# Ball Corporation (BALL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BALL/thesis · /stocks/BALL/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BALL/fundamental

## Navigation

- Overview: /stocks/BALL
- Financials (this page): /stocks/BALL/financials
- Thesis: /stocks/BALL/thesis
- Investment Memo: /stocks/BALL/memo
- Coverage universe: /stocks