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Development of Business O-I Glass, Inc., a Delaware corporation (the Company ), through its subsidiaries, is the successor to a business established in 1903. The Company is one of the leading manufacturers of glass containers in the world with 64 glass manufacturing plants in 18 countries.
Operating margin is thin at 9.85%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 1.6% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $4.61B represents 27.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$6.40B
▼ -1.6% YoY
Net Income (TTM)
-$186M
▼ -21.7% YoY
Op. Margin
8.78%
▲ +9.3pp YoY
ROIC
8.07%
▲ +8.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$38M
▲ +231.3% YoY
Op. Cash Flow (TTM)
$477M
▲ +22.7% YoY
Net Debt
$4.55B
Cash & Equiv.
$317M
5Y CAGR: +1.1%
5Y CAGR: +2.8%
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