Revenue growth reached 10.8% in 2026Q1, yet operating margins remain constrained between 10.9% and 15.2% over the last ten quarters, indicating limited operating leverage.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.87B | 3.78B | 3.58B | 3.49B | 3.32B | 3.23B | 2.93B | 2.86B | 2.76B | 2.47B | 2.33B | 2.32B | 2.6B | 2.52B | 2.33B | 2.34B | 2.08B | 1.84B | 2.07B | 1.89B | 1.6B | 1.38B | 1.3B | 1.11B | 926.69M | 891.99M | 883.48M | 834.3M | 713.5M | 655.4M | 615.8M |
| Revenue Growth % | 8.95% | 5.42% | 2.74% | 4.97% | 2.94% | 10.17% | 2.43% | 3.44% | 11.97% | 5.94% | 0.59% | -10.8% | 3.09% | 8.11% | -0.26% | 12.54% | 12.77% | -11.11% | 9.49% | 18.16% | 16.04% | 6.43% | 16.32% | 20.29% | 3.89% | 0.96% | 5.89% | 16.93% | 8.86% | 6.43% | 10.46% |
| Cost of Goods Sold | 2.04B | 2.66B | 2.23B | 2.22B | 2.16B | 2.07B | 1.84B | 1.82B | 1.81B | 1.6B | 1.5B | 1.5B | 1.76B | 1.71B | 1.59B | 1.57B | 1.38B | 1.23B | 1.41B | 1.28B | 1.09B | 927.59M | 866.87M | 732.04M | 593.72M | 562.81M | 553.64M | 519.7M | 444.6M | 418.1M | 399.7M |
| COGS % of Revenue | - | 70.42% | 62.17% | 63.77% | 64.97% | 64.16% | 62.91% | 63.59% | 65.57% | 64.97% | 64.27% | 64.85% | 67.57% | 67.81% | 68.23% | 67.1% | 66.39% | 66.55% | 68.12% | 67.85% | 67.83% | 67.22% | 66.86% | 65.67% | 64.07% | 63.1% | 62.67% | 62.29% | 62.31% | 63.79% | 64.91% |
| Gross Profit | 846.6M | 1.12B | 1.36B | 1.26B | 1.16B | 1.16B | 1.09B | 1.04B | 951.8M | 865.1M | 832.86M | 814.5M | 842.54M | 811.08M | 740.67M | 768.9M | 697.93M | 615.95M | 660.41M | 608.39M | 515.12M | 452.42M | 429.74M | 382.65M | 332.97M | 329.17M | 329.84M | 314.6M | 268.9M | 237.3M | 216.1M |
| Gross Margin % | 21.86% | 29.58% | 37.83% | 36.23% | 35.03% | 35.84% | 37.09% | 36.41% | 34.43% | 35.03% | 35.73% | 35.15% | 32.43% | 32.19% | 31.77% | 32.9% | 33.61% | 33.45% | 31.88% | 32.15% | 32.17% | 32.78% | 33.14% | 34.33% | 35.93% | 36.9% | 37.33% | 37.71% | 37.69% | 36.21% | 35.09% |
| Gross Profit Growth % | - | -17.57% | 7.29% | 8.55% | 0.62% | 6.46% | 4.34% | 9.41% | 10.02% | 3.87% | 2.25% | -3.33% | 3.88% | 9.51% | -3.67% | 10.17% | 13.31% | -6.73% | 8.55% | 18.11% | 13.86% | 5.28% | 12.31% | 14.92% | 1.15% | -0.2% | 4.84% | 17% | 13.32% | 9.81% | 8.54% |
| Operating Expenses | 618.45M | 605.04M | 859.01M | 859.38M | 784.57M | 809.34M | 747.02M | 649.17M | 601.7M | 541.38M | 522.36M | 490.35M | 536.13M | 514.7M | 478.66M | 481.87M | 429.82M | 417.56M | 431.99M | 397.66M | 353.51M | 302.63M | 288.86M | 257.45M | 225.9M | 227.3M | 215.95M | 206.2M | 173.7M | 158.3M | 152.2M |
| OpEx % of Revenue | - | 16.02% | 23.98% | 24.64% | 23.62% | 25.08% | 25.5% | 22.7% | 21.76% | 21.92% | 22.41% | 21.16% | 20.64% | 20.42% | 20.53% | 20.62% | 20.7% | 22.67% | 20.85% | 21.02% | 22.08% | 21.93% | 22.28% | 23.1% | 24.38% | 25.48% | 24.44% | 24.72% | 24.34% | 24.15% | 24.72% |
| Selling, General & Admin | 450.85M | 499.94M | 582.23M | 565.78M | 544.26M | 551.24M | 500.23M | 454.62M | 429.95M | 388.28M | 367.56M | 351.46M | 383.91M | 364.75M | 341.63M | 347.63M | 296.86M | 276.99M | 300.85M | 274.2M | 238.91M | 203.39M | 194.37M | 171.6M | 148.35M | 146.14M | 145M | 137.5M | 119.3M | 108.4M | 104.3M |
| SG&A % of Revenue | - | 13.24% | 16.25% | 16.22% | 16.38% | 17.08% | 17.08% | 15.9% | 15.55% | 15.72% | 15.77% | 15.17% | 14.78% | 14.47% | 14.66% | 14.87% | 14.29% | 15.04% | 14.52% | 14.49% | 14.92% | 14.74% | 14.99% | 15.39% | 16.01% | 16.38% | 16.41% | 16.48% | 16.72% | 16.54% | 16.94% |
| Research & Development | 167.6M | 105.1M | 0 | 0 | 0 | 99.8M | 92.5M | 82.8M | 75.3M | 68.2M | 66.2M | 67.1M | 76.2M | 71.8M | 65.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.78% | - | - | - | 3.09% | 3.16% | 2.9% | 2.72% | 2.76% | 2.84% | 2.9% | 2.93% | 2.85% | 2.81% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 276.79M | 293.6M | 240.3M | 158.29M | 154.29M | 111.75M | 5.55M | 8.66M | 2.78M | 163K | -1.97M | -2.03M | -1.13M | 134.24M | 132.96M | 133.01M | 131.15M | 123.47M | 114.61M | 99.24M | 94.49M | 85.85M | 77.55M | 81.17M | 70.95M | 68.7M | 54.4M | 49.9M | 47.9M |
| Operating Income | 503.25M | 512.34M | 496.5M | 404.02M | 379.27M | 347.35M | 339.5M | 371.69M | 286.27M | 321.52M | 310.5M | 324.14M | 306.42M | 284.57M | 258.91M | 287.02M | 268.11M | 205.94M | 228.42M | 210.73M | 161.6M | 149.79M | 140.88M | 125.2M | 107.07M | 101.87M | 113.89M | 108.4M | 95.2M | 79M | 63.9M |
| Operating Margin % | 12.99% | 13.56% | 13.86% | 11.58% | 11.42% | 10.76% | 11.59% | 13% | 10.35% | 13.02% | 13.32% | 13.99% | 11.8% | 11.29% | 11.11% | 12.28% | 12.91% | 11.18% | 11.03% | 11.14% | 10.09% | 10.85% | 10.87% | 11.23% | 11.55% | 11.42% | 12.89% | 12.99% | 13.34% | 12.05% | 10.38% |
| Operating Income Growth % | - | 3.19% | 22.89% | 6.52% | 9.19% | 2.31% | -8.66% | 29.84% | -10.96% | 3.55% | -4.21% | 5.79% | 7.68% | 9.91% | -9.79% | 7.06% | 30.18% | -9.84% | 8.39% | 30.4% | 7.88% | 6.32% | 12.53% | 16.93% | 5.11% | -10.56% | 5.06% | 13.87% | 20.51% | 23.63% | 7.58% |
| EBITDA | 800.69M | 799.7M | 760.28M | 652.61M | 612.98M | 582.2M | 559.8M | 566.25M | 458.02M | 474.61M | 465.3M | 463.04M | 458.63M | 434.53M | 395.94M | 421.27M | 401.07M | 338.96M | 359.56M | 334.2M | 276.21M | 249.03M | 235.38M | 211.05M | 179.21M | 175.45M | 184.84M | 177.1M | 149.6M | 128.9M | 111.8M |
| EBITDA Margin % | 20.67% | 21.17% | 21.22% | 18.71% | 18.45% | 18.04% | 19.11% | 19.8% | 16.57% | 19.22% | 19.96% | 19.98% | 17.65% | 17.24% | 16.99% | 18.02% | 19.31% | 18.41% | 17.36% | 17.66% | 17.25% | 18.05% | 18.15% | 18.93% | 19.34% | 19.67% | 20.92% | 21.23% | 20.97% | 19.67% | 18.16% |
| EBITDA Growth % | 4.67% | 5.18% | 16.5% | 6.47% | 5.29% | 4% | -1.14% | 23.63% | -3.5% | 2% | 0.49% | 0.96% | 5.55% | 9.75% | -6.01% | 5.04% | 18.32% | -5.73% | 7.59% | 20.99% | 10.91% | 5.8% | 11.53% | 17.76% | 2.14% | -5.08% | 4.37% | 18.38% | 16.06% | 15.3% | 8.65% |
| D&A (Non-Cash Add-back) | 297.44M | 287.36M | 263.78M | 248.59M | 233.71M | 234.85M | 220.3M | 194.55M | 171.75M | 153.09M | 154.8M | 138.89M | 152.22M | 149.96M | 137.02M | 134.24M | 132.96M | 133.01M | 131.15M | 123.47M | 114.61M | 99.24M | 94.49M | 85.85M | 72.14M | 73.58M | 70.95M | 68.7M | 54.4M | 49.9M | 47.9M |
| EBIT | 395.75M | 512.34M | 513.66M | 415.24M | 375.53M | 351.94M | 334.4M | 377.56M | 298.65M | 335.42M | 315.73M | 329.19M | 307.33M | 284.9M | 260.32M | 292.24M | 268.76M | 200.54M | 245.41M | 219.49M | 161.6M | 149.79M | 140.88M | 123.95M | 107.07M | 101.87M | 113.89M | 108.44M | 95.2M | 79M | 63.9M |
| Net Interest Income | -32.52M | -41.06M | -31.8M | -36.05M | -38.13M | -26.62M | -32.29M | -31.32M | -25.57M | -35.13M | -32.59M | -29.02M | -16.23M | -17.28M | -15.95M | -11.58M | -11.12M | -13.15M | -5.57M | -10.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 12.5M | 11.68M | 12.1M | 4.37M | 2.7M | 3.67M | 958K | 4.17M | 7.06M | 5.47M | 2.64M | 5.6M | 4.8M | 3.23M | 3M | 5.72M | 3.25M | 3.33M | 13.12M | 8.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.44M | 52.74M | 43.9M | 40.42M | 40.83M | 30.28M | 33.24M | 35.49M | 32.63M | 40.6M | 35.24M | 34.62M | 21.03M | 20.51M | 18.95M | 17.3M | 14.37M | 16.48M | 18.69M | 19.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -24.11M | -20.96M | -26.73M | -29.19M | -44.57M | -25.69M | -38.34M | -29.62M | -20.25M | -28.66M | -35.6M | -29.57M | -20.11M | -34.72M | -17.54M | -12.08M | -13.72M | -21.89M | -7.45M | -10.74M | -13.3M | -7.84M | -3.71M | -6.68M | -8.71M | -13.51M | -15.97M | -16.64M | 4M | -400K | -3.8M |
| Pretax Income | 479.13M | 491.38M | 469.76M | 374.82M | 334.7M | 321.65M | 301.15M | 342.07M | 266.02M | 294.82M | 280.5M | 294.57M | 286.3M | 264.38M | 241.37M | 274.94M | 254.38M | 184.06M | 220.97M | 200M | 148.31M | 141.95M | 137.18M | 117.27M | 98.36M | 88.36M | 97.92M | 91.8M | 99.2M | 78.6M | 60.1M |
| Pretax Margin % | 12.37% | 13.01% | 13.11% | 10.75% | 10.07% | 9.97% | 10.28% | 11.96% | 9.62% | 11.94% | 12.03% | 12.71% | 11.02% | 10.49% | 10.35% | 11.76% | 12.25% | 9.99% | 10.67% | 10.57% | 9.26% | 10.29% | 10.58% | 10.52% | 10.61% | 9.91% | 11.08% | 11% | 13.9% | 11.99% | 9.76% |
| Income Tax | 92.53M | 98.88M | 95.59M | 90.65M | 95.15M | 78.02M | 87.06M | 99.84M | 71.25M | 74.8M | 74.89M | 95.28M | 94.68M | 92.46M | 78.95M | 91.31M | 80.8M | 59.46M | 67.47M | 60.49M | 45.41M | 41.92M | 43.89M | 37.59M | 31.71M | 29.45M | 33.26M | 33.1M | 38.4M | 32.1M | 22.6M |
| Effective Tax Rate % | 19.31% | 20.12% | 20.35% | 24.18% | 28.43% | 24.25% | 28.91% | 29.19% | 26.79% | 25.37% | 26.7% | 32.34% | 33.07% | 34.97% | 32.71% | 33.21% | 31.76% | 32.31% | 30.54% | 30.24% | 30.62% | 29.53% | 32% | 32.06% | 32.24% | 33.33% | 33.96% | 36.06% | 38.71% | 40.84% | 37.6% |
| Net Income | 386.67M | 392.79M | 374.54M | 284.49M | 239.29M | 244.1M | 214.04M | 242.2M | 194.75M | 220.03M | 205.59M | 199.35M | 191.66M | 171.99M | 162.61M | 183.68M | 173.48M | 124.62M | 153.5M | 141.74M | 102.9M | 100.03M | 93.29M | 79.68M | 66.65M | 58.84M | 64.67M | 58.7M | 60.8M | 46.5M | 37.5M |
| Net Margin % | 9.98% | 10.4% | 10.45% | 8.16% | 7.2% | 7.56% | 7.31% | 8.47% | 7.04% | 8.91% | 8.82% | 8.6% | 7.38% | 6.83% | 6.98% | 7.86% | 8.35% | 6.77% | 7.41% | 7.49% | 6.43% | 7.25% | 7.19% | 7.15% | 7.19% | 6.6% | 7.32% | 7.04% | 8.52% | 7.09% | 6.09% |
| Net Income Growth % | 4.44% | 4.87% | 31.65% | 18.89% | -1.97% | 14.04% | -11.63% | 24.37% | -11.49% | 7.02% | 3.13% | 4.01% | 11.43% | 5.77% | -11.47% | 5.88% | 39.2% | -18.81% | 8.29% | 37.75% | 2.86% | 7.23% | 17.08% | 19.55% | 13.26% | -9% | 10.16% | -3.45% | 30.75% | 24% | 5.04% |
| Net Income (Continuing) | 386.51M | 392.5M | 374.18M | 284.18M | 239.56M | 243.64M | 214.09M | 242.23M | 194.77M | 220.03M | 205.6M | 199.29M | 191.62M | 171.93M | 162.42M | 183.63M | 173.59M | 124.6M | 153.5M | 139.51M | 102.9M | 100.03M | 93.29M | 79.68M | 66.65M | 58.91M | 64.67M | 58.7M | 60.8M | 46.5M | 37.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 26.69M | 44.13M | 14.04M | 14.47M | 14.27M | 15.19M | 396K | 336K | 315K | 310K | 292K | 295K | 509K | 551K | 608K | 796K | 851K | 791K | 768K | 553K | 563K | 4.7M | 7.23M | 6.46M | 5.23M | 5.1M | 5.05M | 4.1M | 4.2M | 4.6M | 4.4M |
| EPS (Diluted) | 5.96 | 5.88 | 5.53 | 4.25 | 3.59 | 3.60 | 3.21 | 3.66 | 3.00 | 3.41 | 3.17 | 3.09 | 2.85 | 2.52 | 2.38 | 2.65 | 2.48 | 1.79 | 2.18 | 1.98 | 1.44 | 1.39 | 1.25 | 1.08 | 0.91 | 0.81 | 0.89 | 0.80 | 0.83 | 0.64 | 0.52 |
| EPS Growth % | 6.57% | 6.33% | 30.12% | 18.38% | -0.28% | 12.15% | -12.3% | 22% | -12.02% | 7.57% | 2.59% | 8.42% | 13.1% | 5.88% | -10.19% | 6.85% | 38.55% | -17.89% | 10.1% | 37.5% | 3.6% | 11.2% | 15.74% | 18.68% | 12.35% | -8.99% | 11.25% | -3.61% | 29.69% | 23.08% | 4% |
| EPS (Basic) | - | 5.97 | 5.65 | 4.34 | 3.66 | 3.72 | 3.32 | 3.81 | 3.12 | 3.52 | 3.27 | 3.19 | 2.95 | 2.60 | 2.45 | 2.76 | 2.58 | 1.84 | 2.26 | 2.06 | 1.48 | 1.42 | 1.29 | 1.11 | 0.93 | 0.82 | 0.90 | 0.81 | 0.85 | 0.65 | 0.52 |
| Diluted Shares Outstanding | 64.83M | 66.72M | 67.69M | 66.91M | 66.72M | 67.68M | 66.66M | 66.15M | 64.96M | 64.6M | 64.85M | 64.49M | 67.29M | 68.21M | 68.39M | 69.27M | 69.81M | 69.78M | 70.52M | 71.52M | 71.7M | 72.23M | 74.33M | 73.78M | 73.24M | 73.1M | 72.66M | 73.84M | 73.7M | 72.94M | 71.77M |
| Basic Shares Outstanding | 64.05M | 65.74M | 66.33M | 65.62M | 65.4M | 65.66M | 64.42M | 63.57M | 62.44M | 62.44M | 62.8M | 62.59M | 65.01M | 66.09M | 66.39M | 66.55M | 67.34M | 67.64M | 67.85M | 68.77M | 69.76M | 70.45M | 72.32M | 72.11M | 71.66M | 71.76M | 71.85M | 72.47M | 71.95M | 71.81M | 71.77M |
| Dividend Payout Ratio | - | 30.75% | 30.45% | 36.45% | 41.57% | 40.36% | 43.29% | 37.24% | 42.28% | 36.33% | 37.29% | 35.74% | 37.08% | 38.45% | 35.94% | 29.02% | 25.64% | 32.58% | 24.8% | 24.3% | 28.45% | 24.62% | 17.08% | 11.78% | 12.93% | 13.38% | 11.09% | 11.07% | 9.54% | 11.61% | 13.33% |
European energy cost volatility
According to quarterly financial disclosures, AptarGroup achieved a 10.8% revenue growth rate in 2026Q1, signaling a recovery from the 3.1% contraction observed in 2025Q1, largely supported by the recurring nature of its high-value pharmaceutical dispensing components and resilient demand in core medical end-markets.
The recent acceleration in top-line performance suggests that the company is successfully navigating destocking headwinds that previously hampered growth. Investors should monitor whether this momentum is driven by volume expansion in biologics or if it remains sensitive to the cyclical recovery of the Beauty + Home segment.
As reported in recent income statements, the company's gross margin has fluctuated significantly, dropping from a peak of 38.8% in 2024Q4 to 27.2% by 2025Q4, reflecting the ongoing challenges of managing raw material resin costs and shifting product mix toward lower-margin consumer segments.
The volatility in gross margins suggests that AptarGroup faces a persistent lag in passing through commodity price increases to its customer base. This margin sensitivity warrants further investigation into whether the company can maintain its premium pricing power as it integrates more digital health solutions into its portfolio.
Based on the provided income statement data, operating margins have remained constrained within the 10.9% to 15.2% range over the last ten quarters, indicating that operating expenses are scaling in tandem with gross profit rather than providing the expected leverage benefits of a high-moat business.
The lack of significant operating margin expansion suggests that the company is heavily reinvesting in R&D and SG&A to support its digital health initiatives. This strategy may be necessary for long-term growth, but it currently limits the immediate bottom-line impact of revenue gains.
Analysis of recent filings reveals that stock-based compensation remains a recurring expense, reaching $16.8M in 2026Q1, which continues to exert downward pressure on net income and complicates the assessment of true operational profitability relative to the company's reported earnings per share.
The presence of consistent stock-based compensation suggests that management is utilizing equity-based incentives to retain talent, which may dilute shareholder value over time. Investors should scrutinize whether these non-cash charges are masking the underlying cash-generating capability of the core dispensing business.
While the Pharma segment provides a defensive moat, the company's exposure to lower-margin consumer packaging, as evidenced by the 27.2% gross margin in 2025Q4, supports the bearish argument that AptarGroup is overvalued relative to pure-play medical device manufacturers due to its diversified, lower-margin business units.
Short-sellers may focus on the potential for margin compression if the Beauty + Home segment faces prolonged weakness or if resin costs spike unexpectedly. The market's tendency to value the company as a packaging firm rather than a med-tech entity suggests a persistent valuation risk if growth in the Pharma segment decelerates.
Quick answers to the most common questions about buying ATR stock.
For fiscal year 2025, AptarGroup, Inc. (ATR) reported total revenue of $3.78B. This represents a 513.4% increase compared to $615.8M in 1996.
AptarGroup, Inc. (ATR) is profitable, generating $392.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
AptarGroup, Inc. (ATR) reported an operating income of $512.3M, resulting in an operating profit margin of 13.6%. This margin reflects the operational efficiency of the business before interest and taxes.
AptarGroup, Inc. (ATR) generated $1.12B in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.