Latest Ratios: P/E Ratio 44.9x · EV/EBITDA 8.7x · ROE 14.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $4.5B | $8.3B | $7.6B | $6.9B | $5.8B | $4.7B | $4.9B | $3.3B | $4.8B | $4.0B |
| Enterprise Value | $8.9B | $10.1B | $13.6B | $13.1B | $12.2B | $11.7B | $8.4B | $7.8B | $6.2B | $7.0B | $6.1B |
| P/E Ratio → | 44.90 | 10.18 | 12.57 | 10.53 | 13.17 | 28.68 | 28.23 | 23.79 | 14.99 | 16.09 | 17.58 |
| P/S Ratio | 0.38 | 0.52 | 0.94 | 0.81 | 0.73 | 0.81 | 0.72 | 0.80 | 0.55 | 1.09 | 0.93 |
| P/B Ratio | 1.00 | 1.34 | 2.75 | 2.74 | 3.20 | 3.07 | 2.57 | 2.08 | 1.44 | 3.73 | 3.80 |
| P/FCF | 7.98 | — | — | 22.41 | 12.73 | — | 26.46 | 15.68 | — | 18.82 | 11.57 |
| P/OCF | 3.94 | 5.32 | 9.86 | 6.66 | 6.32 | 9.54 | 5.74 | 7.37 | — | 9.34 | 6.26 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.17 | 1.54 | 1.39 | 1.30 | 1.63 | 1.28 | 1.27 | 1.03 | 1.60 | 1.42 |
| EV / EBITDA | 8.71 | 7.17 | 7.94 | 6.70 | 7.69 | 11.25 | 7.63 | 7.69 | 6.87 | 9.95 | 8.16 |
| EV / EBIT | 10.26 | 12.52 | 12.16 | 11.14 | 13.41 | 28.81 | 23.00 | 15.86 | 13.10 | 20.47 | 15.50 |
| EV / FCF | — | — | — | 38.47 | 22.62 | — | 47.07 | 24.99 | — | 27.43 | 17.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.7% | 18.7% | 22.7% | 23.3% | 19.3% | 15.1% | 17.3% | 17.8% | 15.8% | 16.3% | 18.7% |
| Operating Margin | 10.1% | 10.1% | 13.1% | 14.1% | 11.0% | 7.7% | 9.6% | 9.3% | 7.8% | 8.5% | 10.4% |
| Net Profit Margin | 5.2% | 5.2% | 7.5% | 7.7% | 5.5% | 2.9% | 2.6% | 3.4% | 3.7% | 6.8% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.0% | 14.0% | 22.7% | 29.3% | 25.8% | 10.9% | 8.0% | 8.9% | 12.4% | 25.6% | 21.1% |
| ROA | 3.9% | 3.9% | 5.9% | 6.7% | 5.0% | 2.2% | 2.2% | 2.9% | 3.7% | 6.3% | 5.1% |
| ROIC | 7.6% | 7.6% | 10.4% | 12.7% | 10.2% | 6.2% | 8.7% | 8.2% | 8.1% | 8.5% | 11.1% |
| ROCE | 9.3% | 9.3% | 12.9% | 15.7% | 12.4% | 7.7% | 10.4% | 9.5% | 9.5% | 9.6% | 12.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.76 | 1.76 | 1.81 | 2.02 | 2.56 | 3.20 | 2.10 | 1.30 | 1.29 | 1.76 | 2.04 |
| Debt / EBITDA | 4.18 | 4.18 | 3.19 | 2.88 | 3.46 | 5.83 | 3.50 | 3.01 | 3.29 | 3.22 | 2.88 |
| Net Debt / Equity | — | 1.68 | 1.76 | 1.96 | 2.49 | 3.11 | 2.00 | 1.23 | 1.26 | 1.71 | 1.98 |
| Net Debt / EBITDA | 3.99 | 3.99 | 3.10 | 2.80 | 3.36 | 5.66 | 3.34 | 2.86 | 3.21 | 3.13 | 2.80 |
| Debt / FCF | — | — | — | 16.06 | 9.89 | — | 20.61 | 9.31 | — | 8.62 | 6.03 |
| Interest Coverage | 3.63 | 3.63 | 4.86 | 4.91 | 4.63 | 3.30 | 2.84 | 3.50 | 3.82 | 3.83 | 5.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.30 | 1.30 | 1.46 | 1.10 | 1.40 | 1.22 | 1.09 | 1.51 | 1.54 | 1.37 | 1.43 |
| Quick Ratio | 0.52 | 0.52 | 0.54 | 0.42 | 0.57 | 0.54 | 0.48 | 0.59 | 0.62 | 0.63 | 0.68 |
| Cash Ratio | 0.12 | 0.12 | 0.08 | 0.06 | 0.08 | 0.08 | 0.10 | 0.13 | 0.06 | 0.08 | 0.08 |
| Asset Turnover | — | 0.73 | 0.79 | 0.84 | 0.91 | 0.68 | 0.84 | 0.85 | 0.87 | 0.91 | 0.93 |
| Inventory Turnover | 3.97 | 3.97 | 3.88 | 4.12 | 4.74 | 4.38 | 4.81 | 4.62 | 5.01 | 5.81 | 5.99 |
| Days Sales Outstanding | — | 32.19 | 31.46 | 27.72 | 31.09 | 40.04 | 33.22 | 26.73 | 30.89 | 35.04 | 36.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 2.9% | 1.5% | 1.6% | 1.3% | 1.6% | 2.2% | 2.3% | 3.4% | 1.9% | 1.6% |
| Payout Ratio | 28.8% | 28.8% | 18.5% | 17.0% | 17.6% | 45.1% | 61.4% | 54.5% | 50.2% | 31.1% | 28.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 9.8% | 8.0% | 9.5% | 7.6% | 3.5% | 3.5% | 4.2% | 6.7% | 6.2% | 5.7% |
| FCF Yield | 12.5% | — | — | 4.5% | 7.9% | — | 3.8% | 6.4% | — | 5.3% | 8.6% |
| Buyback Yield | 5.6% | 4.1% | 2.7% | 1.0% | 0.7% | 0.3% | 6.7% | 2.6% | 3.7% | 1.5% | 4.4% |
| Total Shareholder Yield | 9.4% | 7.0% | 4.2% | 2.6% | 2.0% | 1.8% | 8.8% | 4.9% | 7.1% | 3.4% | 6.0% |
| Shares Outstanding | — | $297M | $305M | $309M | $310M | $298M | $280M | $295M | $310M | $312M | $322M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GPK stock.
Graphic Packaging Holding Company's current P/E ratio is 44.9x. The historical average is 24.3x. This places it at the 90th percentile of its historical range.
Graphic Packaging Holding Company's current EV/EBITDA is 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.5x.
Graphic Packaging Holding Company's return on equity (ROE) is 14.0%. The historical average is 1.6%.
Based on historical data, Graphic Packaging Holding Company is trading at a P/E of 44.9x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Graphic Packaging Holding Company's current dividend yield is 3.85% with a payout ratio of 28.8%.
Graphic Packaging Holding Company has 18.7% gross margin and 10.1% operating margin. Operating margin between 10-20% is typical for established companies.
Graphic Packaging Holding Company's Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin compression from input inflation
Metrics are mathematically derived from official filings.
Low Multiples Price in Earnings Skepticism
Based on GPK's reported figures, the trailing P/E of 7.56 and EV/EBITDA of 6.18 sit well below the forward P/E of 16.93, suggesting investors are discounting recent earnings volatility and anticipating margin recovery that has not yet appeared in reported results.
The gap between trailing and forward multiples indicates the market views the current earnings base as depressed rather than structurally impaired, though this interpretation depends on forward estimates holding. Against peers, GPK trades at a steep discount to PKG on P/E (29.10) and EV/EBITDA (13.67), and PKG's higher ROE of 14.9% and net margin of 8.6% justify part of that premium. The 0.38 PEG ratio reads as inexpensive only if forward earnings hold, which the recent guidance cut calls into question.
Gross Margin Erosion Outpaces Recovery
As reported in financial statements, GPK's gross margin fell from roughly 22% in 2024Q3 to 14.0% in 2026Q3, a compression that remains the dominant driver of the decline in operating margin from 13.8% to 4.6% over the same window.
The magnitude of gross margin compression suggests fixed-cost deleveraging and fiber inflation are eroding a high-cost base faster than pricing can offset. Operating margin has stabilized in a narrow 4% to 5% band, which may indicate cost actions are beginning to contain the damage, though not restoring prior profitability. Net margin of 1.0% in the latest quarter remains thin, leaving little buffer if input costs continue to rise as management's guidance revision implies.
ROIC Decay Signals Diminished Capital Efficiency
Based on GPK's reported figures, ROIC has declined from 2.8% in 2024Q3 to 0.9% in 2026Q3 while ROE fell from 6.7% to 0.7%, indicating returns on the large asset base have compressed sharply rather than compounding.
The decline in ROIC occurs despite a stable asset base of roughly $11.5B, pointing to margin compression rather than capital deployment as the primary driver. Peers PKG (12.6% ROIC) and SEE (11.2%) earn materially higher returns on invested capital, suggesting part of GPK's returns gap is structural. Investors should monitor whether the Kalamazoo modernization eventually lifts returns or whether elevated invested capital continues to dilute them.
Leverage Elevated Against Thin Interest Coverage
As reported in financial statements, GPK's debt-to-EBITDA has climbed to 21.74 in 2026Q3 from roughly 13 in 2024Q4, while interest coverage has fallen to 1.46, suggesting debt service has become considerably less comfortable.
The sharp rise in debt-to-EBITDA appears to reflect collapsing earnings rather than a material increase in borrowing, as debt-to-equity has eased from 1.88 to 1.71. Coverage near 1.5x leaves limited headroom for further earnings disappointment, which may warrant closer scrutiny of refinancing timelines. Compared with its own history, the leverage profile looks substantially weaker, though debt levels themselves appear broadly stable.
Thin Liquidity Cushion Under Stress
According to recent SEC filings, GPK's current ratio of 1.19 and quick ratio of 0.52 in 2026Q3 leave a relatively narrow cushion, with inventory days of 83 meaning a meaningful share of current assets is tied up in mill output.
The gap between current and quick ratios indicates dependence on inventory conversion to meet short-term obligations, which may become a constraint if demand softens further. Cash of roughly $337M provides a limited buffer relative to $5.5B of total debt. Under severe stress, the position would likely depend on working capital releases that have proven volatile across recent quarters.
Ratio Misapplication Risk in Mill Economics
As reported in financial statements, GPK's debt-to-EBITDA of 21.74 in 2026Q3 is heavily distorted by a depressed EBITDA base, and applying it as a standalone leverage gauge may overstate distress while obscuring the mill maintenance cycle.
For a vertically integrated paperboard producer, EBITDA can swing sharply with scheduled outage quarters and fiber cost timing, so trailing leverage multiples may mislead more than they inform. Normalizing EBITDA for maintenance shutdowns and using net debt over a through-cycle earnings average would likely offer a more representative view. Investors should weigh this alongside interest coverage and cash conversion rather than treating the headline ratio as conclusive.