NYSE: SW
Smurfit Westrock
Materials · Paperboard Containers & Boxes
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$24.3B
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| Period | Market cap |
|---|---|
| FY2022, ended Dec 31, 2022 | $9.74B |
| FY2023, ended Dec 31, 2023 | $10.6B |
| FY2024, ended Dec 31, 2024 | $28.1B |
| FY2025, ended Dec 31, 2025 | $20.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $24.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$31.3B
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| Period | Revenue |
|---|---|
| FY2022, ended Dec 31, 2022 | $13.5B |
| FY2023, ended Dec 31, 2023 | $12.1B |
| FY2024, ended Dec 31, 2024 | $21.1B |
| FY2025, ended Dec 31, 2025 | $31.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $31.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2022, ended Dec 31, 2022 | $1.03B | $503M |
| FY2023, ended Dec 31, 2023 | $825M | $630M |
| FY2024, ended Dec 31, 2024 | $319M | $17.0M |
| FY2025, ended Dec 31, 2025 | $699M | $1.20B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $497M | $1.01B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$677M
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| Period | Cash and cash equivalents |
|---|---|
| FY2022, ended Dec 31, 2022 | $841M |
| FY2023, ended Dec 31, 2023 | $1.00B |
| FY2024, ended Dec 31, 2024 | $855M |
| FY2025, ended Dec 31, 2025 | $892M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $677M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.2B
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| Period | Total debt |
|---|---|
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | $3.75B |
| FY2024, ended Dec 31, 2024 | $13.1B |
| FY2025, ended Dec 31, 2025 | $13.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 101% since 2022.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.525M
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| Period | Shares outstanding |
|---|---|
| FY2022, ended Dec 31, 2022 | 261M |
| FY2023, ended Dec 31, 2023 | 260M |
| FY2024, ended Dec 31, 2024 | 522M |
| FY2025, ended Dec 31, 2025 | 524M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 525M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $115M more issued than bought back
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2022, ended Dec 31, 2022 | $32.0M | $68.0M | — |
| FY2023, ended Dec 31, 2023 | $30.0M | $66.0M | — |
| FY2024, ended Dec 31, 2024 | $27.0M | $206M | $12.1B |
| FY2025, ended Dec 31, 2025 | $0 | $139M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $115M | — |
Revenue (TTM)
$31.3B
+1.7% YoY
Net income (TTM)
$497M
+41.2% YoY
Cash
$677M
−13.0% YoY
Total debt
$14.2B
−1.4% YoY
Valuation
At current price- Market Cap
- $22.6B
- P/E
- 45.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.7×
- Price / Book
- 1.3×
- EV / EBITDA
- 8.6×
Growth
Trailing 12 months- Revenue (TTM)
- $31.3B
- Revenue Growth YoY
- 1.7%
- Revenue CAGR 3Y
- 32.2%
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- 262%
- Net Income Growth YoY
- 41.2%
Profitability
Trailing 12 months- Gross Margin
- 17.9%
- Operating Margin
- 4.7%
- Net Margin
- 1.6%
- FCF Margin
- 3.2%
- Return on Equity
- 2.7%
Earnings
Trailing 12 months- Net Income
- $497M
- EPS (diluted)
- $0.94
- EBITDA
- $4.22B
- Operating Income
- $1.48B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $677M
- Total Debt
- $14.2B
- Net Debt
- $13.5B
- Total Assets
- $45.2B
- Total Liabilities
- $27.1B
- Shareholders' Equity
- $18.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.30B
- Capital Expenditure
- $2.28B
- Free Cash Flow
- $1.01B
Dividends and risk
Last 12 months- Dividend Yield
- 3.1%
- Dividend / Share
- $1.36
- Beta (5Y)
- 0.88
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $31.3B.
Note
Net margin of 1.6% over the last 12 months.
Watch
Net debt is 3.2× EBITDA ($13.5B), a heavy load.
Note
Free cash flow of $1.01B, 3.2% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K30Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Mar 7, 2025 · Read the filing on EDGAR
- Sales jumped 75% to $21.1 billion because WestRock was acquired in July 2024; without the deal, sales fell $365 million on lower prices.
- Net income fell 61% to $319 million, hit by deal costs, higher interest and a one-off inventory accounting charge.
- Management disclosed an unremediated material weakness in financial controls, mainly at legacy Smurfit Kappa, and gave no date for fixing it.
- Debt stands at $13.7 billion, but the company has $5.9 billion of available liquidity and no drawings on its main credit line.
Business momentum
Sharp deterioration
“Net income attributable to common shareholders decreased by $506 million, to $319 million in the year ended December 31, 2024, from $825 million in the year ended December 31, 2023.”
Outlook
Neutral
“We are targeting annual pre-tax run-rate synergies of $400 million by the end of the first full year following the recently completed Combination between Smurfit Kappa and WestRock”
Financial stress
Low
“Combined with cash and cash equivalents of $855 million, the Company had $5,934 million of available liquidity.”
Tone against the previous report
No earlier report to compare
Red flags
- Serious
Weak internal controls
“Smurfit Westrock’s disclosure controls and procedures were not effective as a result of the material weakness in our internal control over financial reporting described below.”
Positives
WestRock deal greatly expanded the company's sales
“This increase was primarily due to the impact of $9,381 million related to the acquisition of WestRock.”
Ample available liquidity with main credit line undrawn
“As of December 31, 2024, there were no amounts outstanding under the New RCF.”
Sales volumes grew and cost savings from the merger are targeted
“Excluding the impact of this acquisition, net sales decreased by $365 million primarily resulting from a $715 million impact due to a lower selling/price mix, partially offset by a positive volume impact of $377 million.”
Concerns
Lower selling prices cut profit in the Europe, MEA and APAC segment
“Excluding the impact of this acquisition, Adjusted EBITDA decreased by $218 million mainly due to a lower selling price/mix impact of $732 million, partly offset by lower input prices of $449 million”
Interest costs rose sharply on merger-related debt
“Interest expense, net increased by $259 million to $398 million in the year ended December 31, 2024, from $139 million in the year ended December 31, 2023.”
Weak demand has continued through 2023 and 2024
“through 2023 and 2024, we experienced lower demand due to factors such as, but not limited to, uncertainty caused by challenging geopolitical and macroeconomic conditions”
New risks since the previous report
New US tariffs and possible retaliation could hurt demand and raise costs
“the implementation of tariffs on U.S. imports by the current U.S. Administration and potential retaliatory tariffs”
Combining Smurfit Kappa and WestRock may fail or deliver fewer benefits than planned
“There can be no assurance that the two businesses will continue to be integrated successfully.”
No timeline for fixing control weakness, which could lead to misstatements or fraud going undetected
“we cannot yet provide an estimate of the time it will take to complete this remediation plan”
First full internal-control assessment under US rules is still to come, and more weaknesses may surface
“Material weaknesses in our internal control over financial reporting may be discovered in the future.”
Biggest risks named
- Failure to integrate WestRock or achieve expected synergies
- Unremediated material weakness in financial controls
- Industry overcapacity and falling packaging prices
- Volatile raw material, energy and transport costs
- High debt and tariff-driven economic weakness
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −15 | |
| New risks | 0 | |
| Score | 30 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Mar 7, 2025 | 30 | Sharp deterioration | 1 serious |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Jul 31, 2026. View filings on SEC EDGAR