TakeoverPE & activists

HUNHuntsman CORP

Chemicals & Allied Products · $1.7B market cap · 6,000 employees

0.7×

Less likely than average to be taken private

Top 27% 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
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    51% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    9% of assets
    Over 40% of assets
  • Shareholder dissentNo
    88% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $947K · 74th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    0.8 per 10K words · 30th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    10.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    3 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
    $1M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 13, 2026DEFM14AOlin Corporation$11.0630.5%
Jun 16, 20268-KOlin Corporation——

Key numbers

Revenue
$5.7BFY2021: $7.7BFY2022: $8.0BFY2023: $6.1BFY2024: $6.0BFY2025: $5.7B
5.8% YoY
Operating margin
-2.3%FY2021: 9.5%FY2022: 8.4%FY2023: 1.4%FY2024: -0.4%FY2025: -2.3%
457% YoY
EBITDA
$156MFY2021: $1.0BFY2022: $953MFY2023: $362MFY2024: $264MFY2025: $156M
41% YoY
Net debt / EBITDA
10.8×
$1.7B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$7.7B$8.0B$6.1B$6.0B$5.7B 5.8% FY2021: $7.7BFY2022: $8.0BFY2023: $6.1BFY2024: $6.0BFY2025: $5.7B
Operating income$731M$672M$84M−$25M−$131M 424% FY2021: $731MFY2022: $672MFY2023: $84MFY2024: −$25MFY2025: −$131M
Net income$1.0B$460M$101M−$189M−$284M 50% FY2021: $1.0BFY2022: $460MFY2023: $101MFY2024: −$189MFY2025: −$284M
Operating cash flow$952M$914M$209M$263M$289M 9.9% FY2021: $952MFY2022: $914MFY2023: $209MFY2024: $263MFY2025: $289M
Capex$326M$272M$230M$184M$173M 6.0% FY2021: $326MFY2022: $272MFY2023: $230MFY2024: $184MFY2025: $173M
Stock-based comp$30M$29M$28M$30M$31M 3.3% FY2021: $30MFY2022: $29MFY2023: $28MFY2024: $30MFY2025: $31M
Buybacks$200M$1.0B$349M$4M$0 100% FY2021: $200MFY2022: $1.0BFY2023: $349MFY2024: $4MFY2025: $0
Dividends$159M$171M$169M$174M$146M 16% FY2021: $159MFY2022: $171MFY2023: $169MFY2024: $174MFY2025: $146M

13D filers

FiledFilerFormStakeIntent
Feb 20, 2026Huntsman Peter RSCHEDULE 13D5.1%Passive
May 19, 2022Starboard Value LPSC 13D/A5.0%Passive
Apr 6, 2022Starboard Value LPSC 13D/A—Passive
Jan 12, 2022Starboard Value LPSC 13D/A—Passive
Sep 27, 2021Starboard Value LPSC 13D—Passive
Nov 24, 2020Huntsman FoundationSC 13D/A4.5%Passive
Dec 17, 2019Huntsman FoundationSC 13D/A5.3%Passive

Insider trading

+$1Mnet buying by insiders, open market, last 12 months
Bought $1M · 2 tradesSold $0 · 0 trades

Pay vs performance

No pay-versus-performance disclosure yet.