BALLBall Corporation

Materials · Packaging · NYSE

Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world’s leading suppliers of aluminum packaging for the beverage, personal care and household products industries. 10-K, Item 1

Headquarters: Westminster, CO
Next results: around Feb 2, 2027

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BALL and 9 peers, year by year

The 9 Materials companies closest to BALL in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
BALL Ball Corporation	FY2025	$13.2B	+11.6%	-	-	6.9%	6.0%	16.8%	1.29
PPG PPG Industries	FY2025	$15.9B	+0.2%	-	-	9.9%	7.3%	19.8%	0.92
ECL Ecolab	FY2025	$16.1B	+2.2%	-	17.0%	12.9%	11.8%	21.2%	0.84
APD Air Products	FY2025	$12.0B	−0.5%	-	−7.3%	−3.3%	−31.3%	−2.6%	1.18
MOS Mosaic	FY2025	$12.1B	+8.4%	15.8%	6.8%	4.5%	−4.4%	4.5%	0.42
IFF International Flavors & Fragrances	FY2025	$10.9B	−5.2%	36.2%	−3.5%	−3.3%	2.4%	−2.6%	0.42
PKG Packaging Corporation of America	FY2025	$9.0B	+7.2%	21.0%	12.3%	8.6%	8.1%	16.8%	0.87
AVY Avery Dennison	FY2025	$8.9B	+1.1%	28.8%	-	7.8%	8.0%	30.7%	1.66
STLD Steel Dynamics	FY2025	$18.2B	+3.6%	13.2%	8.1%	6.5%	2.8%	13.2%	0.47
VMC Vulcan Materials Company	FY2025	$7.9B	+7.1%	27.4%	20.4%	13.6%	14.3%	12.6%	0.51

Revenuepeer median $12.0B

Sales growthpeer median +2.2%

Gross marginpeer median 24.2%

IFF 36.2%
AVY 28.8%
VMC 27.4%
PKG 21.0%
MOS 15.8%
STLD 13.2%
BALL -
PPG -
ECL -
APD -

Operating marginpeer median 8.1%

Net marginpeer median 7.8%

FCF marginpeer median 7.3%

Return on equitypeer median 13.2%

Debt / equitypeer median 0.84

AVY 1.66
BALL 1.29
APD 1.18
PPG 0.92
PKG 0.87
ECL 0.84
VMC 0.51
STLD 0.47
IFF 0.42
MOS 0.42

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	$9.1B	$11.0B	$11.6B	$11.5B	$11.8B	$13.8B	$15.3B	$14.0B	$11.8B	$13.2B
PPG Dec	$14.3B	$14.7B	$15.4B	$15.1B	$13.8B	$16.8B	$15.6B	$16.2B	$15.8B	$15.9B
ECL Dec	$13.2B	$13.8B	$12.2B	$12.6B	$11.8B	$12.7B	$14.2B	$15.3B	$15.7B	$16.1B
APD Sep	$7.5B	$8.2B	$8.9B	$8.9B	$8.9B	$10.3B	$12.7B	$12.6B	$12.1B	$12.0B
MOS Dec	-	-	$9.6B	$8.9B	$8.7B	$12.4B	$19.1B	$13.7B	$11.1B	$12.1B
IFF Dec	$3.1B	$3.4B	$4.0B	$5.1B	$5.1B	$11.7B	$12.4B	$11.5B	$11.5B	$10.9B
PKG Dec	$5.8B	$6.4B	$7.0B	$7.0B	$6.7B	$7.7B	$8.5B	$7.8B	$8.4B	$9.0B
AVY Dec	$6.1B	$6.6B	$7.2B	$7.1B	$7.0B	$8.4B	$9.0B	$8.4B	$8.8B	$8.9B
STLD Dec	$7.8B	$9.5B	$11.8B	$10.5B	$9.6B	$18.4B	$22.3B	$18.8B	$17.5B	$18.2B
VMC Dec	$3.6B	$3.9B	$4.4B	$4.9B	$4.9B	$5.6B	$7.3B	$7.8B	$7.4B	$7.9B
Peer median	$6.8B	$7.4B	$8.9B	$8.9B	$8.7B	$11.7B	$12.7B	$12.6B	$11.5B	$12.0B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	+13.3%	+21.2%	+5.9%	−1.4%	+2.7%	+17.2%	+11.1%	−9.8%	−2.2%	+11.6%
PPG Dec	+0.2%	+3.3%	+4.2%	−1.5%	−8.7%	+21.5%	+5.1%	+4.0%	−2.4%	+0.2%
ECL Dec	−2.9%	+5.2%	+6.0%	+2.8%	−6.1%	+8.0%	+11.4%	+8.0%	+2.7%	+2.2%
APD Sep	−4.1%	+9.1%	+9.1%	−0.1%	−0.7%	+16.6%	+23.0%	−0.8%	−4.0%	−0.5%
MOS Dec	-	-	-	−7.1%	−2.5%	+42.3%	+54.8%	−28.4%	−18.8%	+8.4%
IFF Dec	-	+9.1%	+17.0%	+29.2%	−1.1%	+129%	+6.7%	−7.7%	0.0%	−5.2%
PKG Dec	+0.6%	+11.5%	+8.8%	−0.7%	−4.4%	+16.1%	+9.7%	−8.0%	+7.4%	+7.2%
AVY Dec	+2.0%	+8.7%	+8.2%	−1.2%	−1.4%	+20.6%	+7.5%	−7.5%	+4.7%	+1.1%
STLD Dec	+2.4%	+23.1%	+26.0%	−11.4%	−8.3%	+91.7%	+20.9%	−15.6%	−6.7%	+3.6%
VMC Dec	+5.0%	+8.3%	+12.7%	+12.5%	−1.5%	+14.3%	+31.8%	+6.4%	−4.7%	+7.1%
Peer median	+0.6%	+8.9%	+9.0%	−0.7%	−2.5%	+20.6%	+11.4%	−7.5%	−2.4%	+2.2%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	15.7%	16.0%	15.5%	15.5%	-	-	-	-	-	-
PPG Dec	-	-	-	-	-	-	-	-	-	-
ECL Dec	-	-	-	-	-	-	-	-	-	-
APD Sep	31.0%	29.8%	30.7%	32.7%	33.9%	-	-	-	-	-
MOS Dec	-	-	15.6%	10.1%	12.3%	25.9%	30.1%	16.1%	13.6%	15.8%
IFF Dec	44.8%	43.3%	42.3%	41.1%	41.0%	32.0%	33.4%	32.1%	35.9%	36.2%
PKG Dec	22.1%	22.8%	23.5%	23.6%	20.6%	24.2%	24.7%	21.8%	21.3%	21.0%
AVY Dec	27.9%	27.4%	26.8%	26.9%	27.6%	27.5%	26.6%	27.2%	28.9%	28.8%
STLD Dec	17.2%	16.6%	19.6%	14.6%	14.9%	29.1%	27.5%	21.5%	16.0%	13.2%
VMC Dec	27.5%	25.5%	25.1%	25.5%	26.4%	24.7%	21.3%	25.0%	27.0%	27.4%
Peer median	27.7%	26.5%	25.1%	25.5%	26.4%	26.7%	27.0%	23.4%	24.1%	24.2%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	5.1%	7.3%	8.0%	8.1%	8.5%	9.3%	7.9%	9.1%	-	-
PPG Dec	16.7%	15.5%	13.8%	15.0%	15.2%	12.9%	13.1%	16.5%	-	-
ECL Dec	14.2%	14.1%	14.1%	14.7%	11.8%	12.6%	11.0%	13.0%	17.8%	17.0%
APD Sep	20.5%	17.6%	22.0%	24.0%	25.3%	22.1%	18.4%	19.8%	36.9%	−7.3%
MOS Dec	-	-	9.7%	−12.3%	4.8%	20.0%	25.0%	9.8%	5.6%	6.8%
IFF Dec	17.7%	16.3%	14.7%	12.9%	11.1%	5.0%	−10.7%	−18.4%	6.7%	−3.5%
PKG Dec	13.6%	14.5%	15.2%	15.1%	10.9%	16.1%	16.8%	13.8%	13.1%	12.3%
AVY Dec	-	-	-	-	-	-	-	-	-	-
STLD Dec	9.4%	11.2%	14.6%	9.4%	8.8%	23.4%	22.9%	16.8%	11.1%	8.1%
VMC Dec	18.5%	16.4%	17.1%	17.8%	18.4%	18.2%	13.0%	18.3%	18.4%	20.4%
Peer median	16.7%	15.5%	14.6%	14.8%	11.5%	17.1%	14.9%	15.1%	13.1%	8.1%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	2.9%	3.4%	3.9%	4.9%	5.0%	6.4%	4.7%	5.0%	34.0%	6.9%
PPG Dec	6.1%	10.8%	8.7%	8.2%	7.7%	8.6%	6.6%	7.8%	7.0%	9.9%
ECL Dec	9.3%	10.9%	11.7%	12.4%	−10.2%	8.9%	7.7%	9.0%	13.4%	12.9%
APD Sep	8.4%	36.6%	16.8%	19.7%	21.3%	20.3%	17.8%	18.3%	31.6%	−3.3%
MOS Dec	-	-	4.9%	−12.0%	7.7%	13.2%	18.7%	8.5%	1.6%	4.5%
IFF Dec	13.0%	8.7%	8.5%	8.9%	7.1%	2.3%	−15.0%	−22.6%	2.3%	−3.3%
PKG Dec	7.8%	10.4%	10.5%	10.0%	6.9%	10.9%	12.1%	9.8%	9.6%	8.6%
AVY Dec	5.3%	4.3%	6.5%	4.3%	8.0%	8.8%	8.4%	6.0%	8.1%	7.8%
STLD Dec	4.9%	8.5%	10.6%	6.4%	5.7%	17.5%	17.4%	13.0%	8.8%	6.5%
VMC Dec	11.7%	15.5%	11.8%	12.5%	12.0%	12.1%	7.9%	12.0%	12.3%	13.6%
Peer median	8.1%	10.6%	10.5%	8.9%	7.7%	10.9%	8.4%	9.0%	8.8%	7.8%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	−$413.0M	$922.0M	$750.0M	$950.0M	$319.0M	$34.0M	−$1.4B	$818.0M	−$369.0M	$788.0M
PPG Dec	$971.0M	$1.2B	$1.1B	$1.7B	$1.8B	$1.2B	$477.0M	$1.9B	$699.0M	$1.2B
ECL Dec	$1.2B	$1.2B	$1.5B	$1.7B	$1.4B	$1.4B	$1.1B	$1.6B	$1.8B	$1.9B
APD Sep	$1.4B	$1.5B	$978.8M	$980.2M	$755.7M	$871.0M	$244.1M	−$1.4B	−$3.1B	−$3.8B
MOS Dec	$417.1M	$115.4M	$455.3M	−$176.8M	$412.0M	$898.4M	$2.7B	$1.0B	$47.4M	−$534.6M
IFF Dec	$423.7M	$261.8M	$267.5M	$463.0M	$522.0M	$1.0B	−$107.0M	$952.0M	$607.0M	$256.0M
PKG Dec	$532.6M	$513.1M	$628.7M	$807.9M	$611.6M	$489.0M	$670.8M	$845.4M	$521.5M	$728.6M
AVY Dec	$405.2M	$455.2M	$231.2M	$527.1M	$549.9M	$791.8M	$682.9M	$560.7M	$730.0M	$712.4M
STLD Dec	$654.6M	$574.5M	$1.2B	$944.3M	−$211.0M	$1.2B	$3.6B	$1.9B	−$23.5M	$501.5M
VMC Dec	$294.4M	$185.1M	$363.7M	$600.0M	$708.2M	$560.6M	$535.6M	$664.2M	$806.1M	$1.1B
Peer median	$532.6M	$513.1M	$628.7M	$807.9M	$611.6M	$898.4M	$670.8M	$952.0M	$607.0M	$712.4M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	−4.6%	8.4%	6.4%	8.3%	2.7%	0.2%	−8.8%	5.8%	−3.1%	6.0%
PPG Dec	6.8%	8.2%	6.9%	11.0%	13.2%	7.1%	3.1%	11.7%	4.4%	7.3%
ECL Dec	9.0%	8.8%	12.3%	13.4%	11.6%	11.1%	7.6%	10.7%	11.6%	11.8%
APD Sep	18.0%	18.2%	11.0%	11.0%	8.5%	8.4%	1.9%	−11.3%	−26.0%	−31.3%
MOS Dec	-	-	4.7%	−2.0%	4.7%	7.3%	14.1%	7.3%	0.4%	−4.4%
IFF Dec	13.6%	7.7%	6.7%	9.0%	10.3%	9.0%	−0.9%	8.3%	5.3%	2.4%
PKG Dec	9.2%	8.0%	9.0%	11.6%	9.2%	6.3%	7.9%	10.8%	6.2%	8.1%
AVY Dec	6.7%	6.9%	3.2%	7.5%	7.9%	9.4%	7.6%	6.7%	8.3%	8.0%
STLD Dec	8.4%	6.0%	9.9%	9.0%	−2.2%	6.5%	16.0%	9.9%	−0.1%	2.8%
VMC Dec	8.2%	4.8%	8.3%	12.2%	14.6%	10.1%	7.3%	8.5%	10.9%	14.3%
Peer median	8.7%	7.8%	8.3%	11.0%	9.2%	8.4%	7.6%	8.5%	5.3%	7.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	7.7%	9.5%	13.1%	19.2%	17.9%	24.2%	20.8%	18.8%	68.4%	16.8%
PPG Dec	18.1%	28.7%	29.0%	23.5%	18.6%	22.9%	15.6%	16.2%	16.4%	19.8%
ECL Dec	17.8%	19.8%	17.9%	17.9%	−19.5%	15.6%	15.1%	17.1%	24.1%	21.2%
APD Sep	8.9%	29.7%	13.8%	15.9%	15.6%	15.5%	17.2%	16.1%	22.5%	−2.6%
MOS Dec	3.1%	−1.1%	4.5%	−11.6%	7.0%	15.4%	29.7%	9.5%	1.5%	4.5%
IFF Dec	24.9%	17.6%	5.6%	7.3%	5.8%	1.3%	−10.6%	−17.7%	1.9%	−2.6%
PKG Dec	25.5%	30.6%	27.6%	22.7%	14.2%	23.3%	28.1%	19.1%	18.3%	16.8%
AVY Dec	34.7%	27.3%	48.9%	25.2%	37.4%	38.5%	37.3%	23.6%	30.5%	30.7%
STLD Dec	13.1%	24.2%	32.0%	16.5%	12.7%	51.0%	47.5%	27.6%	17.2%	13.2%
VMC Dec	9.2%	12.1%	9.9%	11.0%	9.7%	10.2%	8.3%	12.5%	11.2%	12.6%
Peer median	17.8%	24.2%	17.9%	16.5%	12.7%	15.6%	17.2%	16.2%	17.2%	13.2%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	2.19	1.77	1.95	2.65	2.38	2.13	2.59	2.27	0.97	1.29
PPG Dec	0.91	0.74	1.08	0.95	1.01	1.05	1.03	0.77	0.86	0.92
ECL Dec	0.97	0.97	0.88	0.73	1.08	1.21	1.19	1.02	0.86	0.84
APD Sep	0.72	0.39	0.32	0.27	0.63	0.54	0.53	0.72	0.84	1.18
MOS Dec	0.40	0.54	0.44	0.50	0.48	0.40	0.30	0.31	0.37	0.42
IFF Dec	0.81	0.97	0.76	0.71	0.70	0.54	0.61	0.68	0.64	0.42
PKG Dec	1.51	1.21	0.93	0.81	0.77	0.69	0.68	0.72	0.57	0.87
AVY Dec	1.40	1.53	2.02	1.37	1.41	1.61	1.40	1.38	1.12	1.66
STLD Dec	0.81	0.71	0.60	0.67	0.71	0.49	0.38	0.35	0.36	0.47
VMC Dec	0.43	0.57	0.56	0.50	0.55	0.59	0.79	0.52	0.65	0.51
Peer median	0.81	0.74	0.76	0.71	0.71	0.59	0.68	0.72	0.65	0.84

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BALL Dec	$0.81	$1.05	$1.29	$1.66	$1.76	$2.65	$2.25	$2.23	$13.00	$3.30
PPG Dec	$3.27	$6.18	$5.47	$5.22	$4.45	$6.01	$4.32	$5.35	$4.75	$6.94
ECL Dec	$4.14	$5.12	$4.88	$5.33	−$4.15	$3.91	$3.81	$4.79	$7.37	$7.28
APD Sep	$2.89	$13.65	$6.78	$7.94	$8.49	$9.43	$10.14	$10.33	$17.18	−$1.77
MOS Dec	$0.85	−$0.31	$1.22	−$2.78	$1.75	$4.27	$10.06	$3.50	$0.55	$1.70
IFF Dec	$5.05	$3.72	$3.79	$4.00	$3.21	$1.10	−$7.32	−$10.14	$1.04	−$1.41
PKG Dec	$4.75	$7.07	$7.80	$7.34	$4.84	$8.83	$11.03	$8.48	$8.93	$8.58
AVY Dec	$3.54	$3.13	$5.28	$3.57	$6.61	$8.83	$9.21	$6.20	$8.73	$8.79
STLD Dec	$1.56	$3.36	$5.35	$3.04	$2.59	$15.56	$20.92	$14.64	$9.84	$7.99
VMC Dec	$3.09	$4.46	$3.85	$4.63	$4.39	$5.02	$4.31	$6.98	$6.85	$8.11
Peer median	$3.27	$4.46	$5.28	$4.63	$4.39	$6.01	$9.21	$6.20	$7.37	$7.28

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out BALL and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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