Adam on for Arun Viswanalan's questions to RPM International Inc (RPM) leadership • Q3 2025
Question
Adam, on for Arun Viswanalan at RBC Capital Markets, asked about RPM's appetite for larger M&A transactions and whether the recent inventory reduction actions would be contained to the current quarter.
Answer
Chairman and CEO Frank Sullivan stated that RPM has an appetite for deals of any size but has maintained valuation discipline, noting that multiples are now declining. He expects more M&A activity in the next three years. He also explained that inventory efficiency is a sustainable result of the MAP program, not a one-time action, which enabled strong Q3 operating cash flow.