Callouts & quotes from 572+ activist slides

"We believe Viator has the potential to reach OTA-like margins over the next few years"

"Numerous Signs of Aggressive Accounting and Financial Policies To Embellish Margins"

"Mall segment Adjusted EBITDA margins in 2005 were 3%, having fallen ~60% since 2003"

"GE improved industrial EBIT margins ~250 basis points since 2012 (to ~14% in 2014)"

"We believe Bristol-Myers has a potential opportunity to improve its gross margins."

"Operating margins have severely eroded despite a robust macroeconomic environment."

"Substantial majority of ES's revenue base has structurally high potential margins"

"Oatly owes investors a precise explanation of why its margins fell so materially."

"2010 margins impacted by acquisition of lower margin business during fiscal year."

"We believed APD’s EBIT margins (15.5%) could approach comparable Praxair (22.5%)"

"We believed APD’s EBIT margins (15.5%) could approach comparable Praxair (22.5%)"

"Improved labor efficiency will improve margins and enhance the guest experience"

"DuPont's EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"At scale, when growth slows, Ultimate's structural margins should be 32% - 40%"

"Between 2014 – 2018, Amgen successfully improved operating margins by 1,500bps"

"By under-reserving for bad debts, FND may be overstating revenues and margins."

"Absent these unexplained savings, segment margins declined from 16.9% to 9.1%."

"Margins have been stuck at ~21% but should be higher given $1bn+ revenue scale"

"Excluding the ethylene spreads, PTOI was flat and margins only expanded ~58bps"

"Reported financials have overstated margins due to a lack of transfer pricing"

"Over time, we believe Vertiv can reach 20% adjusted operating profit margins."

"SGH has obfuscated the margins of its segments through simple non-disclosure."

"Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps"

"Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps"

"Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps"

"Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps"

"Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps"

"Disney’s DTC EBIT margins are 2,200bps lower than Netflix at the same scale"

"Disney's DTC EBIT margins are 2,200bps lower than Netflix at the same scale"

"ADP’s Reported Employer Services Margins in its SEC Filings are Overstated"

"Many products with low revenue yields have very high contribution margins."

"Unfortunately, volumes have not stabilized and margins have also regressed"

"We believe APD’s EBIT margins (16%) can approach comparable Praxair (22%)"

"Phillips 66 has worse gross margins than VLO & MPC in almost every region"

"We believe APD’s EBIT margins (16%) can approach comparable Praxair (22%)"

"Phillips 66 has worse gross margins than VLO & MPC in almost every region"

"AMT needs to pay more money each year to drive higher EBITDA and margins."

"Profit margins expanded 370bps in 2024 driven by disciplined cost control"

"EBITDA margins have contracted 470 bps with cash SG&A margin up 320 bps."

"Under KKR’s ownership, Dollar General has dramatically improved margins"

"Direct Peers have all grown operating margins while GCP's have declined"

"RINO’s gross margins are far in excess of those of the industry leader."

"Direct Peers have all grown operating margins while GCP's have declined"

"Box may have an opportunity to significantly improve its gross margins"

"Retail margins: Margin contraction despite significant growth in scale"

"We believe BILL has best-in-class gross margins, ahead of peer median."

"Across the portfolio, International margins should be mid-20s% to 30%"

"We believe Autodesk has a significant opportunity to expand margins"

"Management’s $7.5bn 2016 EBITDA guidance implies ~57% EBITA margins"

"We believe Autodesk has a significant opportunity to expand margins"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"We believe Kronos is poised to achieve long-term margins of ~40%"

"We note how often the CFO projects gross margins of 60% or more."