Smurfit Westrock
SW NYSE Paper & Plastic Packaging Products & Materials Financials FY2022–FY2025
Smurfit Westrock's revenue rose 47.7% to $31.2 billion in fiscal 2025. Its operating margin was 5.5%, up from 4.8% a year earlier. Free cash flow was $1.2 billion, up 6958.8%. It paid out $900 million in dividends and buybacks, 75% of free cash flow. The diluted share count rose 35.2%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What Smurfit Westrock does
No business description yet.
- Legal name
- Smurfit Westrock plc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-012555
0002005951
Revenue and margins
Smurfit Westrock had $31.2B of revenue in fiscal 2025, up 47.7% on the year before.
Net income and earnings per share
From fiscal 2022 to 2025, diluted EPS grew −30.5% 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 $1.2B in fiscal 2025, 3.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Smurfit Westrock returned $900M to shareholders in fiscal 2025, 75% of free cash flow. The diluted share count rose 35.2%.
Value Smurfit Westrock 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 −$12.9B and divides by 526.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 44.1x · peers 19.4x · sector 20.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Smurfit Westrock can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $841M | $1.0B | $855M | $892M |
| Debt incl. finance leases | — | $3.7B | $13.6B | $13.8B |
| Net debt / EBITDA | — | 1.4x | 5.2x | 3.0x |
| Debt / equity | — | 0.6x | 0.8x | 0.8x |
| Interest coverage | 10.5x | 8.1x | 1.9x | 2.1x |
| Current ratio | — | 1.5x | 1.4x | 1.5x |
| Quick ratio | — | 1.1x | 0.9x | 1.0x |
| Total assets | — | $14.1B | $43.8B | $45.2B |
| Total liabilities | — | $7.9B | $26.4B | $26.8B |
| Shareholders' equity | $5.3B | $6.2B | $17.4B | $18.3B |
| Net debt (− = net cash) | — | $2.7B | $12.7B | $12.9B |
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
$0.0M
0 insiders
Sold, 12 months
$3.4M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 19, 2026 | Anthony P J SmurfitPresident and Group CEO, Director | Sold | 40,000 | $51.54 | $2.1M | Form 4 |
| Feb 19, 2026 | Ken BowlesExecutive VP and Group CFO, Director | Sold | 10,000 | $51.26 | $0.5M | Form 4 |
| Feb 18, 2026 | Laurent SellierSee remarks | Sold | 15,562 | $50.24 | $0.8M | 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 | — / 9 | — / 9 | 5 / 9 |
| Accruals ratio | — | −4.0% | −6.1% |
| Altman Z'' | 3.03 | 1.47 | 1.66 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Smurfit Westrock SW | $22.0B | 47.7% | 5.5% | 3.9% | 4.1% | 44.1x | 5 | |
| International Paper IP | $17.6B | 49.3% | — | −0.7% | −12.3% | — | 4 | Compare → |
| Amcor AMCR | $21.4B | 56.6% | 8.1% | 5.2% | 6.6% | 19.4x | 6 | Compare → |
| Crown CCK | $12.9B | 4.8% | 12.6% | 9.0% | 13.7% | 16.9x | 7 | Compare → |
| Packaging Corporation of America PKG | $22.0B | 7.2% | 12.3% | 8.1% | 11.8% | 32.1x | 4 | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $13.5B | $12.1B | $21.1B | $31.2B |
| Gross profit | $3.3B | $3.1B | $4.2B | $6.0B |
| Operating income | $1.6B | $1.4B | $1.0B | $1.7B |
| Interest expense | $148M | $170M | $525M | $840M |
| Pretax income | $1.4B | $1.1B | $560M | $959M |
| Income tax | $391M | $312M | $241M | $260M |
| Net income | $1.0B | $825M | $319M | $699M |
| Diluted EPS | $3.96 | $3.17 | $0.82 | $1.33 |
| Diluted shares | 0.26B | 0.26B | 0.39B | 0.53B |
| Cash flow | ||||
| Cash from operations | $1.4B | $1.6B | $1.5B | $3.4B |
| Capital expenditure | $930M | $929M | $1.5B | $2.2B |
| Free cash flow | $503M | $630M | $17.0M | $1.2B |
| Depreciation and amortization | $564M | $580M | $1.5B | $2.6B |
| Stock-based compensation | $68.0M | $66.0M | $206M | $139M |
| Acquisitions | $93.0M | $29.0M | $719M | $6.0M |
| Share buybacks | $32.0M | $30.0M | $27.0M | $0.0M |
| Dividends paid | $349M | $391M | $650M | $900M |
| Dividends and buybacks | $381M | $421M | $677M | $900M |
| Balance sheet | ||||
| Cash and short-term investments | $841M | $1.0B | $855M | $892M |
| Total debt | — | $3.7B | $13.6B | $13.8B |
| Finance lease liabilities | $0.0M | $29.0M | $539M | $550M |
| Current assets | — | $4.6B | $10.1B | $10.4B |
| Current liabilities | — | $3.0B | $7.3B | $7.1B |
| Inventory | $0.0M | $1.2B | $3.6B | $3.7B |
| Property and equipment, net | — | $5.8B | $22.7B | $23.2B |
| Total assets | — | $14.1B | $43.8B | $45.2B |
| Total liabilities | — | $7.9B | $26.4B | $26.8B |
| Shareholders' equity | $5.3B | $6.2B | $17.4B | $18.3B |
| Margins | ||||
| Gross margin | 24.2% | 25.3% | 19.9% | 19.4% |
| Operating margin | 11.5% | 11.4% | 4.8% | 5.5% |
| EBITDA margin | 15.7% | 16.1% | 11.7% | 13.7% |
| Net margin | 7.7% | 6.8% | 1.5% | 2.2% |
| FCF margin | 3.7% | 5.2% | 0.1% | 3.9% |
| Returns | ||||
| Return on capital | — | — | 2.9% | 4.1% |
| Return on capital employed | — | — | 4.2% | 4.6% |
| Return on equity | — | — | 2.7% | 3.9% |
| Return on assets | — | — | 1.1% | 1.6% |
| Growth | ||||
| Revenue growth | — | −10.5% | 74.6% | 47.7% |
| Net income growth | — | −20.2% | −61.3% | 119.1% |
| EPS growth | — | −20.0% | −74.1% | 62.2% |
| FCF growth | — | 25.3% | −97.3% | 6,958.8% |
| Share count change | — | −0.4% | 49.6% | 35.2% |
| Financial health | ||||
| Net debt / EBITDA | — | 1.4x | 5.2x | 3.0x |
| Debt / equity | — | 0.6x | 0.8x | 0.8x |
| Interest coverage | 10.5x | 8.1x | 1.9x | 2.1x |
| Current ratio | — | 1.5x | 1.4x | 1.5x |
| Quick ratio | — | 1.1x | 0.9x | 1.0x |
| Capital allocation | ||||
| Capex / revenue | 6.9% | 7.7% | 6.9% | 7.0% |
| Stock comp / revenue | 0.5% | 0.6% | 1.0% | 0.5% |
| Payouts / FCF | 75.8% | 66.8% | 3,982.4% | 75.0% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 5.0 |
| Altman Z'' | — | 3.0 | 1.5 | 1.7 |
| Accruals ratio | — | — | −4.0% | −6.1% |
Source: SEC EDGAR XBRL filings (CIK 0002005951). 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.