TakeoverPE & activists

SOCSable Offshore Corp.

Crude Petroleum & Natural Gas · $425M market cap · 200 employees

0.5×

Less likely than average to be taken private

Top 34% 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
    —
    Over 10% of revenue
  • Payouts exceed cash flowNo
    -65% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    84% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $425M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    2 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

Deal filings

FiledFormAcquirerPricePremium
Jan 31, 2024DEFM14A—$10.00100%
Nov 10, 2022PREM14A—$10.0030%

Key numbers

Revenue
$0FY2023: $0FY2025: $0
Operating margin
—
EBITDA
−$408MFY2021: −$2MFY2022: −$6MFY2023: −$94MFY2025: −$408M
332% YoY
Net debt / EBITDA
—
$947M net debt

Financials

MetricFY2021FY2022FY2023FY2025YoYTrend
Revenue——$0$0FY2023: $0FY2025: $0
Operating income−$2M−$6M−$94M−$408M 332% FY2021: −$2MFY2022: −$6MFY2023: −$94MFY2025: −$408M
Net income$4M−$3M−$94M−$410M 338% FY2021: $4MFY2022: −$3MFY2023: −$94MFY2025: −$410M
Operating cash flow−$2M−$2M−$70M−$352M 402% FY2021: −$2MFY2022: −$2MFY2023: −$70MFY2025: −$352M
Capex——$0$418MFY2023: $0FY2025: $418M
Stock-based comp——$0$43MFY2023: $0FY2025: $43M
Buybacks—$0$230M—FY2022: $0FY2023: $230M

13D filers

FiledFilerFormStakeIntent
Oct 11, 2024Sarofim Christopher BinyonSC 13D/A12.2%Active
Oct 7, 2024FLORES JAMES CSC 13D/A20.5%Passive
Feb 22, 2024Sarofim Christopher BinyonSC 13D11.4%Active
Feb 22, 2024FLORES JAMES CSC 13D25.5%Passive

Insider trading

−$19Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $19M · 11 trades

Pay vs performance

No pay-versus-performance disclosure yet.