TakeoverPE & activists

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.

13 other checks
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    374% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    13% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    31% of assets
    Over 40% of assets
  • Shareholder dissentNo
    95% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $2M · 87th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    2.3 per 10K words · 60th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    4 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
    $655K net
    Net sales over $10M in 12 months

Deal filings

Key numbers

Revenue
$6.2BFY2021: $6.3BFY2022: $6.2BFY2023: $6.3BFY2024: $6.4BFY2025: $6.2B
2.9% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—
$7.1B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$6.3B$6.2B$6.3B$6.4B$6.2B 2.9% FY2021: $6.3BFY2022: $6.2BFY2023: $6.3BFY2024: $6.4BFY2025: $6.2B
Net income$1.4B$917M$1.0B$864M$187M 78% FY2021: $1.4BFY2022: $917MFY2023: $1.0BFY2024: $864MFY2025: $187M
Operating cash flow$2.2B$858M$799M$939M$700M 25% FY2021: $2.2BFY2022: $858MFY2023: $799MFY2024: $939MFY2025: $700M
Capex$192M$196M$251M$175M$162M 7.4% FY2021: $192MFY2022: $196MFY2023: $251MFY2024: $175MFY2025: $162M
Stock-based comp$59M$75M$101M$105M$77M 27% FY2021: $59MFY2022: $75MFY2023: $101MFY2024: $105MFY2025: $77M
Dividends$145M$290M$294M$297M$88M 70% FY2021: $145MFY2022: $290MFY2023: $294MFY2024: $297MFY2025: $88M

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

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——236815636
FY2024——480512975
FY2023——437112639
FY2022——796512052
FY2021——837211488