TakeoverPE & activists

COTYCOTY INC.

Perfumes, Cosmetics & Other Toilet Preparations · $3.0B market cap · 11,335 employees

0.6×

Less likely than average to be taken private

Top 29% 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.

3of 15 firedHow well they predict deals →
12 other checks
  • 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
    36% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    37% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $512K · 57th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    4.9 per 10K words · 82nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    9.9× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    2 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
  • Net insider sellingNo
    $214K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
May 1, 2019SC TO-T/ACottage Holdco B.V.——
Apr 29, 2019SC TO-T/ACottage Holdco B.V.——
Apr 26, 2019SC TO-T/ACottage Holdco B.V.——
Apr 25, 2019SC TO-T/ACottage Holdco B.V.——
Apr 19, 2019SC TO-T/ACottage Holdco B.V.——
Apr 16, 2019SC TO-T/ACottage Holdco B.V.——
Apr 1, 2019SC TO-T/ACottage Holdco B.V.——
Mar 28, 2019SC TO-T/ACottage Holdco B.V.——
Mar 27, 2019SC TO-T/ACottage Holdco B.V.——
Mar 18, 2019SC TO-T/ACottage Holdco B.V.——
Feb 26, 2019SC TO-T/ACottage Holdco B.V.——
Feb 13, 2019SC TO-TCottage Holdco B.V.——

Key numbers

Revenue
$5.8BFY2022: $5.3BFY2023: $5.6BFY2024: $6.1BFY2025: $5.9BFY2026: $5.8B
1.5% YoY
Operating margin
-1.4%FY2022: 4.5%FY2023: 9.8%FY2024: 8.9%FY2025: 4.1%FY2026: -1.4%
134% YoY
EBITDA
$401MFY2022: $757MFY2023: $970MFY2024: $968MFY2025: $661MFY2026: $401M
39% YoY
Net debt / EBITDA
9.9×
$4.0B net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$5.3B$5.6B$6.1B$5.9B$5.8B 1.5% FY2022: $5.3BFY2023: $5.6BFY2024: $6.1BFY2025: $5.9BFY2026: $5.8B
Operating income$241M$544M$547M$241M−$82M 134% FY2022: $241MFY2023: $544MFY2024: $547MFY2025: $241MFY2026: −$82M
Net income$56M$495M$76M−$381M−$618M 62% FY2022: $56MFY2023: $495MFY2024: $76MFY2025: −$381MFY2026: −$618M
Operating cash flow$727M$626M$615M$493M$538M 9.2% FY2022: $727MFY2023: $626MFY2024: $615MFY2025: $493MFY2026: $538M
Capex$174M$223M$245M$215M$190M 12% FY2022: $174MFY2023: $223MFY2024: $245MFY2025: $215MFY2026: $190M
Stock-based comp$196M$136M$89M$50M$46M 7.4% FY2022: $196MFY2023: $136MFY2024: $89MFY2025: $50MFY2026: $46M

13D filers

FiledFilerFormStakeIntent
Sep 3, 2025JAB Beauty B.V.SCHEDULE 13D/A54.5%Passive
Oct 10, 2023JAB Beauty B.V.SC 13D/A53.0%Passive
Jun 20, 2023JAB Beauty B.V.SC 13D/A53.2%Passive
Feb 10, 2023Cottage Holdco B.V.SC 13D/A53.2%Passive
Nov 8, 2021KKR Rainbow Aggregator L.P.SC 13D/A2.4%Passive
Oct 29, 2021Cottage Holdco B.V.SC 13D/A55.6%Passive
Oct 1, 2021KKR Rainbow Aggregator L.P.SC 13D/A5.2%Passive
Sep 10, 2021KKR Rainbow Aggregator L.P.SC 13D/A10.9%Passive
Aug 27, 2021KKR Rainbow Aggregator L.P.SC 13D/A16.3%Passive
Nov 16, 2020Cottage Holdco B.V.SC 13D/A60.2%Passive

Insider trading

+$214Knet buying by insiders, open market, last 12 months
Bought $214K · 2 tradesSold $0 · 0 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026——2377
FY2025——104109
FY2024——79124
FY2023——93162
FY2022——63137