WHRWHIRLPOOL CORP /DE/

Household Appliances

Revenue: $15.5B; 6.5% YoY
Operating margin: 5.4%; 527% YoY
EBITDA: $1.2B; 147% YoY
Market cap: $2.0B
Employees: 41,000; $379K revenue each
Net debt / EBITDA: 4.3×; $5.1B net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 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
148% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
64% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentYes
70% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$379K · 47th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$199K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$22.0B	$19.7B	$19.5B	$16.6B	$15.5B	6.5%
Operating income	$2.3B	−$1.1B	$1.0B	$143M	$838M	486%
Net income	$1.8B	−$1.5B	$481M	−$323M	$318M	198%
Operating cash flow	$2.2B	$1.4B	$915M	$835M	$470M	44%
Capex	$525M	$570M	$549M	$451M	$389M	14%
Stock-based comp	$82M	$58M	$34M	$91M	$137M	51%
Buybacks	$1.0B	$903M	$0	$50M	$0	100%
Dividends	$338M	$390M	$384M	$384M	$300M	22%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 3, 2026	Appaloosa LP	SCHEDULE 13D	4.9%	Passive

Insider trading

Open-market buys, 12 mo: $199K · 1
Open-market sells, 12 mo: $0 · 0
Net: $199K

Pay vs performance

No pay-versus-performance disclosure yet.