FirmAtlas
Company handbook · PKG · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
PKG · CIK 75677 · LATEST FILING: 10-Q JUN '26 · FILED AUG 7, 2026
PACKAGING CORP OF AMERICA
$236.00
+3.42 (+1.47%)
Close, Oct 16, 2026 · 52-week $192–260
Last fiscal year
PACKAGING CORP OF AMERICA reported revenue of $9.0B for the year ended Dec 31, 2025 (FY25), up 7.2% from FY24. Net income was $774M, operating cash flow $1.6B and free cash flow $729M. Source: 10-K filed Feb 26, 2026.
Market cap
$21.1B
P/E
30.6
EV/EBITDA
14.0x
P/B
4.5
Div yield
2.33%
ROIC
11.7%
Revenue 1Y
7.2%/yr
EPS 1Y
−3.9%/yr
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMark W. Kowlzan
HQLake Forest, IL
AuditorKPMG LLP
Employees16,800
Year endsDecember
Revenue by segment · FY25
Packaging91%
Paper7%
Corporate And Other3%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.1%
12.0%
15.7%
14.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.5B deployed
Capex
$1.5B
33.6%
Acquisitions
$1.8B
40.4%
Dividends
$1.0B
22.6%
Buybacks
$153M
3.4%
Operating cash flow over the period: $2.7B. Total debt changed by +$1.5B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
8,383
8,989+7.2%
9,535
YoY
+7.2%
Gross profit
1,783
1,890+6.0%
1,917
Gross margin
21.3%
21.0%−0.2 pp
—
Operating income
1,101
1,107+0.5%
1,036
Operating margin
13.1%
12.3%−0.8 pp
—
EBITDA
1,627
1,760+8.2%
—
EBITDA margin
19.4%
19.6%+0.2 pp
—
Net income
805
774−3.9%
692
YoY
−3.9%
Net margin
9.6%
8.6%−1.0 pp
—
EPS (diluted, $)
8.93
8.58−3.9%
7.71
YoY
−3.9%
Balance sheet
Total assets
8,833
10,726+21.4%
11,016
Cash & short-term investments
685
529−22.8%
—
Accounts receivable
1,144
1,256+9.8%
—
Inventory
1,125
1,243+10.5%
—
Net PP&E
4,039
4,985+23.4%
—
Other assets
1,840
2,712+47.4%
—
Total liabilities
4,429
6,128+38.3%
6,354
Accounts payable
430
471+9.6%
—
Total debt
2,492
3,995+60.3%
3,971
Other liabilities
1,507
1,661+10.3%
—
Shareholders’ equity
4,404
4,598+4.4%
4,662
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,191
1,558+30.8%
1,624
Net income
805
774−3.9%
—
Depreciation & amortization
526
653+24.2%
—
Stock-based compensation
49
45−7.4%
—
Working capital & other
(188)
85n/m
—
Cash from investing
(278)
(2,573)n/m
—
Capex
(670)
(829)n/m
—
PP&E sold
1
33+2469.2%
—
Acquisitions
0
(1,804)n/m
—
Investments bought
(114)
(114)n/m
—
Investments sold / matured
98
102+3.6%
—
Other investing
407
39−90.5%
—
Cash from financing
(876)
859n/m
—
Debt raised
0
1,494n/m
—
Dividends
(449)
(562)n/m
—
Buybacks
0
(153)n/m
—
Other financing
(428)
80n/m
—
Net change in cash
37
(156)−521.6%
—
Free cash flow (OCF − capex)
522
729+39.7%
742
Where the cash went
Operating cash flow
1,191
1,558+30.8%
1,624
Reinvested in the business
670
2,633+293.2%
—
% of operating cash flow
56.2%
169.1%
Capex
670
829+23.8%
882
Acquisitions
0
1,804n/m
—
Free cash flow
522
729+39.7%
742
YoY
+39.7%
Returned to shareholders
449
714+59.2%
—
% of free cash flow
86.1%
98.1%
Dividends
449
562+25.1%
—
Buybacks
0
153n/m
—
Change in total debt
—
1,503
—
Cash left over
—
(288)
—
FCF conversion (FCF ÷ net income)
64.8%
94.1%+29.3 pp
—
Owner earnings
—
409
—
Owner earnings margin
—
4.5%
—
Buyback yield
—
0.8%
—
Returns & ratios
ROIC (all capital)
13.4%
11.7%−1.7 pp
—
ROIC (operating)
14.2%
12.9%−1.2 pp
—
Net debt / EBITDA
1.11x
1.97x+0.86x
—
Debt / equity
0.57x
0.87x+0.30x
—
Cash conversion cycle (days)
88
91+2 d
—
ROE
18.3%
16.8%−1.4 pp
—
ROA
9.1%
7.2%−1.9 pp
—
ROCE
14.1%
11.4%−2.7 pp
—
NOPAT
833
834+0.1%
—
Invested capital (operating)
5,878
7,013+19.3%
—
Invested capital (all)
6,211
8,064+29.8%
—
Reinvestment rate
—
136.1%
—
Debtor days
50
51+1 d
—
Inventory days
62
64+2 d
—
Days payable
24
24+0 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,313
2,364
2,368
2,490
vs year-ago quarter
Gross profit
504
448
453
512
Gross margin
21.8%
18.9%
19.1%
20.6%
Operating income
324
169
251
291
Net income
227
102
171
192
vs year-ago quarter
Net margin
9.8%
4.3%
7.2%
7.7%
EPS (diluted, $)
2.51
1.14
1.91
2.15
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
10,980
10,726
10,778
11,016
Cash & equivalents
634
529
397
443
Total debt
3,995
3,995
3,970
3,971
Shareholders’ equity
4,756
4,598
4,588
4,662
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
472
447
329
376
Capex
192
319
165
206
Free cash flow
280
128
165
170
vs year-ago quarter