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Smurfit Westrock was created in July 2024 as a strategic combination between Smurfit Kappa Group plc ( re-registered as Smurfit Kappa Group Limited) ( Smurfit Kappa ), one of the leading integrated corrugated packaging manufacturers in Europe, with a large- scale pan-regional presence in Latin America, and WestRock Company ( WestRock ), one of the leaders in North America in corrugated…
Operating margin is thin at 5.51%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 47.7%, still solid.
Net debt of $14.32B represents 11.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$31.23B
▲ +47.7% YoY
Net Income (TTM)
$380M
▲ +119.1% YoY
Op. Margin
4.72%
▲ +0.7pp YoY
ROIC
3.63%
▲ +0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.02B
▲ +6958.8% YoY
Op. Cash Flow (TTM)
$3.36B
▲ +128.7% YoY
Net Debt
$13.58B
Cash & Equiv.
$674M
3Y CAGR: +32.2%
3Y CAGR: +33.6%
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