Spinoff Reports

26 active separations tracked. One completion: Resideo's ADI Global (ADIG) distributed August 3. Two thesis reversals dominate the month. Honeywell Aerospace (HONA) broke — a Q2 miss and guidance cut on August 6 — and is downgraded A (4.05) to B+ (3.20) on six years of segment history rather than on the cut itself; STRONG BUY to BUY. Solstice (SOLS) and Element Solutions mutually terminated their $14.5B merger on August 27 with no break fee either way, restoring the standalone security and taking the stock up 12.8% in a session; first grade A- (3.63), HOLD. FedEx Freight cut A- (3.80) to B+ (3.15) and BUY to HOLD on the FY2026 10-K; Qnity trimmed to A- (3.58) and HOLD despite beating consensus by 83%. Corteva/Vylor stays the highest-graded upcoming name at A- (3.80) with the leverage question answered benignly, and separates October 1. MSG Sports filed the Rangers Form 10 on August 14 for an end-October target. New this month: Solventum's Health Information Systems, announced August 5. Ralliant and Sandisk join Part 3 coverage.

25 active separations tracked. Two completions this cycle: Mobility Global (MBGL, A) spun July 1 — regraded from A+ on a corrected margin figure — and Midera Food Processing (MFP, B+) spun July 7, up 31.0% in its first three weeks. Most imminent: Resideo's ADI Global (ADIG) distributes August 3, downgraded B+ to B after its Form 10 disclosed 6.6% margins, a $261M net loss and ≈$1.0B of separation debt. Corteva/Vylor (A-) is now the highest-graded upcoming name. KBR/Trinzic upgraded to B+ on a firm January 4 date; KDP Global Coffee cut to B on its CEO departure; L3Harris Missile Solutions postponed to mid-2027. New: HF Sinclair Lubricants & Specialties. A month of violent dispersion in the completed cohort: TRAX +118.9%, SOLS -32.1%, Q -19.7%.

About 20 active separations tracked. Marquee completion: Honeywell Aerospace (HONA, A) spun June 29 into the S&P 500. Also completed: FedEx Freight (FDXF, A-) and New Enviri (NVRI, B). Most imminent: Mobility Global (July 1, A+ top pick) and Midera/Middleby (July 7). Biggest new announcement: Comcast to spin off NBCUniversal (June 29). Teleflex spin canceled; Kraft Heinz paused; KDP Global Coffee slipped to 2027. Completed cohort: SOLS +77%, Q +55%, STRZ +158% vs Day 1; VSNT the lone decliner (-16.5%).

~24 active separations tracked. Most imminent: FedEx Freight & New Enviri (June 1), Mobility Global (July 1), Midera/Middleby (July 6). Top picks: Mobility Global (A+, 60% EBITDA margins), Honeywell Aerospace (A, $17.4B). Newly completed: TRAX, Octave, ChronoScale. Standout: VGNT +58% from Day 1 (bottomed in 6 days). ABB Robotics removed (SoftBank sale); WBD/Discovery Global shelved.

26 upcoming spinoffs analyzed over the next 12 months. Most imminent: First Tracks Bio (April 20), Octave Intelligence (May 28). Top picks: Mobility Global (A+, 60% EBITDA margins), Honeywell Aerospace (A, $17.4B revenue), FedEx Freight (A, 15% margin target). Best performer: SOLS +60%.

24 upcoming spinoffs analyzed over the next 12 months. Most imminent: Versigent/Aptiv (April 1). Top picks: Mobility Global (60% EBITDA margins), MiniMed (10%+ growth), Honeywell Aerospace ($37B backlog).