SWSmurfit Westrock plc

Paperboard Containers & Boxes

Revenue: $31.2B; 48% YoY
Operating margin: 5.5%; 16% YoY
EBITDA: $4.3B; 73% YoY
Market cap: $22.6B
Employees: 97,000; $321K revenue each
Net debt / EBITDA: 2.9×; $12.6B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 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
485% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$321K · 8th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$22.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.5B	$12.1B	$21.1B	$31.2B	48%
Operating income	$1.6B	$1.4B	$1.0B	$1.7B	71%
Net income	$1.0B	$825M	$319M	$699M	119%
Operating cash flow	$1.4B	$1.6B	$1.5B	$3.4B	129%
Capex	$930M	$929M	$1.5B	$2.2B	50%
Stock-based comp	$68M	$66M	$206M	$139M	33%
Buybacks	$32M	$30M	$27M	$0	100%
Dividends	$349M	$391M	$650M	$900M	38%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 4
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.