TakeoverPE & activists

AXTAAxalta Coating Systems Ltd.

Paints, Varnishes, Lacquers, Enamels & Allied Prods · $8.6B market cap · 1,300 employees

0.6×

Less likely than average to be taken private

Top 30% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    171% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    25% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    23% of assets
    Over 40% of assets
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $4M · 97th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    2.5 per 10K words · 62nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $8.6B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jun 24, 2026DEFM14AAkzo Nobel N.V.$15.0012.4%

Key numbers

Revenue
$5.1BFY2021: $4.4BFY2022: $4.9BFY2023: $5.2BFY2024: $5.3BFY2025: $5.1B
3.0% YoY
Operating margin
14.4%FY2021: 10.5%FY2022: 8.7%FY2023: 11.3%FY2024: 13.4%FY2025: 14.4%
7.3% YoY
EBITDA
$1.0BFY2021: $779MFY2022: $726MFY2023: $864MFY2024: $986MFY2025: $1.0B
4.5% YoY
Net debt / EBITDA
1.8×
$1.8B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$4.4B$4.9B$5.2B$5.3B$5.1B 3.0% FY2021: $4.4BFY2022: $4.9BFY2023: $5.2BFY2024: $5.3BFY2025: $5.1B
Operating income$462M$423M$588M$706M$735M 4.1% FY2021: $462MFY2022: $423MFY2023: $588MFY2024: $706MFY2025: $735M
Net income$264M$192M$269M$391M$379M 3.1% FY2021: $264MFY2022: $192MFY2023: $269MFY2024: $391MFY2025: $379M
Operating cash flow$559M$294M$575M$576M$649M 13% FY2021: $559MFY2022: $294MFY2023: $575MFY2024: $576MFY2025: $649M
Capex$122M$151M$138M$140M$196M 40% FY2021: $122MFY2022: $151MFY2023: $138MFY2024: $140MFY2025: $196M
Stock-based comp$15M$22M$26M$28M$25M 11% FY2021: $15MFY2022: $22MFY2023: $26MFY2024: $28MFY2025: $25M
Buybacks$244M$200M$50M$100M$165M 65% FY2021: $244MFY2022: $200MFY2023: $50MFY2024: $100MFY2025: $165M

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——113142
FY2024——120138
FY2023——119143
FY2022——89125
FY2021——116130