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Ball Corporation key statistics and ratios

In fiscal 2025, Ball Corporation had return on equity of 16.2%, a net margin of 6.9%, debt equal to 130.1% of equity and a current ratio of 1.11. 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.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin—14.8%14.8%15.1%15.8%16.7%16.2%15.7%16.0%15.5%15.5%———————
Operating margin9.7%10.0%9.7%9.0%9.4%9.8%7.6%5.1%7.3%8.0%8.1%8.5%9.3%9.1%10.6%———
Net margin5.8%6.1%5.1%4.5%4.8%5.5%3.5%2.9%3.4%3.9%4.9%5.0%6.4%5.4%5.9%34.0%6.9%6.6%
Free-cash-flow margin6.0%3.5%5.8%6.3%5.4%7.2%6.0%−4.6%8.4%6.4%8.3%2.7%0.2%−10.1%6.8%−3.1%6.0%5.8%
Return on equity24.5%30.2%32.4%34.0%34.8%41.6%24.6%11.2%10.1%12.3%17.7%18.8%25.4%20.3%19.6%83.2%16.2%17.0%
Return on assets6.0%7.0%6.2%5.4%5.3%6.1%3.3%2.0%2.2%2.7%3.3%3.3%4.6%3.6%3.6%21.7%4.9%4.8%
Asset turnover1.031.141.211.181.101.110.930.700.660.690.680.660.730.680.620.640.710.72
Current ratio1.581.671.251.391.281.151.021.230.920.960.881.050.880.780.791.001.111.07
Debt to equity144.3%180.2%226.8%286.1%289.7%295.1%407.7%219.3%176.9%194.6%265.1%238.2%213.3%258.5%227.4%96.8%130.1%125.7%
Interest cover (operating income ÷ interest)5.6x4.8x4.7x4.1x3.8x4.3x2.3x2.0x2.8x3.1x2.9x3.6x4.8x3.9x2.8x———
Effective tax rate29.8%29.0%30.5%28.9%25.6%23.2%13.6%—32.1%29.2%11.7%14.4%15.5%19.4%23.8%24.9%21.3%21.7%
R&D as % of revenue0.4%0.3%0.3%0.3%0.4%0.3%0.3%0.3%0.2%0.3%0.4%0.4%0.4%0.4%0.5%———
SG&A as % of revenue4.6%4.7%4.4%4.4%4.9%5.4%5.6%5.7%4.7%4.1%3.6%4.5%4.3%4.2%4.4%5.5%4.3%4.1%
Capital spending as % of revenue2.4%3.3%5.1%3.5%4.5%4.6%6.6%6.7%5.1%7.0%5.2%9.4%12.5%12.3%8.7%4.1%3.6%4.2%
Free cash flow ÷ net income103.6%56.6%113.6%138.3%113.2%132.1%170.5%−157.0%246.5%165.2%167.8%54.5%3.9%−187.8%115.7%−9.2%86.4%87.3%
Dividends ÷ net income9.6%7.6%10.3%15.6%18.5%15.5%25.6%31.6%34.5%30.2%32.2%33.8%26.1%35.3%35.6%6.1%24.1%22.7%
Dividends and buybacks ÷ free cash flow18.5%222.6%110.8%111.1%110.0%75.7%43.4%—25.2%116.8%120.6%79.9%>999%—31.2%—195.6%76.1%

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 6 checks passed · June 30, 2026
What it owns · $20.1bn
Short-term assets $6.7bnLonger-term assets $13.5bn
What it owes, and who funded it · $20.1bn
Short-term liabilities $6.2bnLonger-term liabilities $8.1bnShareholders' equity $5.7bn
  • Short-term assets cover short-term liabilities $6.7bn of assets due within a year against $6.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.7bn short-term assets against $8.1bn of longer-dated liabilities.
  • More cash than debt $491m of cash against $7.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 126% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 213% to 126% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $7.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ball Corporation'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

58 /100

Moderate moat

How hard Ball's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 15.8%, moving by 0.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 7.9%; its worst year was 4.7%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 19.4% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Compare with peers

Head to head: BALL vs CCKBALL vs SLGNBALL vs OI

More: Metal, Glass & Plastic Containers stocks compared, Materials sector, rankings of US companies

Figures from Ball Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ball Corporation.