WKCWORLD KINECT CORP

Wholesale-Petroleum & Petroleum Products (no Bulk Stations)

Revenue: $36.9B; 12% YoY
Operating margin: -1.5%; 406% YoY
EBITDA: −$467M; 247% YoY
Market cap: $1.9B
Employees: —
Net debt / EBITDA: —; $466M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
43% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$31.3B	$59.0B	$47.7B	$42.2B	$36.9B	12%
Operating income	$143M	$273M	$198M	$211M	−$565M	368%
Net income	$74M	$114M	$53M	$67M	−$614M	1012%
Operating cash flow	$173M	$139M	$271M	$260M	$293M	13%
Capex	$39M	$79M	$88M	$68M	$66M	3.8%
Stock-based comp	$20M	$18M	$24M	$28M	$26M	9.3%
Buybacks	$51M	$49M	$60M	$100M	$85M	15%
Dividends	$29M	$31M	$34M	$39M	$41M	7.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 21
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	−$97K	84	291
FY2024	$7M	$12M	96	267
FY2023	$7M	−$1M	78	253
FY2022	$15M	$14M	91	256
FY2021	$5M	$4M	86	155