Crown vs Graphic Packaging
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The short version
- Crown is the larger business, with $12.4B of revenue in fiscal 2025 against $8.6B for Graphic Packaging.
- Crown grew revenue faster (4.8%, against −2.2%).
- Crown kept more of each dollar of sales as operating profit (12.6% operating margin, against 9.3%).
- Crown turned more of its sales into free cash flow (9.0% FCF margin, against −0.9%).
- Crown earned a higher return on the capital invested in it (13.7%, against 7.3%).
- Investors pay more for each dollar of Crown’s earnings: a P/E of 16.9x against 13.3x for Graphic Packaging.
| Latest fiscal year | CCK · FY25 | GPK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.9B | $2.6B |
| Revenue | $12.4B | $8.6B |
| Free cash flow | $1.1B | −$81.0M |
| Net income | $738M | $444M |
| Growth | ||
| Revenue growth | 4.8% | −2.2% |
| 5-year growth | 5.7% | 5.6% |
| Share count change | −3.1% | −1.7% |
| Profitability | ||
| Gross margin | — | 18.6% |
| Operating margin | 12.6% | 9.3% |
| Net margin | 6.0% | 5.2% |
| FCF margin | 9.0% | −0.9% |
| Return on capital | 13.7% | 7.3% |
| Return on equity | 25.7% | 14.0% |
| Balance sheet | ||
| Net debt | $5.2B | $5.3B |
| Net debt / EBITDA | 2.6x | 4.0x |
| Dividends and buybacks | $625M | $278M |
| Valuation & quality | ||
| P/E | 16.9x | 13.3x |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
CCK $8.3B
GPK $4.3B
FY17
CCK $8.7B
GPK $4.4B
FY18
CCK $11.2B
GPK $6.0B
FY19
CCK $11.7B
GPK $6.2B
FY20
CCK $9.4B
GPK $6.6B
FY21
CCK $11.4B
GPK $7.2B
FY22
CCK $12.9B
GPK $9.4B
FY23
CCK $12.0B
GPK $9.4B
FY24
CCK $11.8B
GPK $8.8B
FY25
CCK $12.4B
GPK $8.6B
CCK
GPK
Operating margin
FY16
CCK 12.0%
GPK 9.5%
FY17
CCK 11.8%
GPK 7.4%
FY18
CCK 9.8%
GPK 7.6%
FY19
CCK 8.8%
GPK 8.7%
FY20
CCK 11.2%
GPK 8.0%
FY21
CCK 12.0%
GPK 5.7%
FY22
CCK 10.3%
GPK 9.6%
FY23
CCK 10.6%
GPK 12.5%
FY24
CCK 12.0%
GPK 12.7%
FY25
CCK 12.6%
GPK 9.3%
CCK
GPK
Free cash flow
FY16
CCK −$607M
GPK −$205M
FY17
CCK −$749M
GPK −$433M
FY18
CCK $109M
GPK −$753M
FY19
CCK $772M
GPK $335M
FY20
CCK $761M
GPK $209M
FY21
CCK $89.0M
GPK −$166M
FY22
CCK −$36.0M
GPK $568M
FY23
CCK $660M
GPK $340M
FY24
CCK $789M
GPK −$363M
FY25
CCK $1.1B
GPK −$81.0M
CCK
GPK
Return on capital
FY16
CCK 14.8%
GPK 9.5%
FY17
CCK 9.7%
GPK 9.9%
FY18
CCK 10.2%
GPK 9.3%
FY19
CCK 8.6%
GPK 8.8%
FY20
CCK 8.0%
GPK 8.6%
FY21
CCK 12.2%
GPK 4.7%
FY22
CCK 12.3%
GPK 8.9%
FY23
CCK 10.3%
GPK 11.9%
FY24
CCK 12.2%
GPK 10.3%
FY25
CCK 13.7%
GPK 7.3%
CCK
GPK
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.