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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. In the quarter to June 2026, revenue was flat, EPS grew 3,909.5%, free cash flow grew 3.54% and total debt fell 11.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years.

9.44 0.05 −0.53%
Market cap
$488.7M
P/E
14.5×
Fwd P/E
8.1×
Dividend yield
3.97%
F-score
6/9
Altman Z
1.57
Beneish M
−2.61
Dividend safety
65/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 39.17%

Capital & Financial Ratios $m

Market Cap 488.73
Revenue 2,377.10
Net Income 31.20
Free Cash Flow 82.10
Net Debt 393.50
Current Ratio 0.87 (below 1: weak)
Debt/Equity 3.21 (above 2: weak)
P/E ratio 14.52
Fwd P/E 8.05
P/S ratio 0.19
P/B ratio 3.63
Past 5Y EPS Growth —
This Y EPS Growth 29.70% (at or above 15%: strong)
Next Y EPS Growth 13.74%
Next Y revenue growth (2.48%) (below 0%: weak)
Next 5Y EPS Growth 53.93% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, 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 67.29%
10-year low 10-year high
P/S against its own 10 years 74.75%
10-year low 10-year high
P/B against its own 10 years 93.33%
10-year low 10-year high
EV/Sales against its own 10 years 59.42%
10-year low 10-year high
EV/FCF against its own 10 years 73.98%
10-year low 10-year high

Dividends

Payout Ratio 0.60
Annual Dividend Rate 0.38
Annual Dividend Yield 3.97%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.40
0.10
0.10
0.10
2025 0.30
0.08
0.08
0.08
0.08
2024 0.20
0.05
0.05
0.05
0.05
2022 Powerpack
2021 Powerpack
2020 0.15
0.15
2019 1.05
0.30
0.30
0.30
0.15
2018 1.20
0.30
0.30
0.30
0.30
2017 1.20
0.30
0.30
0.30
0.30
2016 1.20
0.30
0.30
0.30
0.30
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 53 29 63 7
Receivables 316 273 295 298
Inventory 179 162 144 156
Other — — — —
588 534 538 502
2023 2024 2025 Q'26
Payables 374 357 342 315
ST’ Debt 152 28 47 50
Other 238 289 212 184
791 699 624 574

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 581 578 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.13 0.07 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.32 18.16 11.56 3.63 2.00 2.95 2.12 2.68 4.06 4.50

Analyst estimates 2026–2028

Powerpack
High 29.50 29.04 31.29 16.88 6.97 6.36 7.55 6.41 9.13 8.04
People
People Employees 22,600 11,800 20,600 19,600 15,800 15,100 15,300 13,150 12,200 10,100
Revenue/emp, $m 0.19 0.33 0.19 0.20 0.19 0.20 0.21 0.22 0.22 0.24
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
Gross margin, % 21.59 21.76 19.18 18.64 20.30 19.27 18.59 19.49 21.70 21.62
EBT 59 109 27 (80) (106) 47 18 (43) (44) 33
EBT margin, % 1.37 2.76 0.66 (2.03) (3.62) 1.59 0.55 (1.44) (1.67) 1.34
Net income 45 107 8 (156) (128) 38 9 (55) (51) 27
Depreciation 281 236 234 237 184 160 144 131 104 80
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
Earnings 0.94 2.16 0.17 (3.12) (2.53) 0.74 0.18 (1.14) (1.07) 0.57
Cash flow 7.38 6.94 5.23 3.11 3.76 2.66 3.05 3.05 2.37 2.01
Capex (1.67) (1.25) (1.28) (1.87) (1.06) 1.49 (1.10) (0.81) (0.17) (0.18)
Free cash flow 5.71 5.69 3.96 1.24 2.70 4.15 1.95 2.24 2.20 1.84
Book value 9.22 10.53 9.24 4.89 1.68 2.67 3.41 2.47 1.05 2.70
Shares, m 48 50 50 50 51 51 51 48 48 48
Valuation, ×
Valuation, × P/E 27.67 10.75 72.47 0.00 0.00 5.41 25.71 0.00 0.00 11.24
P/S 0.28 0.29 0.15 0.06 0.07 0.07 0.07 0.09 0.12 0.12
P/B 2.79 2.20 1.33 0.96 2.28 1.50 1.28 2.16 6.65 2.32
EV/Sales 0.54 0.52 0.37 0.32 0.36 0.28 0.24 0.25 0.25 0.25
EV/FCF 8.55 7.26 7.51 20.31 7.79 3.89 7.74 6.68 6.50 6.92
Cash, $m
Cash, $m Operating cash flow 354 344 261 156 190 137 155 148 113 96
Capex (80) (62) (64) (93) (54) 76 (56) (39) (8) (8)
Free cash flow 273 282 197 62 137 213 99 109 105 88
Balance, $m
Balance, $m Working capital 128 163 95 98 (3) (148) (91) (203) (164) (86)
Total debt 1,123 959 936 1,105 925 802 569 520 378 371
Net debt 1,104 895 866 1,026 870 622 544 467 349 307
Shareholders’ equity 442 522 460 244 85 137 173 120 50 129
Returns, %
Returns, % ROA 1.66 4.27 0.35 (6.40) (5.91) 1.98 0.52 (3.45) (3.62) 2.12
ROIC 4.74 7.62 4.11 1.71 (3.01) 7.64 4.66 2.74 3.01 13.90
ROE 10.38 22.24 1.73 (44.37) (77.97) 34.12 6.01 (37.89) (60.09) 30.25
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
BV BrightView Holdings, Inc. $975.1M — (loss-making) 36.5× +1.31% (above 0%: growing) n/m +69.17% (above 0%: growing) 21.17% 4.50% Compare
RHLD Resolute Holdings Management, Inc. $921.6M 20.6× — +295.65% (above 0%: growing) n/m +64.98% (above 0%: growing) 34.87% 7.44% Compare
KODK Eastman Kodak Company $878.2M — (loss-making) 19.1× +18.25% (above 0%: growing) n/m +100.00% (above 0%: growing) 26.37% 4.82% Compare
BUUU BUUU Group Limited $819.7M — — — — +124.80% (above 0%: growing) — — Compare
TRNS Transcat, Inc. $773.2M 217× 195× +21.62% (above 0%: growing) −60.00% (below 0%: shrinking) +595.90% (above 0%: growing) 33.07% 4.00% Compare
BKSY BlackSky Technology Inc. $755.1M — (loss-making) — (loss-making) +50.08% (above 0%: growing) n/m +36.34% (above 0%: growing) 79.00% (23.41%) Compare
CASS Cass Information Systems, Inc $695.3M 19.3× 15.8× +12.24% (above 0%: growing) +23.88% (above 0%: growing) +625.84% (above 0%: growing) 92.56% 0.00% Compare
QUAD Quad Graphics, Inc $488.7M 14.5× 8.1× +0.98% (above 0%: growing) n/m +3.54% (above 0%: growing) 21.02% 2.58%
SPIR Spire Global, Inc. $377.8M — (loss-making) — (loss-making) −5.91% (below 0%: shrinking) n/m +25.49% (above 0%: growing) 34.12% (110.22%) Compare
Median of peers $796.4M 20.6× 27.8× +18.25% — +84.59% 34.12% 4.00%

All 44 Specialty Business Services stocks →

Quad Graphics, Inc (QUAD) key facts

  • Concern: Quad Graphics, Inc’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, down 9.44% from fiscal 2024.
  • Quad Graphics, Inc (QUAD) is a Specialty Business Services company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, QUAD traded at $9.44, a market capitalization of $488.7 million.
  • Quad Graphics, Inc pays an annual dividend of $0.38 per share, a yield of 3.97%, with a payout ratio of 59.5%.
  • Return on equity was 30.3% and debt-to-equity 3.21.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.57 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/QUAD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com