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Smurfit Westrock plc

SW· NYSE· Paperboard Containers & Boxes

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
3.8%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
–
We record prices for the companies we cover; SW is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
526.0M
Revenue
$31.2B
Free cash flow
$1.2B
Owner earnings
$1.1B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
19.4%
Operating
5.5%
Net
2.2%
Free cash flow
3.8%
Owner earnings
3.4%
Stock pay
0.4%

Returns

ROIC, FY2025
4.1%
ROIC, 5 yr avg
–
ROE, FY2025
3.8%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
32.2%
Revenue, 5 yr
–
Diluted EPS, 3 yr
-30.5%
Diluted EPS, 5 yr
–
Free cash flow, 3 yr
33.6%
Free cash flow, 5 yr
–

Financial health · FY2025

Cash and investments
$892.0M
Total debt
$13.2B
Net debt
$12.3B
Debt/Equity
0.7x
Debt/FCF
11.0x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
128.8%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
–

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$31.2B

+32.2% a year over 3 years

FY2022: Revenue $13.5BFY2023: Revenue $12.1BFY2024: Revenue $21.1BFY2025: Revenue $31.2B
FY2022FY2025

Margins

Gross19.4%Operating5.5%Net2.2%

FY2025

FY2022: Gross 24.2%, Operating 11.5%, Net 7.7%FY2023: Gross 25.3%, Operating 11.3%, Net 6.8%FY2024: Gross 19.9%, Operating 4.8%, Net 1.5%FY2025: Gross 19.4%, Operating 5.5%, Net 2.2%
FY2022FY2025

Free cash flow and owner earnings

Free cash flow$1.2BOwner earnings$1.1B

Free cash flow +33.6% a year

FY2022: Free cash flow $503.0M, Owner earnings $435.0MFY2023: Free cash flow $630.0M, Owner earnings $564.0MFY2024: Free cash flow $17.0M, Owner earnings -$189.0MFY2025: Free cash flow $1.2B, Owner earnings $1.1B
FY2022FY2025

Diluted shares

526.0M

+101.5% over 3 years, net dilution

FY2022: Diluted shares 261.0MFY2023: Diluted shares 260.0MFY2024: Diluted shares 389.0MFY2025: Diluted shares 526.0M
FY2022FY2025

Return on invested capital

4.1%

FY2025

FY2022: ROIC –FY2023: ROIC –FY2024: ROIC 1.9%FY2025: ROIC 4.1%
FY2022FY2025

Net debt (below zero)

-$12.3B

$12.3B more debt than cash

FY2022: Net cash –FY2023: Net cash –FY2024: Net cash -$12.2BFY2025: Net cash -$12.3B
FY2022FY2025

Every figure, year by year

Fiscal yearFY2022FY2023FY2024FY2025
The business
Revenue$13.5B$12.1B$21.1B$31.2B
Revenue growth–-10.5%74.6%47.7%
Gross margin24.2%25.3%19.9%19.4%
Operating margin11.5%11.3%4.8%5.5%
Net income$1.0B$825.0M$319.0M$699.0M
Net margin7.7%6.8%1.5%2.2%
Diluted EPS$3.96$3.17$0.82$1.33
Return on invested capital?––1.9%4.1%
Cash
Operating cash flow$1.4B$1.6B$1.5B$3.4B
Capital expenditure$930.0M$929.0M$1.5B$2.2B
Free cash flow$503.0M$630.0M$17.0M$1.2B
Stock-based compensation$68.0M$66.0M$206.0M$139.0M
Owner earnings?$435.0M$564.0M-$189.0M$1.1B
Free cash flow per share$1.93$2.42$0.04$2.28
Capital allocation
Dividends paid$349.0M$391.0M$650.0M$900.0M
Share repurchases$32.0M$30.0M$27.0M$0
Diluted shares261.0M260.0M389.0M526.0M
Share count change?–-0.4%49.6%35.2%
Balance sheet
Cash and equivalents$841.0M$1.0B$855.0M$892.0M
Short-term investments––––
Total debt––$13.1B$13.2B
Net debt––$12.2B$12.3B
Shareholders' equity$5.3B$6.2B$17.4B$18.3B

Latest filings

All on EDGAR
2026-10-288-KEarnings release
2026-07-3110-QQuarterly report
2026-07-298-KEarnings release
2026-05-0110-QQuarterly report
2026-04-308-KEarnings release
2026-03-11DEF 14AProxy statement
2026-02-2710-KAnnual report
2026-02-118-KEarnings release
2025-11-0710-QQuarterly report
2025-10-298-KEarnings release

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