The company carries $7.2 billion in goodwill, representing a substantial portion of its $45.2 billion asset base that may be vulnerable to impairment if performance targets are not met.
| Metric | TTM | 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 |
|---|
| Total Current Assets | 10.55B | 10.44B | 10.05B | 4.57B | 4.5B | 4.07B | 3.26B | 2.68B | 3.38B | 3.55B | 2.85B | 2.73B | 3.19B | 3.49B | 3.48B | 3.75B | 3.25B | 3.36B | 3.59B | 3.66B | 3.13B | 2.94B | 1.66B |
| Cash & Short-Term Investments | 674M | 892M | 855M | 1B | 785.41M | 854.32M | 891M | 189M | 465.57M | 635.84M | 458.54M | 295.19M | 470.6M | 617.25M | 591.16M | 1.1B | 667.64M | 922.69M | 1B | 604.66M | 489.25M | 1.02B | 258.92M |
| Cash Only | 674M | 892M | 855M | 1B | 785.41M | 854.32M | 891M | 189M | 465.57M | 635.84M | 458.54M | 295.19M | 470.6M | 617.25M | 591.16M | 1.1B | 667.64M | 922.69M | 1B | 604.66M | 489.25M | 1B | 252.83M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.15M | 10M | 6.97M | 10.73M | 0 | 0 | 0 | 0 | 19.37M | 6.09M |
| Accounts Receivable | 4.64B | 4.27B | 4.12B | 1.81B | 1.9B | 1.79B | 1.34B | 1.4B | 1.44B | 1.37B | 1.31B | 1.27B | 1.22B | 1.35B | 1.38B | 1.28B | 1.73B | 1.08B | 1.14B | 1.34B | 1.32B | 1.25B | 909.55M |
| Days Sales Outstanding | 54.9 | 49.96 | 73.75 | 60.18 | 55.01 | 62.2 | 57.21 | 56.56 | 51.47 | 48.58 | 55.6 | 52.16 | 45.3 | 44.99 | 51.98 | 48.96 | 71.24 | 45.52 | 42.35 | 45.98 | 52.47 | 98.1 | 83.47 |
| Inventory | 3.58B | 3.69B | 3.55B | 1.2B | 1.26B | 1.05B | 773M | 819M | 981.47M | 1.02B | 829.79M | 812.32M | 863.37M | 996.99M | 977.33M | 907.26M | 848.52M | 839.59M | 867.28M | 994.6M | 831.7M | 641.41M | 455M |
| Days Inventory Outstanding | 53.07 | 53.63 | 79.36 | 53.63 | 48.28 | 46.91 | 49.88 | 49.47 | 52.29 | 51.58 | 50.61 | 47.75 | 45.46 | 46.58 | 51.48 | 48.16 | 48.26 | 48.58 | 42.95 | 47.49 | 45.63 | 69.48 | 57.91 |
| Other Current Assets | 1.65B | 1.59B | 1.53B | 427.34M | 551.93M | 279.78M | 177M | 204M | 412.41M | 532.13M | 256.88M | 355.46M | 639.28M | 517.99M | 532.19M | 411.12M | -36.25M | 483.7M | 543.68M | 660.06M | 431.23M | 32.83M | 39.87M |
| Total Non-Current Assets | 34.62B | 34.72B | 33.7B | 9.48B | 7.96B | 7.63B | 7.03B | 7.25B | 7.48B | 7.25B | 6.47B | 6.58B | 7.12B | 7.88B | 7.7B | 7.17B | 7.31B | 8.18B | 7.74B | 8.97B | 8.42B | 6.61B | 4.01B |
| Property, Plant & Equipment | 22.9B | 23.23B | 22.68B | 6.17B | 4.99B | 4.71B | 4.26B | 4.37B | 4.13B | 3.89B | 3.43B | 3.39B | 3.69B | 4.17B | 4.11B | 3.85B | 4.12B | 4.52B | 4.34B | 4.85B | 4.55B | 3.54B | 2.44B |
| Fixed Asset Turnover | 1.35x | 1.34x | 0.90x | 1.78x | 2.53x | 2.23x | 2.00x | 2.07x | 2.48x | 2.64x | 2.50x | 2.61x | 2.67x | 2.63x | 2.36x | 2.47x | 2.16x | 1.92x | 2.27x | 2.19x | 2.02x | 1.31x | 1.63x |
| Goodwill | 7.19B | 7.22B | 6.82B | 2.84B | 2.54B | 2.51B | 2.34B | 2.38B | 2.7B | 2.74B | 2.42B | 2.55B | 2.75B | 3.09B | 2.98B | 2.79B | 0 | 0 | 0 | 0 | 0 | 2.28B | 1.4B |
| Intangible Assets | 1.04B | 1.06B | 1.12B | 218M | 215.73M | 210.83M | 208M | 233M | 261.95M | 171.56M | 189.31M | 196.79M | 172.67M | 118.76M | 126.96M | 71.29M | 2.94B | 3.18B | 3B | 3.52B | 3.28B | 232.7M | 3.87M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 23.98M | 23M | 26M | 34M | 34M | 38M | 38M | 38M | 50.86M | 54.02M | 56.73M | 21.46M | 49.01M | 47.06M | 134.03M | 148.63M | 171.49M | 162.94M |
| Other Non-Current Assets | 3.5B | 3.21B | 3.09B | -537.14M | 211.06M | 176.86M | 200M | 231M | 174.19M | 174.75M | 196.53M | 185.03M | 183.31M | 164.56M | 185.36M | 164.9M | 51.68M | 26.92M | 35.08M | 84.43M | 44.07M | 74.63M | -102.89M |
| Total Assets | 45.17B | 45.16B | 43.76B | 14.05B | 12.46B | 11.7B | 10.29B | 9.93B | 10.86B | 10.8B | 9.32B | 9.31B | 10.32B | 11.37B | 11.18B | 10.91B | 10.56B | 11.55B | 11.32B | 12.63B | 11.55B | 9.55B | 5.68B |
| Asset Turnover | 0.69x | 0.69x | 0.47x | 0.78x | 1.01x | 0.90x | 0.83x | 0.91x | 0.94x | 0.95x | 0.92x | 0.95x | 0.95x | 0.97x | 0.87x | 0.87x | 0.84x | 0.75x | 0.87x | 0.84x | 0.80x | 0.49x | 0.70x |
| Asset Growth % | 207.46% | 3.19% | 211.43% | 12.77% | 6.52% | 13.68% | 3.68% | -8.6% | 0.52% | 15.89% | 0.17% | -9.81% | -9.23% | 1.64% | 2.47% | 3.34% | -8.52% | 1.96% | -10.33% | 9.33% | 20.99% | 68.19% | - |
| Total Current Liabilities | 7.31B | 7.06B | 7.33B | 3.01B | 3.04B | 2.82B | 2.23B | 2.21B | 2.43B | 3.03B | 2.01B | 2B | 2.16B | 2.28B | 2.21B | 2.3B | 2.07B | 2.16B | 2.16B | 2.56B | 2.33B | 2.38B | 1.5B |
| Accounts Payable | 3.34B | 3.6B | 3.29B | 1.73B | 1.8B | 1.42B | 978M | 1.02B | 1.22B | 1.27B | 1.07B | 1.13B | 1.13B | 1.24B | 1.23B | 1.19B | 1.07B | 981.43M | 1.12B | 1.31B | 1.2B | 880.66M | 657.79M |
| Days Payables Outstanding | 48.59 | 52.23 | 73.55 | 77.03 | 68.81 | 63.64 | 63.11 | 61.55 | 64.91 | 64.46 | 65.17 | 66.64 | 59.68 | 57.99 | 64.71 | 62.95 | 61.12 | 56.79 | 55.49 | 62.57 | 65.63 | 95.4 | 83.72 |
| Short-Term Debt | 980M | 346M | 1.05B | 191M | 86.85M | 73.94M | 71M | 110M | 168M | 676M | 140M | 86M | 67M | 69.54M | 87.01M | 206.08M | 188.85M | 190.56M | 211.6M | 220.12M | 212.04M | 829.64M | 274.62M |
| Deferred Revenue (Current) | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.99B | 2.52B | 2.99B | 649M | 419.32M | 305.76M | 370M | 313M | 670.77M | 711.26M | 494.28M | 478.42M | 676.42M | 674.75M | 644.33M | 584.54M | 550.61M | 677.69M | 535.96M | 747.47M | 607.12M | 654.66M | 523.59M |
| Current Ratio | 1.44x | 1.48x | 1.37x | 1.52x | 1.48x | 1.44x | 1.46x | 1.21x | 1.39x | 1.17x | 1.42x | 1.36x | 1.48x | 1.53x | 1.58x | 1.63x | 1.57x | 1.56x | 1.66x | 1.43x | 1.34x | 1.23x | 1.11x |
| Quick Ratio | 0.95x | 0.95x | 0.89x | 1.12x | 1.07x | 1.07x | 1.11x | 0.84x | 0.99x | 0.84x | 1.01x | 0.96x | 1.08x | 1.09x | 1.14x | 1.23x | 1.16x | 1.17x | 1.26x | 1.04x | 0.99x | 0.96x | 0.81x |
| Cash Conversion Cycle | 59.38 | 51.36 | 79.56 | 36.77 | 34.47 | 45.47 | 43.98 | 44.48 | 38.85 | 35.7 | 41.03 | 33.27 | 31.09 | 33.58 | 38.75 | 34.17 | 58.38 | 37.31 | 29.81 | 30.89 | 32.47 | 72.18 | 57.66 |
| Total Non-Current Liabilities | 19.77B | 19.74B | 19.04B | 4.87B | 4.43B | 4.48B | 4.28B | 4.72B | 5.13B | 4.59B | 4.68B | 4.76B | 5.22B | 5.63B | 5.71B | 5.78B | 5.92B | 6.73B | 6.66B | 6.88B | 8.39B | 6.42B | 3.62B |
| Long-Term Debt | 0 | 13.43B | 12.54B | 3.64B | 3.31B | 3.3B | 2.86B | 3.2B | 3.36B | 0 | 3.25B | 3.25B | 3.1B | 0 | 4.2B | 4.47B | 4.61B | 5.1B | 5.22B | 5.35B | 6.72B | 4.96B | 2.68B |
| Capital Lease Obligations | 0 | 0 | 0 | 295M | 264.29M | 288.77M | 263M | 299M | 17M | 0 | 12M | 5M | 5M | 4.13M | 3.96M | 0 | 21.46M | 25.01M | 38.5M | 58.27M | 72.64M | 89.69M | 93.28M |
| Deferred Tax Liabilities | 13.64B | 3.3B | 3.6B | 280M | 0 | 0 | 0 | 0 | 197.9M | 177.56M | 192.46M | 195.7M | 222.53M | 295.51M | 310.79M | 272.18M | 273.97M | 465.64M | 451.04M | 650.94M | 717.77M | 558.16M | 375.26M |
| Other Non-Current Liabilities | 16.36B | 3.02B | 2.9B | 653M | 861.99M | 898.28M | 1.16B | 1.22B | 1.11B | 4.39B | 1.19B | 4.55B | 4.98B | 5.31B | 1.17B | 1.02B | 1.03B | 1.16B | 984.21M | 878.61M | 950.45M | 817.97M | 472.94M |
| Total Liabilities | 27.09B | 26.8B | 26.37B | 7.88B | 7.47B | 7.31B | 6.51B | 6.93B | 7.55B | 7.61B | 6.69B | 6.76B | 7.38B | 7.91B | 7.92B | 8.08B | 7.99B | 8.89B | 8.82B | 9.44B | 10.72B | 8.81B | 5.12B |
| Total Debt | 980M | 13.77B | 13.6B | 4.13B | 3.74B | 3.75B | 3.28B | 3.69B | 3.54B | 3.35B | 3.4B | 3.34B | 3.18B | 0 | 4.29B | 4.68B | 4.8B | 5.3B | 5.43B | 5.57B | 6.93B | 5.87B | 3.05B |
| Net Debt | 306M | 12.88B | 12.74B | 3.13B | 2.96B | 2.9B | 2.38B | 3.5B | 3.08B | -635.84M | 2.94B | 3.04B | 2.71B | -617.25M | -591.16M | 3.58B | 4.14B | 4.37B | 4.43B | 4.96B | 6.44B | 4.87B | 2.79B |
| Debt / Equity | 0.05x | 0.75x | 0.78x | 0.67x | 0.75x | 0.85x | 0.87x | 1.23x | 1.07x | 1.05x | 1.29x | 1.31x | 1.08x | - | 1.31x | 1.65x | 1.87x | 1.99x | 2.17x | 1.74x | 8.32x | 8.08x | 5.62x |
| Debt / EBITDA | 0.26x | 2.89x | 5.70x | 2.34x | 1.89x | 2.36x | 2.43x | 2.78x | 2.13x | 2.34x | 2.67x | 2.81x | 2.54x | - | 3.30x | 3.74x | 4.53x | 5.52x | 5.81x | 4.65x | 9.95x | 11.08x | 5.95x |
| Net Debt / EBITDA | 0.08x | 2.70x | 5.34x | 1.77x | 1.49x | 1.82x | 1.77x | 2.64x | 1.85x | -0.44x | 2.31x | 2.56x | 2.17x | -0.44x | -0.45x | 2.86x | 3.90x | 4.56x | 4.74x | 4.15x | 9.24x | 9.20x | 5.46x |
| Interest Coverage | 3.38x | 2.65x | 2.62x | 8.21x | 10.97x | 8.60x | 7.64x | 6.24x | -1.51x | 3.92x | 4.52x | 5.94x | 3.78x | 3.45x | 3.19x | 3.03x | 1.96x | 1.34x | 1.39x | 2.39x | 0.93x | 0.26x | 0.87x |
| Total Equity | 18.08B | 18.35B | 17.39B | 6.17B | 4.99B | 4.39B | 3.78B | 2.99B | 3.31B | 3.19B | 2.63B | 2.55B | 2.94B | 3.46B | 3.27B | 2.83B | 2.57B | 2.66B | 2.5B | 3.19B | 833.48M | 726.98M | 542.18M |
| Equity Growth % | 239.65% | 5.56% | 181.62% | 23.73% | 13.7% | 16.01% | 26.39% | -9.46% | 3.63% | 21.18% | 3.43% | -13.47% | -15.03% | 6.02% | 15.25% | 10.04% | -3.12% | 6.3% | -21.68% | 283.02% | 14.65% | 34.08% | - |
| Book Value per Share | 33.56 | 34.89 | 44.70 | 23.75 | 19.12 | 16.88 | 15.07 | 12.58 | 14.01 | 13.46 | 11.11 | 10.78 | 12.52 | 14.86 | 14.20 | 12.54 | 11.76 | 12.19 | 11.47 | 15.55 | 4.05 | 3.54 | 2.64 |
| Total Shareholders' Equity | 18.06B | 18.33B | 17.36B | 6.16B | 4.98B | 4.38B | 3.77B | 2.95B | 3.16B | 3.01B | 2.45B | 2.38B | 2.7B | 3.19B | 2.98B | 2.59B | 2.34B | 2.4B | 2.3B | 2.99B | 653.54M | 592.29M | 425.57M |
| Common Stock | 1M | 1M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 220.18K | 332.42K | 179.49K | 135.46K | 80.98K |
| Retained Earnings | 2.4B | 2.65B | 2.95B | 3.52B | 2.88B | 1.47B | 917M | 615M | 480.44M | 1.44B | 897.1M | 676.75M | 329.54M | 167.09M | -210.28M | -441.97M | -734.14M | -958.51M | -945.23M | -708.77M | -875.96M | -564.51M | -280.26M |
| Treasury Stock | 0 | -64M | -93M | -91M | -72.84M | -58.95M | -49M | -42M | -32.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -401M | -348M | -1.45B | -847M | -1.13B | 318.75M | 256M | 393M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72.3M | -51M |
| Minority Interest | 25M | 27M | 27M | 16M | 14.01M | 12.99M | 13M | 41M | 149.85M | 181.16M | 183M | 165.09M | 239.55M | 274.79M | 280.37M | 247.55M | 230.08M | 256.46M | 201.85M | 200.39M | 179.95M | 134.69M | 116.61M |
Merger integration execution risk
As reported in financial statements, Smurfit Westrock's total assets reached $45.2 billion in 2026Q1, with net property, plant, and equipment accounting for $22.9 billion, illustrating the massive capital-intensive footprint that now defines the company's post-merger operational reality across its global manufacturing network.
The concentration of assets in PPE underscores the company's reliance on high-capacity mill infrastructure to drive output. Investors should monitor whether this asset base can generate sufficient returns on invested capital, given that a significant portion of the asset value is tied to legacy WestRock facilities that may require further optimization.
Based on recent SEC filings, the company's current ratio stood at 1.44 in 2026Q1, a decline from the 1.48 observed in the previous quarter, suggesting that the liquidity cushion is tightening as the entity navigates the ongoing integration of its disparate global supply chain systems.
While a current ratio above 1.0 indicates a basic ability to cover short-term obligations, the downward trend warrants caution regarding the company's working capital management. The reduction in cash reserves from $892 million in 2025Q4 to $674 million in 2026Q1 may limit the firm's flexibility to address unforeseen operational disruptions.
According to the company's reported figures, retained earnings have declined to $2.4 billion in 2026Q1 from $3.5 billion in 2023Q4, reflecting the impact of merger-related charges and dividend distributions that appear to be outpacing the current rate of organic earnings accumulation.
The erosion of retained earnings suggests that the company is currently consuming its capital base rather than growing it through operational success. This trend may indicate that the integration process is proving more costly than initially anticipated, potentially limiting future capacity for share repurchases or debt reduction.
As evidenced by the $7.2 billion in goodwill reported in 2026Q1, a significant portion of the balance sheet is comprised of intangible assets, which may be subject to future impairment if the anticipated synergies from the Smurfit-WestRock merger fail to materialize as projected.
The reliance on goodwill to support the balance sheet highlights the risk that the purchase price paid for WestRock may not be fully justified by future cash flows. Investors should be wary of potential write-downs if the company struggles to harmonize its US and European operations or if market demand for packaging continues to soften.
Quick answers to the most common questions about buying SW stock.
As of 2025, Smurfit Westrock Plc (SW) had total assets of $45.16B including $10.44B in current assets.
Smurfit Westrock Plc (SW) carries total debt of $13.77B, offset by $892.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Smurfit Westrock Plc (SW) has total shareholders' equity (book value) of $18.33B ($34.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Smurfit Westrock Plc (SW) reported a current ratio of 1.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.