At a glance
Graphic Packaging Holding Company is worth $2.53B, about 6 times its fiscal 2025 earnings. Revenue fell 2.2% to $8.62B in fiscal 2025, with 5.2% kept as profit; over 5 years it has grown 5.6% a year. It pays a 5.15% dividend yield, raised every year for at least 3 years, and returned $989.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −48.5% over the past year with dividends reinvested and −14.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 16.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows.
The business in plain English
Graphic Packaging makes paperboard packaging for everyday consumer goods. Paperboard is thick, stiff paper, and the company uses recycled, unbleached and bleached grades. Its products include cartons, multipack carriers for cans and bottles, trays, paperboard canisters, and cups and bowls. They hold foods from dry goods to frozen meals, drinks such as beer, soda and juice, plus household, health and beauty products. The company operates over 100 locations in 20 countries.
Its mills turn pine, hardwood and recovered fiber into paperboard. Its packaging plants then print, cut, fold and glue that board into finished packaging. It makes most of the paperboard it uses in the Americas but buys most of what its international business uses. It also designs, installs and services machines that pack cans and bottles on customers' production lines, and it sells some paperboard to other packaging makers.
Customers are large consumer brands and restaurant chains, including Anheuser-Busch InBev, PepsiCo, The Coca-Cola Company, Kraft Heinz, General Mills, Nestlé USA, McDonald's and Chick-fil-A. No single customer made up 10% or more of net sales in 2023, 2024 or 2025. For the year ended December 31, 2025, Americas Paperboard Packaging brought in $5.89 billion, or 68.3% of $8.62 billion in revenue. International Paperboard Packaging brought in $2.21 billion, or 25.6%.
Price history
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GPK -48.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas Paperboard Packaging | $5.89B | 68.3% |
| International Paperboard Packaging | $2.21B | 25.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.19B, down 0.7% from a year earlier, and net income was $24.0M (-76.9%).
- For fiscal 2025, revenue was $8.62B (-2.2% year over year; +5.6% a year from FY2020 to FY2025) with a 5.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.6% good |
|---|---|
| Operating margin | 9.3% watch |
| Return on equity (FY2025) | 13.3% watch |
| Return on assets (FY2025) | 3.8% watch |
| Net cash (cash minus debt) | $-5.35B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.56B | $167.0M | — |
| FY2021 | $7.16B | $204.0M | — |
| FY2022 | $9.44B | $522.0M | — |
| FY2023 | $9.43B | $723.0M | — |
| FY2024 | $8.81B | $658.0M | — |
| FY2025 | $8.62B | $444.0M | — |
Valuation snapshot
| Market value | $2.53B |
|---|---|
| P/E ratio | 5.8 |
| Dividend yield | 5.15% |
Rank among 1514 US companies
Market value at each year end
Graphic Packaging Holding’s market value went from $3.96B at the end of 2016 to $2.53B on Oct 28, 2026, down 36%; since the end of 2025 it is down 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.53B | -43.1% |
| 2025 | $4.44B | -45.5% |
| 2024 | $8.15B | +8.1% |
| 2023 | $7.54B | +10.4% |
| 2022 | $6.83B | +14.1% |
| 2021 | $5.99B | +30.6% |
| 2020 | $4.59B | -5.1% |
| 2019 | $4.83B | +46.3% |
| 2018 | $3.30B | -31.0% |
| 2017 | $4.79B | +20.7% |
| 2016 | $3.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GPK price data to Oct 28, 2026 | -41.4% | -48.5% | -24.0% | -14.1% | -1.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -41.4% |
| 2025 | -43.3% |
| 2024 | +11.7% |
| 2023 | +12.6% |
| 2022 | +15.9% |
| 2021 | +17.1% |
| 2020 | +4.1% |
| 2019 | +60.0% |
| 2018 | -29.5% |
| 2017 | +28.3% |
| 2016 | -1.0% |
| 2015 | -4.4% |
| 2014 | +41.9% |
| 2013 | +48.6% |
| 2012 | +51.6% |
| 2011 | +9.5% |
| 2010 | +12.1% |
| 2009 | +204.4% |
| 2008 | -69.1% |
| 2007 | -14.8% |
| 2006 | +89.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 85.1% over that stretch · deepest drop along the way 88.2%, back to its old high 23.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.1% over that stretch · deepest drop along the way 33.8%, back to its old high 8.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.4% over that stretch · deepest drop along the way 16.7%, back to its old high 4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 8 open-market purchases ($1.1M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 4, 2026 | Robbert Rietbroek President and CEO, Director | buy | $501K |
| May 7, 2026 | Jeffrey Stafeil Director | buy | $200K |
| May 8, 2026 | Robert Hagemann Director | buy | $154K |
| Mar 4, 2026 | Larry M Venturelli Director | buy | $124K |
| Mar 4, 2026 | Larry M Venturelli Director | buy | $44K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11% | Mar 31, 2026 |
| FMR LLC | 10.6% | Aug 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 7.06% | Jun 30, 2026 |
| AQR Capital Management, LLC | 6.83% | Jun 30, 2026 |
| American Century Investment Management, Inc. | 6.6% | Mar 31, 2025 |
| Allspring Global Investments Holdings, LLC | 5.4% | Dec 31, 2024 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.98% | Jun 30, 2026 |
ETFs with the most weight in GPK
| CUT Invesco MSCI Global Timber ETF | 4.82% |
| MDPL Monarch Dividend Plus ETF | 3.23% |
| FLV American Century Focused Large Cap Value ETF | 1.97% |
| PRAY FIS Christian Stock Fund | 1.85% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 1.22% |
| OSCV Opus Small Cap Value ETF | 1.17% |
| ABCS Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 1.05% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.82% |
What could go wrong
- Rising costs for wood, fiber and energy. Paperboard mills use large amounts of wood, recycled fiber and energy, and energy costs track oil and natural gas prices. Negotiated contracts can limit how quickly the company passes higher costs on to customers.
- Plastic and rival paperboard makers compete hard. Customers can switch to plastic, shrink film or corrugated boxes, or to rivals such as Smurfit WestRock, its largest competitor. Contracts get re-bid and may be lost or renewed on worse terms.
- Shifting eating habits and packaging preferences. Changing diets have slowed sales growth for many foods and drinks the company packages. Pressure to cut packaging waste, such as switching to reusable containers, could also reduce demand for single-use cartons and cups.
- Heavy debt load. As of June 30, 2026, total debt was about $5.55 billion against $205 million in cash. That much debt can limit the company's ability to respond to changes in its business or the economy.
- Capital projects and mill closures may disappoint. Capital spending may not pay off as planned. The company also keeps reshaping its network, closing mills in Middletown, Ohio, and East Angus, Québec, in 2025; such changes may not deliver hoped-for savings.
- Risks of operating in 20 countries. International Paperboard Packaging made up 25.6% of revenue in fiscal 2025, and the company operates in 20 countries. Trade rules, tariffs and geopolitical conflict abroad can disrupt operations and hurt results.
Recent events
- Executive or board change
- Other company announcement
- New debt or financial obligation
- Other company announcement
- Quarterly results released
- Change to shareholder rights; Bylaws or fiscal year changed; Shareholder vote results
- Executive or board change
- New debt or financial obligation
- Quarterly results released
- Executive or board change
For income and retirement investors
Graphic Packaging pays a quarterly dividend and raised it in each of fiscal 2023, 2024 and 2025. Regular dividends were $0.427 per share for fiscal 2025, about 29% of diluted earnings of $1.48. Growth has been slow, about 3% a year from fiscal 2020 to 2025. The yield was 5.15% as of October 28, 2026. It was high partly because the share price fell 48.5% over the previous year. Net income fell 32.5% in fiscal 2025, and the company says future dividends depend on earnings and liquidity (available cash). Buybacks totaled $150 million in fiscal 2025 and $200 million in 2024.
In the 2008 financial crisis, the stock dropped 88.2% and did not recover until February 2011. It lost 33.8% in the 2020 COVID crash and recovered by December 2020. In the 2022 bear market it dipped as much as 16.7% but was up 3.4% from the market's peak to its low. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Graphic Packaging pay a dividend?
Yes. Graphic Packaging pays a quarterly cash dividend. The yield was 5.15% as of October 28, 2026, pushed up by a sharply lower share price. Dividends per share rose to $0.427 in fiscal 2025, the third straight annual increase. Regular dividends grew about 3% a year from fiscal 2020 to fiscal 2025. The 2025 payout equaled 28.8% of earnings. The board decides each payment, and the company says the dividend depends on earnings and available cash.
How does Graphic Packaging make money?
Graphic Packaging makes paperboard, the stiff, thick paper used for boxes, and turns it into packaging for consumer brands. Its products include food cartons, multipack carriers for beer and soft drinks, trays, cups and bowls. It also builds machines that package bottles and cans. Customers include PepsiCo, The Coca-Cola Company, General Mills and McDonald's. No single customer made up 10% or more of net sales. Of $8.617 billion in fiscal 2025 revenue, Americas Paperboard Packaging supplied 68.3% and International Paperboard Packaging 25.6%.
Why has Graphic Packaging stock dropped so much?
The share price has fallen as profits have shrunk. As of October 28, 2026, the stock was down 41.4% year to date and 48.5% over one year. That followed a 43.32% drop in calendar 2025. Net income fell 32.5% in fiscal 2025 to $444 million, while revenue slipped 2.2%. In the quarter ended June 30, 2026, net income was $24 million, down 76.9% from a year earlier. The company also closed its Middletown, Ohio, and East Angus, Québec, recycled paperboard mills in 2025.
How much debt does Graphic Packaging have?
The company's debt is large compared with the value of its shares. As of June 30, 2026, Graphic Packaging had $5.551 billion of total debt and $205 million of cash and investments. That leaves net debt (debt minus cash) of $5.346 billion. Shareholders' equity was $3.236 billion. All of its shares together were worth $2.528 billion as of October 28, 2026. The annual report lists debt as a risk factor, and the company reported new debt obligations in May and September 2026.
Are Graphic Packaging insiders buying the stock?
Yes. Between October 29, 2025, and October 29, 2026, filings by insiders (officers and directors) show at least 8 purchases worth $1,054,285 in total, and no sales. The largest was by President and CEO Robbert Rietbroek, who bought $501,099 of stock on March 4, 2026. In May 2026, directors Jeffrey Stafeil and Robert Hagemann bought $200,001 and $153,992. Insider buying can signal confidence, but it does not guarantee the share price will recover.