TakeoverPE & activists

ROGROGERS CORP

Plastic Materials, Synth Resins & Nonvulcan Elastomers · $2.4B market cap · 3,000 employees

1.4×

More likely than average to be taken private

Top 10% 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
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    52% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    21% of assets
    Over 40% of assets
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $270K · 41st pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.3 per 10K words · 42nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Recurring revenueNo
    4 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
  • Net insider sellingNo
    −$2M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 16, 2021DEFM14ADuPont de Nemours, Inc.$277.00—
Dec 1, 2021PREM14ADuPont de Nemours, Inc.$277.0050%

Key numbers

Revenue
$811MFY2021: $933MFY2022: $971MFY2023: $908MFY2024: $830MFY2025: $811M
2.3% YoY
Operating margin
-5.6%FY2021: 12.6%FY2022: 14.9%FY2023: 9.4%FY2024: 3.0%FY2025: -5.6%
285% YoY
EBITDA
$9MFY2021: $161MFY2022: $190MFY2023: $136MFY2024: $74MFY2025: $9M
87% YoY
Net debt / EBITDA
-12.2×
−$113M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$933M$971M$908M$830M$811M 2.3% FY2021: $933MFY2022: $971MFY2023: $908MFY2024: $830MFY2025: $811M
Operating income$117M$144M$85M$25M−$45M 281% FY2021: $117MFY2022: $144MFY2023: $85MFY2024: $25MFY2025: −$45M
Net income$108M$117M$57M$26M−$62M 337% FY2021: $108MFY2022: $117MFY2023: $57MFY2024: $26MFY2025: −$62M
Operating cash flow$124M$130M$131M$127M$101M 20% FY2021: $124MFY2022: $130MFY2023: $131MFY2024: $127MFY2025: $101M
Capex$71M$117M$57M$56M$30M 46% FY2021: $71MFY2022: $117MFY2023: $57MFY2024: $56MFY2025: $30M
Stock-based comp$17M$12M$14M$15M$11M 28% FY2021: $17MFY2022: $12MFY2023: $14MFY2024: $15MFY2025: $11M
Buybacks$0$25M$0$20M$52M 165% FY2021: $0FY2022: $25MFY2023: $0FY2024: $20MFY2025: $52M

13D filers

FiledFilerFormStakeIntent
Jan 23, 2026Starboard Value LPSCHEDULE 13D/A9.7%Passive
Oct 31, 2025Starboard Value LPSCHEDULE 13D/A6.7%Passive
Aug 6, 2025Starboard Value LPSCHEDULE 13D1.8%Passive
Jun 6, 2023Starboard Value LPSC 13D/A4.6%Passive
Feb 27, 2023Starboard Value LPSC 13D/A6.5%Passive
Feb 6, 2023Starboard Value LPSC 13D—Passive

Insider trading

−$2Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $2M · 9 trades

Pay vs performance

No pay-versus-performance disclosure yet.