OGNOrganon & Co.
Pharmaceutical Preparations · $3.6B market cap · 4,000 employees
1.0×
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 →
- TSR below peersYes5 of 5 years3+ of last 5 years
- Buyout-sizedYes$3.6B market capMarket cap $500M–$5B
13 other checks
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo374% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo13% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo31% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
- Low revenue per employeeNo$2M · 87th pctBottom quartile of its SIC industry
- Quiet on AINo2.3 per 10K words · 60th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Recurring revenueNo4 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$655K netNet sales over $10M in 12 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jun 17, 2026 | DEFM14A | Sun Pharmaceutical Holdings USA, Inc. (subsidiary of Sun Pharmaceutical Industries) | $14.00 | — |
| Jun 1, 2026 | PREM14A | Sun Pharmaceutical Holdings USA, Inc. | $14.00 | — |
| Apr 27, 2026 | 8-K | Sun Pharmaceutical Industries (via Sun Pharmaceutical Holdings USA) | — | — |
Key numbers
- Revenue
- $6.2B
- 2.9% YoY
- Operating margin
- —
- EBITDA
- —
- Net debt / EBITDA
- —
- $7.1B net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.3B | $6.2B | $6.3B | $6.4B | $6.2B | 2.9% |
| Net income | $1.4B | $917M | $1.0B | $864M | $187M | 78% |
| Operating cash flow | $2.2B | $858M | $799M | $939M | $700M | 25% |
| Capex | $192M | $196M | $251M | $175M | $162M | 7.4% |
| Stock-based comp | $59M | $75M | $101M | $105M | $77M | 27% |
| Dividends | $145M | $290M | $294M | $297M | $88M | 70% |
13D filers
None on file.
Insider trading
+$655Knet buying by insiders, open market, last 12 months
Bought $855K · 2 tradesSold $200K · 1 trade
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 2368 | 15636 |
| FY2024 | — | — | 4805 | 12975 |
| FY2023 | — | — | 4371 | 12639 |
| FY2022 | — | — | 7965 | 12052 |
| FY2021 | — | — | 8372 | 11488 |