Filing Flows › Eastman Kodak (KODK) › Takeover & LBO
Is Eastman Kodak (KODK) a takeover target?
A leveraged buyout at today's price plus 30% ($11.97 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 5.4% of companies with its figures were bought within a year (1.08× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $11.97 | today's $9.21 plus 30% |
| × shares | 102.8 million | |
| = Equity value | $1.2B | |
| + Debt refinanced | $209M | |
| − Cash | $317M | |
| = Enterprise value | $1.1B | 18.7× EBITDA of $60.0M |
| Fees | $22.5M | 2% of the price |
| New debt | $330M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $815M | 71% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.2B | $64.8M | $25.2M | $5.8M | $324M |
| Year 2 | $1.3B | $69.2M | $24.8M | $9.4M | $315M |
| Year 3 | $1.4B | $73.0M | $24.1M | $13.0M | $302M |
| Year 4 | $1.4B | $76.1M | $23.1M | $16.8M | $285M |
| Year 5 | $1.5B | $78.4M | $21.8M | $20.6M | $264M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 14.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.1B | |
| − Debt left | $264M | |
| = Buyer's equity | $831M | |
| Money multiple | 1.02× | on $815M put in |
| Buyer's yearly return (IRR) | 0.4% |
Price against return
What the buyer makes at other premiums over today's $9.21.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $10.13 | 6.0% |
| 20% | $11.05 | 3.0% |
| 30% | $11.97 | 0.4% |
| 40% | $12.89 | −1.8% |
| 50% | $13.82 | −3.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.1B | |
| EBITDA, last 12 months | $60.0M | 5.3% of revenue |
| Depreciation and amortization | $28.0M | |
| Capital spending | $21.0M | |
| Debt | $209M | |
| Cash | $317M | |
| Share price | $9.21 | on Oct 23, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 21% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Eastman Kodak would cost about $12.89 a share, $1.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $10.56 | $1.1B |
| Median | 40% | $12.89 | $1.3B |
| High end (a quarter paid more) | 60.2% | $14.75 | $1.5B |
The odds, from history
Historically 5.4% of companies with its figures were bought within a year (1.08× the average). Its figures put it in decile 7 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Eastman Kodak's latest quarter
Eastman Kodak, Q3 2026: revenue $276M (+3% year over year), operating margin 5.4%, net earnings $21.0M, operating cash flow $25.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is Eastman Kodak being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Eastman Kodak?
A leveraged buyout at today's price plus 30% ($11.97 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Eastman Kodak cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Eastman Kodak would cost about $12.89 a share, $1.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.