Ball vs O-I Glass
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The short version
- Ball is the larger business, with $13.2B of revenue in fiscal 2025 against $6.4B for O-I Glass, about 2.0 times as much.
- Ball grew revenue faster (11.6%, against −1.6%).
- Ball turned more of its sales into free cash flow (6.0% FCF margin, against 2.6%).
- Ball earned a higher return on the capital invested in it (10.4%, against 4.2%).
| Latest fiscal year | BALL · FY25 | OI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.3B | $993M |
| Revenue | $13.2B | $6.4B |
| Free cash flow | $788M | $168M |
| Net income | $915M | −$129M |
| Growth | ||
| Revenue growth | 11.6% | −1.6% |
| 5-year growth | 2.2% | 1.1% |
| Share count change | −10.5% | −0.7% |
| Profitability | ||
| Gross margin | — | 17.3% |
| Operating margin | — | — |
| Net margin | 7.0% | −2.0% |
| FCF margin | 6.0% | 2.6% |
| Return on capital | 10.4% | 4.2% |
| Return on equity | 16.2% | −10.9% |
| Balance sheet | ||
| Net debt | $5.8B | $4.2B |
| Net debt / EBITDA | 2.8x | 5.5x |
| Dividends and buybacks | $1.5B | $40.0M |
| Valuation & quality | ||
| P/E | 18.4x | — |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
BALL $9.1B
OI $6.7B
FY17
BALL $11.0B
OI $6.9B
FY18
BALL $11.6B
OI $6.9B
FY19
BALL $11.5B
OI $6.7B
FY20
BALL $11.8B
OI $6.1B
FY21
BALL $13.8B
OI $6.4B
FY22
BALL $13.4B
OI $6.9B
FY23
BALL $12.1B
OI $7.1B
FY24
BALL $11.8B
OI $6.5B
FY25
BALL $13.2B
OI $6.4B
BALL
OI
Operating margin
FY16
BALL 5.1%
OI —
FY17
BALL 7.3%
OI —
FY18
BALL 8.0%
OI —
FY19
BALL 8.1%
OI —
FY20
BALL 8.5%
OI 5.8%
FY21
BALL 9.4%
OI 5.2%
FY22
BALL 9.1%
OI 11.7%
FY23
BALL 10.6%
OI 0.9%
FY24
BALL —
OI 0.6%
FY25
BALL —
OI —
BALL
OI
Free cash flow
FY16
BALL −$413M
OI $297M
FY17
BALL $922M
OI $280M
FY18
BALL $750M
OI $255M
FY19
BALL $950M
OI −$21.0M
FY20
BALL $319M
OI $146M
FY21
BALL $34.0M
OI $289M
FY22
BALL −$1.4B
OI −$385M
FY23
BALL $818M
OI $130M
FY24
BALL −$369M
OI −$128M
FY25
BALL $788M
OI $168M
BALL
OI
Return on capital
FY16
BALL 5.6%
OI 7.9%
FY17
BALL 5.2%
OI 7.4%
FY18
BALL 6.6%
OI 5.7%
FY19
BALL 8.9%
OI 0.7%
FY20
BALL 9.1%
OI 5.0%
FY21
BALL 10.6%
OI 3.4%
FY22
BALL 8.6%
OI 12.6%
FY23
BALL 8.2%
OI 0.6%
FY24
BALL 5.6%
OI 0.3%
FY25
BALL 10.4%
OI 4.2%
BALL
OI
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.