Graphic Packaging Holding Company (GPK) 10-Year Financial Performance & Capital Metrics

GPK • • Industrial / General

Consumer CyclicalPackagingPaper & Fiber PackagingPaperboard Packaging

AboutGraphic Packaging Holding Company, together with its subsidiaries, provides fiber-based packaging solutions to food, beverage, foodservice, and other consumer products companies. It operates through three segments: Paperboard Mills, Americas Paperboard Packaging, and Europe Paperboard Packaging. The company offers coated unbleached kraft (CUK), coated recycled paperboard (CRB), and solid bleached sulfate paperboard (SBS) to various paperboard packaging converters and brokers; and paperboard packaging products, such as folding cartons, cups, lids, and food containers primarily to consumer packaged goods, quick-service restaurants, and foodservice companies; and barrier packaging products that protect against moisture, hot and cold temperature, grease, oil, oxygen, sunlight, insects, and other potential product-damaging factors. It also offers various laminated, coated, and printed packaging structures that are produced from its CUK, CRB, and SBS, as well as other grades of paperboards that are purchased from third-party suppliers; designs and manufactures specialized packaging machines that package bottles and cans, and non-beverage consumer products; and installs its packaging machines at customer plants and provides support, service, and performance monitoring of the machines. The company markets its products primarily through sales offices and broker arrangements with third parties in the Americas, Europe, and the Asia Pacific. Graphic Packaging Holding Company was incorporated in 2007 and is headquartered in Atlanta, Georgia.Show more

Revenue $8.81B -6.6%
EBITDA $1.71B -12.4%
Net Income $658M -9.0%
EPS (Diluted) 2.16 -7.7%
Gross Margin 22.66% -2.6%
EBITDA Margin 19.42% -6.3%
Operating Margin 13.09% -7.5%
Net Margin 7.47% -2.6%
ROE 22.71% -22.5%
ROIC 10.45% -17.8%
Debt/Equity 1.81 -10.4%
Interest Coverage 5.01 -10.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.0%
✓Strong 5Y profit CAGR of 26.0%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.58%

5Y7.41%

3Y7.16%

TTM-3.93%

Profit (Net Income) CAGR

10Y22.05%

5Y26.05%

3Y47.75%

TTM-28.63%

EPS CAGR

10Y23.11%

5Y25.28%

3Y47%

TTM-27.35%

ROCE

10Y Avg11.27%

5Y Avg11.82%

3Y Avg13.67%

Latest12.94%

Peer Comparison

Paperboard Packaging

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
GPKGraphic Packaging Holding Company	4.56B	15.44	7.15	-6.59%	5.94%	15.55%	1.81
DSSDSS, Inc.	9.55M	1.05	-0.16	-26.36%	-212.07%	-164.64%	1.96
MGIHMillennium Group International Holdings Limited	16.88M	1.50	-1.92	-15.5%	-18.32%	-47.21%	0.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.16B	4.3B	4.4B	6.03B	6.16B	6.56B	7.16B	9.44B	9.43B	8.81B
Revenue Growth %	-0.02%	0.03%	0.02%	0.37%	0.02%	0.06%	0.09%	0.32%	-0%	-0.07%
Cost of Goods Sold+	3.36B	3.49B	3.69B	5.08B	5.06B	5.43B	6.08B	7.62B	7.23B	6.81B
COGS % of Revenue	0.81%	0.81%	0.84%	0.84%	0.82%	0.83%	0.85%	0.81%	0.77%	0.77%
Gross Profit+	802.5M	804.3M	718.2M	952M	1.1B	1.13B	1.08B	1.82B	2.19B	2B
Gross Margin %	0.19%	0.19%	0.16%	0.16%	0.18%	0.17%	0.15%	0.19%	0.23%	0.23%
Gross Profit Growth %	0.02%	0%	-0.11%	0.33%	0.15%	0.03%	-0.05%	0.69%	0.2%	-0.09%
Operating Expenses+	347.7M	355.7M	342.7M	482.6M	525.1M	503.7M	526M	787M	860M	843M
OpEx % of Revenue	0.08%	0.08%	0.08%	0.08%	0.09%	0.08%	0.07%	0.08%	0.09%	0.1%
Selling, General & Admin	333.9M	340.8M	328.3M	463.4M	502.6M	502.4M	518M	760M	805M	757M
SG&A % of Revenue	0.08%	0.08%	0.07%	0.08%	0.08%	0.08%	0.07%	0.08%	0.09%	0.09%
Research & Development	13.8M	14.9M	14.4M	8.7M	9.2M	10.2M	10M	14M	16M	17M
R&D % of Revenue	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Other Operating Expenses	0	0	0	13.4M	13.3M	-8.9M	-2M	13M	39M	69M
Operating Income+	454.8M	448.6M	375.5M	469.4M	570.4M	628.8M	551M	1.04B	1.33B	1.15B
Operating Margin %	0.11%	0.1%	0.09%	0.08%	0.09%	0.1%	0.08%	0.11%	0.14%	0.13%
Operating Income Growth %	0.08%	-0.01%	-0.16%	0.25%	0.22%	0.1%	-0.12%	0.88%	0.29%	-0.14%
EBITDA+	735.3M	747.9M	705.8M	900M	1.02B	1.1B	1.04B	1.59B	1.95B	1.71B
EBITDA Margin %	0.18%	0.17%	0.16%	0.15%	0.17%	0.17%	0.15%	0.17%	0.21%	0.19%
EBITDA Growth %	0.07%	0.02%	-0.06%	0.28%	0.13%	0.09%	-0.06%	0.53%	0.23%	-0.12%
D&A (Non-Cash Add-back)	280.5M	299.3M	330.3M	430.6M	447.2M	475.8M	489M	553M	619M	557M
EBIT	423.9M	394M	343.3M	472.1M	493.2M	366.3M	406M	913M	1.17B	1.12B
Net Interest Income+	-67.8M	-76.6M	-89.7M	-123.7M	-141M	-129M	-123M	-197M	-239M	-230M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	67.8M	76.6M	89.7M	123.7M	141M	129M	123M	197M	239M	230M
Other Income/Expense	-94.3M	-127.4M	-120.8M	-120.7M	-216M	-383.9M	-261M	-322M	-401M	-266M
Pretax Income+	360.5M	321.2M	254.7M	348.7M	354.4M	244.9M	290M	716M	933M	887M
Pretax Margin %	0.09%	0.07%	0.06%	0.06%	0.06%	0.04%	0.04%	0.08%	0.1%	0.1%
Income Tax+	130.4M	93.2M	-45.5M	54.7M	76.3M	41.6M	74M	194M	210M	229M
Effective Tax Rate %	0.64%	0.71%	1.18%	0.63%	0.58%	0.68%	0.7%	0.73%	0.77%	0.74%
Net Income+	230.1M	228M	300.2M	221.1M	206.8M	167.3M	204M	522M	723M	658M
Net Margin %	0.06%	0.05%	0.07%	0.04%	0.03%	0.03%	0.03%	0.06%	0.08%	0.07%
Net Income Growth %	1.57%	-0.01%	0.32%	-0.26%	-0.06%	-0.19%	0.22%	1.56%	0.39%	-0.09%
Net Income (Continuing)	230.1M	228M	300.2M	294M	278.1M	203.3M	216M	522M	723M	658M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	714.8M	792.1M	416M	2M	1M	1M	1M
EPS (Diluted)+	0.70	0.71	0.96	0.71	0.70	0.60	0.68	1.69	2.34	2.16
EPS Growth %	1.59%	0.01%	0.35%	-0.26%	-0.01%	-0.14%	0.13%	1.49%	0.38%	-0.08%
EPS (Basic)	0.70	0.71	0.97	0.71	0.70	0.60	0.69	1.69	2.35	2.16
Diluted Shares Outstanding	330.7M	321.5M	311.9M	310.1M	294.8M	279.6M	297.9M	309.5M	309.1M	305.1M
Basic Shares Outstanding	329.5M	320.9M	311.1M	309.5M	294.1M	278.8M	297.1M	308.8M	308.2M	304M
Dividend Payout Ratio	0.21%	0.28%	0.31%	0.5%	0.54%	0.61%	0.45%	0.18%	0.17%	0.19%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.07B	1.11B	1.17B	1.7B	1.81B	2.02B	2.5B	2.71B	2.85B	2.78B
Cash & Short-Term Investments	54.9M	59.1M	67.4M	70.5M	152.9M	179M	172M	150M	162M	157M
Cash Only	54.9M	59.1M	67.4M	70.5M	152.9M	179M	172M	150M	162M	157M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	423.9M	426.8M	422.8M	510.3M	451.2M	597M	785M	804M	716M	759M
Days Sales Outstanding	37.19	36.24	35.04	30.89	26.73	33.22	40.04	31.09	27.72	31.46
Inventory	557.1M	582.9M	634M	1.01B	1.1B	1.13B	1.39B	1.61B	1.75B	1.75B
Days Inventory Outstanding	60.56	60.9	62.79	72.92	78.98	75.86	83.28	76.98	88.5	94
Other Current Assets	30.9M	46.1M	45.7M	106M	105.6M	116M	158M	146M	213M	114M
Total Non-Current Assets+	3.19B	3.49B	3.69B	5.26B	5.48B	5.79B	7.96B	7.62B	8.33B	8.36B
Property, Plant & Equipment	1.59B	1.75B	1.87B	3.24B	3.46B	3.77B	4.93B	4.82B	5.22B	5.26B
Fixed Asset Turnover	2.62x	2.45x	2.36x	1.86x	1.78x	1.74x	1.45x	1.96x	1.81x	1.67x
Goodwill	1.17B	1.26B	1.32B	1.43B	1.48B	1.48B	2.02B	1.98B	2.1B	1.99B
Intangible Assets	386.7M	445.3M	436.5M	523.8M	477.3M	437M	868M	717M	820M	667M
Long-Term Investments	-3.6M	-3.2M	-6.8M	-8.2M	0	0	0	0	0	0
Other Non-Current Assets	48.4M	31M	66.4M	71.3M	72.5M	102M	137M	102M	187M	442M
Total Assets+	4.26B	4.6B	4.86B	6.96B	7.29B	7.8B	10.46B	10.33B	11.18B	11.14B
Asset Turnover	0.98x	0.93x	0.91x	0.87x	0.85x	0.84x	0.68x	0.91x	0.84x	0.79x
Asset Growth %	-0.02%	0.08%	0.06%	0.43%	0.05%	0.07%	0.34%	-0.01%	0.08%	-0%
Total Current Liabilities+	732.2M	779.8M	851.4M	1.11B	1.2B	1.86B	2.05B	1.93B	2.59B	1.9B
Accounts Payable	457.9M	466.5M	516.5M	711.6M	716.1M	825M	1.13B	1.12B	1.09B	1.12B
Days Payables Outstanding	49.78	48.74	51.15	51.15	51.61	55.48	67.55	53.83	55.2	59.81
Short-Term Debt	36.6M	63.4M	61.3M	52M	45.8M	498M	272M	42M	757M	32M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	1000K
Other Current Liabilities	218.2M	238.5M	262M	328.3M	83.9M	101M	109M	135M	140M	635M
Current Ratio	1.46x	1.43x	1.37x	1.54x	1.51x	1.09x	1.22x	1.40x	1.10x	1.46x
Quick Ratio	0.70x	0.68x	0.63x	0.62x	0.59x	0.48x	0.54x	0.57x	0.42x	0.54x
Cash Conversion Cycle	47.97	48.4	46.68	52.66	54.11	53.59	55.77	54.24	61.02	65.65
Total Non-Current Liabilities+	2.42B	2.77B	2.72B	3.57B	3.73B	4.11B	6.51B	6.25B	5.8B	6.23B
Long-Term Debt	1.84B	2.09B	2.21B	2.91B	2.68B	3.01B	5.38B	5.04B	4.46B	5.01B
Capital Lease Obligations	0	0	0	0	281.1M	291M	332M	343M	343M	347M
Deferred Tax Liabilities	266.7M	408M	321.8M	469.1M	0	0	0	0	0	613M
Other Non-Current Liabilities	310.5M	263.9M	178.1M	188.9M	767.5M	805M	807M	861M	1.01B	261M
Total Liabilities	3.15B	3.55B	3.57B	4.67B	4.93B	5.96B	8.56B	8.18B	8.39B	8.13B
Total Debt+	1.88B	2.15B	2.27B	2.96B	3.07B	3.87B	6.06B	5.5B	5.62B	5.46B
Net Debt	1.82B	2.09B	2.21B	2.89B	2.91B	3.69B	5.89B	5.35B	5.46B	5.3B
Debt / Equity	1.70x	2.04x	1.76x	1.29x	1.30x	2.10x	3.20x	2.56x	2.02x	1.81x
Debt / EBITDA	2.55x	2.88x	3.22x	3.29x	3.01x	3.50x	5.83x	3.46x	2.88x	3.19x
Net Debt / EBITDA	2.48x	2.80x	3.13x	3.21x	2.86x	3.34x	5.66x	3.36x	2.80x	3.10x
Interest Coverage	6.71x	5.86x	4.19x	3.79x	4.05x	4.87x	4.48x	5.27x	5.58x	5.01x
Total Equity+	1.1B	1.06B	1.29B	2.29B	2.36B	1.84B	1.89B	2.15B	2.78B	3.01B
Equity Growth %	0.09%	-0.04%	0.22%	0.77%	0.03%	-0.22%	0.03%	0.14%	0.29%	0.08%
Book Value per Share	3.33	3.29	4.14	7.38	8.01	6.58	6.35	6.95	9.00	9.88
Total Shareholders' Equity	1.1B	1.06B	1.29B	1.57B	1.57B	1.42B	1.89B	2.15B	2.78B	3.01B
Common Stock	3.2M	3.1M	3.1M	3M	2.9M	3M	3M	3M	3M	3M
Retained Earnings	-326.8M	-268M	-56M	10M	56.4M	-48M	66M	469M	1.03B	1.41B
Treasury Stock	-	-	-	-	0	0	0	0	0	0
Accumulated OCI	-345.7M	-387.6M	-338.8M	-377.9M	-365.8M	-246M	-224M	-377M	-313M	-455M
Minority Interest	0	0	0	714.8M	792.1M	416M	2M	1M	1M	1M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	589.2M	641.4M	516.2M	-373.8M	666M	825M	609M	1.09B	1.14B	840M
Operating CF Margin %	0.14%	0.15%	0.12%	-0.06%	0.11%	0.13%	0.09%	0.12%	0.12%	0.1%
Operating CF Growth %	0.12%	0.09%	-0.2%	-1.72%	2.78%	0.24%	-0.26%	0.79%	0.05%	-0.27%
Net Income	230.1M	228M	300.2M	294M	278M	203M	216M	522M	723M	658M
Depreciation & Amortization	280.5M	299.3M	330.3M	430.6M	447M	476M	489M	553M	619M	557M
Stock-Based Compensation	0	0	0	0	0	0	0	0	44M	0
Deferred Taxes	110M	76.7M	-54M	26M	53M	-1M	55M	131M	22M	-119M
Other Non-Cash Items	-12.4M	-1.1M	-123.7M	-3.6M	62M	166M	78M	102M	44M	13M
Working Capital Changes	-19M	-528.9M	-645.3M	-1.12B	-174M	-19M	-229M	-218M	-308M	-269M
Change in Receivables	-1.5M	-541.9M	-658.8M	-1.16B	-108M	-216M	-106M	-184M	-39M	-152M
Change in Inventory	-19.7M	10.5M	-6.5M	-82M	-73M	35M	-80M	-268M	-117M	-124M
Change in Payables	12.7M	4.3M	27M	76.2M	-9M	71M	77M	132M	-140M	-25M
Cash from Investing+	-399.8M	-632.5M	-440.6M	689.1M	-225M	-648M	-2.39B	-435M	-1.02B	-342M
Capital Expenditures	-244.1M	-294.6M	-260.1M	-395.2M	-22M	-646M	-802M	-549M	-804M	-1.2B
CapEx % of Revenue	0.06%	0.07%	0.06%	0.07%	0%	0.1%	0.11%	0.06%	0.09%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	7.5M	-5.2M	8.9M	1.17B	-148M	119M	114M	114M	140M	150M
Cash from Financing+	-210.9M	-3.1M	-69.8M	-310.7M	-361M	-152M	1.78B	-666M	-106M	-489M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-49.3M	-64.4M	-93.4M	-111M	-113M	-103M	-92M	-92M	-123M	-122M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-22.8M	-13M	-1.4M	-17.6M	-15M	-513M	-274M	2M	-16M	3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	345.1M	346.8M	256.1M	-769M	313M	179M	-193M	541M	340M	-363M
FCF Margin %	0.08%	0.08%	0.06%	-0.13%	0.05%	0.03%	-0.03%	0.06%	0.04%	-0.04%
FCF Growth %	0.06%	0%	-0.26%	-4%	1.41%	-0.43%	-2.08%	3.8%	-0.37%	-2.07%
FCF per Share	1.04	1.08	0.82	-2.48	1.06	0.64	-0.65	1.75	1.10	-1.19
FCF Conversion (FCF/Net Income)	2.56x	2.81x	1.72x	-1.69x	3.22x	4.93x	2.99x	2.09x	1.58x	1.28x
Interest Paid	-	-	-	-	126.8M	120M	116M	0	221M	0
Taxes Paid	-	-	-	-	25.8M	0	25M	0	157M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.77%	21.13%	25.57%	12.35%	8.9%	7.96%	10.93%	25.82%	29.32%	22.71%
Return on Invested Capital (ROIC)	11.71%	11.08%	8.47%	8.12%	8.19%	8.73%	6.21%	10.19%	12.71%	10.45%
Gross Margin	19.29%	18.71%	16.31%	15.79%	17.78%	17.26%	15.05%	19.33%	23.27%	22.66%
Net Margin	5.53%	5.3%	6.82%	3.67%	3.36%	2.55%	2.85%	5.53%	7.67%	7.47%
Debt / Equity	1.70x	2.04x	1.76x	1.29x	1.30x	2.10x	3.20x	2.56x	2.02x	1.81x
Interest Coverage	6.71x	5.86x	4.19x	3.79x	4.05x	4.87x	4.48x	5.27x	5.58x	5.01x
FCF Conversion	2.56x	2.81x	1.72x	-1.69x	3.22x	4.93x	2.99x	2.09x	1.58x	1.28x
Revenue Growth	-1.89%	3.31%	2.46%	36.92%	2.17%	6.49%	9.09%	31.92%	-0.13%	-6.59%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Paperboard Mills	480.5M	394.7M	399.7M	1.08B	1.09B	988.1M	1.01B	1.29B	-	-
Paperboard Mills Growth	-	-17.86%	1.27%	169.33%	1.70%	-9.75%	1.91%	28.10%	-	-
Corporate, Reconciling Items, And Eliminations	-	16.6M	167.3M	157.1M	-	-	-	-	-	-
Corporate, Reconciling Items, And Eliminations Growth	-	-	907.83%	-6.10%	-	-	-	-	-	-
Flexible Packaging	-	-	-	-	-	-	-	-	-	-
Flexible Packaging Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	3.49B	3.6B	3.64B	5.17B	5.33B	5.2B	5.54B	6.74B	6.65B	6.19B
North America Growth	-	3.12%	1.16%	41.92%	3.06%	-2.41%	6.60%	21.61%	-1.41%	-6.91%
International	-	-	-	-	-	-	-	-	-	2.62B
International Growth	-	-	-	-	-	-	-	-	-	-
Europe	603.9M	569.9M	593.1M	695.5M	689.3M	1.36B	1.61B	2.7B	2.78B	-
Europe Growth	-	-5.63%	4.07%	17.27%	-0.89%	97.30%	18.60%	67.33%	3.08%	-
Asia Pacific	117.4M	198.1M	215.7M	217.8M	219.3M	-	-	-	-	-
Asia Pacific Growth	-	68.74%	8.88%	0.97%	0.69%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Graphic Packaging Holding Company (GPK) has a price-to-earnings (P/E) ratio of 7.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Graphic Packaging Holding Company (GPK) reported $8.61B in revenue for fiscal year 2024. This represents a 105% increase from $4.21B in 2011.

Graphic Packaging Holding Company (GPK) saw revenue decline by 6.6% over the past year.

Yes, Graphic Packaging Holding Company (GPK) is profitable, generating $511.0M in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Yes, Graphic Packaging Holding Company (GPK) pays a dividend with a yield of 2.59%. This makes it attractive for income-focused investors.

Graphic Packaging Holding Company (GPK) has a return on equity (ROE) of 22.7%. This is excellent, indicating efficient use of shareholder capital.

Graphic Packaging Holding Company (GPK) had negative free cash flow of $309.0M in fiscal year 2024, likely due to heavy capital investments.

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