Crown vs Smurfit Westrock
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The short version
- Smurfit Westrock is the larger business, with $31.2B of revenue in fiscal 2025 against $12.4B for Crown, about 2.5 times as much.
- Smurfit Westrock grew revenue faster (47.7%, against 4.8%).
- Crown kept more of each dollar of sales as operating profit (12.6% operating margin, against 5.5%).
- Crown turned more of its sales into free cash flow (9.0% FCF margin, against 3.9%).
- Crown earned a higher return on the capital invested in it (13.7%, against 4.1%).
- Investors pay more for each dollar of Smurfit Westrock’s earnings: a P/E of 44.1x against 16.9x for Crown.
| Latest fiscal year | CCK · FY25 | SW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.9B | $22.0B |
| Revenue | $12.4B | $31.2B |
| Free cash flow | $1.1B | $1.2B |
| Net income | $738M | $699M |
| Growth | ||
| Revenue growth | 4.8% | 47.7% |
| 5-year growth | 5.7% | — |
| Share count change | −3.1% | 35.2% |
| Profitability | ||
| Gross margin | — | 19.4% |
| Operating margin | 12.6% | 5.5% |
| Net margin | 6.0% | 2.2% |
| FCF margin | 9.0% | 3.9% |
| Return on capital | 13.7% | 4.1% |
| Return on equity | 25.7% | 3.9% |
| Balance sheet | ||
| Net debt | $5.2B | $12.9B |
| Net debt / EBITDA | 2.6x | 3.0x |
| Dividends and buybacks | $625M | $900M |
| Valuation & quality | ||
| P/E | 16.9x | 44.1x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
CCK $8.3B
SW —
FY17
CCK $8.7B
SW —
FY18
CCK $11.2B
SW —
FY19
CCK $11.7B
SW —
FY20
CCK $9.4B
SW —
FY21
CCK $11.4B
SW —
FY22
CCK $12.9B
SW $13.5B
FY23
CCK $12.0B
SW $12.1B
FY24
CCK $11.8B
SW $21.1B
FY25
CCK $12.4B
SW $31.2B
CCK
SW
Operating margin
FY16
CCK 12.0%
SW —
FY17
CCK 11.8%
SW —
FY18
CCK 9.8%
SW —
FY19
CCK 8.8%
SW —
FY20
CCK 11.2%
SW —
FY21
CCK 12.0%
SW —
FY22
CCK 10.3%
SW 11.5%
FY23
CCK 10.6%
SW 11.4%
FY24
CCK 12.0%
SW 4.8%
FY25
CCK 12.6%
SW 5.5%
CCK
SW
Free cash flow
FY16
CCK −$607M
SW —
FY17
CCK −$749M
SW —
FY18
CCK $109M
SW —
FY19
CCK $772M
SW —
FY20
CCK $761M
SW —
FY21
CCK $89.0M
SW —
FY22
CCK −$36.0M
SW $503M
FY23
CCK $660M
SW $630M
FY24
CCK $789M
SW $17.0M
FY25
CCK $1.1B
SW $1.2B
CCK
SW
Return on capital
FY16
CCK 14.8%
SW —
FY17
CCK 9.7%
SW —
FY18
CCK 10.2%
SW —
FY19
CCK 8.6%
SW —
FY20
CCK 8.0%
SW —
FY21
CCK 12.2%
SW —
FY22
CCK 12.3%
SW —
FY23
CCK 10.3%
SW —
FY24
CCK 12.2%
SW 2.9%
FY25
CCK 13.7%
SW 4.1%
CCK
SW
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.