Ardagh Metal Packaging S.a. key statistics and ratios

In fiscal 2025, Ardagh Metal Packaging S.a. had an operating margin of 4.4% and a current ratio of 1.06. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ardagh Metal Packaging S.a.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	15.3%	15.9%	15.2%	11.2%	9.9%	12.8%	12.4%
Operating margin	5.9%	6.1%	1.2%	3.8%	1.6%	4.1%	4.4%
Net margin	−1.2%	3.2%	−5.2%	5.1%	−1.0%	−0.1%	0.2%
Free-cash-flow margin	5.3%	2.1%	−5.5%	−8.1%	5.2%	5.8%	5.0%
Return on equity	—	—	−125.7%	64.0%	−18.0%	—	—
Return on assets	—	2.6%	−4.4%	4.2%	−0.9%	−0.1%	0.2%
Asset turnover	—	0.81	0.85	0.84	0.83	0.88	0.99
Current ratio	—	1.07	1.19	1.30	0.99	1.13	1.06
Debt to equity	0.0%	>999%	>999%	789.5%	>999%	—	—
Interest cover (operating income ÷ interest)	1.1x	1.4x	0.9x	14.7x	3.2x	8.1x	10.6x
Effective tax rate	—	20.7%	—	7.4%	—	—	—
Capital spending as % of revenue	6.0%	7.6%	16.7%	12.5%	7.6%	3.4%	3.1%
Free cash flow ÷ net income	—	64.0%	—	−160.3%	—	—	>999%
Dividends ÷ net income	—	—	—	105.9%	—	—	>999%
Dividends and buybacks ÷ free cash flow	—	—	—	—	106.0%	93.3%	94.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 4 checks passed · December 31, 2025

What it owns · $5.7bn

Short-term assets $1.8bnLonger-term assets $3.8bn

What it owes, and who funded it · $6.4bn

Short-term liabilities $1.7bnLonger-term liabilities $4.6bnShareholders' equity $-683m

Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $1.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.8bn short-term assets against $4.6bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $449m of operating cash flow against $4.3bn of debt.
Operating profit covers interest at least five times over Operating income of $244m against $23m of interest.

From Ardagh Metal Packaging S.a.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ardagh Metal Packaging S.a.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ardagh Metal Packaging S.a.