Ball
BALL NYSE Metal, Glass & Plastic Containers Financials FY2016–FY2025
Ball's revenue rose 11.6% to $13.2 billion in fiscal 2025. Its net margin was 7.0%, down from 34.0% a year earlier. Free cash flow was $788 million. It paid out $1.5 billion in dividends and buybacks, 196% of free cash flow. The diluted share count fell 10.5%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What Ball does
Ball makes aluminum packaging for drinks, personal care products and household goods. Its biggest product line is aluminum beverage cans. It also makes extruded aluminum aerosol containers, resealable aluminum bottles and aluminum slugs, which are small aluminum discs that are formed into containers. It produces them in plants around the world and sells them to large multinational beverage, personal care and household products companies.
Ball earns its revenue by selling these containers, often under long-term supply contracts with customers it has served for years. It sells a significant part of its output to major companies and brands, as well as to many regional customers. In 2025 its total consolidated net sales were $13.16 billion. The company says aluminum packaging is its focus and that it competes with other packaging made from different materials.
Ball is based in Westminster, Colorado, and had about 16,000 employees at the end of 2025, about 5,000 of them in the U.S. It reports a significant level of debt, with $7.01 billion of debt at December 31, 2025.
- Legal name
- BALL CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0001104659-26-017410
0000009389
Revenue and margins
Ball had $13.2B of revenue in fiscal 2025, up 11.6% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 16.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $788M in fiscal 2025, 6.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Ball returned $1.5B to shareholders in fiscal 2025, 196% of free cash flow. The diluted share count fell 10.5%.
Value Ball yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$5.8B and divides by 276.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 18.4x · peers 19.1x · sector 20.6x.
Balance sheet
Cash, debt and the ratios that show how comfortably Ball can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $563M | $548M | $695M | $885M | $1.2B |
| Debt incl. finance leases | $7.7B | $8.9B | $8.6B | $5.7B | $7.0B |
| Net debt / EBITDA | 3.6x | 4.7x | 4.2x | 3.3x | 2.8x |
| Debt / equity | 2.1x | 2.6x | 2.3x | 1.0x | 1.3x |
| Interest coverage | 4.8x | 3.9x | 2.8x | 2.8x | 4.6x |
| Current ratio | 0.9x | 0.8x | 0.8x | 1.0x | 1.1x |
| Quick ratio | 0.6x | 0.5x | 0.5x | 0.7x | 0.8x |
| Total assets | $19.7B | $19.9B | $19.3B | $17.6B | $19.5B |
| Total liabilities | $16.0B | $16.4B | $15.5B | $11.7B | $14.1B |
| Shareholders' equity | $3.6B | $3.5B | $3.8B | $5.9B | $5.4B |
| Net debt (− = net cash) | $7.2B | $8.4B | $7.9B | $4.8B | $5.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$2.3M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Mandy GlewSVP and President, Emea | Sold | 5,626 | $63.80 | $0.4M | Form 4 |
| Aug 11, 2026 | Deron GoodwinVP, Global Head of Treasury | Sold | 8,809 | $63.03 | $0.6M | Form 4 |
| Mar 4, 2026 | Fauze VillatoroSVP & President South America | Bought | 1,551 | $64.51 | $0.1M | Form 4 |
| Mar 2, 2026 | Kathleen PitreSVP & President NCA | Sold | 10,660 | $66.63 | $0.7M | Form 4 |
| Feb 5, 2026 | Nate C CareyVice President & Controller | Sold | 10,718 | $66.45 | $0.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 6 / 8 | 7 / 8 | 6 / 8 |
| Accruals ratio | −5.9% | 21.1% | −1.9% |
| Altman Z'' | 1.57 | 2.98 | 3.15 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Ball BALL | $17.3B | 11.6% | — | 6.0% | 10.4% | 18.4x | 6 | |
| Silgan SLGN | $4.2B | 10.7% | — | 6.5% | 7.6% | 15.4x | 7 | Compare → |
| O-I Glass OI | $993M | −1.6% | — | 2.6% | 4.2% | — | 6 | Compare → |
| Greif GEF | — | −9.7% | 4.3% | −2.2% | 1.9% | — | — | Compare → |
| AptarGroup ATR | $8.1B | 5.4% | 13.3% | 7.9% | 11.4% | 22.8x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.1B | $11.0B | $11.6B | $11.5B | $11.8B | $13.8B | $13.4B | $12.1B | $11.8B | $13.2B |
| Gross profit | $1.4B | $1.8B | $1.8B | $1.8B | — | — | — | — | — | — |
| Research and development | $28.0M | $27.0M | $32.0M | $44.0M | $47.0M | $56.0M | $55.0M | $55.0M | — | — |
| Operating income | $463M | $802M | $935M | $932M | $1.0B | $1.3B | $1.2B | $1.3B | — | — |
| Interest expense | $229M | $285M | $301M | $317M | $275M | $270M | $313M | $460M | $293M | $314M |
| Pretax income | $125M | $514M | $633M | $608M | $687M | $1.0B | $713M | $614M | $535M | $1.1B |
| Income tax | −$126M | $165M | $185M | $71.0M | $99.0M | $156M | $138M | $146M | $133M | $240M |
| Net income | $266M | $380M | $453M | $536M | $582M | $878M | $732M | $711M | $4.0B | $915M |
| Diluted EPS | $0.81 | $1.05 | $1.29 | $1.66 | $1.76 | $2.65 | $2.25 | $2.23 | $13.00 | $3.30 |
| Diluted shares | 0.32B | 0.36B | 0.35B | 0.34B | 0.33B | 0.33B | 0.32B | 0.32B | 0.31B | 0.28B |
| Cash flow | ||||||||||
| Cash from operations | $193M | $1.5B | $1.6B | $1.5B | $1.4B | $1.8B | $301M | $1.9B | $115M | $1.3B |
| Capital expenditure | $606M | $556M | $816M | $598M | $1.1B | $1.7B | $1.7B | $1.0B | $484M | $474M |
| Free cash flow | −$413M | $922M | $750M | $950M | $319M | $34.0M | −$1.4B | $818M | −$369M | $788M |
| Depreciation and amortization | $453M | $729M | $702M | $678M | $668M | $700M | $594M | $605M | $611M | $622M |
| Stock-based compensation | $35.0M | $46.0M | $75.0M | $37.0M | $43.0M | $40.0M | $39.0M | $33.0M | $63.0M | $28.0M |
| Acquisitions | $3.4B | $0.0M | $0.0M | $0.0M | $69.0M | $0.0M | $0.0M | $0.0M | $74.0M | $159M |
| Share buybacks | $107M | $103M | $739M | $964M | $57.0M | $766M | $618M | $3.0M | $1.7B | $1.3B |
| Dividends paid | $83.0M | $129M | $137M | $182M | $198M | $229M | $254M | $252M | $244M | $220M |
| Dividends and buybacks | $190M | $232M | $876M | $1.1B | $255M | $995M | $872M | $255M | $2.0B | $1.5B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $597M | $448M | $721M | $1.8B | $1.4B | $563M | $548M | $695M | $885M | $1.2B |
| Total debt | $7.5B | $7.0B | $6.7B | $7.8B | $7.8B | $7.7B | $8.9B | $8.6B | $5.7B | $7.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $12.0M | $14.0M | $12.0M | $10.0M | $7.0M | $8.0M |
| Current assets | $3.7B | $3.8B | $3.9B | $4.9B | $4.7B | $5.2B | $5.5B | $4.9B | $4.8B | $6.1B |
| Current liabilities | $3.0B | $4.1B | $4.1B | $5.6B | $4.4B | $6.0B | $7.0B | $6.2B | $4.8B | $5.5B |
| Inventory | $1.4B | $1.5B | $1.3B | $1.3B | $1.4B | $1.8B | $2.2B | $1.5B | $1.5B | $2.0B |
| Property and equipment, net | $4.4B | $4.6B | $4.5B | $4.5B | $5.4B | $6.5B | $7.1B | $6.7B | $6.2B | $6.7B |
| Total assets | $16.2B | $17.2B | $16.6B | $17.4B | $18.3B | $19.7B | $19.9B | $19.3B | $17.6B | $19.5B |
| Total liabilities | $12.6B | $13.1B | $13.0B | $14.3B | $14.9B | $16.0B | $16.4B | $15.5B | $11.7B | $14.1B |
| Shareholders' equity | $3.4B | $3.9B | $3.5B | $2.9B | $3.3B | $3.6B | $3.5B | $3.8B | $5.9B | $5.4B |
| Margins | ||||||||||
| Gross margin | 15.7% | 16.0% | 15.5% | 15.5% | — | — | — | — | — | — |
| Operating margin | 5.1% | 7.3% | 8.0% | 8.1% | 8.5% | 9.4% | 9.1% | 10.6% | — | — |
| EBITDA margin | 10.1% | 13.9% | 14.1% | 14.0% | 14.2% | 14.4% | 13.5% | 15.6% | 12.2% | 15.7% |
| Net margin | 2.9% | 3.5% | 3.9% | 4.7% | 4.9% | 6.4% | 5.5% | 5.9% | 34.0% | 7.0% |
| FCF margin | −4.6% | 8.4% | 6.5% | 8.3% | 2.7% | 0.3% | −10.1% | 6.8% | −3.1% | 6.0% |
| Returns | ||||||||||
| Return on capital | 5.6% | 5.2% | 6.6% | 8.9% | 9.1% | 10.6% | 8.6% | 8.2% | 5.6% | 10.4% |
| Return on capital employed | 4.5% | 6.1% | 7.3% | 7.7% | 7.8% | 9.4% | 9.1% | 9.8% | 6.4% | 10.8% |
| Return on equity | 11.4% | 10.3% | 12.2% | 16.7% | 18.7% | 25.4% | 20.7% | 19.7% | 83.4% | 16.2% |
| Return on assets | 2.1% | 2.3% | 2.7% | 3.2% | 3.3% | 4.6% | 3.7% | 3.6% | 21.7% | 4.9% |
| Growth | ||||||||||
| Revenue growth | 13.3% | 21.2% | 5.9% | −1.4% | 2.7% | 17.2% | −3.2% | −9.8% | −2.2% | 11.6% |
| Net income growth | −12.2% | 42.9% | 19.2% | 18.3% | 8.6% | 50.9% | −16.6% | −2.9% | 464.6% | −77.2% |
| EPS growth | −19.0% | 29.6% | 22.9% | 28.7% | 6.0% | 50.6% | −15.1% | −0.9% | 483.0% | −74.6% |
| FCF growth | −186.2% | — | −18.7% | 26.7% | −66.4% | −89.3% | −4,070.6% | — | −145.1% | — |
| Share count change | 14.5% | 10.6% | −1.3% | −3.5% | −2.2% | −0.4% | −3.5% | −0.9% | −2.8% | −10.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 7.6x | 4.3x | 3.7x | 3.7x | 3.9x | 3.6x | 4.7x | 4.2x | 3.3x | 2.8x |
| Debt / equity | 2.2x | 1.8x | 2.0x | 2.7x | 2.4x | 2.1x | 2.6x | 2.3x | 1.0x | 1.3x |
| Interest coverage | 2.0x | 2.8x | 3.1x | 2.9x | 3.7x | 4.8x | 3.9x | 2.8x | 2.8x | 4.6x |
| Current ratio | 1.2x | 0.9x | 1.0x | 0.9x | 1.1x | 0.9x | 0.8x | 0.8x | 1.0x | 1.1x |
| Quick ratio | 0.8x | 0.5x | 0.7x | 0.7x | 0.8x | 0.6x | 0.5x | 0.5x | 0.7x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.7% | 5.1% | 7.0% | 5.2% | 9.5% | 12.5% | 12.4% | 8.7% | 4.1% | 3.6% |
| Stock comp / revenue | 0.4% | 0.4% | 0.6% | 0.3% | 0.4% | 0.3% | 0.3% | 0.3% | 0.5% | 0.2% |
| Payouts / FCF | — | 25.2% | 116.8% | 120.6% | 79.9% | 2,926.5% | — | 31.2% | — | 195.6% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 5.0 | 7.0 | 7.0 | 7.0 | 7.0 | 3.0 | 6.0 | 7.0 | 6.0 |
| Altman Z'' | 1.7 | 1.5 | 1.7 | 1.4 | 1.8 | 1.6 | 1.3 | 1.6 | 3.0 | 3.2 |
| Accruals ratio | 0.6% | −6.6% | −6.6% | −6.0% | −4.8% | −4.7% | 2.2% | −5.9% | 21.1% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0000009389). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.