Boardman LLC
How we got $80.9M
Based on its 85 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Unlikely to sell soon
- Headcount down 20% since 2023 (retirement plan filings)
From public records and the company's website, not a statement that it's for sale.
Estimated value over time
▲ 46% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 44% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 85 | $146.8M |
| 2020 | Form 5500 | 54 | $93.3M |
| 2021 | Form 5500 | 52 | $89.8M |
| 2022 | Form 5500 | 53 | $91.6M |
| 2023 | Form 5500 | 60 | $103.7M |
| 2024 | Form 5500 | 53 | $91.6M |
| 2025 | Form 5500 | 48 | $82.9M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| BOARDMAN LLC this business | $141.7M | — |
| MAX C. EPPS LLC Oklahoma City · 1 employees | $1.8M | 4.3 mi |
| FIVE STAR STEEL, INC. Oklahoma City · 19 employees | $22.9M | 5.1 mi |
| METALTECH, INC. Oklahoma City · 6 employees | $6.7M | 6.3 mi |
| CLASSIC IRON WORKS Yukon · 13 employees | $15.4M | 11.5 mi |
| ASSURANCE MANUFACTURING LLC Edmond · 2 employees | $3.5M | 19.3 mi |
| SHERRELL STEEL LLC Ada · 13 employees | $15.0M | 64.9 mi |
The full calculation
| Employees reported to the SBA | 85 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $126.9M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $121.7M |
| Estimate: the two combined (geometric mean) | $141.7M |
| EBITDA margin (industry, adjusted for size) | 7% |
| EBITDA = revenue × margin | $10.2M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $80.9M |
| Multiple for this size and industry | 7.9× |
| Value range | $42.6M – $110.7M |
| Revenue range | $93.2M – $161.5M |
| EBITDA range | $6.7M – $11.7M |
| Industry (NAICS) | Iron and Steel Mills and Ferroalloy Manufacturing (331111) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
Advisors
- BankingArvest BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Arvest Bank PPP 2020, PPP 2021 | All 5,114 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/7/2020 | first | $1.4M | 85 |
| 1/28/2021 | second | $1.1M | 75 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Boardman LLC
Boardman LLC is an iron and steel mills and ferroalloy manufacturing company in Oklahoma City, Oklahoma. It is owned by Jim Hagemann (Co-owner). Its estimated annual revenue is about $141.7M, with roughly $10.2M of EBITDA. It has about 48 employees. Its estimated business value is $80.9M (likely range $42.6M–$110.7M).
Common questions
- Who owns Boardman LLC?
- Boardman LLC is owned by Jim Hagemann (Co-owner), according to public sources such as the company's website or filings.
- How much revenue does Boardman LLC make?
- SeeBITDA estimates Boardman LLC's annual revenue at about $141.7M (likely between $93.2M and $161.5M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Boardman LLC worth?
- About $80.9M, roughly 7.9× its estimated EBITDA of $10.2M, typical for a iron and steel mills and ferroalloy manufacturing company its size. Likely range: $42.6M–$110.7M.
- How many employees does Boardman LLC have?
- About 48, from its 2025 retirement-plan filing.