GPKGRAPHIC PACKAGING HOLDING CO
Paperboard Containers & Boxes
- Revenue
- $8.6B
- 2.2% YoY
- Operating margin
- 9.4%
- 27% YoY
- EBITDA
- $1.3B
- 20% YoY
- Market cap
- $2.6B
- Employees
- 23,000
- $373K revenue each
- Net debt / EBITDA
- 3.7×
- $4.9B net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 6 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo189% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo33% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Shareholder dissentNo82% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$373K · 17th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 26th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7.1B | $9.4B | $9.4B | $8.8B | $8.6B | 2.2% |
| Operating income | $407M | $906M | $1.2B | $1.1B | $804M | 28% |
| Net income | $204M | $522M | $723M | $658M | $444M | 33% |
| Operating cash flow | $609M | $1.1B | $1.1B | $840M | $841M | 0.1% |
| Stock-based comp | $27M | $34M | $44M | $62M | $2M | 97% |
| Buybacks | $0 | $28M | $54M | $200M | $150M | 25% |
| Dividends | $92M | $92M | $123M | $122M | $128M | 4.9% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 21, 2021 | INTERNATIONAL PAPER CO /NEW/ | SC 13D/A | 0.0% | Passive |
| Feb 19, 2021 | INTERNATIONAL PAPER CO /NEW/ | SC 13D | 5.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $1M · 8
- Open-market sells, 12 mo
- $0 · 0
- Net
- $1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | −$6M | 97 | 100 |
| FY2024 | $9M | $18M | 177 | 137 |
| FY2023 | $12M | $19M | 159 | 119 |
| FY2022 | $12M | $20M | 141 | 110 |
| FY2021 | $7M | $12M | 122 | 134 |