The wide gap between trailing and forward P/E suggests the market is pricing in a normalization of earnings after the acquisition-related trough in 2025Q4. The EV/EBITDA multiple of 6.37x is substantially lower than Sealed Air's 14.33x and Sonoco's 8.08x, which may indicate the market is discounting Amcor's growth prospects or assigning a higher risk to its integration. However, the forward EV/EBITDA of 11.39x is closer to peers, implying that the market expects EBITDA to recover as synergies materialize. Investors should monitor whether the forward estimates are achievable given the persistent margin pressure.

The 2026Q4 gross margin of 25.2% is an outlier, likely due to favorable resin spreads or one-time items, while the 2025Q4 operating margin of 1.7% was a trough from acquisition charges. Excluding these anomalies, operating margin appears to hover near 8-9%, which is consistent with the company's historical range. The stability in the underlying margin suggests that Amcor's pricing power and cost pass-through mechanisms are functioning, but the volatility in reported figures complicates period-over-period comparisons. Investors should focus on normalized margins, adjusting for acquisition and commodity timing effects.

The doubling of total assets to $37.6B without a commensurate increase in operating income has diluted ROIC. The 2026Q4 ROIC of 2.8% is still below the pre-acquisition level of 2.7% in 2024Q4, indicating that the acquired assets are not yet generating returns comparable to the legacy business. The improvement from the 2025Q4 trough suggests integration is progressing, but the pace is slow. If management's synergy targets are met, ROIC should recover, but the current trajectory warrants close monitoring. The high goodwill balance ($12.0B) implies that any underperformance could lead to impairment, further pressuring returns.

DSO rose from 49 to 51 days and DIO from 67 to 64 days, while DPO fell from 78 to 57 days, indicating that Amcor is collecting receivables slower and paying suppliers faster. This deterioration in the cash conversion cycle is a red flag, as it ties up cash and may signal integration challenges in harmonizing processes across the combined entity. The 2026Q4 data is incomplete, but the trend through 2026Q3 is clear. If the company cannot reverse this trend, it will continue to pressure free cash flow, especially given the already volatile cash conversion.

The acquisition was largely debt-funded, lifting total debt to $16.7B, but the D/E ratio of 1.43 is lower than peers like Sealed Air (3.31) and Silgan (2.03), suggesting Amcor retains balance sheet flexibility. Interest coverage of 3.03x in 2026Q3 is adequate but down from 4.74x in 2024Q4, reflecting higher debt and interest expense. The 2026Q4 D/E of 0.00 is inconsistent with the prior quarter and likely a reporting error; investors should rely on the 2026Q3 figures. The company's ability to service debt appears comfortable, but the elevated leverage increases sensitivity to rising rates and margin compression.

The current ratio of 1.44 is above 1.0, but the quick ratio of 0.95 reveals that a significant portion of current assets is tied up in inventory, which may be harder to liquidate in a downturn. The 2026Q4 current ratio of 56.17 is clearly an anomaly and should be disregarded. With cash of $1.6B and total debt of $16.7B, the company's liquidity position is adequate but not robust. Under a severe stress scenario, such as a sharp drop in demand or a spike in input costs, the company could face cash flow pressure, especially given the volatile working capital trends.

Despite a similar business model, Amcor trades at a significant discount to Sealed Air on EV/EBITDA, which could be due to its larger size, lower growth, or the market's skepticism about the acquisition. On a P/E basis, Amcor's trailing 19.56x is higher than peers, but the forward P/E of 11.69x is lower, suggesting the market expects earnings to catch up. The discount may also reflect Amcor's lower ROIC (2.8% vs. SEE's 11.2%) and net margin (6.1% vs. SEE's 9.4%). If Amcor can successfully integrate and improve margins, the discount could narrow, but until then, the market is likely to remain cautious.