O-I Glass Inc.

ticker: OI step: 01 generated: 2026-05-13 source: quick-research

O-I Glass Inc. (OI) — Business Overview

Business Description

O-I Glass is one of the world's largest manufacturers of glass containers (bottles and jars), serving the beverage, food, and spirits industries across 19 countries. The company operates 69 manufacturing plants with ~21,000 employees and generated ~$6.4B in revenue in 2025. Glass is O-I's sole product category — it does not produce plastic or metal packaging — positioning the company as a pure-play on glass's sustainability credentials as a completely recyclable, infinitely reusable material.

Revenue Model

O-I sells glass containers directly to brand owners — beer, wine, spirits, food, and non-alcoholic beverage companies — under multi-year supply agreements. Revenue is volume-driven with some pricing pass-through for raw materials (soda ash, cullet, energy). Long-term contracts provide baseline volume visibility; spot/open-market sales capture incremental demand. Capital-intensive manufacturing creates high fixed costs, so utilization rates are a critical margin driver.

Products & Services

• Beer bottles — the largest volume category globally
• Wine and spirits bottles — premium glass for distilled spirits and wine
• Food jars — condiments, sauces, baby food, specialty foods
• Non-alcoholic beverage bottles — juice, water, soft drinks
• Custom/premium designs — lightweighting, digital printing, sustainable packaging

Customer Base & Go-to-Market

Customers are global and regional brand owners in FMCG: AB InBev, Heineken, Diageo, Constellation Brands, major food processors. O-I sells direct through dedicated account teams under long-term contracts. Customer concentration is moderate; no single customer represents an outsized share of revenue. Geographic mix is roughly 50% Americas, 50% Europe.

Competitive Position

O-I is a top-3 global glass container manufacturer alongside Verallia and Ardagh Glass. The industry is oligopolistic with high capital barriers to entry (furnace construction costs $100M+), regional market concentration, and customer switching costs from custom mold tooling. O-I's scale gives procurement advantages in raw materials and energy. However, glass competes with aluminum cans and PET plastic for share of packaging budgets, and premiumization is the key tailwind keeping glass relevant.

Key Facts

• Founded: 1929 (Owens-Illinois)
• Headquarters: Perrysburg, Ohio
• Employees: ~21,000
• Exchange: NYSE
• Sector / Industry: Materials / Containers & Packaging
• Market Cap: ~$1.2B (at ~$9/share, ~135M shares)

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

O-I Glass Inc. (OI) — Financial Snapshot

Income Statement Summary

FY2025: Revenue ~$6.43B (-1.6% YoY); adj. EPS $1.60 (recovering)

Cash Flow & Balance Sheet (FY2023/2024)

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