O-I Glass vs Silgan
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The short version
- Silgan is the larger business, with $6.5B of revenue in fiscal 2025 against $6.4B for O-I Glass.
- Silgan grew revenue faster (10.7%, against −1.6%).
- Silgan turned more of its sales into free cash flow (6.5% FCF margin, against 2.6%).
- Silgan earned a higher return on the capital invested in it (7.6%, against 4.2%).
| Latest fiscal year | OI · FY25 | SLGN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $993M | $4.2B |
| Revenue | $6.4B | $6.5B |
| Free cash flow | $168M | $423M |
| Net income | −$129M | $288M |
| Growth | ||
| Revenue growth | −1.6% | 10.7% |
| 5-year growth | 1.1% | 5.7% |
| Share count change | −0.7% | −0.3% |
| Profitability | ||
| Gross margin | 17.3% | 17.7% |
| Operating margin | — | — |
| Net margin | −2.0% | 4.5% |
| FCF margin | 2.6% | 6.5% |
| Return on capital | 4.2% | 7.6% |
| Return on equity | −10.9% | 13.5% |
| Balance sheet | ||
| Net debt | $4.2B | $3.3B |
| Net debt / EBITDA | 5.5x | 3.6x |
| Dividends and buybacks | $40.0M | $161M |
| Valuation & quality | ||
| P/E | — | 15.4x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
OI $6.7B
SLGN $3.6B
FY17
OI $6.9B
SLGN $4.1B
FY18
OI $6.9B
SLGN $4.4B
FY19
OI $6.7B
SLGN $4.5B
FY20
OI $6.1B
SLGN $4.9B
FY21
OI $6.4B
SLGN $5.7B
FY22
OI $6.9B
SLGN $6.4B
FY23
OI $7.1B
SLGN $6.0B
FY24
OI $6.5B
SLGN $5.9B
FY25
OI $6.4B
SLGN $6.5B
OI
SLGN
Operating margin
FY16
OI —
SLGN 8.3%
FY17
OI —
SLGN 8.7%
FY18
OI —
SLGN 9.3%
FY19
OI —
SLGN 8.0%
FY20
OI 5.8%
SLGN —
FY21
OI 5.2%
SLGN —
FY22
OI 11.7%
SLGN —
FY23
OI 0.9%
SLGN —
FY24
OI 0.6%
SLGN —
FY25
OI —
SLGN —
OI
SLGN
Free cash flow
FY16
OI $297M
SLGN $203M
FY17
OI $280M
SLGN $215M
FY18
OI $255M
SLGN $316M
FY19
OI −$21.0M
SLGN $276M
FY20
OI $146M
SLGN $378M
FY21
OI $289M
SLGN $325M
FY22
OI −$385M
SLGN $533M
FY23
OI $130M
SLGN $256M
FY24
OI −$128M
SLGN $459M
FY25
OI $168M
SLGN $423M
OI
SLGN
Return on capital
FY16
OI 7.9%
SLGN 9.8%
FY17
OI 7.4%
SLGN 13.6%
FY18
OI 5.7%
SLGN 9.9%
FY19
OI 0.7%
SLGN 8.9%
FY20
OI 5.0%
SLGN 10.7%
FY21
OI 3.4%
SLGN 9.9%
FY22
OI 12.6%
SLGN 9.2%
FY23
OI 0.6%
SLGN 9.8%
FY24
OI 0.3%
SLGN 8.1%
FY25
OI 4.2%
SLGN 7.6%
OI
SLGN
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.