International Paper Company (IP) 10-Year Financial Performance & Capital Metrics

IP • • Industrial / General

Consumer CyclicalPackagingPaper & Fiber PackagingCorrugated Packaging

AboutInternational Paper Company operates as a packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and rest of the Americas. It operates through two segments: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft. The Global Cellulose Fibers segment provides fluff, market, and specialty pulps that are used in absorbent hygiene products, such as baby diapers, feminine care, adult incontinence, and other non-woven products; tissue and paper products; and non-absorbent end applications, including textiles, filtration, construction material, paints and coatings, reinforced plastics, and other applications. It sells its products directly to end users and converters, as well as through agents, resellers, and paper distributors. The company was founded in 1898 and is headquartered in Memphis, Tennessee.Show more

Revenue $18.62B -1.6%
EBITDA $1.78B -19.0%
Net Income $557M +93.4%
EPS (Diluted) 1.57 +80.5%
Gross Margin 28.16% +0.7%
EBITDA Margin 9.57% -17.7%
Operating Margin 2.56% -36.9%
Net Margin 2.99% +96.5%
ROE 6.74% +97.2%
ROIC 2.75% -36.2%
Debt/Equity 0.72 +1.3%
Interest Coverage 1.11 -39.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.2%

✗Weaknesses

✗Profits declining 14.6% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.35%

5Y0.33%

3Y-1.3%

TTM25.91%

Profit (Net Income) CAGR

10Y0.04%

5Y-14.58%

3Y-31.75%

TTM-404.52%

EPS CAGR

10Y2.06%

5Y-8.37%

3Y-29.44%

TTM-323.08%

ROCE

10Y Avg7.03%

5Y Avg5.47%

3Y Avg5.09%

Latest2.52%

Peer Comparison

Corrugated Packaging

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SWSmurfit Westrock Plc	22.63B	43.33	54.85	86.02%	2.47%	3.89%	0.08%	0.78
IPInternational Paper Company	23.05B	43.66	27.81	-1.57%	-5.45%	-7.39%	3.28%	0.72
PKGPackaging Corporation of America	19.97B	221.96	24.86	7.45%	10.18%	18.78%	2.61%	0.63

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	20.68B	19.5B	21.74B	23.31B	18.32B	17.57B	19.36B	21.16B	18.92B	18.62B
Revenue Growth %	-0.12%	-0.06%	0.12%	0.07%	-0.21%	-0.04%	0.1%	0.09%	-0.11%	-0.02%
Cost of Goods Sold+	14.31B	13.42B	14.8B	15.55B	12.67B	12.34B	13.83B	15.14B	13.63B	13.38B
COGS % of Revenue	0.69%	0.69%	0.68%	0.67%	0.69%	0.7%	0.71%	0.72%	0.72%	0.72%
Gross Profit+	6.36B	6.08B	6.94B	7.75B	5.65B	5.23B	5.53B	6.02B	5.29B	5.24B
Gross Margin %	0.31%	0.31%	0.32%	0.33%	0.31%	0.3%	0.29%	0.28%	0.28%	0.28%
Gross Profit Growth %	-0.14%	-0.04%	0.14%	0.12%	-0.27%	-0.07%	0.06%	0.09%	-0.12%	-0.01%
Operating Expenses+	4.11B	3.97B	4.57B	4.79B	3.9B	5.23B	4.07B	4.26B	4.52B	4.77B
OpEx % of Revenue	0.2%	0.2%	0.21%	0.21%	0.21%	0.3%	0.21%	0.2%	0.24%	0.26%
Selling, General & Admin	2.79B	2.69B	3.06B	3.29B	2.7B	2.64B	2.83B	3.08B	2.94B	3.31B
SG&A % of Revenue	0.13%	0.14%	0.14%	0.14%	0.15%	0.15%	0.15%	0.15%	0.16%	0.18%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.32B	1.28B	1.51B	1.5B	1.21B	2.59B	1.24B	1.19B	1.59B	1.45B
Operating Income+	2.25B	2.1B	2.37B	2.96B	1.74B	0	1.47B	1.75B	766M	476M
Operating Margin %	0.11%	0.11%	0.11%	0.13%	0.1%	-	0.08%	0.08%	0.04%	0.03%
Operating Income Growth %	-0.09%	-0.07%	0.13%	0.25%	-0.41%	-1%	-	0.2%	-0.56%	-0.38%
EBITDA+	3.54B	3.33B	3.8B	4.29B	3.05B	2.21B	2.68B	2.79B	2.2B	1.78B
EBITDA Margin %	0.17%	0.17%	0.17%	0.18%	0.17%	0.13%	0.14%	0.13%	0.12%	0.1%
EBITDA Growth %	-0.09%	-0.06%	0.14%	0.13%	-0.29%	-0.27%	0.21%	0.04%	-0.21%	-0.19%
D&A (Non-Cash Add-back)	1.29B	1.23B	1.42B	1.33B	1.31B	1.29B	1.21B	1.04B	1.43B	1.3B
EBIT	1.78B	1.49B	1.61B	2.52B	1.62B	926M	1.43B	1.91B	803M	577M
Net Interest Income+	-555M	-520M	-572M	-536M	-499M	-446M	-337M	-325M	-231M	-208M
Interest Income	89M	175M	186M	198M	202M	151M	93M	78M	190M	222M
Interest Expense	644M	695M	758M	734M	701M	597M	430M	403M	421M	430M
Other Income/Expense	-1B	-1.11B	-1.35B	-845M	-573M	406M	-465M	-249M	-405M	-334M
Pretax Income+	1.25B	993M	1.02B	2.12B	1.17B	406M	1B	1.5B	361M	142M
Pretax Margin %	0.06%	0.05%	0.05%	0.09%	0.06%	0.02%	0.05%	0.07%	0.02%	0.01%
Income Tax+	417M	193M	-1.08B	445M	477M	176M	188M	-236M	59M	-415M
Effective Tax Rate %	0.75%	0.91%	2.09%	0.95%	1.05%	1.19%	1.75%	1%	0.8%	3.92%
Net Income+	938M	904M	2.14B	2.01B	1.23B	482M	1.75B	1.5B	288M	557M
Net Margin %	0.05%	0.05%	0.1%	0.09%	0.07%	0.03%	0.09%	0.07%	0.02%	0.03%
Net Income Growth %	0.69%	-0.04%	1.37%	-0.06%	-0.39%	-0.61%	2.63%	-0.14%	-0.81%	0.93%
Net Income (Continuing)	832M	800M	2.11B	1.67B	694M	230M	813M	1.74B	302M	557M
Discontinued Operations	85M	102M	34M	345M	526M	252M	941M	-237M	-14M	0
Minority Interest	25M	18M	19M	21M	5M	14M	0	0	0	0
EPS (Diluted)+	2.23	2.18	5.13	4.86	2.43	1.22	4.47	4.10	0.87	1.57
EPS Growth %	0.74%	-0.02%	1.35%	-0.05%	-0.5%	-0.5%	2.66%	-0.08%	-0.79%	0.8%
EPS (Basic)	2.25	2.20	5.19	4.91	3.10	1.23	4.50	4.14	0.83	1.60
Diluted Shares Outstanding	420.6M	415.6M	417.7M	414.2M	398.8M	395.7M	392.4M	367M	349.1M	354.2M
Basic Shares Outstanding	416.89M	410.91M	413.1M	409.78M	395.16M	391.87M	389.33M	363.29M	346.99M	347.2M
Dividend Payout Ratio	0.73%	0.81%	0.36%	0.39%	0.65%	1.67%	0.45%	0.45%	2.23%	1.15%

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+	6.48B	6.67B	8.28B	7B	6.64B	11.24B	7.1B	6.77B	6.61B	6.42B
Cash & Short-Term Investments	1.05B	1.03B	1.02B	589M	511M	5.32B	1.54B	804M	1.11B	1.17B
Cash Only	1.05B	1.03B	1.02B	589M	511M	468M	1.29B	804M	1.11B	1.17B
Short-Term Investments	0	0	0	0	0	4.85B	245M	0	0	0
Accounts Receivable	2.67B	2.85B	3.29B	3.92B	3.67B	2.96B	3.61B	3.77B	3.49B	3.36B
Days Sales Outstanding	47.22	53.4	55.18	61.33	73.19	61.57	68.05	64.94	67.38	65.91
Inventory	2.23B	2.23B	2.31B	2.24B	2.21B	1.63B	1.81B	1.94B	1.89B	1.78B
Days Inventory Outstanding	56.82	60.74	57.04	52.59	63.61	48.1	47.87	46.81	50.59	48.68
Other Current Assets	524M	552M	1.66B	250M	247M	1.33B	132M	259M	114M	108M
Total Non-Current Assets+	24.15B	26.42B	25.63B	26.58B	26.83B	20.48B	18.15B	17.17B	16.65B	16.38B
Property, Plant & Equipment	11.98B	13B	13.27B	13.07B	13.44B	11.33B	10.81B	10.86B	10.6B	10.09B
Fixed Asset Turnover	1.73x	1.50x	1.64x	1.78x	1.36x	1.55x	1.79x	1.95x	1.78x	1.85x
Goodwill	3.33B	3.36B	3.41B	3.37B	3.35B	3.12B	3.13B	3.04B	3.04B	3.04B
Intangible Assets	395M	547M	482M	393M	368M	301M	268M	220M	183M	145M
Long-Term Investments	7.24B	7.39B	7.44B	8.72B	8.81B	3.44B	2.47B	2.48B	2.48B	2.49B
Other Non-Current Assets	1.1B	2.12B	1.03B	1.03B	870M	2.3B	1.47B	574M	356M	611M
Total Assets+	30.62B	33.09B	33.9B	33.58B	33.47B	31.72B	25.24B	23.94B	23.26B	22.8B
Asset Turnover	0.68x	0.59x	0.64x	0.69x	0.55x	0.55x	0.77x	0.88x	0.81x	0.82x
Asset Growth %	0.07%	0.08%	0.02%	-0.01%	-0%	-0.05%	-0.2%	-0.05%	-0.03%	-0.02%
Total Current Liabilities+	3.92B	4.07B	5.1B	4.69B	8.65B	8.28B	4.14B	5B	3.96B	4.26B
Accounts Payable	2.08B	2.2B	2.46B	2.41B	2.42B	2.04B	2.61B	2.71B	2.44B	2.32B
Days Payables Outstanding	52.99	59.81	60.61	56.62	69.81	60.2	68.77	65.27	65.4	63.2
Short-Term Debt	426M	239M	311M	639M	4.39B	4.25B	196M	763M	138M	193M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	1.23B	1.85B	1.11B	1.37B	1.59B	902M	1.17B	982M	1B
Current Ratio	1.65x	1.64x	1.62x	1.49x	0.77x	1.36x	1.71x	1.35x	1.67x	1.51x
Quick Ratio	1.08x	1.09x	1.17x	1.01x	0.51x	1.16x	1.27x	0.97x	1.19x	1.09x
Cash Conversion Cycle	51.05	54.32	51.6	57.29	67	49.47	47.15	46.48	52.57	51.39
Total Non-Current Liabilities+	22.75B	24.91B	22.26B	21.5B	17.11B	15.57B	12.02B	10.44B	10.95B	10.37B
Long-Term Debt	15.12B	17.36B	17.14B	16.31B	11.68B	8.04B	5.38B	4.82B	5.46B	5.37B
Capital Lease Obligations	0	0	0	0	304M	256M	236M	283M	312M	292M
Deferred Tax Liabilities	3.23B	3.38B	2.29B	2.6B	2.63B	2.57B	2.62B	1.73B	1.55B	1.07B
Other Non-Current Liabilities	4.35B	4.18B	2.83B	2.59B	2.49B	4.7B	3.78B	3.61B	3.63B	3.64B
Total Liabilities	26.68B	28.99B	27.36B	26.19B	25.75B	23.85B	16.16B	15.44B	14.91B	14.63B
Total Debt+	15.55B	17.6B	17.45B	16.95B	16.37B	12.54B	5.82B	5.86B	5.91B	5.85B
Net Debt	14.5B	16.57B	16.43B	16.36B	15.86B	12.08B	4.52B	5.06B	4.79B	4.68B
Debt / Equity	3.94x	4.04x	2.67x	2.30x	2.12x	1.59x	0.64x	0.69x	0.71x	0.72x
Debt / EBITDA	4.39x	5.28x	4.60x	3.95x	5.37x	5.67x	2.17x	2.10x	2.69x	3.29x
Net Debt / EBITDA	4.09x	4.97x	4.33x	3.81x	5.20x	5.46x	1.69x	1.81x	2.18x	2.63x
Interest Coverage	3.49x	3.03x	3.13x	4.04x	2.49x	-	3.41x	4.35x	1.82x	1.11x
Total Equity+	3.95B	4.36B	6.54B	7.38B	7.72B	7.87B	9.08B	8.5B	8.36B	8.17B
Equity Growth %	-0.25%	0.1%	0.5%	0.13%	0.05%	0.02%	0.15%	-0.06%	-0.02%	-0.02%
Book Value per Share	9.38	10.49	15.66	17.82	19.35	19.88	23.14	23.15	23.93	23.07
Total Shareholders' Equity	3.92B	4.34B	6.52B	7.36B	7.71B	7.85B	9.08B	8.5B	8.36B	8.17B
Common Stock	449M	449M	449M	449M	449M	449M	449M	449M	449M	449M
Retained Earnings	4.65B	4.82B	6.18B	7.46B	8.41B	8.07B	9.03B	9.86B	9.49B	9.39B
Treasury Stock	-1.75B	-1.75B	-1.68B	-2.33B	-2.7B	-2.65B	-3.4B	-4.61B	-4.75B	-4.68B
Accumulated OCI	-5.71B	-5.36B	-4.63B	-4.5B	-4.74B	-4.34B	-1.67B	-1.93B	-1.56B	-1.72B
Minority Interest	25M	18M	19M	21M	5M	14M	0	0	0	0

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+	2.58B	2.48B	1.76B	3.23B	3.61B	3.06B	2.03B	2.17B	1.83B	1.68B
Operating CF Margin %	0.12%	0.13%	0.08%	0.14%	0.2%	0.17%	0.1%	0.1%	0.1%	0.09%
Operating CF Growth %	-0.16%	-0.04%	-0.29%	0.84%	0.12%	-0.15%	-0.34%	0.07%	-0.16%	-0.08%
Net Income	938M	902M	2.14B	2.02B	1.22B	482M	1.75B	1.5B	288M	557M
Depreciation & Amortization	1.29B	1.12B	1.34B	1.33B	1.31B	1.29B	1.11B	1.04B	1.47B	1.3B
Stock-Based Compensation	107M	124M	0	135M	130M	0	0	124M	58M	82M
Deferred Taxes	281M	136M	-1.11B	133M	212M	9M	-291M	-773M	-156M	-473M
Other Non-Cash Items	182M	121M	-215M	52M	400M	961M	-114M	424M	177M	217M
Working Capital Changes	-222M	71M	-402M	-439M	342M	324M	-426M	-145M	-2M	-10M
Change in Receivables	7M	-94M	-370M	-342M	246M	59M	-596M	-59M	303M	95M
Change in Inventory	-131M	11M	-87M	-236M	-1M	35M	-263M	-162M	73M	12M
Change in Payables	-89M	98M	114M	151M	139M	141M	519M	110M	-402M	-140M
Cash from Investing+	-1.74B	-3.5B	-1.39B	-1.57B	-1.3B	-269M	6.05B	-608M	-668M	-808M
Capital Expenditures	-1.49B	-1.35B	-1.39B	-1.57B	-1.28B	-751M	-549M	-931M	-1.14B	-921M
CapEx % of Revenue	0.07%	0.07%	0.06%	0.07%	0.07%	0.04%	0.03%	0.04%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-114M	-49M	15M	28M	-20M	-1M	-3M	12M	-3M	113M
Cash from Financing+	-1.6B	982M	-399M	-2.05B	-2.39B	-2.7B	-7.38B	-2.05B	-866M	-775M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-685M	-733M	-769M	-789M	-796M	-806M	-780M	-673M	-642M	-643M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-237M	-45M	-66M	-7M	-85M	-157M	-539M	-91M	-9M	-70M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.09B	1.13B	366M	1.65B	2.33B	2.31B	1.48B	1.24B	692M	757M
FCF Margin %	0.05%	0.06%	0.02%	0.07%	0.13%	0.13%	0.08%	0.06%	0.04%	0.04%
FCF Growth %	-0.36%	0.03%	-0.68%	3.52%	0.41%	-0.01%	-0.36%	-0.16%	-0.44%	0.09%
FCF per Share	2.60	2.72	0.88	3.99	5.85	5.84	3.77	3.39	1.98	2.14
FCF Conversion (FCF/Net Income)	2.75x	2.74x	0.82x	1.60x	2.95x	6.35x	1.16x	1.45x	6.36x	3.01x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	20.37%	21.77%	39.34%	28.9%	16.22%	6.19%	20.67%	17.11%	3.42%	6.74%
Return on Invested Capital (ROIC)	10.15%	8.01%	8.11%	9.51%	5.53%	-	6.56%	9.69%	4.3%	2.75%
Gross Margin	30.77%	31.17%	31.92%	33.26%	30.83%	29.75%	28.56%	28.44%	27.95%	28.16%
Net Margin	4.54%	4.64%	9.86%	8.63%	6.69%	2.74%	9.05%	7.11%	1.52%	2.99%
Debt / Equity	3.94x	4.04x	2.67x	2.30x	2.12x	1.59x	0.64x	0.69x	0.71x	0.72x
Interest Coverage	3.49x	3.03x	3.13x	4.04x	2.49x	-	3.41x	4.35x	1.82x	1.11x
FCF Conversion	2.75x	2.74x	0.82x	1.60x	2.95x	6.35x	1.16x	1.45x	6.36x	3.01x
Revenue Growth	-12.46%	-5.71%	11.53%	7.19%	-21.41%	-4.11%	10.24%	9.29%	-10.61%	-1.57%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North American Industrial Packaging	-	-	-	-	-	13.32B	14.94B	16.01B	-	14.29B
North American Industrial Packaging Growth	-	-	-	-	-	-	12.21%	7.14%	-	-
Global Cellulose Fibers	-	1.09B	2.55B	2.34B	2.15B	2.32B	2.73B	3.23B	2.89B	2.79B
Global Cellulose Fibers Growth	-	-	133.61%	-8.43%	-8.05%	7.96%	17.81%	18.12%	-10.44%	-3.36%
EMEA Industrial Packaging	-	-	-	-	-	1.32B	1.51B	1.57B	-	1.35B
EMEA Industrial Packaging Growth	-	-	-	-	-	-	14.50%	4.24%	-	-
Industrial Packaging	-	14.19B	15.08B	14.19B	12.67B	-	-	-	15.6B	-
Industrial Packaging Growth	-	-	6.24%	-5.90%	-10.71%	-	-	-	-	-
Corporate and Other	118M	-	-	-	-	-	-	-	437M	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-
North American Printing Papers	-	-	-	-	-	1.44B	-	-	-	-
North American Printing Papers Growth	-	-	-	-	-	-	-	-	-	-
European Papers	-	-	-	-	-	976M	-	-	-	-
European Papers Growth	-	-	-	-	-	-	-	-	-	-
Brazilian Papers	-	-	-	-	-	632M	-	-	-	-
Brazilian Papers Growth	-	-	-	-	-	-	-	-	-	-
European Coated Paperboard	-	-	-	-	-	366M	-	-	-	-
European Coated Paperboard Growth	-	-	-	-	-	-	-	-	-	-
Brazilian Industrial Packaging	-	-	-	-	-	148M	-	-	-	-
Brazilian Industrial Packaging Growth	-	-	-	-	-	-	-	-	-	-
Printing Papers	-	4.06B	4.16B	1.96B	1.91B	-	-	-	-	-
Printing Papers Growth	-	-	2.44%	-52.95%	-2.25%	-	-	-	-	-
Consumer Packaging	-	1.95B	-	-	-	-	-	-	-	-
Consumer Packaging Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	3.1B	-	16.15B	16.77B	18.48B	16.34B	16.3B
UNITED STATES Growth	-	-	-	-	-	-	3.85%	10.22%	-11.59%	-0.24%
EMEA	-	-	-	3.32B	3.26B	2.92B	1.61B	1.69B	1.49B	1.43B
EMEA Growth	-	-	-	-	-1.90%	-10.37%	-44.83%	5.09%	-11.75%	-4.15%
Americas Other Than U S	1.54B	1.58B	1.74B	1.77B	1.75B	1.31B	776M	863M	821M	730M
Americas Other Than U S Growth	-	2.66%	10.18%	1.66%	-0.90%	-25.30%	-40.81%	11.21%	-4.87%	-11.08%
Asia	-	-	-	-	12M	202M	207M	123M	261M	157M
Asia Growth	-	-	-	-	-	1583.33%	2.48%	-40.58%	112.20%	-39.85%
Asia Pacific	-	-	-	-	415M	-	-	-	-	-
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
Europe	2.77B	-	-	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-
Pacific Rim	1.5B	-	-	-	-	-	-	-	-	-
Pacific Rim Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

International Paper Company (IP) has a price-to-earnings (P/E) ratio of 27.8x. This suggests investors expect higher future growth.

Growth & Financials

International Paper Company (IP) reported $23.47B in revenue for fiscal year 2024. This represents a 10% decrease from $26.03B in 2011.

International Paper Company (IP) saw revenue decline by 1.6% over the past year.

International Paper Company (IP) reported a net loss of $1.28B for fiscal year 2024.

Dividend & Returns

Yes, International Paper Company (IP) pays a dividend with a yield of 4.16%. This makes it attractive for income-focused investors.

International Paper Company (IP) has a return on equity (ROE) of 6.7%. This is below average, suggesting room for improvement.

International Paper Company (IP) had negative free cash flow of $277.0M in fiscal year 2024, likely due to heavy capital investments.

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