Ball Corporation

BALL
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$3.6B
Q1 2026 · +16.4% YoY
TTM ROIC
9%
TTM (Mar '26) · NOPAT / Invested Capital; NOPAT = Operating Income × (1 – 22% tax rate); Invested Capital = Total Equity + Net Debt · WACC ~7% · Moat spread +2pp

Financial Snapshot

ticker: BALL step: 04 generated: 2026-05-13 source: quick-research

Ball Corporation (BALL) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $15.35B $14.03B $11.80B -15.9%
Gross Margin ~13% ~13% ~14%
Operating Margin ~8% ~8% ~9%
Net Income ~$720M $707M $4.01B*
EPS (diluted) ~$2.25 $2.23 $13.00* / $3.17†

*GAAP 2024 EPS of $13.00 includes ~$9.83/share gain from $5.6B aerospace divestiture. Comparable (adjusted) EPS: $3.17 — a better measure of ongoing earnings power. †FY2025 comparable EPS: $3.57 (+13% YoY)

Revenue decline from 2022-2024 reflects aerospace divestiture (removed ~$2B+ of segment revenue) and volume/demand normalization post-COVID packaging demand surge.

Cash Flow & Balance Sheet (FY2024/2025)

Metric Value
Free Cash Flow (2025) $956M (record; +2.4x YoY)
Free Cash Flow (2024) ~$400M
Net Debt / EBITDA 2.8x (FY2025)
Shareholder Returns (2024) $1.96B (dividends + buybacks)

Key Ratios (approximate)

  • P/E: ~16x (on comparable EPS) | EV/EBITDA: ~10x | FCF Yield: ~5.5%
  • Volume Growth (FY2025): +4.1% across global beverage packaging
  • Net Leverage: 2.8x — within target range, post-$5.6B aerospace proceeds deployed

Growth Profile

Ball is transitioning to a pure-play aluminum packaging compounder. The $5.6B aerospace sale proceeds were deployed through $1.96B in shareholder returns in 2024 plus debt reduction. Comparable EPS grew to $3.17 in 2024 and $3.57 in 2025 (+13%), with record FCF of $956M in 2025. Volume growth of 4.1% in 2025 driven by sustainability tailwinds and aluminum can share gains vs. plastic packaging.

Forward Estimates

  • FY2026 Guidance: Comparable diluted EPS growth of 10%+ (implies ~$3.90+); FCF >$900M
  • Volume: Continued low-to-mid single digit growth expected globally
  • Capex: Moderating post-capacity expansion cycle; supporting FCF generation
  • Analyst consensus: ~72% Buy; price targets range $48-$78, median ~$60

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $BALL.

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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Markdown: /stocks/ball/financials/md · → thesis · → memo