PKGPACKAGING CORP OF AMERICA

Paperboard Containers & Boxes

Revenue: $9.0B; 7.2% YoY
Operating margin: 12.3%; 6.3% YoY
EBITDA: $1.8B; 8.2% YoY
Market cap: $22.9B
Employees: 16,800; $535K revenue each
Net debt / EBITDA: 2.0×; $3.5B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
201% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
39% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$535K · 67th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.7B	$8.5B	$7.8B	$8.4B	$9.0B	7.2%
Operating income	$1.2B	$1.4B	$1.1B	$1.1B	$1.1B	0.5%
Net income	$841M	$1.0B	$765M	$805M	$774M	3.9%
Operating cash flow	$1.1B	$1.5B	$1.3B	$1.2B	$1.6B	31%
Capex	$605M	$824M	$470M	$670M	$829M	24%
Stock-based comp	$36M	$36M	$40M	$49M	$45M	7.4%
Buybacks	$193M	$523M	$42M	$0	$153M
Dividends	$380M	$420M	$449M	$449M	$450M	0.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 6
Net: −$15M

Pay vs performance

No pay-versus-performance disclosure yet.