Quad/Graphics, Inc. (QUAD) 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

+70.1%

$12.60

vs $7.41 price

Levered DCF

$4.59

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

Grey zone

Rating

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	11×	-6.51×	-4.75×	22.67×	5.41×	-1.51×	-4.21×	72.47×
P/B	2.32×	6.65×	2.2×	1.2×	1.5×	2.3×	1.03×	1.39×
P/S	0.12×	0.12×	0.09×	0.06×	0.07×	0.07×	0.06×	0.15×
EV / EBITDA	4.2×	6.34×	5.54×	4.2×	3.6×	7.64×	6.05×	4.72×
Gross margin	18.4%	18.0%	15.2%	14.3%	14.1%	14.2%	13.4%	13.2%
Operating margin	4.9%	4.8%	3.3%	3.1%	3.0%	2.8%	3.1%	4.6%
Net margin	1.1%	-1.9%	-1.9%	0.3%	1.3%	-4.4%	-1.4%	0.2%
Current ratio	0.86×	0.76×	0.74×	0.89×	0.85×	0.99×	1.12×	1.11×
Debt / equity	3.45×	9.31×	5.23×	4.13×	6.81×	12.02×	5.52×	2.13×
Interest coverage	2.35×	1.97×	1.41×	2.07×	1.51×	1.2×	1.37×	2.62×
Dividend yield	4.8%	2.8%	0.0%	0.7%	0.7%	4.9%	24.5%	10.3%
Payout ratio	53.3%	-18.5%	-0.2%	15.1%	3.7%	-7.4%	-103.1%	740.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.0%	-102.0%	-46.4%	5.4%	27.6%	-152.6%	-24.4%	1.9%
Return on invested capital	14.1%	19.5%	11.0%	5.1%	6.0%	6.3%	5.0%	11.5%
Return on assets	2.2%	-3.9%	-3.7%	0.5%	2.0%	-6.7%	-2.3%	0.3%
Free cash flow yield	17.0%	16.8%	29.3%	45.6%	42.2%	66.8%	19.1%	26.8%
Earnings yield	9.0%	-15.3%	-21.1%	4.5%	18.4%	-66.4%	-23.7%	1.4%
Enterprise value	$679.2M	$767.2M	$834.7M	$895.4M	$956.9M	$1.1B	$1.4B	$1.5B
Net debt / EBITDA	2.36×	3.6×	3.8×	3.23×	2.82×	6.36×	5.04×	2.77×
Cash conversion cycle (days)	8	5	11	16	24	28	20	22