Smurfit Westrock plc (SW) 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

+6.2%

$46.28

vs $43.56 price

Levered DCF

$177.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.39

Distress 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	28.86×	67.32×	13.03×	8.53×	14.24×	13.24×	17.01×	-12.02×
P/B	0.94×	1.2×	1.58×	1.7×	2.29×	2.35×	3.07×	2.46×
P/S	0.65×	1.02×	0.89×	0.67×	0.96×	1.04×	1×	0.87×
EV / EBITDA	8.12×	12×	7.15×	5.33×	7.56×	7.05×	7.61×	48.15×
Gross margin	19.4%	19.9%	25.3%	24.2%	22.4%	33.7%	33.2%	33.1%
Operating margin	7.1%	4.8%	11.3%	11.5%	10.5%	10.4%	9.8%	12.8%
Net margin	2.2%	1.5%	6.8%	7.7%	6.7%	6.4%	5.3%	-7.2%
Current ratio	1.48×	1.37×	1.52×	1.48×	1.44×	1.46×	1.21×	1.39×
Debt / equity	0.75×	0.78×	0.67×	0.75×	0.86×	0.87×	1.25×	1.12×
Interest coverage	2.65×	1.92×	8.04×	9.93×	8.76×	7.48×	5.27×	6.79×
Dividend yield	4.5%	3.1%	4.0%	4.1%	3.6%	3.6%	2.9%	3.1%
Payout ratio	128.8%	211.1%	52.3%	36.1%	50.7%	58.7%	56.0%	-37.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	1.8%	12.1%	19.4%	16.1%	14.5%	16.1%	-20.5%
Return on invested capital	3.6%	1.5%	8.0%	11.0%	9.1%	7.9%	8.0%	13.3%
Return on assets	1.3%	0.7%	5.3%	7.7%	6.0%	5.3%	4.8%	-5.9%
Free cash flow yield	5.9%	0.1%	6.5%	5.9%	4.7%	10.2%	6.6%	7.1%
Earnings yield	3.5%	1.5%	7.7%	11.4%	7.0%	6.2%	5.2%	-8.3%
Enterprise value	$35.3B	$33.5B	$12.9B	$11.4B	$12.9B	$11.2B	$12.6B	$10.9B
Net debt / EBITDA	3.48×	4.56×	1.74×	1.38×	1.69×	1.5×	2.12×	13.67×
Cash conversion cycle (days)	60	80	37	34	45	44	44	44