M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$698M	$868M	$865M	$851M	$1.2B	40%
Operating income	$8M	$9M	−$20M	−$49M	−$45M	7.5%
Net income	−$22M	−$55M	−$35M	−$80M	−$90M	13%
Operating cash flow	$3M	−$57M	−$64M	−$13M	−$19M	44%
Capex	$25M	$63M	$165M	$160M	$89M	44%
Stock-based comp	$1M	$3M	$9M	$12M	$15M	25%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 31, 2023	Riverview Sponsor Partners, LLC	SC 13D/A	5.8%	Passive
Sep 6, 2022	Riverview Sponsor Partners, LLC	SC 13D	19.0%	Passive

Insider trading

Open-market buys, 12 mo: $3M · 19
Open-market sells, 12 mo: $0 · 0
Net: $3M

Pay vs performance

No pay-versus-performance disclosure yet.