TakeoverPE & activists

CHRDChord Energy Corp

Crude Petroleum & Natural Gas · $8.7B market cap · 676 employees

0.2×

Less likely than average to be taken private

Top 48% 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
  • 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
    46× net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    33% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Shareholder dissentNo
    98% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $7M · 86th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.5 per 10K words · 45th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    0.5× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $8.7B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    1 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Apr 9, 2024DEFM14ASpark Acquisition ULC$1.8433.33%

Key numbers

Revenue
$4.9BFY2021: $1.6BFY2022: $3.6BFY2023: $3.9BFY2024: $5.3BFY2025: $4.9B
7.1% YoY
Operating margin
4.0%FY2021: 51.2%FY2022: 43.4%FY2023: 32.7%FY2024: 20.9%FY2025: 4.0%
81% YoY
EBITDA
$1.7BFY2021: $968MFY2022: $2.0BFY2023: $1.9BFY2024: $2.2BFY2025: $1.7B
24% YoY
Net debt / EBITDA
0.5×
$870M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.6B$3.6B$3.9B$5.3B$4.9B 7.1% FY2021: $1.6BFY2022: $3.6BFY2023: $3.9BFY2024: $5.3BFY2025: $4.9B
Operating income$809M$1.6B$1.3B$1.1B$197M 82% FY2021: $809MFY2022: $1.6BFY2023: $1.3BFY2024: $1.1BFY2025: $197M
Net income$320M$1.9B$1.0B$849M$44M 95% FY2021: $320MFY2022: $1.9BFY2023: $1.0BFY2024: $849MFY2025: $44M
Operating cash flow$914M$1.9B$1.8B$2.1B$2.0B 2.7% FY2021: $914MFY2022: $1.9BFY2023: $1.8BFY2024: $2.1BFY2025: $2.0B
Stock-based comp$15M$61M$46M$23M$26M 12% FY2021: $15MFY2022: $61MFY2023: $46MFY2024: $23MFY2025: $26M
Buybacks$100M$152M$239M$444M$365M 18% FY2021: $100MFY2022: $152MFY2023: $239MFY2024: $444MFY2025: $365M
Dividends$112M$655M$500M$530M$318M 40% FY2021: $112MFY2022: $655MFY2023: $500MFY2024: $530MFY2025: $318M

13D filers

FiledFilerFormStakeIntent
Oct 6, 2020EnCap Energy Capital Fund VIII, L.P.SC 13D/A2.2%Active
Oct 30, 2019EnCap Energy Capital Fund VIII, L.P.SC 13D6.3%Active

Insider trading

−$12Mnet selling by insiders, open market, last 12 months
Bought $107K · 1 tradeSold $12M · 21 trades

Pay vs performance

No pay-versus-performance disclosure yet.