TakeoverPE & activists

CMPRCIMPRESS plc

Commercial Printing · $1.4B market cap · 16,000 employees

3.0×

More likely than average to be taken private

Top 3% 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.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $9M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    296% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    18% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    39% of assets
    Over 40% of assets
  • Shareholder dissentNo
    90% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $234K · 33rd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    6.4 per 10K words · 86th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    3.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$7M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 27, 2019DEFM14A—$0.00—
Aug 21, 2019PREM14A—$0.000%

Key numbers

Revenue
$3.7BFY2022: $2.9BFY2023: $3.1BFY2024: $3.3BFY2025: $3.4BFY2026: $3.7B
9.8% YoY
Operating margin
6.7%FY2022: 1.6%FY2023: 1.9%FY2024: 7.5%FY2025: 6.6%FY2026: 6.7%
1.0% YoY
EBITDA
$403MFY2022: $223MFY2023: $220MFY2024: $399MFY2025: $367MFY2026: $403M
9.7% YoY
Net debt / EBITDA
3.8×
$1.5B net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$2.9B$3.1B$3.3B$3.4B$3.7B 9.8% FY2022: $2.9BFY2023: $3.1BFY2024: $3.3BFY2025: $3.4BFY2026: $3.7B
Operating income$47M$57M$247M$226M$251M 11% FY2022: $47MFY2023: $57MFY2024: $247MFY2025: $226MFY2026: $251M
Net income−$54M−$186M$174M$15M$96M 541% FY2022: −$54MFY2023: −$186MFY2024: $174MFY2025: $15MFY2026: $96M
Operating cash flow$220M$130M$351M$298M$284M 4.8% FY2022: $220MFY2023: $130MFY2024: $351MFY2025: $298MFY2026: $284M
Capex$54M$54M$55M$89M$100M 13% FY2022: $54MFY2023: $54MFY2024: $55MFY2025: $89MFY2026: $100M
Stock-based comp$50M$42M$66M$59M$61M 4.2% FY2022: $50MFY2023: $42MFY2024: $66MFY2025: $59MFY2026: $61M
Buybacks$0$0$157M$78M$50M 36% FY2022: $0FY2023: $0FY2024: $157MFY2025: $78MFY2026: $50M

13D filers

FiledFilerFormStakeIntent
Aug 20, 2026SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSCHEDULE 13D/A4.2%Passive
May 5, 2026SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSCHEDULE 13D/A5.1%Passive
Feb 2, 2026SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSCHEDULE 13D/A6.0%Passive
Dec 1, 2025SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSCHEDULE 13D/A13.9%Passive
Jul 3, 2025SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSCHEDULE 13D8.3%Active
Nov 12, 2024Prescott General Partners LLCSC 13D/A14.4%Passive
Sep 11, 2024SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSC 13D/A8.2%Passive
Mar 5, 2024SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSC 13D/A8.0%Passive
Sep 15, 2023SPRUCE HOUSE INVESTMENT MANAGEMENT LLCSC 13D/A9.1%Passive
Nov 15, 2019Prescott General Partners LLCSC 13D/A14.0%Passive

Insider trading

−$7Mnet selling by insiders, open market, last 12 months
Bought $251K · 4 tradesSold $8M · 18 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026$9M———
FY2025$11M———
FY2024$8M———