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Mercer International Inc.

MERC Basic Materials Paper & Paper Products

Mercer International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 8.58% from fiscal 2024.

Revenue
−3.80%
EPS
+27.3%
Free cash flow
+65.9%
Total debt
+7.59%

Quarter to September 2026, against a year earlier

0.25 0.00 0.00%
Market cap
$16.7M
P/E
0.0×
Fwd P/E
0.0×
Dividend yield
0.00%
F-score
3/9
Altman Z
0.46
Beneish M
n/a
Dividend safety
12/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — 2 1 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 40.06%

Capital & Financial Ratios $m

Size
Market Cap 16.70
Revenue ttm 1,839.75
Net income ttm (495.88)
Free cash flow ttm (74.62)
Net debt Q 1,588.47
Valuation
P/E 0.00
Forward P/E (0.04) (negative: loss-making)
Price / sales 0.01
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 1.23
Debt / equity Q (10.52) (negative: negative equity)
Interest coverage Q (1.20)
Growth
Revenue growth Q −3.80% (below 0%: shrinking)
Operating income growth Q +42.67% (above 0%: growing)
EPS, this year +54.97% (at or above 15%: strong)
EPS, next year A +53.73% (at or above 15%: strong)
Revenue, next year A +2.08%
EPS, past 5 yrs —
EPS, next 5 yrs A +42.36% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.0×; over the ten years it ranged from 0.8× in 2023 to 1.5× in 2018.
P/S against its own 10 years 0.92%
10-year low 10-year high
EV/Sales against its own 10 years 30.06%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
—
Growth, 2017–25
−13.3%/yr
  1. 0.47 ’17
  2. 0.50 ’18 +6
  3. 0.54 ’19 +7
  4. 0.33 ’20 −38
  5. 0.26 ’21 −22
  6. 0.30 ’22 +15
  7. 0.30 ’23 +0
  8. 0.30 ’24 +0
  9. 0.15 ’25 −50
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 314 185 187 76
Receivables 306 327 299 282
Inventory 414 362 359 373
Other 35 18 — —
1,093 910 866 754
2023 2024 2025 Q'26
Payables 279 249 283 260
ST’ Debt — — — 355
Other 7 8 1 —
286 257 284 615

Compound Annual Growth %

10y 5y 3y
Sales 6.10% 5.59% (6.44%)
Cash Flow (25.32%) (27.05%) (71.23%)
Earnings 0.00% 0.00% 0.00%
Book Value (15.87%) (35.32%) (56.71%)

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate −0.74 Actual −0.78

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY23 −0.74 −0.80 Miss by 0.06
Q2 FY25 −0.73 −1.29 Miss by 0.56
Q3 FY25 −0.89 −0.97 Miss by 0.08
Q1 FY26 −0.74 −0.78 Miss by 0.04

EPS $

Mar Jun Sep Dec Year
’26 (0.78) (1.13) (0.88) — —
’25 (0.33) (1.29) (1.21) (4.61) (7.44)
’24 (0.25) (1.01) (0.26) 0.25 (1.27)
’23 (0.46) (1.48) (0.39) (1.31) (3.65)
’22 1.34 1.07 1.00 0.30 3.71
’21 0.09 0.32 1.04 1.12 2.58
’20 (0.05) (0.13) 0.11 (0.20) (0.26)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 489 460 441 — —
’25 507 454 458 450 1,868
’24 553 499 502 488 2,043
’23 523 530 471 470 1,994
’22 593 572 533 583 2,281
’21 413 402 470 519 1,803
’20 351 341 333 398 1,423
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (86) (15) (20) — —
’25 (3) (5) (30) 46 9
’24 (29) 62 (14) 71 90
’23 (50) 15 (25) (9) (69)
’22 69 155 87 51 361
’21 30 81 40 31 182
’20 (70) 64 28 19 42
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (99) (27) (20) — —
’25 (23) (29) (59) 37 (74)
’24 (48) 44 (36) 65 26
’23 (83) (22) (62) (35) (202)
’22 35 107 38 0 181
’21 4 18 1 (3) 21
’20 (93) 42 14 (1) (38)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 932 1,169 1,458 1,624 1,423 1,803 2,281 1,994 2,043 1,868 1,840 +8.0% 1,907 2,094 2,181 +5.3%
Gross margin, % 16.99 18.67 22.59 9.74 9.18 23.60 21.84 (1.60) 9.27 (3.62) (4.39) (20.6) pt
EBT 59 104 177 10 (11) 261 345 (270) (87) (511) (526) n/m
EBT margin, % 6.38 8.89 12.16 0.59 (0.78) 14.45 15.14 (13.53) (4.25) (27.37) (28.58) (33.7) pt
Net income 35 70 129 (10) (17) 171 247 (242) (85) (498) (496) n/m
Per share, $
Per share, $ Revenue 14.41 18.01 22.38 24.78 21.64 27.35 34.51 30.02 30.58 27.91 27.37 +7.6%
Earnings 0.54 1.09 1.97 (0.15) (0.26) 2.59 3.74 (3.65) (1.27) (7.44) (7.40) n/m
Cash flow 2.18 2.19 3.63 3.73 0.63 2.76 5.46 (1.04) 1.35 0.13 (1.11) (27.0%)
Capex (0.69) (0.92) (1.35) (2.02) (1.20) (2.44) (2.71) (2.00) (0.96) (1.23) 0.00 +6.7%
Free cash flow 1.49 1.27 2.29 1.70 (0.57) 0.32 2.74 (3.04) 0.39 (1.10) (1.11) n/m
Book value 5.87 8.48 8.93 8.40 9.14 10.52 12.69 9.57 6.43 1.02 (2.35) (17.7%)
Shares, m 65 65 65 66 66 66 66 66 67 67 67 +0.4%
Valuation, ×
Valuation, × P/E 21.11 13.12 5.30 0.00 0.00 4.63 3.10 0.00 0.00 0.00 0.00 4.7
P/S 0.79 0.79 0.47 0.50 0.47 0.44 0.34 0.31 0.21 0.07 0.01 0.4
P/B 1.94 1.69 1.17 1.46 1.12 1.14 0.91 0.99 1.01 1.95 0.00 1.3
EV/Sales 1.34 1.24 1.24 0.97 1.06 0.94 0.78 0.97 0.85 0.84 0.87 1.0
EV/FCF 12.97 17.68 12.09 14.16 (40.12) 79.23 9.78 (9.55) 69.26 (21.06) (11.60) 14.4
Cash, $m
Cash, $m Operating cash flow 141 142 237 244 42 182 361 (69) 90 9 (75) (26.7%)
Capex (44) (60) (88) (133) (79) (161) (179) (133) (64) (82) (63) +7.1%
Free cash flow 96 82 149 112 (38) 21 181 (202) 26 (74) (75) n/m
Balance, $m
Balance, $m Working capital 309 422 615 588 663 781 800 806 653 582 139 +7.3%
Net debt 506 526 826 768 826 892 992 1,295 1,289 1,418 1,588 +12.1%
Shareholders’ equity 379 551 581 550 601 694 839 635 430 68 (158) (17.4%)
Returns, %
Returns, % ROA 2.98 4.89 6.95 (0.48) (0.82) 7.63 9.73 (8.99) (3.46) (23.13) (24.15) (26.1) pt
ROIC 8.03 9.79 11.90 3.98 2.79 13.66 13.39 (6.11) 0.55 (16.72) (17.88) (24.7) pt
ROE 9.17 15.16 22.72 (1.70) (2.99) 26.41 32.23 (32.84) (15.99) (200.02) (492.61) (209.2) pt
People
People Employees 1,486 1,840 2,210 2,325 2,375 2,415 3,320 20 20 3,545 — +10.1%
Revenue/emp, $m 0.63 0.64 0.66 0.70 0.60 0.75 0.69 99.69 102.17 0.53 — (1.9%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Mercer International Inc. vs peers in Paper & Paper Products (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SUZ Suzano S.A. Sponsored ADR $11.7B 4.9× — −2.26% (below 0%: shrinking) −59.15% (below 0%: shrinking) +85.24% (above 0%: growing) 24.41% 24.06% Compare
SLVM Sylvamo Corporation $1.3B — (loss-making) 22.5× −23.76% (below 0%: shrinking) n/m −45.45% (below 0%: shrinking) 31.78% 0.00% Compare
CLW Clearwater Paper Corporation $224.2M 82.9× — (loss-making) −3.53% (below 0%: shrinking) n/m +1.27% (above 0%: growing) 5.51% 0.65% Compare
MERC Mercer International Inc. $16.7M — (loss-making) — (loss-making) −3.80% (below 0%: shrinking) n/m +65.88% (above 0%: growing) (2.64%) (8.79%)
ITP IT Tech Packaging Inc $2.0M — (loss-making) 21.1× +2.07% (above 0%: growing) n/m +22.05% (above 0%: growing) 7.90% (3.91%) Compare
Median of peers $767.1M — — −2.89% — +11.66% 16.16% 0.33%

All 5 Paper & Paper Products stocks →

Pay and ownership Proxy statement filed 21 April 2026

Ownership

Directors and executive officers, together 1.20%
Peter R. Kelloggc/o IAT Reinsurance Co. Ltd.48 Wall Street, 36.40%
Redwood Capital Management LLC 6.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Mercer International Inc. (MERC) Latest News

6 Nov

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press Finance
Impact 4 · · GlobeNewswireZacksMT NewswiresGuruFocus.comPackaging GatewayPackaging GatewayPackaging DiveBarchart

5 Nov

Impact 5 · · GlobeNewswire
Impact 3 · · Associated Press

2 Nov

Impact 4 · · GlobeNewswire

27 Oct

Impact 3 · · GlobeNewswire

13 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 3 · · Moby transcript

6 Aug

Impact 3 ·
Impact 3 ·

12 May

Impact 3 · · Zacks

8 May

Impact 3 · · MarketBeat

7 May

Impact 3 · · GlobeNewswire

16 Feb

Impact 4 · · Insider Monkey

13 Feb

Impact 4 · · MarketBeat transcript
Impact 4 · · Moby transcript
Impact 3 · · GuruFocus.com transcript

12 Feb

Impact 4 · · Associated Press Finance
Impact 3 · earnings

2 Jan

Impact 3 · · Simply Wall St.

18 Dec

Impact 4 ·

18 Nov

Impact 3 · · Simply Wall St.

8 Nov

Impact 3 · · GuruFocus.com transcript

12 Sep

Impact 4 · · Simply Wall St.

2 Aug

Impact 3 · · Simply Wall St.
Impact 3 · · GuruFocus.com transcript

31 Jul

Impact 4 ·
stockrow.com/MERC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com