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SWSmurfit Westrock

Materials · Packaging · NYSE
SW quote by TradingView
Employees
97,000
Headquarters
Dublin 4
CEO
Anthony P. J. Smurfit
Next results
around Feb 10, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.90Sales (ttm)31.5BNet income (ttm)473.0MSales growth+47.7%EPS growth+62.2%Sales Q/Q+2.0%
Free cash flow852.0MGross margin17.4%Oper. margin4.6%Net margin1.5%FCF margin2.7%ROE2.6%
ROA1.0%R&D / sales-Dividend1.72Debt/Eq0.78Curr. ratio1.48Cash723.0M
Op. cash flow (ttm)3.0BEBITDA4.3BEBITDA margin13.7%Net debt13.3BQuick ratio0.99Interest cover2.05
ROIC3.9%Payout ratio129.3%Tax rate27.1%Stock pay / sales0.4%Shares out.524.5MShares Y/Y+35.2%
Book / share34.30Cash / share1.38Sales / share60.02Asset turnover0.70Inventory turns6.81Days sales out.50
Sales 3Y CAGR+32.1%EPS 3Y CAGR-30.5%Employees97,000Sales / employee325K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose from $17.0M to $1.2B$17.0M → $1.2B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +47.7%+74.6% → +47.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

SW against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
SWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+47.7%3rd of 24 · median +4.4%
Net margin
1.5%20th of 24 · median 8.4%
Return on equity
2.6%19th of 24 · median 13.1%
Free cash flow margin
2.7%21st of 24 · median 6.8%
Debt / equity (less is better)
0.7813th of 24 · median 0.76
SW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SW Smurfit Westrock$31.5B +47.7%17.4%1.5%2.6%2.7%0.78
LIN Linde plc$36.2B +3.0%-19.3%17.8%14.0%0.67
NUE Nucor$36.1B +5.7%15.5%8.0%13.0%4.4%0.32
LYB LyondellBasell$32.0B -9.7%14.3%4.1%11.6%7.6%1.10
NEM Newmont$26.6B +21.3%-34.7%25.9%37.9%0.14
FCX Freeport-McMoRan$26.4B +1.8%-13.0%16.4%6.5%0.45

From $13.5B of sales to $1.0B of profit

FY2022, from the 10-K income statement and revenue by product
Packaging to Revenue: $11.3BPaper to Revenue: $2.2BRevenue to Gross profit: $3.3BRevenue to Cost of revenue: $10.2BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $524.0M Packaging: $11.3B · 84% Packaging$11.3B84% Paper: $2.2B · 16% Paper$2.2B16% Revenue: $13.5B Revenue$13.5B Gross profit: $3.3B · 24% margin Gross profit$3.3B24% margin Cost of revenue: $10.2B · 76% of revenue Cost of revenue$10.2B76% of revenue Operating profit: $1.6B · 12% margin Operating profit$1.6B12% margin Operating expenses: $1.7B · 13% of revenue Operating expenses$1.7B13% of revenue Net profit: $1.0B · 8% margin Net profit$1.0B8% margin Tax & other: $524.0M · 4% of revenue Tax & other$524.0M4% of revenue

Swipe sideways for the whole flow →

From $12.1B of sales to $825.0M of profit

FY2023, from the 10-K income statement and revenue by product
Packaging to Revenue: $10.6BPaper to Revenue: $1.5BRevenue to Gross profit: $3.1BRevenue to Cost of revenue: $9.0BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $825.0MOperating profit to Tax & other: $547.0M Packaging: $10.6B · 87% Packaging$10.6B87% Paper: $1.5B · 13% Paper$1.5B13% Revenue: $12.1B Revenue$12.1B −10% Y/Y Gross profit: $3.1B · 25% margin Gross profit$3.1B25% margin −7% Y/Y Cost of revenue: $9.0B · 75% of revenue Cost of revenue$9.0B75% of revenue Operating profit: $1.4B · 11% margin Operating profit$1.4B11% margin −12% Y/Y Operating expenses: $1.7B · 14% of revenue Operating expenses$1.7B14% of revenue Net profit: $825.0M · 7% margin Net profit$825.0M7% margin −20% Y/Y Tax & other: $547.0M · 5% of revenue Tax & other$547.0M5% of revenue

Swipe sideways for the whole flow →

From $21.1B of sales to $319.0M of profit

FY2024, from the 10-K income statement and revenue by product
Packaging to Revenue: $17.3BPaper to Revenue: $3.9BRevenue to Gross profit: $4.2BRevenue to Cost of revenue: $16.9BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $319.0MOperating profit to Tax & other: $688.0M Packaging: $17.3B · 82% Packaging$17.3B82% Paper: $3.9B · 18% Paper$3.9B18% Revenue: $21.1B Revenue$21.1B +75% Y/Y Gross profit: $4.2B · 20% margin Gross profit$4.2B20% margin +37% Y/Y Cost of revenue: $16.9B · 80% of revenue Cost of revenue$16.9B80% of revenue Operating profit: $1.0B · 5% margin Operating profit$1.0B5% margin −27% Y/Y Operating expenses: $3.2B · 15% of revenue Operating expenses$3.2B15% of revenue Net profit: $319.0M · 2% margin Net profit$319.0M2% margin −61% Y/Y Tax & other: $688.0M · 3% of revenue Tax & other$688.0M3% of revenue

Swipe sideways for the whole flow →

From $31.2B of sales to $699.0M of profit

FY2025, from the 10-K income statement and revenue by product
Packaging to Revenue: $25.0BPaper to Revenue: $6.1BRevenue to Gross profit: $6.0BRevenue to Cost of revenue: $25.1BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $699.0MOperating profit to Tax & other: $1.0B Packaging: $25.0B · 80% Packaging$25.0B80% Paper: $6.1B · 20% Paper$6.1B20% Revenue: $31.2B Revenue$31.2B +48% Y/Y Gross profit: $6.0B · 19% margin Gross profit$6.0B19% margin +44% Y/Y Cost of revenue: $25.1B · 81% of revenue Cost of revenue$25.1B81% of revenue Operating profit: $1.7B · 6% margin Operating profit$1.7B6% margin +71% Y/Y Operating expenses: $4.3B · 14% of revenue Operating expenses$4.3B14% of revenue Net profit: $699.0M · 2% margin Net profit$699.0M2% margin +119% Y/Y Tax & other: $1.0B · 3% of revenue Tax & other$1.0B3% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median1.5% vs 8.4%
  • !
    Gross margin down over 3 years24.2% → 19.4%
  • !
    Return on equity below 15%2.6%
  • ✓
    A profit in every one of 4 years
Net margin, FY2022 to FY2025: 7.7% → 2.2%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is 2.0× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.78 on the latest balance sheet (peer median 0.76)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.48
  • !
    Net debt over 3 years of free cash flow$13.3B net debt, 15.6 years
Debt / equity at each year end, FY2022 to FY2025: 0.61 → 0.74
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 4 years$1.2B last year
  • !
    Share count up over 3 years+34.4%
  • ✓
    Dividend per share up over 3 years$1.35 → $1.72
  • ✓
    Cash from operations above net income$3.4B vs $699.0M
Free cash flow, FY2022 to FY2025: 503.0M → 1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $14.0B Debt$14.0B Long-term debt: $13.2B · 94% Long-term debt$13.2B · 94% Short-term debt: $842.0M · 6% Short-term debt$842.0M · 6% Next 12 months: $312.0M · 2% Next 12 months$312.0M · 2% Year 2: $583.0M · 4% Year 2$583.0M · 4% Year 3: $1.1B · 8% Year 3$1.1B · 8% Year 4: $2.3B · 16% Year 4$2.3B · 16% Year 5: $1.1B · 8% Year 5$1.1B · 8%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $755.0M Not stated $37.7B

Line, as the company names itKindRateFixed or floatingAmount
Senior notesNotes and bonds–not stated$11.4B
Senior Notes (USD)Notes and bonds–not stated$8.3B
Senior Notes (EUR)Notes and bonds–not stated$3.2B
$1,000 million senior green notes due 2034Notes and bonds–not stated$1.0B
$1,000 million senior green notes due 2054Notes and bonds–not stated$1.0B
$850 million senior green notes due 2035Notes and bonds–not stated$850.0M
$800 million senior green notes due 2036Notes and bonds–not stated$800.0M
$750 million senior green notes due 2030Notes and bonds–not stated$750.0M
€750 million senior notes due 2027 (Senior Notes)Notes and bonds1.50%not stated$750.0M
€750 million senior notes due 2027Notes and bonds–not stated$750.0M
$750 million senior notes due 2029Notes and bonds–not stated$750.0M
$700 million receivables securitization due 2027––not stated$700.0M
€600 million senior green notes due 2032Notes and bonds–not stated$600.0M
€600 million senior green notes due 2036Notes and bonds–not stated$600.0M
$600 million senior notes due 2028Notes and bonds–not stated$600.0M
$600 million senior notes due 2033Notes and bonds–not stated$600.0M
Farm credit facility (Line Of Credit)Bank loans–floating$600.0M
€500 million senior green notes due 2029Notes and bonds–not stated$500.0M
€500 million senior green notes due 2031Notes and bonds–not stated$500.0M
€500 million senior green notes due 2033Notes and bonds–not stated$500.0M
$500 million senior notes due 2027 (Senior Notes)Notes and bonds3.38%not stated$500.0M
$500 million senior notes due 2027Notes and bonds–not stated$500.0M
$500 million senior notes due 2028Notes and bonds–not stated$500.0M
$500 million senior notes due 2032Notes and bonds–not stated$500.0M
$400 million senior notes due 2030Notes and bonds–not stated$400.0M
$300 million senior notes due 2031Notes and bonds–not stated$300.0M
$292 million senior debentures due 2025 (Senior Notes)Notes and bonds–not stated$292.0M
€230 million receivables securitization due 2029––not stated$230.0M
Senior Unsecured Commercial Paper NoteSecured–floating$155.0M
$150 million senior notes due 2047Notes and bonds–not stated$150.0M
€100 million receivables securitization due 2029––not stated$100.0M
$76 million senior notes due 2032Notes and bonds–not stated$76.0M
$3 million senior notes due 2037Notes and bonds–not stated$3.0M
All 33 lines

From the debt note in the 10-K's XBRL (0001628280-26-012555), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2022 to FY2025

Revenue 31.2B Net income 699.0M
FY2022 revenue 13.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0002005951-25-000005 FY2022 net income 1.0B · NetIncomeLoss, 0002005951-25-000005 13.5B FY2022 FY2023 revenue 12.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-012555 FY2023 net income 825.0M · NetIncomeLoss, 0001628280-26-012555 12.1B FY2023 FY2024 revenue 21.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-012555 FY2024 net income 319.0M · NetIncomeLoss, 0001628280-26-012555 21.1B FY2024 FY2025 revenue 31.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-012555 FY2025 net income 699.0M · NetIncomeLoss, 0001628280-26-012555 31.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

SW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue31.2B
FY2022: 13.5BFY2023: 12.1BFY2024: 21.1BFY2025: 31.2B FY2022FY2023FY2024FY2025
Net income699.0M
FY2022: 1.0BFY2023: 825.0MFY2024: 319.0MFY2025: 699.0M FY2022FY2023FY2024FY2025
Free cash flow1.2B
FY2022: 503.0MFY2023: 630.0MFY2024: 17.0MFY2025: 1.2B FY2022FY2023FY2024FY2025
EPS (diluted)1.33
FY2022: 3.96FY2023: 3.17FY2024: 0.82FY2025: 1.33 FY2022FY2023FY2024FY2025
Dividend per share1.72
FY2022: 1.35FY2023: 1.50FY2024: 1.89FY2025: 1.72 FY2022FY2023FY2024FY2025
Diluted shares526.0M
FY2022: 261.0MFY2023: 260.0MFY2024: 389.0MFY2025: 526.0M FY2022FY2023FY2024FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
North America 18.6B59.6% +84.1%
Europe Middle East And Africa And Asia Pacific 10.9B34.9% +13.7%
Latin America 2.1B6.8% +23.5%

10-K 0001628280-26-012555, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Packaging 25.0B80.3% +45.2%
Paper 6.1B19.7% +59.0%

10-K 0001628280-26-012555, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. Plans 14.5B46.4% +97.9%
Other Europe, MEA and APAC 7.2B23.0% +15.6%
Other Americas 3.4B10.8% +45.1%
Mexico 2.5B8.1% +28.6%
Germany 1.9B6.0% +9.5%
France 1.5B5.0% +8.3%
Ireland 226.0M0.7% +31.4%

10-K 0001628280-26-012555, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2022FY2023FY2024FY2025
Revenue13.5B12.1B21.1B31.2B
Cost of revenue10.2B9.0B16.9B25.1B
Gross profit3.3B3.1B4.2B6.0B
SG&A1.5B1.6B2.7B3.8B
Operating income1.6B1.4B1.0B1.7B
Interest expense148.0M170.0M525.0M840.0M
Pretax income1.4B1.1B560.0M959.0M
Income tax391.0M312.0M241.0M260.0M
Net income1.0B825.0M319.0M699.0M
EPS (diluted)3.963.170.821.33
Diluted shares261.0M260.0M389.0M526.0M
Depreciation & amortization564.0M580.0M1.5B2.5B
EBITDA2.1B2.0B2.5B4.3B
Gross margin24.2%25.3%19.9%19.4%
Operating margin11.5%11.3%4.8%5.5%
Net margin7.7%6.8%1.5%2.2%
Revenue growth--10.5%+74.6%+47.7%
EPS growth--19.9%-74.1%+62.2%

Balance sheet

From EDGAR
FY2022FY2023FY2024FY2025
Cash841.0M1.0B855.0M892.0M
Receivables-1.8B4.1B4.3B
Inventory-1.2B3.5B3.7B
Current assets-4.6B10.1B10.4B
Goodwill2.7B2.8B6.8B7.2B
Total assets-14.1B43.8B45.2B
Accounts payable-1.7B3.3B3.6B
Current liabilities-3.0B7.3B7.1B
Total debt-3.7B14.1B13.6B
Total liabilities-7.9B26.4B26.8B
Shareholders' equity1076.2B17.4B18.3B
Retained earnings-3.5B3.0B2.7B

Cash flow

From EDGAR
FY2022FY2023FY2024FY2025
Operating cash flow1.4B1.6B1.5B3.4B
Capital spending930.0M929.0M1.5B2.2B
Free cash flow503.0M630.0M17.0M1.2B
Stock-based pay (added back)68.0M66.0M206.0M139.0M
Dividends paid349.0M391.0M650.0M900.0M
Buybacks32.0M30.0M27.0M0
Acquisitions93.0M29.0M719.0M6.0M
Debt raised52.0M88.0M5.7B2.0B
Debt repaid56.0M136.0M4.3B1.8B
Investing cash flow-1.0B-931.0M-2.1B-2.1B
Financing cash flow-431.0M-479.0M607.0M-1.3B
Dividend per share1.351.501.891.72

Stock-based pay and leases

From EDGAR
FY2022FY2023FY2024FY2025
Stock-based pay (expense)68.0M66.0M206.0M139.0M
Stock-based pay / revenue0.5%0.5%1.0%0.4%
Operating lease cost107.0M118.0M264.0M391.0M
Operating lease cash paid107.0M118.0M265.0M384.0M
Finance lease principal paid3.0M3.0M22.0M43.0M
Right-of-use assets-374.0M986.0M1.1B
Operating lease liabilities-382.0M1.0B1.1B
Finance lease liabilities-29.0M539.0M550.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on SW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SW/export.csv") into a cell.