TakeoverPE & activists

CNXCConcentrix Corp

Services-Business Services, NEC · $1.8B market cap · 455,000 employees

1.0×

About as likely as average to be taken private

Top 18% 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.

5of 15 firedHow well they predict deals →
10 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
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    32% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    28% of assets
    Over 40% of assets
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Quiet on AINo
    11.6 per 10K words · 94th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    4 of 10
    10-K business scored 5+ of 10 as an AI-rollup target

Deal filings

FiledFormAcquirerPricePremium
Jul 6, 2023DEFM14AOSYRIS S. r.l.$500.0025%

Key numbers

Revenue
$9.8BFY2021: $5.6BFY2022: $6.3BFY2023: $7.1BFY2024: $9.6BFY2025: $9.8B
2.2% YoY
Operating margin
-9.3%FY2021: 10.2%FY2022: 10.1%FY2023: 9.3%FY2024: 6.2%FY2025: -9.3%
251% YoY
EBITDA
−$692MFY2021: $713MFY2022: $787MFY2023: $835MFY2024: $843MFY2025: −$692M
182% YoY
Net debt / EBITDA
—
$4.4B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$5.6B$6.3B$7.1B$9.6B$9.8B 2.2% FY2021: $5.6BFY2022: $6.3BFY2023: $7.1BFY2024: $9.6BFY2025: $9.8B
Operating income$572M$640M$661M$596M−$918M 254% FY2021: $572MFY2022: $640MFY2023: $661MFY2024: $596MFY2025: −$918M
Net income$406M$435M$314M$251M−$1.3B 609% FY2021: $406MFY2022: $435MFY2023: $314MFY2024: $251MFY2025: −$1.3B
Operating cash flow$514M$601M$678M$667M$807M 21% FY2021: $514MFY2022: $601MFY2023: $678MFY2024: $667MFY2025: $807M
Capex$149M$140M$181M$239M$234M 1.8% FY2021: $149MFY2022: $140MFY2023: $181MFY2024: $239MFY2025: $234M
Stock-based comp$36M$47M$62M$96M$96M 0.3% FY2021: $36MFY2022: $47MFY2023: $62MFY2024: $96MFY2025: $96M
Buybacks$25M$121M$64M$136M$169M 24% FY2021: $25MFY2022: $121MFY2023: $64MFY2024: $136MFY2025: $169M
Dividends$13M$53M$63M$84M$90M 6.9% FY2021: $13MFY2022: $53MFY2023: $63MFY2024: $84MFY2025: $90M

13D filers

FiledFilerFormStakeIntent
May 1, 2026Groupe Bruxelles LambertSCHEDULE 13D/A4.5%Passive
Jan 30, 2026Groupe Bruxelles LambertSCHEDULE 13D/A14.2%Active
Nov 7, 2025Impactive Capital LPSCHEDULE 13D/A9.8%Passive
Aug 7, 2024Impactive Capital LPSC 13D/A26.8%Passive
Oct 17, 2023Impactive Capital LPSC 13D5.1%Active
Oct 5, 2023Groupe Bruxelles LambertSC 13D13.1%Active

Insider trading

−$133Mnet selling by insiders, open market, last 12 months
Bought $155K · 4 tradesSold $134M · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.