Revenue growth remains largely stagnant with quarterly fluctuations between -4.3% and 2.1%, while operating margins have shown significant volatility, ranging from 8.7% to 16.4% due to restructuring charges.
| Metric | 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 | 5.36B | 5.39B | 5.49B | 5.64B | 5.53B | 4.9B | 4.79B | 4.73B | 4.46B | 6.78B | 7.03B | 7.75B | 7.69B | 7.65B | 5.64B | 4.49B | 4.24B | 4.84B | 4.65B | 4.33B | 4.09B | 3.8B | 3.53B | 3.2B | 3.07B | 3.07B | 2.84B | 2.51B | 842.8M | 3.45B |
| Revenue Growth % | -0.61% | -1.75% | -2.71% | 1.95% | 12.86% | 2.34% | 1.23% | 6.08% | -34.18% | -3.6% | -9.28% | 0.78% | 0.56% | 35.58% | 25.63% | 5.83% | -12.4% | 4.13% | 7.47% | 5.94% | 7.56% | 7.54% | 10.23% | 4.46% | -0.01% | 8.03% | 13.28% | 197.44% | -75.6% | - |
| Cost of Goods Sold | 3.76B | 3.77B | 3.85B | 3.87B | 3.85B | 3.29B | 3.23B | 3.23B | 3.04B | 4.25B | 4.44B | 5.06B | 5.1B | 5.1B | 4B | 3.24B | 3.02B | 3.61B | 3.35B | 3.09B | 2.93B | 2.64B | 2.42B | 2.15B | 2.08B | 1.86B | 1.64B | 1.48B | 477.7M | 2.07B |
| COGS % of Revenue | 70.21% | 69.86% | 70.1% | 68.58% | 69.62% | 67.18% | 67.34% | 68.26% | 68.24% | 62.65% | 63.21% | 65.32% | 66.36% | 66.73% | 70.91% | 72.1% | 71.28% | 74.47% | 72.03% | 71.35% | 71.65% | 69.4% | 68.49% | 66.99% | 67.72% | 60.77% | 57.64% | 58.96% | 56.68% | 59.96% |
| Gross Profit | 1.6B | 1.63B | 1.64B | 1.77B | 1.68B | 1.61B | 1.56B | 1.5B | 1.42B | 2.53B | 2.59B | 2.69B | 2.59B | 2.54B | 1.64B | 1.25B | 1.22B | 1.24B | 1.3B | 1.24B | 1.16B | 1.16B | 1.11B | 1.06B | 990.29M | 1.2B | 1.2B | 1.03B | 365.1M | 1.38B |
| Gross Margin % | 29.79% | 30.14% | 29.9% | 31.42% | 30.38% | 32.82% | 32.66% | 31.74% | 31.76% | 37.35% | 36.79% | 34.68% | 33.64% | 33.27% | 29.09% | 27.9% | 28.72% | 25.53% | 27.97% | 28.65% | 28.35% | 30.6% | 31.51% | 33.01% | 32.28% | 39.23% | 42.36% | 41.04% | 43.32% | 40.04% |
| Gross Profit Growth % | -1.74% | -0.99% | -7.42% | 5.47% | 4.45% | 2.84% | 4.17% | 5.99% | -44.02% | -2.13% | -3.76% | 3.87% | 1.7% | 55.03% | 31% | 2.81% | -1.46% | -4.96% | 4.92% | 7.09% | -0.35% | 4.43% | 5.22% | 6.8% | -17.72% | 0.05% | 16.93% | 181.76% | -73.6% | - |
| Operating Expenses | 871.1M | 889.2M | 886.7M | 828.1M | 780M | 821.2M | 986.3M | 798M | 809.1M | 1.7B | 1.74B | 1.96B | 1.91B | 1.92B | 1.08B | 710.2M | 719.2M | 755M | 743.4M | 701.1M | 645.9M | 626.1M | 574.1M | 542.58M | 570.09M | 736.27M | 750.7M | 682.2M | 218.6M | 991.6M |
| OpEx % of Revenue | 16.25% | 16.49% | 16.15% | 14.68% | 14.1% | 16.75% | 20.59% | 16.86% | 18.13% | 25.07% | 24.82% | 25.34% | 24.84% | 25.1% | 19.08% | 15.82% | 16.95% | 15.59% | 15.98% | 16.2% | 15.81% | 16.48% | 16.25% | 16.93% | 18.58% | 24% | 26.44% | 27.21% | 25.94% | 28.71% |
| Selling, General & Admin | 744.9M | 752.6M | 759.1M | 786.2M | 772.4M | 773.7M | 913.3M | 782.3M | 796M | 1.6B | 1.66B | 1.85B | 1.79B | 1.79B | 1.03B | 710.2M | 719.2M | 755M | 750.2M | 701.1M | 645.9M | 626.1M | 574.1M | 542.58M | 513.09M | 516.31M | 527.1M | 486.2M | 172.8M | 713.3M |
| SG&A % of Revenue | 13.9% | 13.96% | 13.83% | 13.94% | 13.96% | 15.78% | 19.06% | 16.53% | 17.84% | 23.67% | 23.55% | 23.81% | 23.24% | 23.34% | 18.35% | 15.82% | 16.95% | 15.59% | 16.13% | 16.2% | 15.81% | 16.48% | 16.25% | 16.93% | 16.73% | 16.83% | 18.56% | 19.4% | 20.5% | 20.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80.8M | 91.8M | 88M | 129.3M | 134.6M | 133M | 135M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93.9M |
| R&D % of Revenue | - | - | - | - | - | - | - | 1.71% | 2.06% | 1.3% | 1.84% | 1.74% | 1.73% | 1.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.72% |
| Other Operating Expenses | 126.2M | 136.6M | 127.6M | 41.9M | 7.6M | 47.5M | 73M | -18.1M | -18.5M | 0 | 19.9M | 0 | -14M | -9.8M | 41.3M | 0 | 0 | 0 | -6.8M | 0 | 0 | 0 | 0 | 0 | 57.01M | 219.96M | 223.6M | 196M | 45.8M | 184.4M |
| Operating Income | 725.7M | 735.9M | 754.6M | 944.8M | 900.9M | 788.1M | 578.5M | 656.3M | 596M | 819.1M | 763.4M | 653.6M | 602.1M | -881.2M | 447.4M | 535M | 492.3M | 396.5M | 549.3M | 526.1M | 510.4M | 503M | 539.2M | 516.39M | 387.39M | 467.22M | 452.2M | 346.5M | 146.5M | 391.5M |
| Operating Margin % | 13.54% | 13.65% | 13.75% | 16.75% | 16.28% | 16.07% | 12.07% | 13.87% | 13.36% | 12.08% | 10.86% | 8.43% | 7.83% | -11.52% | 7.93% | 11.92% | 11.6% | 8.19% | 11.81% | 12.16% | 12.49% | 13.24% | 15.27% | 16.12% | 12.63% | 15.23% | 15.92% | 13.82% | 17.38% | 11.33% |
| Operating Income Growth % | -1.39% | -2.48% | -20.13% | 4.87% | 14.31% | 36.23% | -11.85% | 10.12% | -27.24% | 7.3% | 16.8% | 8.55% | 168.33% | -296.96% | -16.37% | 8.67% | 24.16% | -27.82% | 4.41% | 3.08% | 1.47% | -6.71% | 4.42% | 33.3% | -17.09% | 3.32% | 30.51% | 136.52% | -62.58% | - |
| EBITDA | 695.4M | 976.8M | 988M | 1.13B | 1.09B | 962.3M | 729.3M | 787.9M | 716.1M | 922.6M | 852.1M | 772.5M | 725.3M | -747.2M | 488.7M | 689.7M | 646.8M | 568M | 718.1M | 696.9M | 688.2M | 685.7M | 712.8M | 682.09M | 608.57M | 687.17M | 675.8M | 542.5M | 192.3M | 575.9M |
| EBITDA Margin % | 12.97% | 18.11% | 18% | 20.02% | 19.65% | 19.63% | 15.22% | 16.65% | 16.05% | 13.61% | 12.12% | 9.97% | 9.43% | -9.77% | 8.66% | 15.36% | 15.24% | 11.73% | 15.44% | 16.1% | 16.85% | 18.05% | 20.18% | 21.29% | 19.84% | 22.4% | 23.8% | 21.64% | 22.82% | 16.67% |
| EBITDA Growth % | -28.81% | -1.13% | -12.52% | 3.87% | 12.99% | 31.95% | -7.44% | 10.03% | -22.38% | 8.27% | 10.3% | 6.51% | 197.07% | -252.9% | -29.14% | 6.63% | 13.87% | -20.9% | 3.04% | 1.26% | 0.36% | -3.8% | 4.5% | 12.08% | -11.44% | 1.68% | 24.57% | 182.11% | -66.61% | - |
| D&A (Non-Cash Add-back) | 0 | 240.9M | 233.4M | 184.6M | 186.4M | 174.2M | 150.8M | 131.6M | 120.1M | 103.5M | 88.7M | 118.9M | 123.2M | 134M | 41.3M | 154.7M | 154.5M | 171.5M | 168.8M | 170.8M | 177.8M | 182.7M | 173.6M | 165.7M | 221.18M | 219.96M | 223.6M | 196M | 45.8M | 184.4M |
| EBIT | 695.4M | 746.4M | 707.2M | 898.8M | 890.9M | 800.6M | 554.4M | 655.9M | 598.6M | 587.8M | 502.4M | 554.9M | 541.2M | -1.5B | 406M | 505M | 484.8M | 348.3M | 557.7M | 539M | 512.1M | 536M | 538.7M | 515.04M | 420.2M | 467.22M | 452.3M | 346.5M | 282.1M | 391.5M |
| Net Interest Income | -218.9M | -247.6M | -263M | -162.3M | -167.8M | -180.8M | -189.9M | -183M | -187.7M | -192.4M | -214.2M | -274.3M | -356.8M | -377.9M | -213.2M | -154.9M | -154.9M | -128.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 40.4M | 14.5M | 7.2M | 6.9M | 10.2M | 11.9M | 15.1M | 17.6M | 7.5M | 13.5M | 15.5M | 11M | 12M | 9M | 8.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 218.9M | 288M | 277.5M | 169.5M | 174.7M | 191M | 201.8M | 198.1M | 205.3M | 199.9M | 227.7M | 289.8M | 367.8M | 389.9M | 217.1M | 161.6M | 154.9M | 128.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -249.2M | -277.5M | -324.9M | -215.5M | -184.7M | -161.9M | -208.2M | -198.5M | -178M | -241M | -191.5M | -386.4M | -424.4M | -454.9M | -234.5M | -191.6M | -162.4M | -174.2M | -93.3M | -126M | -135.5M | -180.1M | -162.3M | -908.32M | -89.94M | -53.79M | -56.6M | -147.6M | -18.5M | -42.9M |
| Pretax Income | 476.5M | 458.4M | 429.7M | 729.3M | 716.2M | 626.2M | 370.3M | 457.8M | 393.3M | 565.9M | 425.9M | 267.2M | 177.7M | -1.34B | 216.1M | 343.4M | 329.9M | 222.3M | 456M | 400.1M | 376.6M | 322.9M | 376.9M | -391.93M | 297.45M | 413.43M | 395.7M | 198.9M | 133.5M | 348.6M |
| Pretax Margin % | 8.89% | 8.5% | 7.83% | 12.93% | 12.94% | 12.77% | 7.73% | 9.67% | 8.82% | 8.35% | 6.06% | 3.45% | 2.31% | -17.47% | 3.83% | 7.65% | 7.78% | 4.59% | 9.8% | 9.24% | 9.22% | 8.5% | 10.67% | -12.23% | 9.7% | 13.48% | 13.94% | 7.93% | 15.84% | 10.09% |
| Income Tax | -29M | 188.9M | 90.4M | 238M | 225M | 142.1M | 76.6M | 307.5M | 330.5M | 79.5M | 90.5M | 9.1M | 84M | -58M | 67M | 87.5M | 85.6M | 42.4M | 103M | 126M | 120.8M | 107.3M | 136.5M | -82.86M | 140.75M | 188.11M | 184.2M | 125.9M | 53.6M | 134.8M |
| Effective Tax Rate % | -6.09% | 41.21% | 21.04% | 32.63% | 31.42% | 22.69% | 20.69% | 67.17% | 84.03% | 14.05% | 21.25% | 3.41% | 47.27% | 4.34% | 31% | 25.48% | 25.95% | 19.07% | 22.59% | 31.49% | 32.08% | 33.23% | 36.22% | 21.14% | 47.32% | 45.5% | 46.55% | 63.3% | 40.15% | 38.67% |
| Net Income | 505.5M | 264.7M | 341.6M | 491.6M | 506.8M | 502.9M | 263M | 193.1M | 814.9M | 486.4M | 335.4M | 258.1M | 124.2M | -1.08B | 149.1M | 255.9M | 244.3M | 179.9M | 353M | 274.1M | 255.8M | 215.6M | 240.4M | -309.07M | 156.7M | 225.32M | 211.5M | 73M | 79.9M | 2.86B |
| Net Margin % | 9.43% | 4.91% | 6.22% | 8.71% | 9.16% | 10.26% | 5.49% | 4.08% | 18.26% | 7.18% | 4.77% | 3.33% | 1.61% | -14.1% | 2.64% | 5.7% | 5.76% | 3.71% | 7.59% | 6.33% | 6.26% | 5.68% | 6.81% | -9.65% | 5.11% | 7.34% | 7.45% | 2.91% | 9.48% | 82.73% |
| Net Income Growth % | 90.97% | -22.51% | -30.51% | -3% | 0.78% | 91.22% | 36.2% | -76.3% | 67.54% | 45.02% | 29.95% | 107.81% | 111.52% | -823.21% | -41.74% | 4.75% | 35.8% | -49.04% | 28.79% | 7.15% | 18.65% | -10.32% | 177.78% | -297.24% | -30.46% | 6.53% | 189.73% | -8.64% | -97.2% | - |
| Net Income (Continuing) | 505.5M | 269.5M | 339.3M | 491.3M | 491.2M | 484.1M | 293.7M | 150.3M | 62.8M | 292.3M | 158.8M | 258.1M | 95.3M | -1.62B | 132.7M | 253.6M | 242.5M | 179.9M | 353M | 274.1M | 255.8M | 215.6M | 240.4M | -309.07M | 156.7M | 225.32M | 211.5M | 73M | 173.7M | 213.8M |
| Discontinued Operations | 0 | -4.8M | 2.3M | 300K | 15.6M | 18.8M | -30.7M | 42.8M | 752.1M | 194.1M | 176.6M | 0 | 30.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 500K | -5.1M | -2.9M | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.43 | 1.81 | 2.36 | 3.33 | 3.32 | 3.22 | 1.69 | 1.21 | 4.29 | 2.46 | 1.62 | 1.20 | 0.58 | -5.59 | 0.80 | 1.44 | 1.35 | 0.99 | 1.89 | 1.47 | 1.35 | 1.13 | 1.00 | -1.79 | 0.61 | 0.97 | 0.84 | 0.01 | 1.20 | 15.53 |
| EPS Growth % | 89.5% | -23.31% | -29.13% | 0.3% | 3.11% | 90.53% | 39.67% | -71.79% | 74.39% | 51.85% | 35% | 106.9% | 110.38% | -798.75% | -44.44% | 6.67% | 36.36% | -47.62% | 28.57% | 8.89% | 19.47% | 13% | 155.87% | -393.44% | -37.11% | 15.48% | 8300% | -99.17% | -92.27% | - |
| EPS (Basic) | 3.44 | 1.82 | 2.37 | 3.37 | 3.36 | 3.24 | 1.70 | 1.21 | 4.33 | 2.49 | 1.63 | 1.22 | 0.65 | -5.59 | 0.89 | 1.61 | 1.54 | 1.13 | 2.21 | 1.70 | 1.55 | 1.28 | 1.11 | -1.79 | 0.65 | 1.24 | 0.85 | 0.02 | 1.27 | 15.53 |
| Diluted Shares Outstanding | 147.5M | 146M | 144.9M | 147.4M | 152.4M | 156M | 155.2M | 160.2M | 188.9M | 197.2M | 206.7M | 213.9M | 214.2M | 192.8M | 185.4M | 176.7M | 182.6M | 188.6M | 186.77M | 186.46M | 190.19M | 191.64M | 160.4M | 172.82M | 166.68M | 166.89M | 166.79M | 166.62M | 145.36M | 184.01M |
| Basic Shares Outstanding | 146.9M | 145.5M | 144.4M | 145.9M | 150.9M | 155.2M | 154.3M | 159.4M | 186.9M | 194.3M | 203.9M | 210M | 194.6M | 192.8M | 167M | 158.3M | 157.2M | 157.6M | 159.73M | 161.24M | 165.57M | 168.44M | 145.16M | 172.82M | 156.42M | 130.41M | 165.8M | 166.62M | 136.77M | 184.01M |
| Dividend Payout Ratio | 23.58% | 44.58% | 34.51% | 24.1% | 22.81% | 19.96% | 37.68% | 53.91% | 14.69% | 25% | 31.84% | 42.97% | 82.13% | - | 58.62% | 31.14% | 30.99% | 42.47% | 18.3% | 17.73% | - | - | 17.43% | - | 44.15% | 30.13% | 33.85% | 49.32% | - | 1.61% |
High leverage and cattle cycle
According to recent quarterly filings, Sealed Air's revenue growth remains largely stagnant, fluctuating between -4.3% and 2.1% over the last ten quarters, which suggests that the company is struggling to achieve meaningful organic expansion in its core protein and protective packaging end-markets.
The lack of consistent top-line momentum appears to reflect the dual pressures of a maturing protective packaging segment and the structural constraints of the North American cattle cycle. Investors should monitor whether the recent return to positive growth in 2025Q4 represents a sustainable inflection or merely a temporary recovery from prior period weakness.
As reported in financial statements, Sealed Air has maintained a relatively stable gross margin profile hovering near 30%, which indicates that the company retains significant pricing power despite the inherent volatility of polymer resin costs and the logistical complexities of its global supply chain.
This structural margin floor suggests that the company's proprietary high-barrier film technology and integrated machinery model provide a meaningful buffer against commodity price spikes. However, the slight compression observed in recent periods warrants further investigation into whether competitive pricing pressures are beginning to erode the value-add premium.
Based on the provided income statement data, operating income has exhibited significant quarterly variance, with margins ranging from 8.7% to 16.4%, suggesting that the company's efforts to scale profitability are frequently interrupted by non-recurring restructuring charges and shifting SG&A efficiency levels.
The inconsistency in operating margin expansion implies that the 'See Next' transformation program has yet to deliver the anticipated structural cost reductions. Analysts should be cautious of the impact these recurring transformation expenses have on the company's ability to translate gross profit into meaningful bottom-line growth.
Analysis of the reported figures reveals that net income is subject to significant volatility, including a net loss in 2024Q4, which highlights the impact of non-operating items and restructuring costs on the company's ability to generate consistent, high-quality earnings for shareholders.
The presence of stock-based compensation and frequent restructuring charges suggests that GAAP earnings may not fully capture the underlying operational performance of the business. Investors should look past headline EPS to evaluate whether the core business can sustain profitability without the benefit of periodic accounting adjustments.
While the company emphasizes its integrated service model, the high debt-to-equity ratio and sensitivity to the cattle cycle suggest that the current valuation may be vulnerable to a sustained downturn in protein processing volumes or a tightening of credit market conditions.
Short-sellers may focus on the company's reliance on debt-funded acquisitions and the potential for margin compression if resin costs remain elevated while volume growth remains elusive. The market's perception of SEE as a defensive play may be challenged if the protective segment continues to underperform during periods of industrial weakness.
Quick answers to the most common questions about buying SEE stock.
For fiscal year 2025, Sealed Air Corporation (SEE) reported total revenue of $5.36B. This represents a 55.2% increase compared to $3.45B in 1996.
Sealed Air Corporation (SEE) is profitable, generating $505.5M in net income for the fiscal year ending 2025 with a net profit margin of 9.4%.
Sealed Air Corporation (SEE) reported an operating income of $725.7M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Sealed Air Corporation (SEE) generated $1.60B in gross profit for the year, representing a gross profit margin of 29.8%. This demonstrates the company's core pricing power and production efficiency.