AptarGroup vs Cabot
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The short version
- AptarGroup is the larger business, with $3.8B of revenue in fiscal 2025 against $3.7B for Cabot.
- AptarGroup grew revenue faster (5.4%, against −7.0%).
- Cabot kept more of each dollar of sales as operating profit (16.7% operating margin, against 13.3%).
- Cabot turned more of its sales into free cash flow (10.5% FCF margin, against 7.9%).
- Cabot earned a higher return on the capital invested in it (15.9%, against 11.4%).
- Investors pay more for each dollar of AptarGroup’s earnings: a P/E of 22.8x against 12.9x for Cabot.
| Latest fiscal year | ATR · FY25 | CBT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.1B | $3.9B |
| Revenue | $3.8B | $3.7B |
| Free cash flow | $300M | $391M |
| Net income | $393M | $331M |
| Growth | ||
| Revenue growth | 5.4% | −7.0% |
| 5-year growth | 5.2% | 7.3% |
| Share count change | −1.4% | −2.7% |
| Profitability | ||
| Gross margin | — | 25.3% |
| Operating margin | 13.3% | 16.7% |
| Net margin | 10.4% | 8.9% |
| FCF margin | 7.9% | 10.5% |
| Return on capital | 11.4% | 15.9% |
| Return on equity | 15.3% | 22.3% |
| Balance sheet | ||
| Net debt | $1.1B | $878M |
| Net debt / EBITDA | 1.4x | 1.1x |
| Dividends and buybacks | $486M | $264M |
| Valuation & quality | ||
| P/E | 22.8x | 12.9x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
ATR $2.3B
CBT $2.4B
FY17
ATR $2.5B
CBT $2.7B
FY18
ATR $2.8B
CBT $3.2B
FY19
ATR $2.9B
CBT $3.3B
FY20
ATR $2.9B
CBT $2.6B
FY21
ATR $3.2B
CBT $3.4B
FY22
ATR $3.3B
CBT $4.3B
FY23
ATR $3.5B
CBT $3.9B
FY24
ATR $3.6B
CBT $4.0B
FY25
ATR $3.8B
CBT $3.7B
ATR
CBT
Operating margin
FY16
ATR 13.5%
CBT 10.2%
FY17
ATR 13.1%
CBT 12.4%
FY18
ATR 10.4%
CBT 4.4%
FY19
ATR 13.0%
CBT 9.2%
FY20
ATR 11.6%
CBT 0.8%
FY21
ATR 10.8%
CBT 13.3%
FY22
ATR 11.4%
CBT 9.0%
FY23
ATR 11.6%
CBT 13.4%
FY24
ATR 13.9%
CBT 15.4%
FY25
ATR 13.3%
CBT 16.7%
ATR
CBT
Free cash flow
FY16
ATR $196M
CBT $280M
FY17
ATR $168M
CBT $201M
FY18
ATR $102M
CBT $69.0M
FY19
ATR $272M
CBT $139M
FY20
ATR $324M
CBT $177M
FY21
ATR $55.5M
CBT $62.0M
FY22
ATR $168M
CBT −$111M
FY23
ATR $263M
CBT $351M
FY24
ATR $367M
CBT $451M
FY25
ATR $300M
CBT $391M
ATR
CBT
Return on capital
FY16
ATR 14.8%
CBT 9.4%
FY17
ATR 13.8%
CBT 13.8%
FY18
ATR 9.7%
CBT 3.3%
FY19
ATR 10.6%
CBT 10.7%
FY20
ATR 9.2%
CBT 0.9%
FY21
ATR 9.1%
CBT 16.4%
FY22
ATR 8.8%
CBT 12.4%
FY23
ATR 9.7%
CBT 22.2%
FY24
ATR 12.1%
CBT 19.5%
FY25
ATR 11.4%
CBT 15.9%
ATR
CBT
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.