— Know what they know.
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Not Investment Advice

PKG

NYSE · USD
Packaging Corporation of America
Consumer Cyclical · Packaging & Containers
CEO Mark W. Kowlzan Employees 16,800 R&D / revenue 0.0%
Last price
$236.00+1.47%last session
Market cap
$21.0B
P/E (TTM)
30.5x
From 52w high
−9.2%
From 52w low
+23.2%
1-year return
+15.7%
RSI 14 · vs SMA200
54.8 · +3.7%
IS score
51.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PKG   SPY   XLY (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26SPY 116PKG 116XLY 97

Score DNA

Each bar is a 0-100 score within the scored universe
39
Profitability
31
Growth
54
Value
62
Momentum
90
Risk (safety)
64
Quality
67
Balance sheet
66
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for PKG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 4 / 9Altman Z 3.9Beta 0.803 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
5 open-market sales, $12.2M
Form 144 notices (12m): 5, $21.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
9
Last disclosed purchase 2026-05-06
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+23
104 new holders, 73 closed
907 filers hold 99.8% · 352 added, 299 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+250
899 funds adding shares
649 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
73.0%
20-day avg 67.5%, 50-day avg 60.5%
Latest 5.5 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.0B
Revenue growth YoY+7.2%
Gross margin21.0%
Operating income$1.3B
Operating margin14.0%
Net income$768.9M
Net margin8.6%
EPS (diluted)$8.58
Cash flow
Operating cash flow$1.6B
Capital expenditure$828.9M
Free cash flow$728.6M
FCF conversion (FCF / OCF)46.8%
Stock-based compensation$45.2M
FCF less SBC$683.4M
Buybacks$153.0M
Dividends$449.6M
Balance sheet & returns
Cash & short-term investments$600.8M
Total debt$4.1B
Net debt$3.5B
Shareholders' equity$4.6B
Goodwill & intangibles$2.0B
Debt / equity0.94
ROE (TTM)14.9%
ROIC (TTM)9.2%
Operating margin by fiscal year
16.6%FY202117.2%FY202213.8%FY202313.1%FY202413.6%FY2025
Revenue $7.7B (FY2021) to $9.0B (FY2025), a 3.8% CAGR.

Valuation

P/E (TTM)30.5x
EV / EBITDA13.5x
Price / sales2.21x
Price / FCF28.3x
FCF yield3.53%
Buyback yield0.73%
SBC / revenue0.4%
Price / book4.48x
Forward P/E FY202622.5x
Forward P/E FY202716.7x
Forward P/E FY202816.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $285.00 across 6 analysts last quarter is theirs, not ours.

PKG vs industry median

58 companies in Packaging & Containers
Gross margin 20.1% 20.4% Operating margin 12.7% 6.2% Net margin 7.2% 2.0% ROIC 9.2% 8.0%
PKG (TTM)Industry median Asset turnover 0.87 vs industry 0.79 · financial leverage 2.36

Earnings delivery

Next report 2026-10-21 · consensus EPS $2.93
75%
beat rate, 9 of 12 quarters
+2.6%
median EPS surprise
5
longest beat streak
+6+16+2+3+6-2+5+2-3-4+11+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-23 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PKG Packaging Corporation of Ame $21.0B30.5x14.9%7.2%+7.2% +15.7%
SW Smurfit Westrock plc $21.6B43.3x2.7%1.1%+8.3% +0.8%
AMCR Amcor plc $20.3B16.5x9.4%6.1%+56.6% +14.3%
BALL Ball Corporation $16.7B17.9x17.3%5.5%+15.7% +33.3%
AVY Avery Dennison Corporation $13.3B19.2x31.2%8.3%+5.8% +12.5%
CCK Crown Holdings, Inc. $12.4B16.4x27.2%6.7%+10.3% —
SEE Sealed Air Corporation $6.2B15.8x54.3%8.1%−0.6% —
SON Sonoco Products Company $4.9B7.7x18.9%5.6%+31.7% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-07-23Earnings Release; Exhibits
2026-05-13Shareholder Vote
2026-04-23Earnings Release; Exhibits
2026-03-03Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits
2026-01-28Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-12-10Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding89,098,300
Free float97.6%
Institutional ownership99.8%
Beta0.80
Dividend yield2.33%
Last dividend$1.50 on 2026-09-15
50 / 200-day average$239.00 / $227.56
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PKG sits among 16 scored companies in Packaging & Containers (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePKGIndustry medianIndustry percentileSector median
P/E (TTM) 30.4x 17.7x
86th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.2x 1.0x
100th		 1.0x
Price / book 4.5x 1.7x
86th		 2.4x
Price / tangible book 7.9x 6.7x
57th		 4.2x
Price / free cash flow 28.3x 12.5x
100th		 15.2x
Price / operating cash flow 12.9x 7.5x
92nd		 10.2x
Enterprise value $24.8B $8.3B
87th		 $5.6B
EV / sales 2.6x 1.4x
100th		 1.4x
EV / EBITDA 13.7x 9.1x
100th		 11.4x
EV / EBIT 23.9x 15.6x
93rd		 16.0x
EV / free cash flow 33.5x 23.4x
83rd		 21.0x
Earnings yield 3.3% 5.6%
20th		 4.8%
FCF yield 3.5% 7.6%
20th		 5.9%
Operating cash flow yield 7.7% 12.0%
20th		 9.3%
Graham number (per share) $95.66 $53.05
77th		 $33.39

Profitability (TTM)

MeasurePKGIndustry medianIndustry percentileSector median
Gross margin 20.1% 19.7%
53rd		 34.2%
EBITDA margin 19.0% 15.3%
93rd		 11.7%
Operating margin 12.7% 8.5%
87th		 8.7%
EBIT margin 10.9% 9.1%
67th		 8.2%
Net margin 7.2% 6.8%
60th		 4.9%
NOPAT margin 9.6% 7.0%
80th		 6.8%
FCF margin 7.8% 5.6%
67th		 6.5%
Operating cash flow margin 17.0% 9.8%
93rd		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 7.1% 9.7%
27th		 17.2%
Stock comp / revenue 0.4% 0.2%
73rd		 0.6%
Effective tax rate 24.7% 23.6%
60th		 22.4%

Returns on capital

MeasurePKGIndustry medianIndustry percentileSector median
ROE (on average equity) 14.9% 17.7%
36th		 12.8%
ROA 6.9% 5.5%
67th		 4.4%
ROIC 10.8% 8.2%
67th		 9.3%
ROCE 10.5% 7.9%
60th		 9.9%
Return on tangible assets 10.3% 5.7%
73rd		 7.4%
Cash ROIC (OCF / invested capital) 19.2% 10.9%
73rd		 14.4%
Gross profitability (GP / assets) 17.4% 13.1%
80th		 31.6%
ROIC, 3-yr average 9.8% 6.2%
77th		 7.4%
ROIC, 5-yr average 13.3% 7.5%
85th		 9.1%
ROE, 5-yr average 20.0% 18.5%
77th		 15.8%
Incremental ROIC 14.3% -37.1%
80th		 11.2%

Growth

MeasurePKGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 10.3% 8.4%
60th		 6.0%
Revenue growth (QoQ) 5.2% 8.7%
13th		 6.6%
Revenue CAGR, 3 yr 5.9% 2.2%
79th		 3.0%
Revenue CAGR, 5 yr 6.1% 4.2%
77th		 5.9%
Gross profit CAGR, 3 yr 1.6% 1.6%
50th		 3.3%
Operating income CAGR, 3 yr -0.0% 3.5%
43rd		 2.1%
Net income growth (TTM YoY) -23.6% 56.6%
7th		 4.7%
Net income CAGR, 3 yr -7.3% 6.7%
15th		 1.4%
EPS growth (TTM YoY) -23.0% 48.7%
7th		 7.6%
EPS CAGR, 3 yr -7.1% 11.0%
15th		 3.4%
EPS CAGR, 5 yr 2.9% 6.3%
30th		 2.9%
FCF growth (TTM YoY) 18.7% 65.3%
27th		 26.3%
FCF CAGR, 3 yr -3.5% 16.3%
25th		 6.5%
Operating cash flow CAGR, 3 yr 2.9% 16.9%
25th		 6.7%
Book value CAGR, 3 yr 6.8% 11.5%
31st		 8.1%
Dividend CAGR, 3 yr 0.1% 2.9%
31st		 3.2%
Sustainable growth rate 5.2% 10.9%
23rd		 12.2%

Margin history & stability

MeasurePKGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 20.9% 20.9%
50th		 34.9%
Operating margin, 3-yr average 13.2% 8.8%
100th		 8.0%
Net margin, 3-yr average 8.9% 7.7%
71st		 4.8%
FCF margin, 3-yr average 7.8% 5.5%
64th		 5.7%
Revenue stability (0-1) 0.91 0.68
86th		 0.80
Earnings stability (0-1) 0.01 0.16
7th		 0.43
Margin stability (0-1) 0.95 0.95
50th		 0.92

Liquidity (latest quarter)

MeasurePKGIndustry medianIndustry percentileSector median
Cash & short-term investments $593.8M $313.8M
73rd		 $278.1M
Net cash (− = net debt) −$3.8B −$4.3B
60th		 −$1.2B
Working capital $2.3B $412.8M
93rd		 $298.0M
Current ratio 2.94 1.28
93rd		 1.49
Quick ratio 1.86 0.79
93rd		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.51 0.15
87th		 0.31
Defensive interval (days) 1,050 days 615 days
67th		 290 days

Leverage & solvency (latest quarter)

MeasurePKGIndustry medianIndustry percentileSector median
Total debt $4.4B $4.6B
47th		 $1.8B
Debt / equity 0.94 1.26
36th		 1.04
Net debt / equity 0.82 1.17
36th		 0.78
Debt / assets 40.0% 40.0%
47th		 39.7%
Debt / capital 48.6% 55.7%
36th		 51.0%
Debt / EBITDA 2.43 3.20
20th		 3.26
Net debt / EBITDA 2.10 2.80
27th		 2.42
Interest coverage (EBIT / interest) 8.7x 3.3x
92nd		 5.1x
Cash interest coverage 13.6x 3.8x
93rd		 6.0x
Debt payback (years of OCF) 2.7 yrs 4.7 yrs
15th		 3.8 yrs
Liabilities / assets 57.7% 67.7%
27th		 68.1%
IS credit model rating A+ — —
Implied credit spread (bps) 125 375
7th		 275

Efficiency

MeasurePKGIndustry medianIndustry percentileSector median
Asset turnover 0.95 0.74
80th		 1.00
Fixed asset turnover 1.76 2.51
13th		 3.73
Inventory turnover 6.3 5.6
60th		 5.3
Receivables turnover 7.3 6.6
73rd		 19.9
Days sales outstanding 50 days 55 days
27th		 18 days
Days inventory outstanding 58 days 65 days
40th		 68 days
Days payables outstanding 27 days 69 days
0th		 42 days
Cash conversion cycle (days) 81 days 62 days
80th		 44 days
Capex / revenue 9.2% 4.1%
100th		 3.1%
Capex / depreciation 1.14 0.72
100th		 0.89
Operating expense ratio 7.2% 11.7%
27th		 24.8%

Cash flow & earnings quality

MeasurePKGIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.35 2.04
71st		 1.76
FCF / net income 1.07 1.07
50th		 1.18
FCF / operating cash flow 45.7% 61.7%
23rd		 70.1%
Capex / operating cash flow 54.3% 38.3%
77th		 29.9%
Accruals ratio -9.3% -4.6%
7th		 -5.7%
Sloan accruals ratio -9.1% -5.5%
7th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
21st		 0.75

Dividends & buybacks

MeasurePKGIndustry medianIndustry percentileSector median
Dividend yield 2.3% 2.6%
47th		 0.8%
Dividend per share (TTM) $5.50 $1.55
100th		 $0.40
Payout ratio (dividends / net income) 64.8% 41.7%
64th		 17.8%
Dividends / FCF 60.4% 52.1%
58th		 11.6%
Dividend growth (YoY) 0.5% 1.9%
36th		 4.8%
Buyback yield 1.0% 2.7%
33rd		 1.6%
Shareholder yield (dividends + buybacks) 3.1% 4.8%
7th		 3.7%
Share count change (YoY) -0.8% -0.9%
53rd		 -0.9%
Buybacks, last 5 years $658.1M $232.2M
73rd		 $198.3M

Scores & forensic checks

MeasurePKGIndustry medianIndustry percentileSector median
IS score 51 52
47th		 50
IS profitability 39 38
53rd		 38
IS growth 31 49
13th		 53
IS value 54 58
33rd		 50
IS momentum 62 76
33rd		 72
IS risk (safety) 90 58
93rd		 65
IS quality 64 61
60th		 63
IS balance sheet 67 42
87th		 48
IS earnings quality 66 71
33rd		 77
IS cash flow 55 56
47th		 56
Piotroski F-score (0-9) 4 6
0th		 6
Altman Z-score 3.9 2.4
93rd		 2.8
Beneish M-score −2.45 −2.51
67th		 −2.69
Ohlson O-score −8.07 −7.00
33rd		 −6.83
IS credit score 79 51
93rd		 58

Per share

MeasurePKGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.76 $3.05
73rd		 $2.05
Book value per share $52.38 $25.77
100th		 $14.46
Tangible book per share $30.31 $0.06
100th		 $3.70
Revenue per share $107.13 $55.74
87th		 $46.29
FCF per share $8.34 $2.81
87th		 $2.72
Operating cash flow per share $18.25 $5.10
100th		 $4.86
Cash per share $6.67 $2.55
93rd		 $3.59

Size (TTM)

MeasurePKGIndustry medianIndustry percentileSector median
Market cap $21.0B $3.9B
93rd		 $3.6B
Revenue $9.5B $7.1B
73rd		 $3.9B
EBITDA $1.8B $996.4M
73rd		 $442.3M
Net income $691.0M $668.9M
53rd		 $178.6M
Free cash flow $742.4M $319.9M
67th		 $206.3M
Total assets $11.0B $9.4B
67th		 $4.4B
Shareholders' equity $4.7B $2.9B
80th		 $957.6M
Employees 16,800 17,060
47th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-20Shirley Donald R.
Exec. VP
 Open-market sale 12,000$250.71$3.0M19,110
2026-08-07Hassfurther Thomas A
President
 Open-market sale 7,063$254.00$1.8M202,891
2026-08-05Hassfurther Thomas A
President
 Open-market sale 8,797$257.00$2.3M209,954
2026-08-03Hassfurther Thomas A
President
 Open-market sale 12,531$250.00$3.1M218,751
2026-05-27Kowlzan Mark W
Director, Chairman & CEO
 Open-market sale 9,266$217.08$2.0M473,610
2026-05-12Mencoff Samuel M
Director
 Award / grant 591——270,194
2026-05-12Souleles Thomas S
Director
 Award / grant 591——11,202
2026-05-12Lyons Robert C
Director
 Award / grant 591——13,429
2026-05-12Harman Donna A.
Director
 Award / grant 591——5,179
2026-05-12Gowland Karen E
Director
 Award / grant 591——2,118
2026-05-12Farrington Duane C
Director
 Award / grant 591——7,243
2026-05-12Beebe Cheryl K
Director
 Award / grant 591——15,104

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired84,728—
Open-market saleDisposed549,657$12.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 88,236 shares · $21.6M
FiledFilerShares proposedEst. proceeds
2026-08-20Donald Ray Shirley12,000$3.0M
2026-07-28Hassfurther Thomas A28,391$7.3M
2026-05-27Kowlzan Mark W9,266$2.0M
2026-02-13Hassfurther Thomas A26,450$6.5M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 23 trades (15 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25April DelaneyHouseSale$50,001 - $100,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$50,001 - $100,0002026-09-10
2026-05-06April DelaneyHousePurchase$1,001 - $15,0002026-06-08
2026-05-06April McClain DelaneyHousePurchase$1,001 - $15,0002026-06-08
2020-04-02Thomas R. CarperSenateSale (Full)$1,001 - $15,0002021-05-17
2020-04-02Thomas R. CarperSenateSale (Full)$1,001 - $15,0002021-05-16
2020-04-02Thomas Richard CarperSenateSale (Full)$1,001 - $15,0002021-05-16
2020-04-02Thomas R. CarperSenateSale (Full)$1,001 - $15,0002020-05-04
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.7,711,541$1.8B8.66%
PRICE T ROWE ASSOCIATES INC /MD/5,823,442$1.4B6.54%
VANGUARD CAPITAL MANAGEMENT LLC5,803,824$1.4B6.51%
STATE STREET CORP4,615,464$1.1B5.18%
VANGUARD PORTFOLIO MANAGEMENT LLC4,400,087$1.0B4.94%
Bank of New York Mellon Corp3,138,722$747.9M3.52%
JPMORGAN CHASE & CO3,050,448$724.9M3.42%
FIL Ltd2,772,813$660.7M3.11%
GEODE CAPITAL MANAGEMENT, LLC2,499,804$593.4M2.81%
ROYAL BANK OF CANADA2,235,961$532.8M2.51%
AMERICAN CENTURY COMPANIES INC2,011,324$479.3M2.26%
AMERIPRISE FINANCIAL INC1,963,732$468.0M2.20%
VICTORY CAPITAL MANAGEMENT INC1,831,180$436.3M2.06%
BANK OF AMERICA CORP /DE/1,592,949$379.6M1.79%
Atlas FRM LLC1,532,500$365.2M1.72%

Institutional ownership by quarter

2023-092026-0699.8%
% of shares held by 13F filers
2023-092026-06907
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3090799.8%10435229973
2026-03-3188498.1%10932629479
2025-12-3187298.5%11729732882
2025-09-3085895.6%12130628093
2025-06-3084494.2%8932129992
2025-03-3185892.7%81316327118
2024-12-3190692.8%16131329555
2024-09-3081791.6%11428028866
2024-06-3077691.1%7329427667
2024-03-3178290.5%10426829057
2023-12-3174690.9%13824925125
2023-09-3064791.7%6323723062

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.2%4,620,150
2026-05-15SCHEDULE 13GT. Rowe Price Associates, Inc.7.3%6,525,012
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%6,717,139
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$650.5M
VTSAX0.03%$650.5M
VSMPX0.03%$650.5M
VTI0.03%$650.5M
VOO0.03%$532.9M
VFFSX0.03%$532.9M

Share structure

Shares outstanding89,098,300
Float86,963,979
Free float97.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.7B$8.5B$7.8B$8.4B$9.0B
Cost of revenue$5.9B$6.4B$6.1B$6.6B$7.1B
Gross profit$1.9B$2.1B$1.7B$1.8B$1.9B
R&D$14.5M$0$0$0$0
SG&A$562.3M$608.6M$580.9M$610.3M$634.2M
Operating income$1.3B$1.4B$1.1B$1.1B$1.3B
EBITDA$1.7B$1.9B$1.6B$1.6B$1.8B
Pretax income$1.1B$1.4B$1.0B$1.1B$1.0B
Income tax$267.6M$335.0M$248.9M$259.3M$253.7M
Net income$841.1M$1.0B$765.2M$805.1M$768.9M
EPS, diluted$8.83$11.02$8.48$8.93$8.58
Diluted shares94.5M92.7M89.5M89.5M89.6M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$704.8M$405.2M$1.1B$787.0M$600.8M
Receivables$1.1B$1.1B$1.0B$1.2B$1.3B
Inventory$902.5M$977.3M$1.0B$1.1B$1.2B
Total current assets$2.7B$2.5B$3.3B$3.2B$3.2B
PP&E, net$3.8B$4.2B$4.1B$4.3B$5.4B
Goodwill & intangibles$1.2B$1.2B$1.2B$1.1B$2.0B
Total assets$7.8B$8.0B$8.7B$8.8B$10.9B
Accounts payable$452.4M$410.4M$402.4M$430.3M$421.0M
Total current liabilities$884.8M$875.5M$1.3B$1.0B$1.0B
Long-term debt$2.5B$2.5B$2.5B$2.5B$4.0B
Total liabilities$4.2B$4.3B$4.7B$4.4B$6.3B
Shareholders' equity$3.6B$3.7B$4.0B$4.4B$4.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$841.1M$1.0B$765.2M$805.1M$768.9M
Depreciation & amortization$429.2M$456.8M$517.7M$525.6M$652.8M
Stock-based compensation$35.5M$35.6M$40.0M$48.8M$45.2M
Change in working capital−$287.4M−$85.1M−$6.8M−$210.6M−$54.7M
Operating cash flow$1.1B$1.5B$1.3B$1.2B$1.6B
Capital expenditure−$605.1M−$824.2M−$469.7M−$669.7M−$828.9M
Free cash flow$489.0M$670.8M$845.4M$521.5M$728.6M
Investing cash flow−$794.4M−$833.7M−$875.1M−$277.8M−$2.6B
Net debt issued / repaid−$67.5M−$1.7M$395.2M−$401.9M$1.5B
Buybacks−$205.9M−$538.0M−$57.2M−$25.7M−$153.0M
Dividends paid−$379.8M−$420.3M−$448.9M−$448.8M−$449.6M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin24.2%24.5%21.8%21.3%21.0%
Operating margin16.6%17.2%13.8%13.1%13.6%
Net margin10.9%12.1%9.8%9.6%8.6%
FCF margin6.3%7.9%10.8%6.2%8.1%
ROE24.5%28.3%20.0%19.2%17.2%
ROIC17.3%18.2%13.5%13.0%11.0%
ROA11.0%13.0%9.2%9.2%7.8%
Debt / equity0.760.760.790.630.95
Interest coverage8.3x20.4x20.0x26.7x14.0x
Current ratio3.092.862.573.233.17
Revenue growth+16.1%+9.7%−8.0%+7.4%+7.2%
EPS growth+83.3%+27.4%−24.6%+5.3%−4.0%
P/E at year end13.6x10.4x18.1x24.4x23.9x
EV / EBITDA at year end8.0x6.9x10.0x13.3x12.6x
FCF yield at year end4.29%6.28%6.08%2.64%3.94%
Dividend payout45.2%40.8%58.7%55.8%58.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Trade$7.7B$8.5B$7.8B——
Packaging———$7.7B$8.3B
Paper———$624.7M$615.4M
Corporate Segment and Other Operating Segment———$89.7M$80.0M

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $2.93 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$10.1B$9.9B – $10.2B$10.47$10.36 – $10.62622.5x
2027$10.9B$10.4B – $11.3B$14.11$12.52 – $17.63716.7x
2028$11.3B$11.0B – $11.4B$14.66$13.21 – $17.61416.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$2.31$2.35+1.7%$2.5B$2.5B−0.1%
2026-04-22$2.17$2.40+10.6%$2.4B$2.4B−2.4%
2026-01-27$2.41$2.32−3.7%$2.4B$2.4B−3.0%
2025-10-22$2.82$2.73−3.2%$2.3B$2.3B+0.4%
2025-07-23$2.44$2.48+1.6%$2.2B$2.2B−0.8%
2025-04-22$2.21$2.31+4.5%$2.1B$2.1B+1.5%
2025-01-28$2.53$2.47−2.4%$2.1B$2.1B+0.7%
2024-10-22$2.50$2.65+6.0%$2.1B$2.2B+4.2%
2024-07-23$2.14$2.20+2.8%$2.0B$2.1B+2.5%
2024-04-22$1.68$1.72+2.4%$1.9B$2.0B+3.7%
2024-01-24$1.83$2.13+16.4%$1.9B$1.9B+1.6%
2023-10-23$1.93$2.05+6.2%$2.0B$1.9B−2.9%
2023-07-24$1.92$2.31+20.3%$2.0B$2.0B−0.1%
2023-04-24$2.27$2.20−3.1%$2.1B$2.0B−6.9%
2023-01-25$2.23$2.35+5.4%$2.0B$2.0B−3.1%
2022-10-24$2.81$2.83+0.7%$2.2B$2.1B−3.2%
2022-07-25$2.85$3.23+13.3%$2.1B$2.2B+4.5%
2022-04-25$2.52$2.72+7.9%$2.0B$2.1B+4.4%
2022-01-26$2.07$2.76+33.3%$2.0B$2.0B+0.1%
2021-10-25$2.34$2.69+15.0%$1.9B$2.0B+3.6%
2021-07-26$1.78$2.17+21.9%$1.9B$1.9B−2.8%
2021-04-26$1.46$1.77+21.2%$1.7B$1.8B+5.1%
2021-01-27$1.42$1.33−6.3%$1.8B$1.7B−6.0%
2020-10-26$1.42$1.57+10.6%$1.5B$1.7B+10.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.206-220.106-290.207-060.207-130.407-200.407-270.208-030.208-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$179.9M769,40429,366
2026-08-24$163.8M666,07225,536
2026-08-17$161.4M639,19730,226
2026-08-10$156.4M610,76626,843
2026-08-03$176.0M694,10930,989
2026-07-27$372.9M1,485,68043,716

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1573.0%
DateShort shareShort volumeTotal volume
2026-10-1573.0%118,575162,368
2026-10-1471.5%94,490132,112
2026-10-1366.8%101,025151,302
2026-10-1274.9%102,272136,522
2026-10-0974.8%110,565147,806
2026-10-0870.0%126,561180,773
2026-10-0767.3%121,694180,947
2026-10-0676.6%109,415142,867
2026-10-0578.3%92,513118,077
2026-10-0277.1%118,557153,802
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.5Jan+0.7Feb+2.4Mar+1.3Apr+0.7May-1.0Jun+4.8Jul+1.3Aug+0.7Sep+1.1Oct+2.3Nov+0.5Dec
MonthAvg returnUp yearsYears
Jan+0.5%60%20
Feb+0.7%55%20
Mar+2.4%48%21
Apr+1.3%45%20
May+0.7%60%20
Jun−1.0%45%20
Jul+4.8%70%20
Aug+1.3%60%20
Sep+0.7%70%20
Oct+1.1%55%20
Nov+2.3%70%20
Dec+0.5%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1454.8
MFI49.2
ADX22.3
Stochastic %K / %D62.2 / 46.4
Williams %R-12.4
CCI54
TSI / signal-8.2 / -12.2
Chaikin money flow-0.09
ATR$4.74
Bollinger width7.0%
Volume vs 20-day avg1.21x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$232.65 (+1.4%)
SMA 50$238.40 (−1.0%)
SMA 200$227.50 (+3.7%)
EMA 21$232.41 (+1.5%)
EMA 50$234.75 (+0.5%)
EMA 200$227.26 (+3.8%)
Bollinger upper$240.74 (−2.0%)
Bollinger lower$224.55 (+5.1%)
Parabolic SAR$225.00 (+4.9%)
Open the live chart, 110+ indicators

About Packaging Corporation of America

Packaging Corporation of America (PCA) is a U.S.-based enterprise specializing in the production and sale of containerboard and corrugated packaging materials. Its operations are organized into two primary divisions: Packaging and Paper. The Packaging division offers an extensive array of containerboard and corrugated solutions. These encompass conventional shipping containers designed for safeguarding and transporting manufactured goods, vibrant multi-color boxes and point-of-sale displays aimed at enhancing product merchandising in retail environments, and honeycomb protective packaging. This segment also provides specialized packaging for perishable goods like meat and fresh produce, processed foods, beverages, and a broad spectrum of other industrial and consumer products. Its corrugated offerings reach customers through a multi-channel approach, utilizing a dedicated direct sales and marketing team, independent brokers, and various distribution partners. Meanwhile, the Paper segment focuses on manufacturing and distributing a range of commodity and specialty papers. This includes communication papers, such as standard cut-size office paper, along with specialized printing and converting papers. Sales of its white paper products are managed directly by its internal sales and marketing organization. Tracing its origins back to 1867, Packaging Corporation of America maintains its corporate headquarters in Lake Forest, Illinois.

https://www.packagingcorp.com

Key executives

NameTitlePayBorn
Mark W. KowlzanChairman of the Board & Chief Executive Officer$4.7M1956
Thomas A. HassfurtherPresident$3.5M1956
Charles J. CarterExecutive Vice President of Mill Operations$2.3M1960
Kent A. PfledererExecutive Vice President & Chief Financial Officer$1.8M1971
Donald Ray ShirleyExecutive Vice President of Corrugated Products$1.8M1972
Fabian C. StraussPrincipal Accounting Officer, Senior VP of Finance, Controller & Treasurer—1981
Heidi L. PattonSenior Vice President of Containerboard Sales & Supply Chain—1969
Joseph W. VaughnSenior Vice President of Engineering & Operations Support—1963

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Mark W. Kowlzan Chief Executive Officer2025$1.5M$11.5M$3.1M$17.0M
Thomas A. Hassfurther President2025$1.2M$7.9M$2.1M$12.2M
Charles J. Carter Executive Vice President— Mill Operations2025$822,960$2.8M$1.4M$5.2M
Donald R. Shirley Executive Vice President, Corrugated Products2025$736,595$1.9M$1.0M$4.0M
Kent A. Pflederer Executive Vice President and Chief Financial Officer2025$712,132$1.9M$1.0M$3.7M
Robert P. Mundy Retired Executive Vice President and Chief Financial Officer2025$822,960$0$460,026$1.4M

Employees

15k201816k201915k202015k202115k202215k202315k202417k2025

Dividends

Ex-dateAmountPaid
2026-09-15$1.52026-10-15
2026-06-15$1.52026-07-15
2026-03-13$1.252026-04-15
2025-12-15$1.252026-01-14
2025-09-15$1.252025-10-15
2025-06-13$1.252025-07-15
2025-03-14$1.252025-04-15
2024-12-20$1.252025-01-15

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage76
Intangibles44
Switching costs37
Network effect50
Efficient scale80
Our component scores (0-100) and overall 55.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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