Ball Corporation (BALL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-60.3%

$26.81

vs $67.52 price

Levered DCF

-$19.18

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.59

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.91×	4.2×	25.56×	22.53×	35.79×	52.06×	37.82×	34.83×
P/B	2.68×	2.87×	4.8×	4.68×	8.65×	9.31×	7.26×	4.58×
P/S	1.1×	1.43×	1.51×	1.06×	2.25×	2.59×	1.87×	1.36×
EV / EBITDA	9.72×	15.05×	14.76×	13.31×	19.73×	22.94×	17.13×	13.25×
Gross margin	14.9%	15.6%	14.3%	11.5%	14.6%	16.0%	14.5%	13.5%
Operating margin	10.6%	8.4%	9.8%	6.6%	8.8%	11.1%	8.7%	7.9%
Net margin	6.9%	34.0%	5.9%	4.7%	6.3%	5.0%	4.9%	3.9%
Current ratio	1.11×	1×	0.79×	0.78×	0.88×	1.05×	0.88×	0.96×
Debt / equity	1.29×	1.03×	2.27×	2.72×	2.25×	2.47×	2.73×	1.95×
Interest coverage	4.43×	3.39×	2.56×	3.24×	4.56×	4.75×	3.16×	3.07×
Dividend yield	1.5%	1.4%	1.4%	1.6%	0.7%	0.6%	0.8%	0.9%
Payout ratio	24.1%	6.1%	35.6%	35.3%	26.1%	33.8%	32.2%	30.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	68.4%	18.8%	20.8%	24.2%	17.9%	19.2%	13.1%
Return on invested capital	7.8%	5.7%	6.4%	5.8%	7.5%	8.0%	6.6%	5.2%
Return on assets	4.7%	22.7%	3.7%	3.6%	4.5%	3.2%	3.3%	2.7%
Free cash flow yield	5.4%	-2.2%	4.5%	-8.5%	0.1%	1.0%	4.4%	4.7%
Earnings yield	6.3%	23.8%	3.9%	4.4%	2.8%	1.9%	2.6%	2.9%
Enterprise value	$20.3B	$22B	$26B	$25B	$39B	$37.2B	$27.7B	$21.9B
Net debt / EBITDA	2.77×	3.51×	4.47×	4.71×	3.84×	4.15×	3.87×	3.64×
Cash conversion cycle (days)	-7	-4	-13	2	-24	-23	-17	-10