Callouts & quotes from 1,047+ activist slides

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"Significant data errors allowed P&G to grossly overstate both the peer median and the expansion of peer margins."

"Disney's studio business, which historically had the best margins in the industry, has turned into a "black box""

"Since the acquisition, Sole’s net revenue has declined 12.9%, and it only recently generated positive OP margin."

"This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"We anticipate margin uplift by 27% on a pro forma forward basis, resulting in estimated operating margin of 6.7%"

"Disney's studio business, which historically had the best margins in the industry, has turned into a "black box""

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"EBIT margin of ~9% versus management's medium-term target of 12% and Home Depot's current EBIT margin of ~14.5%"

"Monolithic's ability to issue such narrow sales and gross margin guidance in a cyclical industry is remarkable."

"Post-acquisition margins largely flat following inter-company eliminations (and gross margin down through FY18)"

"We calculate the lost margin arbitrage opportunity from divesting retail and midstream at ~$20 – 45MM per year."

"GE Industrial's gross margins have declined over the past few years and are ~260 bps below historical averages."

"Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"On average, Trian’s portfolio companies have averaged 550 bps of EBIT margin expansion from separation to today"

"Over the last five years, the Superstores segment has generated steady Adj. EBITDA margins between 9.6% - 10.3%"

"Because Huishan has not been self-sufficient in producing alfalfa, the reported outsize margins are fictitious."

"In K20 (announced in 2017), Kao aimed for an operating margin of 17% by 2030. Now, Kao does not set a target..."

"26% annual streaming revenue growth and ~360 bps of average annual EBIT margin expansion over last three years"

"Marathon merchandise margins significantly lag Casey's and Couche-Tard, its closest peers for in-store retail."

"We Believe FIGS Exaggerates Its Total Addressable Market (TAM), Gross Margins, And Glosses Over Growth Issues"

"ADP is not achieving its structural margin potential across multiple client verticals (likely including SMB)."

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"WWW's margin target is only 100bps lower than Deckers' despite having a gross margin that is over 800bp lower"

"GoDaddy's margins are significantly below its peer group, despite having a similar business model and scale."

"Family Dollar’s lower profitability is a result of both lower sales per square foot growth and lower margins"

"We believe more capacity in oilseed crushing and refining has a negative side-effect on animal feed margins."

"An apparent low-margin business, Inforce generated annual net income of only 5.1 million Rupees, or $71,000."

"Wall Street research estimates Ultimate’s structural margin potential to be 30% – 40% when it reaches scale"

"It does not seem that the sell-side considered the positive effect Helly Hansen had on retail gross margin."

"We believe ~35% of the Company’s revenue is tied to high volume / low-margin raw material-indexed contracts"

"Getting the right product in the store is a critical factor in driving higher sales and better gross margin"

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"Despite claims of “cost optimization” programs, Box has not been able to deliver gross margin improvements"

"Despite “driving infrastructure efficiencies”, Box’s gross margin has deteriorated by 700bps since its IPO"

"Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?"

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"Cost cutting and inventory management initiatives will help tenant margins expand despite lower 2009 sales"

"We estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively."

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"If PHA suppliers reduce prices to compete with conventional plastic, their margins will surely take a hit."

"Based on Starboard's margin improvement plan, AAP trades at less than half of ORLY's EV / EBITDA multiple"

"Predictably, the company has established a beat-and-raise narrative around its gross margin achievements."

"In our estimation, interest and the highest marginal rate could easily push the effective rate above 50%."

"An optimized workforce location strategy can drive higher margins and increase access to talent globally"

"Speedway does not capture higher fuel margin than peers from its integration with Marathon’s refineries."

"We believe recent improvements in SCC margins are unsustainable without fundamental operational changes."

"Covestro believes a 300 – 600bps margin improvement opportunity is available in its downstream business."

"Multinational is a highly differentiated and rapidly growing product scaling to 35%+ structural margins"

"We believe consensus expectations on revenue growth and Adj. EBITDA margin expansion are not realistic."

"Wall Street consensus estimates for Adjusted EBITDA margins are WELL BELOW the Company's targeted range"

"Turner's overall EBITDA margin of 36%, however, is estimated to be in the lower half of the peer group."

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"Xylem’s Valuation Is Extreme Relative To Water And Industrial Peers With Higher Margins, Less Leverage"

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."