# Graphic Packaging Holding Company (GPK) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GPK/thesis · /stocks/GPK/memo

## Financial Snapshot

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

### Graphic Packaging Holding Company (GPK) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$9.4B | $9.42B | $8.81B | -6.6% |
| Gross Margin | ~16% | ~16% | ~15% | -1pp |
| Operating Margin | ~9% | ~9% | ~7% | -2pp |
| Net Income | ~$600M | ~$560M | ~$460M | -18% |
| EPS (adj. diluted) | ~$2.80 | ~$2.85 | ~$2.65 | -7% |

*FY2025: Revenue $8.617B (-2% YoY); net income ~$444M (5.2% margin)*

#### Cash Flow & Balance Sheet (FY2024/2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$900M |
| Free Cash Flow | Compressed (~$200M) due to Waco CapEx ($700M spend in 2025) |
| Cash & Equivalents | ~$200M |
| Total Debt | ~$5.8B |

#### Key Ratios (approximate)
- P/E: ~6x (adj.) | EV/EBITDA: ~6x | FCF Yield: ~15%+ (normalized 2026+)
- Revenue Growth (FY2024): -6.6% | Adj. EBITDA: ~$1.7B

#### Growth Profile
GPK revenue peaked around $9.4B in 2022-2023 as COVID-era pricing gains unwound and CPG customers destocked. Revenue has declined ~9% since peak but is stabilizing. The key investment thesis is FCF normalization: the Waco mill ($1.67B total project) nears completion in early 2026, dropping CapEx from ~$700M to maintenance levels (~$400M) and freeing up $300M+ in incremental FCF annually. Normalized FCF is projected at $700-800M, equating to a ~15% FCF yield on the current market cap.

#### Forward Estimates
- FY2026 FCF: $700–800M (post-Waco normalization)
- FY2026 adj. EBITDA: management guiding for improvement from FY2025's ~$1.65B
- Analyst avg. price target: ~$17 (reset down from ~$20 on cautious 2026 packaging volume outlook)
- Innovation sales: $213M in FY2025 (~2.5% of net sales)

## 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/GPK/fundamental

## Navigation

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