Amcor 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 $23.5B for Amcor.
- Amcor grew revenue faster (56.6%, against 47.7%).
- Amcor kept more of each dollar of sales as operating profit (8.1% operating margin, against 5.5%).
- Amcor turned more of its sales into free cash flow (5.2% FCF margin, against 3.9%).
- Amcor earned a higher return on the capital invested in it (6.6%, against 4.1%).
| Latest fiscal year | AMCR · FY26 | SW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.4B | $22.0B |
| Revenue | $23.5B | $31.2B |
| Free cash flow | $1.2B | $1.2B |
| Net income | $1.1B | $699M |
| Growth | ||
| Revenue growth | 56.6% | 47.7% |
| 5-year growth | 12.8% | — |
| Share count change | 45.6% | 35.2% |
| Profitability | ||
| Gross margin | 20.0% | 19.4% |
| Operating margin | 8.1% | 5.5% |
| Net margin | 4.7% | 2.2% |
| FCF margin | 5.2% | 3.9% |
| Return on capital | 6.6% | 4.1% |
| Return on equity | 9.4% | 3.9% |
| Balance sheet | ||
| Net debt | $12.9B | $12.9B |
| Net debt / EBITDA | 3.8x | 3.0x |
| Dividends and buybacks | $1.2B | $900M |
| Valuation & quality | ||
| P/E | — | 44.1x |
| Piotroski F-score | 6 | 5 |
Revenue
FY17
AMCR $9.1B
SW —
FY18
AMCR $9.3B
SW —
FY19
AMCR $9.5B
SW —
FY20
AMCR $12.5B
SW —
FY21
AMCR $12.9B
SW —
FY22
AMCR $14.5B
SW $13.5B
FY23
AMCR $14.7B
SW $12.1B
FY24
AMCR $13.6B
SW $21.1B
FY25
AMCR $15.0B
SW $31.2B
FY26
AMCR $23.5B
SW —
AMCR
SW
Operating margin
FY17
AMCR 10.1%
SW —
FY18
AMCR 10.7%
SW —
FY19
AMCR 8.4%
SW —
FY20
AMCR 8.0%
SW —
FY21
AMCR 10.3%
SW —
FY22
AMCR 8.5%
SW 11.5%
FY23
AMCR 10.3%
SW 11.4%
FY24
AMCR 8.9%
SW 4.8%
FY25
AMCR 6.7%
SW 5.5%
FY26
AMCR 8.1%
SW —
AMCR
SW
Free cash flow
FY17
AMCR $530M
SW —
FY18
AMCR $506M
SW —
FY19
AMCR $444M
SW —
FY20
AMCR $984M
SW —
FY21
AMCR $993M
SW —
FY22
AMCR $999M
SW $503M
FY23
AMCR $735M
SW $630M
FY24
AMCR $829M
SW $17.0M
FY25
AMCR $810M
SW $1.2B
FY26
AMCR $1.2B
SW —
AMCR
SW
Return on capital
FY17
AMCR —
SW —
FY18
AMCR —
SW —
FY19
AMCR 7.0%
SW —
FY20
AMCR 7.2%
SW —
FY21
AMCR 10.1%
SW —
FY22
AMCR 9.0%
SW —
FY23
AMCR 12.8%
SW —
FY24
AMCR 9.9%
SW 2.9%
FY25
AMCR 4.6%
SW 4.1%
FY26
AMCR 6.6%
SW —
AMCR
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.