TakeoverPE & activists

LCIILCI INDUSTRIES

Motor Vehicle Parts & Accessories · $2.4B market cap · 12,300 employees

0.8×

Less likely than average to be taken private

Top 23% 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
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    176% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    73% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    19% of assets
    Over 40% of assets
  • Shareholder dissentNo
    98% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $335K · 39th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.2 per 10K words · 38th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.6× 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
    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
Oct 19, 2026DEFM14APatrick Industries, Inc.$84.6430.4%
Jun 30, 20268-KPatrick Industries, Inc.——

Key numbers

Revenue
$4.1BFY2021: $4.5BFY2022: $5.2BFY2023: $3.8BFY2024: $3.7BFY2025: $4.1B
10% YoY
Operating margin
6.8%FY2021: 8.9%FY2022: 10.6%FY2023: 3.3%FY2024: 5.8%FY2025: 6.8%
16% YoY
EBITDA
$401MFY2021: $511MFY2022: $682MFY2023: $255MFY2024: $344MFY2025: $401M
17% YoY
Net debt / EBITDA
1.6×
$636M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$4.5B$5.2B$3.8B$3.7B$4.1B 10% FY2021: $4.5BFY2022: $5.2BFY2023: $3.8BFY2024: $3.7BFY2025: $4.1B
Operating income$398M$553M$123M$218M$280M 28% FY2021: $398MFY2022: $553MFY2023: $123MFY2024: $218MFY2025: $280M
Net income$288M$395M$64M$143M$188M 32% FY2021: $288MFY2022: $395MFY2023: $64MFY2024: $143MFY2025: $188M
Operating cash flow−$112M$603M$527M$370M$331M 11% FY2021: −$112MFY2022: $603MFY2023: $527MFY2024: $370MFY2025: $331M
Capex$99M$131M$62M$42M$53M 24% FY2021: $99MFY2022: $131MFY2023: $62MFY2024: $42MFY2025: $53M
Stock-based comp$27M$24M$18M$19M$23M 22% FY2021: $27MFY2022: $24MFY2023: $18MFY2024: $19MFY2025: $23M
Buybacks$0$24M$0$0$129MFY2021: $0FY2022: $24MFY2023: $0FY2024: $0FY2025: $129M
Dividends$87M$103M$106M$109M$114M 4.2% FY2021: $87MFY2022: $103MFY2023: $106MFY2024: $109MFY2025: $114M

13D filers

None on file.

Insider trading

−$13Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $13M · 6 trades

Pay vs performance

No pay-versus-performance disclosure yet.