Amcor vs Packaging Corporation of America
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The short version
- Amcor is the larger business, with $23.5B of revenue in fiscal 2026 against $9.0B for Packaging Corporation of America, about 2.6 times as much.
- Amcor grew revenue faster (56.6%, against 7.2%).
- Packaging Corporation of America kept more of each dollar of sales as operating profit (12.3% operating margin, against 8.1%).
- Packaging Corporation of America turned more of its sales into free cash flow (8.1% FCF margin, against 5.2%).
- Packaging Corporation of America earned a higher return on the capital invested in it (11.8%, against 6.6%).
| Latest fiscal year | AMCR · FY26 | PKG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $21.4B | $22.0B |
| Revenue | $23.5B | $9.0B |
| Free cash flow | $1.2B | $729M |
| Net income | $1.1B | $774M |
| Growth | ||
| Revenue growth | 56.6% | 7.2% |
| 5-year growth | 12.8% | 6.2% |
| Share count change | 45.6% | 0.1% |
| Profitability | ||
| Gross margin | 20.0% | 21.0% |
| Operating margin | 8.1% | 12.3% |
| Net margin | 4.7% | 8.6% |
| FCF margin | 5.2% | 8.1% |
| Return on capital | 6.6% | 11.8% |
| Return on equity | 9.4% | 17.2% |
| Balance sheet | ||
| Net debt | $12.9B | $3.4B |
| Net debt / EBITDA | 3.8x | 1.9x |
| Dividends and buybacks | $1.2B | $603M |
| Valuation & quality | ||
| P/E | — | 32.1x |
| Piotroski F-score | 6 | 4 |
Revenue
FY17
AMCR $9.1B
PKG $6.4B
FY18
AMCR $9.3B
PKG $7.0B
FY19
AMCR $9.5B
PKG $7.0B
FY20
AMCR $12.5B
PKG $6.7B
FY21
AMCR $12.9B
PKG $7.7B
FY22
AMCR $14.5B
PKG $8.5B
FY23
AMCR $14.7B
PKG $7.8B
FY24
AMCR $13.6B
PKG $8.4B
FY25
AMCR $15.0B
PKG $9.0B
FY26
AMCR $23.5B
PKG —
AMCR
PKG
Operating margin
FY17
AMCR 10.1%
PKG 14.5%
FY18
AMCR 10.7%
PKG 15.2%
FY19
AMCR 8.4%
PKG 15.1%
FY20
AMCR 8.0%
PKG 10.9%
FY21
AMCR 10.3%
PKG 16.1%
FY22
AMCR 8.5%
PKG 16.8%
FY23
AMCR 10.3%
PKG 13.8%
FY24
AMCR 8.9%
PKG 13.1%
FY25
AMCR 6.7%
PKG 12.3%
FY26
AMCR 8.1%
PKG —
AMCR
PKG
Free cash flow
FY17
AMCR $530M
PKG $513M
FY18
AMCR $506M
PKG $629M
FY19
AMCR $444M
PKG $808M
FY20
AMCR $984M
PKG $612M
FY21
AMCR $993M
PKG $489M
FY22
AMCR $999M
PKG $671M
FY23
AMCR $735M
PKG $845M
FY24
AMCR $829M
PKG $522M
FY25
AMCR $810M
PKG $729M
FY26
AMCR $1.2B
PKG —
AMCR
PKG
Return on capital
FY17
AMCR —
PKG 17.1%
FY18
AMCR —
PKG 17.2%
FY19
AMCR 7.0%
PKG 16.6%
FY20
AMCR 7.2%
PKG 11.1%
FY21
AMCR 10.1%
PKG 18.7%
FY22
AMCR 9.0%
PKG 19.2%
FY23
AMCR 12.8%
PKG 14.1%
FY24
AMCR 9.9%
PKG 14.0%
FY25
AMCR 4.6%
PKG 11.8%
FY26
AMCR 6.6%
PKG —
AMCR
PKG
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.