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Packaging Corporation of America

PKG

Consumer Cyclical Packaging & Containers

Packaging Corporation of America’s revenue for fiscal 2025 (year ended December 2025) was $9.0 billion, up 7.23% from fiscal 2024.

Revenue
+12.5%
EPS
+16.7%
Free cash flow
+5.30%
Total debt
+60.1%

Quarter to September 2026, against a year earlier

249.70 0.90 +0.36%
Market cap
$22.3B
P/E
30.6×
Fwd P/E
25.5×
Dividend yield
2.20%
F-score
3/9
ROIC
0.00%
Net debt / EBITDA
1.9×
Dividend safety
73/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Packaging
  • Paper
  • Corporate and Other

Every year since 2011 →

Insider Decisions last twelve months

Net sold
$15.0M
Trades
5 sells · 0 buys
Ownership
3.52%

Capital & Financial Ratios $m

Size
Market Cap 22,250
Revenue ttm 9,823
Net income ttm 692
Free cash flow ttm 744
Net debt Q 3,379
Valuation
P/E 30.6
Forward P/E 25.5
Price / sales 2.3
Forward P/S Powerpack
Price / FCF 29.9
Price / book 4.8
Financial health
Current ratio Q 2.9 (at or above 1.5: strong)
Debt / equity Q 0.9
Interest coverage Q 11.9
Growth
Revenue growth Q +12.5% (above 0%: growing)
Operating income growth Q +18.7% (above 0%: growing)
EPS, this year +7.9%
EPS, next year A +36.2% (at or above 15%: strong)
Revenue, next year A +12.2% (at or above 10%: strong)
EPS, past 5 yrs +12.1%
EPS, next 5 yrs A +16.1% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.7×, against a ten-year median of 2.0×; over the ten years it ranged from 1.2× in 2016 to 3.0× in 2024.
P/E against its own 10 years 98.46%
10-year low 10-year high
P/S against its own 10 years 94.02%
10-year low 10-year high
P/B against its own 10 years 85.85%
10-year low 10-year high
EV/Sales against its own 10 years 95.38%
10-year low 10-year high
EV/FCF against its own 10 years 92.85%
10-year low 10-year high

Dividends

Yield
2.20%
Annual rate
5.50
Payout ratio
67.7%
Growth, 2017–25
+8.94%/yr
  1. 2.52 ’17
  2. 3.00 ’18 +19
  3. 3.16 ’19 +5
  4. 3.37 ’20 +7
  5. 4.00 ’21 +19
  6. 4.75 ’22 +19
  7. 5.00 ’23 +5
  8. 5.00 ’24 +0
  9. 5.00 ’25 +0
  10. 5.43 ’26e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,142 787 601 594
Receivables 1,038 1,154 1,284 1,463
Inventory 1,013 1,125 1,243 1,262
Other — — — —
3,254 3,233 3,214 3,424
2023 2024 2025 Q'26
Payables 402 430 471 617
ST’ Debt 400 — — —
Other — — — —
1,266 1,002 1,015 1,164

Compound Annual Growth %

10y 5y 3y
Sales 4.58% 6.19% 1.97%
Cash Flow 7.32% 8.56% 1.37%
Earnings 5.94% 10.95% (9.05%)
Book Value 10.90% 7.21% 7.83%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.95 Actual 3.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.41 2.32 Miss by 0.09
Q1 FY26 2.17 2.40 Beat by 0.23
Q2 FY26 2.31 2.35 Beat by 0.04
Q3 FY26 2.95 3.04 Beat by 0.09
Q4 FY26 2.81 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.91 2.15 2.93 — —
’25 2.26 2.67 2.51 1.13 8.58
’24 1.63 2.21 2.64 2.45 8.93
’23 2.11 2.24 2.03 2.10 8.48
’22 2.70 3.20 2.80 2.31 11.03
’21 1.75 2.17 2.63 2.28 8.83
’20 1.49 0.59 1.46 1.30 4.84
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,368 2,490 2,602 — —
’25 2,141 2,171 2,313 2,364 8,989
’24 1,980 2,075 2,182 2,146 8,383
’23 1,976 1,952 1,936 1,938 7,802
’22 2,136 2,237 2,126 1,978 8,478
’21 1,807 1,880 2,000 2,043 7,730
’20 1,709 1,542 1,694 1,714 6,658
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 329 376 — — —
’25 339 300 472 447 1,558
’24 260 278 327 325 1,191
’23 280 360 340 335 1,315
’22 325 319 431 420 1,495
’21 192 228 284 391 1,094
’20 237 227 298 271 1,033
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 165 171 — — —
’25 192 162 280 128 762
’24 184 34 181 125 523
’23 168 234 251 194 847
’22 112 135 252 173 673
’21 107 99 134 157 497
’20 166 150 196 104 616
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.7% a year for ten years. It grew 2.5% a year over the last ten.

Implied
13.7%
10 years, reported
2.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
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 5,779 6,445 7,015 6,964 6,658 7,730 8,478 7,802 8,383 8,989 9,823 +5.0% 10,087 10,975 11,314 +8.0%
Gross margin, % 22.08 22.82 23.46 23.61 20.57 24.23 24.66 21.77 21.27 21.02 20.53 (1.1) pt
EBT 689 829 971 917 633 1,109 1,365 1,014 1,064 1,028 968 +4.6%
EBT margin, % 11.91 12.86 13.84 13.17 9.50 14.34 16.10 13.00 12.70 11.43 9.85 (0.5) pt
Net income 450 669 738 696 461 841 1,030 765 805 774 692 +6.2%
Per share, $
Per share, $ Revenue 61.81 68.93 74.86 74.25 70.76 82.15 91.85 87.57 94.09 100.66 110.10 +5.6%
Earnings 4.75 7.09 7.82 7.36 4.86 8.87 11.08 8.52 8.97 8.61 8.15 +6.8%
Cash flow 8.63 9.16 12.59 12.87 10.98 11.63 16.20 14.76 13.37 17.44 0.00 +8.1%
Capex (2.93) (3.49) (5.87) (4.22) (4.43) (6.35) (8.91) (5.25) (7.50) (8.91) 0.00 +13.2%
Free cash flow 5.70 5.67 6.73 8.66 6.55 5.28 7.29 9.51 5.87 8.53 0.00 +4.6%
Book value 18.82 23.34 28.52 32.74 34.50 38.33 39.73 44.86 49.43 51.49 0.00 +11.8%
Shares, m 94 94 94 94 94 94 92 89 89 89 89 (0.5%)
Valuation, ×
Valuation, × P/E 17.89 17.43 10.67 15.20 28.32 15.37 11.67 19.24 25.10 24.01 30.64 18.5
P/S 1.38 1.79 1.11 1.51 1.95 1.66 1.41 1.87 2.39 2.05 2.27 1.7
P/B 4.52 5.30 2.93 3.42 4.00 3.55 3.25 3.65 4.55 4.01 4.78 3.9
EV/Sales 1.80 2.17 1.44 1.77 2.17 1.90 1.66 2.09 2.64 2.47 2.65 2.0
EV/FCF 19.46 26.41 16.04 15.14 23.47 29.50 20.90 19.29 42.37 29.12 35.02 24.2
Cash, $m
Cash, $m Operating cash flow 807 856 1,180 1,207 1,033 1,094 1,495 1,315 1,191 1,558 1,624 +7.6%
Capex (274) (326) (550) (395) (417) (597) (822) (468) (668) (795) (880) +12.6%
Free cash flow 533 530 630 812 616 497 673 847 523 762 744 +4.0%
Balance, $m
Balance, $m Working capital 1,071 1,082 1,422 1,755 1,968 1,848 1,633 1,989 2,231 2,199 2,260 +8.3%
Net debt 2,427 2,433 2,140 1,788 1,414 1,779 2,079 1,739 1,694 3,371 3,379 +3.7%
Shareholders’ equity 1,760 2,183 2,672 3,071 3,246 3,607 3,667 3,997 4,404 4,598 4,662 +11.3%
Returns, %
Returns, % ROA 8.06 11.07 11.47 10.01 6.24 10.93 12.90 9.10 9.13 7.86 0.00 (0.2) pt
ROIC 11.69 12.63 13.87 13.55 9.71 14.40 15.45 11.71 11.29 8.68 0.00 (3.0) pt
ROE 26.24 33.63 30.17 24.07 14.48 24.36 28.10 19.81 19.03 17.08 0.00 (9.2) pt
People
People Employees 14,000 14,600 15,000 15,500 15,200 15,200 15,100 14,900 15,400 16,800 — +2.0%
Revenue/emp, $m 0.41 0.44 0.47 0.45 0.44 0.51 0.56 0.52 0.54 0.54 — +2.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Packaging Corporation of America, or PCA, makes paper-based packaging and uncoated freesheet (UFS) paper in the United States. It is headquartered in Lake Forest, Illinois, and is the third largest producer of containerboard products and a leading UFS-paper producer in North America.

The Packaging business makes containerboard—the linerboard and corrugating medium used to make corrugated boxes—and then converts it into shipping containers, retail displays and honeycomb protective packaging. Its boxes are used to protect and transport manufactured goods, and it also supplies packaging for meat, fresh fruit and vegetables, processed food, beverages, industrial products and consumer goods. Containerboard is the paper input; corrugated plants combine and cut it into the finished boxes customers use.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Packaging 8,294 92.26%
Paper 615 6.85%
Corporate and Other 80 0.89%
Gross margin 21.02%
Operating margin 12.31%
Pre-tax margin 11.43%

Revenue by segment since 2011

Packaging Corporation of America vs peers in Packaging & Containers (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
SW Smurfit Westrock PLC $23.1B 49.0× 30.5× +1.97% (above 0%: growing) −10.64% (below 0%: shrinking) −29.37% (below 0%: shrinking) 17.64% 5.97% Compare
PKG Packaging Corporation of America $22.3B 30.6× 25.5× +12.46% (above 0%: growing) +16.67% (above 0%: growing) +5.30% (above 0%: growing) 23.21% 14.81%
AMCR Amcor PLC $20.8B 19.1× 15.0× +6.68% (above 0%: growing) −4.75% (below 0%: shrinking) +54.49% (above 0%: growing) 18.91% 7.41% Compare
IP International Paper Company $18.3B — (loss-making) — (loss-making) −0.40% (below 0%: shrinking) n/m −218.18% (below 0%: shrinking) 31.21% 4.70% Compare
BALL Ball Corporation $17.2B 33.1× 18.6× +23.94% (above 0%: growing) n/m −87.55% (below 0%: shrinking) 16.93% (1.84%) Compare
AVY Avery Dennison Corporation $14.1B 20.2× 19.7× +5.24% (above 0%: growing) +5.16% (above 0%: growing) −9.96% (below 0%: shrinking) 28.08% 11.69% Compare
CCK Crown Holdings, Inc. $13.1B 16.8× 16.5× +15.90% (above 0%: growing) +12.37% (above 0%: growing) −39.10% (below 0%: shrinking) 16.41% 11.91% Compare
REYN Reynolds Consumer Products Inc. $5.1B 15.7× 15.6× +1.40% (above 0%: growing) −27.61% (below 0%: shrinking) −81.25% (below 0%: shrinking) 25.00% 10.38% Compare
SON Sonoco Products Company $5.0B — (loss-making) — (loss-making) −4.20% (below 0%: shrinking) n/m +1.80% (above 0%: growing) 19.85% (31.25%) Compare
Median of peers $15.6B 19.7× 17.6× +3.61% −4.75% −34.24% 19.38% 6.69%

All 23 Packaging & Containers stocks →

From the latest earnings call

Updated

  • CEO Mark Kowlzan said price realization and a higher-than-expected contribution from the acquired Greif business helped PCA exceed its third-quarter earnings guidance.
  • President Tom Hassfurther said October bookings were up a little over 5%, while billings lagged, and expected fourth-quarter volume to be roughly flat.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.93%
Held by the ten largest 51.70%
Holder Shares Stake Change
Vanguard 11.16m 12.53% +43.62k
BlackRock 7.71m 8.66% +4.97k
T. Rowe Price 6.20m 6.95% −702.53k
State Street 4.62m 5.18% +371.02k
JPMorgan Chase 3.71m 4.17% +285.78k
BNY 3.14m 3.52% +903.98k
Fidelity International (FIL) 2.77m 3.11% −85.11k
Geode Capital Management 2.50m 2.81% +14.07k
Royal Bank of Canada 2.24m 2.51% −87.05k
American Century 2.01m 2.26% −55.21k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.99m 12.97m 173.59
2024 15.67m 37.77m 184.84
2023 15.23m 26.36m 130.46
2022 12.23m 14.19m 98.93
2021 12.52m 8.94m 101.61

Ownership

Directors and executive officers, together 1.60%
The Vanguard Group 12.60%
BlackRock, Inc 8.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Packaging Corporation of America (PKG) Latest News

1 Nov

Impact 3 · · The Motley Fool

28 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · StockStory
Impact 4 · · packagingdive.com
Impact 4 · · StockStory

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks earnings
Impact 4 · · Moby transcript

21 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press earnings
Impact 3 · · StockStory

20 Oct

Impact 3 · · StockStory

19 Oct

Impact 4 · · packagingdive.com

16 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

14 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

12 Oct

Impact 4 · · Insider Monkey

2 Oct

Impact 3 · · packagingdive.com

1 Oct

Impact 3 · · Barchart

28 Sep

Impact 3 · · StockStory

21 Sep

Impact 3 · · Barchart

8 Sep

Impact 3 · · packagingdive.com

12 Aug

Impact 3 ·

11 Aug

Impact 3 · · packagingdive.com

10 Aug

Impact 3 ·

PKG metrics, ten years each

stockrow.com/PKG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com