Graphic Packaging Holding Company (GPK) 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

+90.8%

$17.64

vs $9.25 price

Levered DCF

-$15.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.34

Distress zone

Rating

B-

Overall 2 / 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	10.11×	12.57×	10.49×	13.17×	28.26×	28.23×	23.79×	14.99×
P/B	1.34×	2.74×	2.73×	3.2×	3.06×	3.32×	3.12×	2.09×
P/S	0.52×	0.94×	0.81×	0.73×	0.81×	0.72×	0.79×	0.55×
EV / EBITDA	7.51×	8.1×	7.28×	8.34×	13.05×	9.99×	8.31×	6.85×
Gross margin	18.7%	22.7%	23.3%	19.3%	15.1%	17.3%	17.8%	15.8%
Operating margin	10.1%	13.1%	14.1%	11.0%	7.7%	9.6%	9.3%	7.8%
Net margin	5.2%	7.5%	7.7%	5.5%	2.9%	2.6%	3.4%	3.7%
Current ratio	1.3×	1.46×	1.1×	1.4×	1.22×	1.09×	1.51×	1.54×
Debt / equity	1.76×	1.81×	2.02×	2.56×	3.2×	2.72×	1.95×	1.88×
Interest coverage	3.91×	5.01×	5.58×	5.27×	4.48×	4.87×	4.05×	3.79×
Dividend yield	2.9%	1.5%	1.6%	1.3%	1.6%	2.2%	2.3%	3.4%
Payout ratio	28.8%	18.5%	17.0%	17.6%	45.1%	61.6%	54.6%	50.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.3%	21.8%	26.0%	24.3%	10.8%	11.7%	13.2%	14.1%
Return on invested capital	6.5%	9.2%	11.0%	8.9%	4.7%	8.0%	7.2%	6.7%
Return on assets	3.8%	5.9%	6.5%	5.1%	2.0%	2.1%	2.8%	3.2%
Free cash flow yield	-1.8%	-4.4%	4.5%	7.9%	-3.3%	3.8%	6.4%	-23.4%
Earnings yield	9.9%	8.0%	9.5%	7.6%	3.5%	3.5%	4.2%	6.7%
Enterprise value	$10.1B	$13.6B	$13.1B	$12.2B	$11.7B	$8.4B	$7.8B	$6.2B
Net debt / EBITDA	4.18×	3.17×	3.05×	3.65×	6.58×	4.38×	3.1×	3.2×
Cash conversion cycle (days)	71	66	61	54	56	54	54	53