AptarGroup Inc.
ATRBusiness Overview
ticker: ATR step: 01 generated: 2026-05-13 source: quick-research
AptarGroup Inc. (ATR) — Business Overview
Business Description
AptarGroup is a global specialty packaging company focused on dispensing and delivery systems — pumps, valves, closures, aerosol valves, nasal sprays, inhalers, and injectable components — for pharmaceutical, beauty, and consumer markets. With ~14,000 employees across 20+ countries and ~$3.6B in FY2024 revenue, Aptar sits at the intersection of precision engineering and drug/consumer delivery. The company is pivoting toward a majority-pharma business mix, which carries higher margins and more predictable growth than its consumer-facing segments.
Revenue Model
Revenue comes from selling proprietary dispensing and closure hardware — either as components integrated into customers' products or as complete delivery systems. The model is consumable-like: dispensing devices are qualified into customer formulations under multi-year supply agreements, creating high switching costs once qualified. Three segments: Aptar Pharma (highest margin, fastest growth), Aptar Beauty (fragrance, personal care), and Aptar Closures (food, beverage, home care).
Products & Services
- Nasal drug delivery — metered-dose nasal spray pumps for OTC and Rx drugs
- Inhaler & pulmonary systems — dry powder and pressurized MDI valves
- Injectable components — elastomeric closures, plungers, tip caps for syringes/vials (GLP-1 drugs)
- Fragrance pumps — fine mist spray dispensers for luxury fragrance
- Airless skincare dispensers — contamination-free pumps for premium skincare
- Food & beverage closures — dispensing closures for condiments, beverages, baby food
Customer Base & Go-to-Market
Customers include global pharma companies (Pfizer, Novo Nordisk, AstraZeneca), luxury fragrance houses (LVMH, Coty, Givaudan), CPG companies (Unilever, P&G), and food/beverage brands. Aptar sells direct through technical sales teams; multi-year qualification processes and formulation integration create deep customer stickiness. Pharma customers are particularly "sticky" due to FDA/EMA device qualification requirements.
Competitive Position
Aptar is the global #1 in pharmaceutical drug delivery dispensing systems and competes with Berry Global, Silgan, and Gerresheimer in various sub-segments. The moat is deepest in pharma: proprietary pump and valve IP, decades of regulatory expertise, and qualification lock-in. In beauty, Aptar competes with Albéa and HCP Packaging on design and cost. GLP-1 injectable component demand is a significant new growth vector with limited competition for precision elastomeric components.
Key Facts
- Founded: 1992 (spun off from Pittway Corporation)
- Headquarters: Crystal Lake, Illinois
- Employees: ~14,000
- Exchange: NYSE
- Sector / Industry: Materials / Containers & Packaging
- Market Cap: ~$7B (at ~$120/share, ~58M shares)
Financial Snapshot
ticker: ATR step: 04 generated: 2026-05-13 source: quick-research
AptarGroup Inc. (ATR) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $3.33B | $3.49B | $3.58B | +2.7% |
| Gross Margin | ~35% | ~37% | ~38% | +1pp |
| Operating Margin | ~9% | ~11% | ~11% | flat |
| Net Income | ~$200M | ~$240M | ~$315M | +32% |
| EPS (adj. diluted) | ~$3.50 | ~$4.20 | ~$5.50 | +31% |
TTM (early 2026): Revenue ~$3.78B (+13.5% YoY); gross margin ~38%; operating margin ~11%
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$480M |
| Free Cash Flow | ~$368M (+40% vs. FY2023's $263M) |
| Cash & Equivalents | ~$250M |
| Total Debt | ~$1.6B |
Key Ratios (approximate)
- P/E: ~21x (fwd) | EV/EBITDA: ~15x | FCF Yield: ~5%
- Revenue Growth (FY2024): +2.7% | FCF Margin: ~10%
Growth Profile
AptarGroup has compounded revenue at ~5% annually and earnings faster through margin expansion. FY2024 saw 32% net income growth on modest top-line growth (~3%), driven by mix shift toward higher-margin Pharma (now the largest segment) and operating leverage. The GLP-1 injectable components opportunity is accelerating — injectables grew 24% in Q4 2024. Beauty also surged 24% driven by fragrance dispensing demand. Q1 2026 showed margin compression, and the stock is down 20%+ in 2025.
Forward Estimates
- FY2025 adj. EPS: ~$6.00–$6.50 (consensus, subject to revision)
- Analyst avg. price target: ~$170 (+42% upside from ~$120)
- GLP-1 injectables CAGR: ~9%+ through 2028
- Active material science (AMS) solutions: ~10% CAGR, 11% of Pharma revenue
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $ATR.