Amcor vs International Paper
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The short version
- International Paper is the larger business, with $23.6B of revenue in fiscal 2025 against $23.5B for Amcor.
- Amcor grew revenue faster (56.6%, against 49.3%).
- Amcor turned more of its sales into free cash flow (5.2% FCF margin, against −0.7%).
- Amcor earned a higher return on the capital invested in it (6.6%, against −12.3%).
| Latest fiscal year | AMCR · FY26 | IP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.4B | $17.6B |
| Revenue | $23.5B | $23.6B |
| Free cash flow | $1.2B | −$159M |
| Net income | $1.1B | −$3.5B |
| Growth | ||
| Revenue growth | 56.6% | 49.3% |
| 5-year growth | 12.8% | 6.1% |
| Share count change | 45.6% | 42.8% |
| Profitability | ||
| Gross margin | 20.0% | 29.6% |
| Operating margin | 8.1% | — |
| Net margin | 4.7% | −14.9% |
| FCF margin | 5.2% | −0.7% |
| Return on capital | 6.6% | −12.3% |
| Return on equity | 9.4% | −30.6% |
| Balance sheet | ||
| Net debt | $12.9B | $8.7B |
| Net debt / EBITDA | 3.8x | — |
| Dividends and buybacks | $1.2B | $1.0B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | 4 |
FY17
AMCR $9.1B
IP $21.7B
FY18
AMCR $9.3B
IP $23.3B
FY19
AMCR $9.5B
IP $18.3B
FY20
AMCR $12.5B
IP $17.6B
FY21
AMCR $12.9B
IP $19.4B
FY22
AMCR $14.5B
IP $21.2B
FY23
AMCR $14.7B
IP $16.0B
FY24
AMCR $13.6B
IP $15.8B
FY25
AMCR $15.0B
IP $23.6B
FY26
AMCR $23.5B
IP —
AMCR
IP
FY17
AMCR 10.1%
IP —
FY18
AMCR 10.7%
IP —
FY19
AMCR 8.4%
IP —
FY20
AMCR 8.0%
IP —
FY21
AMCR 10.3%
IP —
FY22
AMCR 8.5%
IP —
FY23
AMCR 10.3%
IP —
FY24
AMCR 8.9%
IP —
FY25
AMCR 6.7%
IP —
FY26
AMCR 8.1%
IP —
AMCR
IP
FY17
AMCR $530M
IP $477M
FY18
AMCR $506M
IP $1.7B
FY19
AMCR $444M
IP $2.5B
FY20
AMCR $984M
IP $2.4B
FY21
AMCR $993M
IP $1.6B
FY22
AMCR $999M
IP $1.2B
FY23
AMCR $735M
IP $692M
FY24
AMCR $829M
IP $757M
FY25
AMCR $810M
IP −$159M
FY26
AMCR $1.2B
IP —
AMCR
IP
FY17
AMCR —
IP 10.3%
FY18
AMCR —
IP 11.1%
FY19
AMCR 7.0%
IP 4.7%
FY20
AMCR 7.2%
IP 2.9%
FY21
AMCR 10.1%
IP 8.1%
FY22
AMCR 9.0%
IP 14.4%
FY23
AMCR 12.8%
IP 5.2%
FY24
AMCR 9.9%
IP 6.3%
FY25
AMCR 4.6%
IP −12.3%
FY26
AMCR 6.6%
IP —
AMCR
IP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.