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Graphic Packaging Holding Company ("GPHC" and, together with its subsidiaries, the "Company") is committed to creating consumer packaging that makes a world of difference. The Company is a leading producer of consumer goods packaging made from renewable or recycled materials.
Operating margin is thin at 9.33%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 2.2% YoY. Margins deteriorated 3.4pp alongside, both lines moving the wrong way.
ROIC dropped from 10.37% to 7.41%, capital efficiency is deteriorating. Operating margin contracted 3.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$8.65B
▼ -2.2% YoY
Net Income (FY)
$444M
▼ -32.5% YoY
Op. Margin
6.96%
▼ -3.4pp YoY
ROIC
5.49%
▼ -3.0pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$902M
▲ +0.1% YoY
Net Debt
$5.69B
Cash & Equiv.
$189M
5Y CAGR: +5.6%
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