TakeoverPE & activists

ESIElement Solutions Inc

Miscellaneous Chemical Products · $9.8B market cap · 5,200 employees

2.0×

More likely than average to be taken private

Top 6% 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
  • 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
    152% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    35% of cash flow
    Buybacks + dividends over cash flow
  • Low revenue per employeeNo
    $491K · 56th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    0.9 per 10K words · 31st pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.1× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $9.8B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    5 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

Deal filings

FiledFormAcquirerPricePremium
Jul 6, 20268-KSolstice Advanced Materials Inc.——

Key numbers

Revenue
$2.6BFY2021: $2.4BFY2022: $2.5BFY2023: $2.3BFY2024: $2.5BFY2025: $2.6B
3.8% YoY
Operating margin
13.4%FY2021: 12.5%FY2022: 12.8%FY2023: 7.4%FY2024: 14.0%FY2025: 13.4%
4.2% YoY
EBITDA
$493MFY2021: $464MFY2022: $487MFY2023: $340MFY2024: $502MFY2025: $493M
1.6% YoY
Net debt / EBITDA
1.1×
$521M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.4B$2.5B$2.3B$2.5B$2.6B 3.8% FY2021: $2.4BFY2022: $2.5BFY2023: $2.3BFY2024: $2.5BFY2025: $2.6B
Operating income$300M$325M$174M$344M$342M 0.5% FY2021: $300MFY2022: $325MFY2023: $174MFY2024: $344MFY2025: $342M
Net income—$187M$118M$244M$191M 22% FY2022: $187MFY2023: $118MFY2024: $244MFY2025: $191M
Operating cash flow$326M$296M$334M$362M$290M 20% FY2021: $326MFY2022: $296MFY2023: $334MFY2024: $362MFY2025: $290M
Capex$46M$48M$53M$68M$62M 9.1% FY2021: $46MFY2022: $48MFY2023: $53MFY2024: $68MFY2025: $62M
Stock-based comp$40M$18M$9M$15M$59M 299% FY2021: $40MFY2022: $18MFY2023: $9MFY2024: $15MFY2025: $59M
Buybacks$20M$151M$0$0$25MFY2021: $20MFY2022: $151MFY2023: $0FY2024: $0FY2025: $25M
Dividends$62M$78M$77M$78M$78M 0.5% FY2021: $62MFY2022: $78MFY2023: $77MFY2024: $78MFY2025: $78M

13D filers

FiledFilerFormStakeIntent
Mar 23, 2026FRANKLIN MARTIN ESCHEDULE 13D/A4.6%Passive
Jul 1, 2020FRANKLIN MARTIN ESC 13D/A5.6%Passive
Feb 28, 2020FRANKLIN MARTIN ESC 13D/A11.3%Passive
Nov 8, 2019FRANKLIN MARTIN ESC 13D/A12.4%Passive
Feb 5, 2019Pershing Square Capital Management, L.P.SC 13D/A0.0%Passive

Insider trading

−$26Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $26M · 7 trades

Pay vs performance

No pay-versus-performance disclosure yet.