TakeoverPE & activists

LUMNLumen Technologies, Inc.

Telephone Communications (no Radiotelephone) · $5.0B market cap · 24,000 employees

0.9×

About as likely as average to be taken private

Top 19% 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
  • 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
    0% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Shareholder dissentNo
    95% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $472K · 42nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.4 per 10K words · 73rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    5.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $5.0B market cap
    Market cap $500M–$5B
  • 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
  • Net insider sellingNo
    $758K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Feb 13, 2018SC 13E3/ASTATE STREET CORP——

Key numbers

Revenue
$11.3BFY2021: $17.8BFY2022: $16.1BFY2023: $13.5BFY2024: $12.1BFY2025: $11.3B
6.6% YoY
Operating margin
-7.2%FY2021: 24.1%FY2022: 0.6%FY2023: -70.9%FY2024: 3.8%FY2025: -7.2%
289% YoY
EBITDA
$1.9BFY2021: $8.3BFY2022: $3.3BFY2023: −$6.6BFY2024: $3.4BFY2025: $1.9B
43% YoY
Net debt / EBITDA
5.8×
$11.3B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$17.8B$16.1B$13.5B$12.1B$11.3B 6.6% FY2021: $17.8BFY2022: $16.1BFY2023: $13.5BFY2024: $12.1BFY2025: $11.3B
Operating income$4.3B$95M−$9.6B$460M−$812M 277% FY2021: $4.3BFY2022: $95MFY2023: −$9.6BFY2024: $460MFY2025: −$812M
Net income$2.0B−$1.5B−$10.3B−$55M−$1.7B 3062% FY2021: $2.0BFY2022: −$1.5BFY2023: −$10.3BFY2024: −$55MFY2025: −$1.7B
Operating cash flow$6.5B$4.7B$2.2B$4.3B$4.7B 9.3% FY2021: $6.5BFY2022: $4.7BFY2023: $2.2BFY2024: $4.3BFY2025: $4.7B
Capex$2.9B$3.0B$3.1B$3.2B$4.4B 35% FY2021: $2.9BFY2022: $3.0BFY2023: $3.1BFY2024: $3.2BFY2025: $4.4B
Stock-based comp$120M$98M$52M$29M$48M 66% FY2021: $120MFY2022: $98MFY2023: $52MFY2024: $29MFY2025: $48M
Buybacks$1.0B$200M$0$0—FY2021: $1.0BFY2022: $200MFY2023: $0FY2024: $0
Dividends$1.1B$780M$11M$3M$1M 67% FY2021: $1.1BFY2022: $780MFY2023: $11MFY2024: $3MFY2025: $1M

13D filers

FiledFilerFormStakeIntent
Nov 21, 2022Temasek Holdings (Private) LtdSC 13D/A4.9%Passive
Nov 14, 2022Temasek Holdings (Private) LtdSC 13D/A5.4%Passive
Oct 12, 2022SOUTHEASTERN ASSET MANAGEMENT INC/TN/SC 13D/A4.7%Passive
Jan 14, 2022Temasek Holdings (Private) LtdSC 13D/A7.1%Passive
Nov 4, 2021SOUTHEASTERN ASSET MANAGEMENT INC/TN/SC 13D/A6.4%Passive
Dec 7, 2020SOUTHEASTERN ASSET MANAGEMENT INC/TN/SC 13D/A6.0%Passive
Feb 19, 2019SOUTHEASTERN ASSET MANAGEMENT INC/TN/SC 13D6.2%Active
Jan 18, 2019Temasek Holdings (Private) LtdSC 13D/A9.9%Passive

Insider trading

+$758Knet buying by insiders, open market, last 12 months
Bought $1M · 2 tradesSold $355K · 1 trade

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——92213
FY2024——63160
FY2023——22114
FY2022——6273
FY2021——139122