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Quad Graphics, Inc

QUAD Industrials Specialty Business Services

Quad Graphics, Inc’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, down 9.44% from fiscal 2024.

Revenue
−0.22%
EPS
−45.3%
Free cash flow
−18.7%
Total debt
−5.78%

Quarter to September 2026, against a year earlier

7.61 0.08 −1.04%
Market cap
$391.9M
P/E
13.7×
Fwd P/E
11.1×
Dividend yield
4.93%
F-score
6/9
Altman Z
1.57
Beneish M
−2.61
Dividend safety
65/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 39.92%

Capital & Financial Ratios $m

Size
Market Cap 391.86
Revenue ttm 2,375.80
Net income ttm 26.50
Free cash flow ttm 79.60
Net debt Q 420.70
Valuation
P/E 13.70
Forward P/E 11.10
Price / sales 0.15
Forward P/S Powerpack
Price / FCF 4.57
Price / book 3.02
Financial health
Current ratio Q 0.97 (below 1: weak)
Debt / equity Q 3.68 (above 2: weak)
Interest coverage Q 1.43
Growth
Revenue growth Q −0.22% (below 0%: shrinking)
Operating income growth Q −47.35% (below 0%: shrinking)
EPS, this year +21.78% (at or above 15%: strong)
EPS, next year A +15.45% (at or above 15%: strong)
Revenue, next year A −2.68% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +40.14% (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 0.3×, against a ten-year median of 0.3×; over the ten years it ranged from 0.2× in 2023 to 0.6× in 2018.
P/E against its own 10 years 60.37%
10-year low 10-year high
P/S against its own 10 years 69.61%
10-year low 10-year high
P/B against its own 10 years 83.58%
10-year low 10-year high
EV/Sales against its own 10 years 45.64%
10-year low 10-year high
EV/FCF against its own 10 years 66.06%
10-year low 10-year high

Dividends raised 3 years running

Yield
4.93%
Annual rate
0.38
Payout ratio
70.9%
Growth, 2016–26
−10.4%/yr
  1. 1.20 ’16
  2. 1.20 ’17 +0
  3. 1.20 ’18 +0
  4. 1.05 ’19 −12
  5. 0.15 ’20 −86
  6. 0.00 ’22 −100
  7. 0.20 ’24
  8. 0.30 ’25 +50
  9. 0.40 ’26 +33
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 53 29 63 23
Receivables 316 273 295 331
Inventory 179 162 144 189
Other — — — —
588 534 538 574
2023 2024 2025 Q'26
Payables 374 357 342 328
ST’ Debt 152 28 47 52
Other 238 289 212 187
791 699 624 590

Compound Annual Growth %

10y 5y 3y
Sales (6.22%) (3.75%) (9.05%)
Cash Flow (12.10%) (12.80%) (14.72%)
Earnings 0.00% 0.00% 42.66%
Book Value (11.24%) 8.68% (9.40%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.36 Actual 0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.36 0.36 Met by 0.00
Q1 FY26 0.22 0.25 Beat by 0.03
Q2 FY26 0.20 0.24 Beat by 0.04
Q3 FY26 0.36 0.35 Miss by 0.01
Q4 FY26 0.39 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.13 0.07 0.11 — —
’25 0.11 0.00 0.21 0.22 0.54
’24 (0.60) (0.06) (0.52) 0.09 (1.07)
’23 (0.50) (0.12) (0.06) (0.47) (1.14)
’22 (0.02) 0.10 0.27 (0.18) 0.18
’21 0.19 0.66 0.27 (0.41) 0.71
’20 (0.25) (0.46) 0.03 (1.85) (2.53)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 581 578 587 — —
’25 629 572 588 631 2,420
’24 655 634 675 708 2,672
’23 767 703 700 788 2,958
’22 744 758 830 885 3,217
’21 706 694 706 855 2,960
’20 823 585 679 843 2,930
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (94) 53 (21) — —
’25 (89) 47 (8) 146 96
’24 (52) 4 2 159 113
’23 (51) 51 41 107 148
’22 (17) (7) (7) 185 155
’21 73 16 (67) 114 137
’20 45 23 40 83 190
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (107) 41 (16) — —
’25 (100) 40 (13) 162 88
’24 (68) (9) 32 150 105
’23 (72) 35 27 119 109
’22 (35) (18) (22) 175 99
’21 67 29 (49) 165 213
’20 19 14 30 74 137
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

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 4,330 3,951 3,986 3,923 2,930 2,960 3,217 2,958 2,672 2,420 2,376 (6.3%) 2,355 2,312 2,322 (1.4%)
Gross margin, % 21.59 21.76 19.18 18.64 20.30 19.27 18.59 19.49 21.70 21.62 21.39 0.0 pt
EBT 59 109 27 (80) (106) 47 18 (43) (44) 33 31 (6.5%)
EBT margin, % 1.37 2.76 0.66 (2.03) (3.62) 1.59 0.55 (1.44) (1.67) 1.34 1.30 0.0 pt
Net income 45 107 8 (156) (128) 38 9 (55) (51) 27 27 (5.5%)
Per share, $
Per share, $ Revenue 90.39 79.66 80.04 78.47 57.90 57.71 63.45 61.11 56.14 50.84 49.60 (6.2%)
Earnings 0.94 2.16 0.17 (3.12) (2.53) 0.74 0.18 (1.14) (1.07) 0.57 0.55 (5.4%)
Cash flow 7.38 6.94 5.23 3.11 3.76 2.66 3.05 3.05 2.37 2.01 1.74 (13.4%)
Capex (1.67) (1.25) (1.28) (1.87) (1.06) 1.49 (1.10) (0.81) (0.17) (0.18) (0.08) (22.1%)
Free cash flow 5.71 5.69 3.96 1.24 2.70 4.15 1.95 2.24 2.20 1.84 1.66 (11.8%)
Book value 9.22 10.53 9.24 4.89 1.68 2.67 3.41 2.47 1.05 2.70 2.52 (12.7%)
Shares, m 48 50 50 50 51 51 51 48 48 48 48 (0.1%)
Valuation, ×
Valuation, × P/E 27.67 10.75 72.47 0.00 0.00 5.41 25.71 0.00 0.00 11.24 13.70 15.3
P/S 0.28 0.29 0.15 0.06 0.07 0.07 0.07 0.09 0.12 0.12 0.15 0.1
P/B 2.79 2.20 1.33 0.96 2.28 1.50 1.28 2.16 6.65 2.32 3.02 2.3
EV/Sales 0.54 0.52 0.37 0.32 0.36 0.28 0.24 0.25 0.25 0.25 0.33 0.3
EV/FCF 8.55 7.26 7.51 20.31 7.79 3.89 7.74 6.68 6.50 6.92 9.86 8.3
Cash, $m
Cash, $m Operating cash flow 354 344 261 156 190 137 155 148 113 96 84 (13.5%)
Capex (80) (62) (64) (93) (54) 76 (56) (39) (8) (8) (4) (22.2%)
Free cash flow 273 282 197 62 137 213 99 109 105 88 80 (11.9%)
Balance, $m
Balance, $m Working capital 128 163 95 98 (3) (148) (91) (203) (164) (86) (16) n/m
Net debt 1,104 895 866 1,026 870 622 544 467 349 307 421 (13.2%)
Shareholders’ equity 442 522 460 244 85 137 173 120 50 129 121 (12.8%)
Returns, %
Returns, % ROA 1.66 4.27 0.35 (6.40) (5.91) 1.98 0.52 (3.45) (3.62) 2.12 2.10 +0.5 pt
ROIC 4.74 7.62 4.11 1.71 (3.01) 7.64 4.66 2.74 3.01 13.90 9.68 +9.2 pt
ROE 10.38 22.24 1.73 (44.37) (77.97) 34.12 6.01 (37.89) (60.09) 30.25 24.40 +19.9 pt
People
People Employees 22,600 11,800 20,600 19,600 15,800 15,100 15,300 13,150 12,200 10,100 — (8.6%)
Revenue/emp, $m 0.19 0.33 0.19 0.20 0.19 0.20 0.21 0.22 0.22 0.24 — +2.5%
Negative figures in brackets.
estimates

All 10 years →

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

Quad Graphics, Inc vs peers in Specialty Business Services (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
LZ LegalZoom.com, Inc. $1.0B 45.6× 30.7× +2.62% (above 0%: growing) +60.67% (above 0%: growing) −27.39% (below 0%: shrinking) 70.75% 6.94% Compare
BUUU BUUU Group Limited $997.0M — — — — +124.80% (above 0%: growing) — — Compare
TRNS Transcat, Inc. $944.1M 208× 144× +18.01% (above 0%: growing) +83.57% (above 0%: growing) −28.28% (below 0%: shrinking) 33.61% 5.18% Compare
BKSY BlackSky Technology Inc. $782.5M — (loss-making) — (loss-making) +118.39% (above 0%: growing) n/m +100.16% (above 0%: growing) 0.00% 0.95% Compare
KODK Eastman Kodak Company $725.9M — (loss-making) 29.7× +2.60% (above 0%: growing) n/m −129.41% (below 0%: shrinking) 26.45% 5.43% Compare
CASS Cass Information Systems, Inc $695.5M 18.3× 17.8× +12.49% (above 0%: growing) +19.94% (above 0%: growing) +625.84% (above 0%: growing) 93.21% 0.00% Compare
EBF Ennis, Inc. $530.2M 13.5× — (loss-making) +3.37% (above 0%: growing) −27.45% (below 0%: shrinking) +21.39% (above 0%: growing) 29.89% 13.31% Compare
QUAD Quad Graphics, Inc $391.9M 13.7× 11.1× −0.22% (below 0%: shrinking) −45.33% (below 0%: shrinking) −18.66% (below 0%: shrinking) 21.78% 2.37%
SPIR Spire Global, Inc. $313.2M — (loss-making) — (loss-making) −5.91% (below 0%: shrinking) n/m +25.49% (above 0%: growing) 34.12% (110.22%) Compare
Median of peers $754.2M 31.9× 30.2× +3.37% +40.31% +23.44% 33.61% 5.18%

All 45 Specialty Business Services stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.91m 7.14m 165.93
2024 8.18m 9.96m 175.74
2023 8.51m 10.09m 132.84
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. Read the proxy statement

Quad Graphics, Inc (QUAD) Latest News

31 Oct

Impact 3 · · MarketBeat

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby

28 Oct

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · Zacks

6 Oct

Impact 4 · · PR Newswire

27 Aug

Impact 3 · · MarketBeat

5 Aug

Impact 3 ·

4 Aug

Impact 3 ·

30 Jul

Impact 3 · · MarketBeat

29 Jul

Impact 3 · transcript

28 Jul

Impact 3 ·
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16 Jul

Impact 3 ·

6 May

Impact 3 · · Zacks

2 May

Impact 4 · · MarketBeat

29 Apr

Impact 4 · · Moby

28 Apr

Impact 3 · · Zacks
Impact 3 · · PR Newswire

18 Feb

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

17 Feb

Impact 4 · · Associated Press Finance
Impact 4 · · PR Newswire

13 Feb

Impact 3 · · PR NewswireSimply Wall St.MT NewswiresSimply Wall St.Simply Wall St.Simply Wall St.Packaging GatewayMT Newswires

28 Jan

Impact 3 · · PR Newswire

18 Dec

Impact 4 · · Zacks
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1 Dec

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.
stockrow.com/QUAD · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com