Latest Ratios: P/E Ratio 6.5x · EV/EBITDA 5.9x · 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 | $2.9B | $4.5B | $8.3B | $7.6B | $6.9B | $5.8B | $4.7B | $4.9B | $3.3B | $4.8B | $4.0B |
| Enterprise Value | $8.2B | $9.8B | $13.6B | $13.1B | $12.2B | $11.7B | $8.4B | $7.8B | $6.2B | $7.0B | $6.1B |
| P/E Ratio → | 6.53 | 10.18 | 12.57 | 10.53 | 13.17 | 28.68 | 28.23 | 23.79 | 14.99 | 16.09 | 17.58 |
| P/S Ratio | 0.33 | 0.52 | 0.94 | 0.81 | 0.73 | 0.81 | 0.72 | 0.80 | 0.55 | 1.09 | 0.93 |
| P/B Ratio | 0.86 | 1.34 | 2.75 | 2.74 | 3.20 | 3.07 | 2.57 | 2.08 | 1.44 | 3.73 | 3.80 |
| P/FCF | — | — | — | 22.41 | 12.73 | — | 26.46 | 15.68 | — | 18.82 | 11.57 |
| P/OCF | 3.40 | 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 | — | 1.14 | 1.54 | 1.39 | 1.30 | 1.63 | 1.28 | 1.27 | 1.03 | 1.60 | 1.42 |
| EV / EBITDA | 5.86 | 7.01 | 7.94 | 6.70 | 7.69 | 11.25 | 7.63 | 7.69 | 6.87 | 9.95 | 8.16 |
| EV / EBIT | 9.48 | 12.23 | 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 | 7.7% | 7.7% | 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 | 1.69 | 1.69 | 1.81 | 2.02 | 2.56 | 3.20 | 2.10 | 1.30 | 1.29 | 1.76 | 2.04 |
| Debt / EBITDA | 4.01 | 4.01 | 3.19 | 2.88 | 3.46 | 5.83 | 3.50 | 3.01 | 3.29 | 3.22 | 2.88 |
| Net Debt / Equity | — | 1.61 | 1.76 | 1.96 | 2.49 | 3.11 | 2.00 | 1.23 | 1.26 | 1.71 | 1.98 |
| Net Debt / EBITDA | 3.83 | 3.83 | 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 | 4.5% | 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 | 15.3% | 9.8% | 8.0% | 9.5% | 7.6% | 3.5% | 3.5% | 4.2% | 6.7% | 6.2% | 5.7% |
| FCF Yield | — | — | — | 4.5% | 7.9% | — | 3.8% | 6.4% | — | 5.3% | 8.6% |
| Buyback Yield | 6.4% | 4.1% | 2.7% | 1.0% | 0.7% | 0.3% | 6.7% | 2.6% | 3.7% | 1.5% | 4.4% |
| Total Shareholder Yield | 10.9% | 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 6.5x. The historical average is 24.3x. This places it at the 5th percentile of its historical range.
Graphic Packaging Holding Company's current EV/EBITDA is 5.9x. 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 6.5x. This is at the 5th 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 4.46% 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 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Inflation outpacing pricing actions
Metrics are mathematically derived from official filings.
Margin Compression Accelerates Sharply
Gross margin collapsed from 24.0% in Q1 2024 to 13.3% in Q2 2026, a 1070 basis point decline, according to recent SEC filings, signaling severe input cost inflation and pricing power erosion.
The sequential deterioration from 14.4% in Q4 2025 to 13.3% in Q2 2026 indicates that cost pressures are intensifying, not abating. Operating margin at 4.3% in Q2 2026 is less than a third of its 13.6% level two years prior, suggesting that fixed cost absorption is weakening as volumes decline. This margin trajectory implies that GPK's vertical integration is not currently providing the expected buffer against fiber and energy inflation, and investors should monitor whether the Q2 EPS beat reflects sustainable cost control or one-time benefits.
Return on Capital Decays to Sub-Cost Levels
ROIC has fallen from 2.8% in Q1 2024 to 0.8% in Q2 2026, as reported in financial statements, now below GPK's cost of capital, indicating value destruction rather than compounding.
The trend is consistent across ROE and ROA, with ROE dropping from 5.9% to 0.7% over the same period. This decay is driven primarily by margin compression rather than asset efficiency, as asset turnover has remained stable near 0.19x. The sub-1% ROIC suggests that the massive capital expenditures on mill modernization, such as Kalamazoo, are not yet generating adequate returns, and the market's low P/B of 1.08 may reflect skepticism about the future return on these investments.
Working Capital Cycle Lengthens Amid Slowdown
Cash conversion cycle extended from 72 days in Q1 2024 to 75 days in Q2 2026, with DIO rising from 92 to 82 days, based on reported figures, indicating slower inventory turnover and potential demand softness.
While DSO has remained relatively stable around 36-38 days, DIO has increased from 88 days in Q2 2024 to 82 days in Q2 2026, suggesting that inventory is building relative to sales. DPO has also declined from 54 to 44 days, meaning GPK is paying suppliers faster, which could strain liquidity. The combination of higher inventory and faster supplier payments implies that GPK is absorbing working capital costs, possibly due to weaker bargaining power or a need to secure supply amid inflation.
Leverage Elevated with Coverage Deteriorating
Debt-to-EBITDA spiked to 61.8x in Q2 2026 from 12.5x in Q1 2024, while interest coverage fell to 1.38x, as per financial statements, indicating a dangerously thin cushion for debt service.
The D/E ratio of 1.80 remains high relative to peers like PKG at 0.95, and the dramatic increase in D/EBITDA reflects collapsing EBITDA rather than a surge in debt. Interest coverage of 1.38x in Q2 2026 is down from 4.71x in Q1 2024, meaning operating income barely covers interest expense. This suggests that GPK's ability to service debt is becoming increasingly strained, and any further margin erosion could push coverage below 1x, raising refinancing risk.
Liquidity Buffer Thin and Vulnerable
Current ratio of 1.38 and quick ratio of 0.60 in Q2 2026, as reported in financial statements, indicate a tight liquidity position with heavy reliance on inventory to meet short-term obligations.
Cash of $205M is minimal relative to $5.8B in total debt, and the quick ratio below 1 suggests that excluding inventory, current assets do not cover current liabilities. This leaves GPK vulnerable to a sudden cash crunch if working capital needs rise or credit markets tighten. The negative free cash flow in several quarters, such as -$487M in Q1 2025, underscores the risk that internal cash generation may not be sufficient to cover debt maturities without external financing.
P/E Misleads on Cyclical Earnings
The trailing P/E of 8.18 appears cheap, but forward P/E of 15.91, based on reported figures, reveals that the market expects earnings to recover, making the low multiple a trap for value investors.
The wide gap between trailing and forward P/E indicates that current earnings are depressed, likely at the bottom of the cycle, and the market is pricing in a normalization. However, given the persistent revenue decline and margin compression, the forward earnings estimates may be overly optimistic. A more appropriate valuation metric for GPK is EV/EBITDA, which at 6.38x is below the peer average, but even this may not fully capture the leverage risk. Investors should adjust for the cyclicality of packaging demand and the impact of inflation on margins before relying on P/E.