TakeoverPE & activists

SKYChampion Homes, Inc.

Mobile Homes · $4.6B market cap · 9,300 employees

0.7×

Less likely than average to be taken private

Top 25% 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
    0 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    147% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    66% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    17% of assets
    Over 40% of assets
  • Shareholder dissentNo
    97% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $286K per employee
    Bottom quartile of its SIC industry
  • Quiet on AINo
    0.8 per 10K words · 31st pct
    Bottom quartile of AI mentions in 10-Ks
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    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
    −$3M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Apr 25, 2018DEFM14A—$24.4195%
Feb 27, 2018PREM14A—$21.0250%

Key numbers

Revenue
$2.7BFY2022: $2.2BFY2023: $2.6BFY2024: $2.0BFY2025: $2.5BFY2026: $2.7B
7.3% YoY
Operating margin
9.5%FY2022: 15.1%FY2023: 19.9%FY2024: 8.7%FY2025: 9.5%FY2026: 9.5%
1.0% YoY
EBITDA
$300MFY2022: $354MFY2023: $545MFY2024: $210MFY2025: $279MFY2026: $300M
7.4% YoY
Net debt / EBITDA
-2.5×
−$761M net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$2.2B$2.6B$2.0B$2.5B$2.7B 7.3% FY2022: $2.2BFY2023: $2.6BFY2024: $2.0BFY2025: $2.5BFY2026: $2.7B
Operating income$333M$518M$175M$237M$252M 6.2% FY2022: $333MFY2023: $518MFY2024: $175MFY2025: $237MFY2026: $252M
Net income$248M$402M$147M$198M$207M 4.3% FY2022: $248MFY2023: $402MFY2024: $147MFY2025: $198MFY2026: $207M
Operating cash flow$224M$416M$223M$241M$304M 26% FY2022: $224MFY2023: $416MFY2024: $223MFY2025: $241MFY2026: $304M
Capex$32M$52M$53M$51M$34M 32% FY2022: $32MFY2023: $52MFY2024: $53MFY2025: $51MFY2026: $34M
Stock-based comp$10M$14M$20M$18M$21M 14% FY2022: $10MFY2023: $14MFY2024: $20MFY2025: $18MFY2026: $21M
Buybacks—$0$0$80M$200M 150% FY2023: $0FY2024: $0FY2025: $80MFY2026: $200M

13D filers

FiledFilerFormStakeIntent
Sep 6, 2024MAK CAPITAL ONE LLCSC 13D/A4.8%Passive
Jun 14, 2019MAK CAPITAL ONE LLCSC 13D/A6.1%Passive
Mar 6, 2019MAK CAPITAL ONE LLCSC 13D/A7.1%Passive
Mar 5, 2019BAIN CAPITAL CREDIT MEMBER, LLCSC 13D/A5.1%Passive
Mar 5, 2019CENTERBRIDGE CAPITAL PARTNERS L PSC 13D/A5.0%Passive

Insider trading

−$3Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $3M · 10 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026——153125
FY2025——198129
FY2024——179158
FY2023——159106
FY2022——11783