O-I Glass Inc.
OIFinancial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.5B
Q1 2026 · -1.7% YoY
TTM ROIC
7.1%
FY2025 · NOPAT / Invested Capital (Book); NOPAT = EBIT × (1 - 35% tax rate); Invested Capital = Equity + Net Debt · WACC ~8.5% · Moat spread +-1.4pp
Financial Snapshot
ticker: OI step: 04 generated: 2026-05-13 source: quick-research
O-I Glass Inc. (OI) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $6.9B | $7.1B | $6.5B | -8% |
| Gross Margin | ~20% | ~21% | ~18% | -3pp |
| Operating Margin | ~9% | ~10% | ~5% | -5pp |
| Net Income | ~$280M | ~$350M | ~($100M) | — |
| EPS (adj. diluted) | $2.30 | $3.09 | $0.81 | -74% |
FY2025: Revenue ~$6.43B (-1.6% YoY); adj. EPS $1.60 (recovering)
Cash Flow & Balance Sheet (FY2023/2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$450M (FY2023) |
| Free Cash Flow | $236M (FY2022), $130M (FY2023) |
| Cash & Equivalents | ~$400M |
| Total Debt | ~$5.5B (highly leveraged) |
Key Ratios (approximate)
- P/E: ~6x (adj.) | EV/EBITDA: ~6–7x | FCF Yield: ~10%+
- Revenue Growth (FY2024): -8% | FCF Margin: ~2%
Growth Profile
O-I experienced peak revenue in FY2023 (~$7.1B) followed by a sharp decline in FY2024 (-8%) driven by customer destocking, European volume weakness, and energy cost pressures. Adjusted EPS collapsed from $3.09 (FY2023) to $0.81 (FY2024) — a 74% drop — reflecting operational deleverage and the decision to halt its MAGMA next-generation furnace technology. The "Fit to Win" restructuring initiative delivered $300M in benefits in FY2025, driving adj. EPS recovery to $1.60.
Forward Estimates
- FY2026 adj. EBITDA guidance: $1.25–1.30B (up ~7% vs. 2025)
- FY2026 adj. EPS guidance: $1.00–$1.50 (revised down from prior $1.65–$1.90)
- Europe remains a headwind; Americas volume is more stable
- H2 2026 expected stronger than H1 as new business wins ramp
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $OI.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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