At a glance
Smurfit WestRock plc is worth $22.76B, about 33 times its fiscal 2025 earnings. Revenue grew 47.7% to $31.18B in fiscal 2025, with 2.2% kept as profit; over 3 years it has grown 32.2% a year. It pays a 4.1% dividend yield, and returned $2.38B to shareholders in dividends and buybacks over FY2022–FY2025. The stock returned +22.6% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Smurfit Westrock makes paper-based packaging. It was formed in July 2024 when Smurfit Kappa, a leading corrugated packaging maker in Europe with a large Latin American business, combined with WestRock, a North American leader in corrugated and consumer packaging. The company is headquartered in Dublin, Ireland, and its shares trade on the New York Stock Exchange and the London Stock Exchange.
Its two main product lines are corrugated containers and consumer packaging. Corrugated containers are shipping boxes made by gluing a wavy layer of board between two flat sheets. Consumer packaging includes folding cartons for food, drinks, health and beauty products and medicines. Its customers are makers of consumer and industrial products, plus other box manufacturers. The company is vertically integrated, which means it handles several stages of production itself. It collects wood and recycled fiber, turns them into board at its own mills, then converts that board into packaging. Its annual report for 2025 lists 57 paper mills, 450 converting plants and about 308,000 acres of forests and plantations across 40 countries.
Revenue for 2025 was $31.2 billion. Packaging made up 80.3% of that and paper sales 19.7%. North America was the largest segment at 58.4% of revenue. Europe, the Middle East, Africa and Asia-Pacific followed at 34.8%, and Latin America brought in 6.7%. The U.S. alone accounted for 46.4%.
Price history
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SW +22.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Packaging | $25.05B | 80.3% |
| Paper | $6.13B | 19.7% |
By business segment
| North America | $18.22B | 58.4% |
| Europe, MEA and APAC | $10.86B | 34.8% |
| LATAM | $2.10B | 6.7% |
By geography
| U.S. | $14.47B | 46.4% |
| Other Europe, MEA and APAC | $7.17B | 23% |
| Other Americas | $3.38B | 10.8% |
| Mexico | $2.52B | 8.1% |
| Germany | $1.87B | 6% |
| France | $1.55B | 5% |
| Ireland (country of domicile) | $226.0M | 0.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $8.03B, up 1.1% from a year earlier, and net income was $89.0M.
- For fiscal 2025, revenue was $31.18B (+47.7% year over year; +32.2% a year from FY2022 to FY2025) with a 2.2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +32.2% good |
|---|---|
| Operating margin | 5.5% watch |
| Free cash flow margin | 3.8% watch |
| Return on equity (FY2025) | 3.8% weak |
| Return on assets (FY2025) | 1.5% weak |
| Net cash (cash minus debt) | $-13.49B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $13.51B | $1.03B | $503.0M |
| FY2023 | $12.09B | $825.0M | $630.0M |
| FY2024 | $21.11B | $319.0M | $17.0M |
| FY2025 | $31.18B | $699.0M | $1.20B |
Valuation snapshot
| Market value | $22.76B |
|---|---|
| P/E ratio | 32.6 |
| Dividend yield | 4.1% |
Rank among 1514 US companies
Market value at each year end
Smurfit WestRock’s market value went from $28.02B at the end of 2024 to $22.76B on Nov 2, 2026, down 19%; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $22.76B | +12.7% |
| 2025 | $20.19B | -27.9% |
| 2024 | $28.02B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SW price data to Nov 2, 2026 | +15.6% | +22.6% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.6% |
| 2025 | -25.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Capital Research Global Investors | 8.1% | Jun 30, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.4% | Jun 30, 2026 |
| Norges Bank | 4.7% | Dec 31, 2024 |
ETFs with the most weight in SW
| EFRA iShares Environmental Infrastructure and Industrials ETF | 5.84% |
| WOOD iShares Global Timber & Forestry ETF | 5.27% |
| CUT Invesco MSCI Global Timber ETF | 4.48% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 3.85% |
| NRES Xtrackers RREEF Global Natural Resources ETF | 3.51% |
| MGNR American Beacon GLG Natural Resources ETF | 3.27% |
| XLB Materials Select Sector SPDR Fund | 2.93% |
| VAW Vanguard Materials ETF | 2% |
What could go wrong
- Merger integration may not go to plan. Smurfit Kappa and WestRock combined in July 2024, and integration remained a stated focus in the 2025 annual report. Problems merging operations or IT systems, or missed long-range targets, could hurt results.
- Industry overcapacity can push prices down. Packaging demand rises and falls with the economy. When demand slips or rivals add new mill capacity, the industry can end up with too much supply. That pushes down prices for board and boxes.
- Volatile energy, fiber and transport costs. Paper mills use large amounts of energy, wood and recycled fiber. Price spikes or shortages in these inputs, or in transport, can squeeze profits. In 2025, operating profit was just 5.5% of revenue.
- Heavy debt load. As of June 30, 2026, total debt was about $14.2 billion against $677 million in cash. Heavy debt limits flexibility, and a credit rating downgrade could raise borrowing costs.
- Dividend is not guaranteed. Dividends depend on subsidiary cash, financial results and Irish rules on distributable profits. In 2025, dividends per share ($1.72) exceeded diluted earnings per share ($1.33), and the company does not guarantee future payouts.
- Currency, tariffs and international exposure. Smurfit Westrock reported operations in 40 countries, and more than half of 2025 revenue came from outside the U.S. Currency moves, tariffs and local political or economic trouble can hurt results.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- New debt or financial obligation; Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Smurfit Westrock pays a sizable dividend, with a yield of 4.41% as of October 28, 2026. Dividends per share grew about 8.4% a year from 2022 to 2025. But they fell from $1.89 in 2024 to $1.72 in 2025, so there is no streak of yearly increases. The payout is high compared with profits. Dividends equaled about 129% of 2025 earnings. Free cash flow is the cash left after running the business and investing in plants. In 2024 it was $17 million, against $650 million paid out in dividends. In 2025, dividends used 75% of free cash flow. Buybacks were small: $89 million from 2022 to 2025, and none in 2025.
The shares have only about 2.3 years of trading history, so there is no record of how they held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. They fell 25.3% in 2025 and dropped as much as 39.8% from a peak through October 28, 2026. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Smurfit Westrock make money?
Smurfit Westrock makes money by selling paper-based packaging, mainly corrugated shipping boxes and consumer packaging such as folding cartons. It turns wood and recycled fiber into board at its own mills, then converts that board into packaging. Its customers make food, drinks, health and beauty products, medicines and industrial goods. In 2025, packaging brought in 80.3% of its $31.2 billion in revenue and paper sales 19.7%. North America produced 58.4% of revenue.
Does Smurfit Westrock pay a dividend?
Yes. The dividend yield was 4.41% as of October 28, 2026. Dividends per share were $1.72 for 2025, down from $1.89 for 2024, so the dividend has not risen every year. Dividends equaled about 129% of 2025 earnings and 75% of free cash flow, which is a high share of profits. The company's 10-K says there is no guarantee it will keep or raise its dividend.
Did Smurfit Kappa and WestRock merge?
Yes. Smurfit Westrock was created in July 2024 by combining two companies. Smurfit Kappa was a leading corrugated packaging maker in Europe with a large Latin American presence. WestRock was a North American leader in corrugated and consumer packaging. Both became wholly owned subsidiaries of a new Irish holding company, and their shareholders received Smurfit Westrock shares. The stock trades on the New York Stock Exchange and the London Stock Exchange.
How much debt does Smurfit Westrock have?
Smurfit Westrock had about $14.2 billion of total debt and $677 million of cash and investments as of June 30, 2026. That left net debt (debt minus cash) of about $13.5 billion. Shareholders' equity was about $18.0 billion. The 10-K lists debt as a risk that could limit the company's flexibility. It also says credit rating downgrades or weak credit markets could raise borrowing costs or make financing harder to get.
What is Smurfit Westrock's P/E ratio?
Smurfit Westrock's price-to-earnings (P/E) ratio was about 30.3 as of October 28, 2026, based on 2025 earnings. That means the share price was roughly 30 times diluted earnings per share of $1.33. The ratio reflects thin 2025 profits. Net income was $699 million on $31.2 billion of revenue, a net margin of 2.2%. The company's market value was about $21.2 billion on that date.