AptarGroup vs Ball
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The short version
- Ball is the larger business, with $13.2B of revenue in fiscal 2025 against $3.8B for AptarGroup, about 3.5 times as much.
- Ball grew revenue faster (11.6%, against 5.4%).
- AptarGroup turned more of its sales into free cash flow (7.9% FCF margin, against 6.0%).
- AptarGroup earned a higher return on the capital invested in it (11.4%, against 10.4%).
- Investors pay more for each dollar of AptarGroup’s earnings: a P/E of 22.8x against 18.4x for Ball.
| Latest fiscal year | ATR · FY25 | BALL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.1B | $17.3B |
| Revenue | $3.8B | $13.2B |
| Free cash flow | $300M | $788M |
| Net income | $393M | $915M |
| Growth | ||
| Revenue growth | 5.4% | 11.6% |
| 5-year growth | 5.2% | 2.2% |
| Share count change | −1.4% | −10.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.3% | — |
| Net margin | 10.4% | 7.0% |
| FCF margin | 7.9% | 6.0% |
| Return on capital | 11.4% | 10.4% |
| Return on equity | 15.3% | 16.2% |
| Balance sheet | ||
| Net debt | $1.1B | $5.8B |
| Net debt / EBITDA | 1.4x | 2.8x |
| Dividends and buybacks | $486M | $1.5B |
| Valuation & quality | ||
| P/E | 22.8x | 18.4x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
ATR $2.3B
BALL $9.1B
FY17
ATR $2.5B
BALL $11.0B
FY18
ATR $2.8B
BALL $11.6B
FY19
ATR $2.9B
BALL $11.5B
FY20
ATR $2.9B
BALL $11.8B
FY21
ATR $3.2B
BALL $13.8B
FY22
ATR $3.3B
BALL $13.4B
FY23
ATR $3.5B
BALL $12.1B
FY24
ATR $3.6B
BALL $11.8B
FY25
ATR $3.8B
BALL $13.2B
ATR
BALL
Operating margin
FY16
ATR 13.5%
BALL 5.1%
FY17
ATR 13.1%
BALL 7.3%
FY18
ATR 10.4%
BALL 8.0%
FY19
ATR 13.0%
BALL 8.1%
FY20
ATR 11.6%
BALL 8.5%
FY21
ATR 10.8%
BALL 9.4%
FY22
ATR 11.4%
BALL 9.1%
FY23
ATR 11.6%
BALL 10.6%
FY24
ATR 13.9%
BALL —
FY25
ATR 13.3%
BALL —
ATR
BALL
Free cash flow
FY16
ATR $196M
BALL −$413M
FY17
ATR $168M
BALL $922M
FY18
ATR $102M
BALL $750M
FY19
ATR $272M
BALL $950M
FY20
ATR $324M
BALL $319M
FY21
ATR $55.5M
BALL $34.0M
FY22
ATR $168M
BALL −$1.4B
FY23
ATR $263M
BALL $818M
FY24
ATR $367M
BALL −$369M
FY25
ATR $300M
BALL $788M
ATR
BALL
Return on capital
FY16
ATR 14.8%
BALL 5.6%
FY17
ATR 13.8%
BALL 5.2%
FY18
ATR 9.7%
BALL 6.6%
FY19
ATR 10.6%
BALL 8.9%
FY20
ATR 9.2%
BALL 9.1%
FY21
ATR 9.1%
BALL 10.6%
FY22
ATR 8.8%
BALL 8.6%
FY23
ATR 9.7%
BALL 8.2%
FY24
ATR 12.1%
BALL 5.6%
FY25
ATR 11.4%
BALL 10.4%
ATR
BALL
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.