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Packaging Corporation of America (PKG) stock

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NYSE: PKG NYSE Paper & Plastic Packaging Products & Materials Next results ~January 27, 2027

B Fundamentals grade

Packaging Corporation of America is a US-listed company in the paper & plastic packaging products & materials industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$150

Cash-flow model

Base case. Range ~$100–$210 across our lower- and higher-growth cases (3.1%–13.1% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 43% below it.

Price used: $258.64, November 2, 2026

Packaging Corporation of America valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Packaging Corporation of America files

Where Packaging stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.53bn, up 10.3% on a year earlier, faster than 7.9% a quarter earlier. Free-cash-flow margin held at 7.8%. Operating margin narrowed to 10.9% from 14.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $143 a share, against a share price of $239. At that price, our model says the market is pricing in about 15.7% a year of cash-flow growth for five years, faster than the 4.3% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Packaging Corporation of America's trailing-twelve-month revenue grew 10.3% year on year, with a free-cash-flow margin of 7.8%. Where it stands out: operating margin of 10.9% ranks 1 of 9 paper & plastic packaging products & materials companies we cover. Where it lags: change in share count of 24918.9% ranks 9 of 9 paper & plastic packaging products & materials companies we cover.

Our discounted-cash-flow model values the business at ~$150 per share in the base case (~$100–$210 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.7% while net income fell 23.5%: a 42pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 12.7% over 90 days.

Things to watch

  • Priced above our value. The share price of $258.64 is 43% above our value per share of $150.
  • Margins narrowing. Operating margin is down 3.5 points on a year ago.
  • Share dilution. Diluted shares rose 24918.9% in a year.
  • High earnings multiple. The shares trade at 8382 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 3 insiders sold $15M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 2.0 points on a year ago.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$3.04 against an average estimate of $2.92: beat by 4.3%
Revenue
$2.49bn, up 14.7% on a year earlier
Share reaction
+3.5% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
earnings per share, excluding special items $2.81 (fourth quarter)
Next report
October 21, 2026; average EPS estimate $2.82

Packaging Corporation of America's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+1.9%
  • 1 month+13.2%
  • This year+27.8%
  • 1 year+35.5%
  • 5 years+121.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.5B
Operating margin
10.9%
Net margin
7.3%
EPS (TTM, diluted)
$0.03

Growth

Revenue growth
+10.3%
Change in growth rate
+2.5 pts
Share count change
+24918.9%

Cash

Free cash flow (TTM)
$742M
FCF margin
7.8%
Stock pay % of revenue
0.5%

Earnings

Last results
October 22, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Packaging Corporation of America valuation models and calculator

What the price is pricing in

The share price implies about 16.8% a year of cash-flow growth for five years.That is faster than the 4.3% a year revenue growth Packaging Corporation of America has delivered.

  • Priced in16.8%
  • Last 12 months10.3%
  • 3 years a year5.9%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($256.54, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$150
Price used
$256.54close November 3, 2026
Implied change
▼ 43%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Packaging Corporation of America's free cash flow after stock-based pay with after-tax interest added back ($689M, FY2026 Q2 TTM), growing 9.7% and 8.3% in the next two years (forecasts, guidance and its record), then back to 8.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$210 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Packaging Corporation of America's free cash flow after stock-based pay ( $689M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Packaging Corporation of America as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$150 ~$100–$210 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$140–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$140 ~$110–$190 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$160 ~$140–$200 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$150 ~$140–$170 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Packaging Corporation of America with Paper & Plastic Packaging Products & Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −16%
  • Last year's free-cash-flow margin change, if it persists ▲ +9%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $73$113$166$236$327$444
8.5% $47$76$114$164$229$312
10% $31$53$83$121$170$234

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$46.01$63.99$93.11$66.25$91.65$116.58$118.39$115.29$152.06$215.47$202.37$258.64
Market value$1.1bn$1.5bn$2.2bn$1.6bn$2.2bn$2.8bn$2.8bn$2.7bn$3.4bn$4.8bn$4.53tn$5.80tn
+ Net debt (− = net cash)$2.1bn$2.4bn$2.4bn$2.1bn$1.8bn$1.5bn$1.9bn$2.2bn$2.2bn$1.8bn$3.5bn$3.5bn
Enterprise value$3.2bn$3.9bn$4.6bn$3.7bn$4.0bn$4.3bn$4.7bn$4.8bn$5.6bn$6.6bn$4.54tn$5.80tn
Multiples
Price / sales 0.2x0.3x0.3x0.2x0.3x0.4x0.4x0.3x0.4x0.6xn/mn/m
Price / earnings 2.5x3.3x3.3x2.1x3.1x6.0x3.3x2.6x4.4x6.0xn/mn/m
Price / free cash flow 2.4x2.8x4.3x2.5x2.7x4.5x5.7x4.0x4.0x9.2xn/mn/m
EV / EBITDA 2.9x3.4x3.5x2.5x2.8x3.8x2.8x2.6x3.5x4.1xn/mn/m

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Packaging Corporation of America'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 17 / 20

    Cash operating profit has been a median 13.2% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 22.2%, moving by 1.5 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 14.1%; its worst year was 10.9%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 23615.4% over five years; stock-based pay has been a median 0.4% 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.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.61 +8% $10.1bn +12%
Next $14.23 +34% $11.0bn +9%

Next year's EPS estimate has moved +12.7% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.7% on 90 days ago. In the last 30 days, 3 analysts raised Packaging Corporation of America's forecast and 1 cut it.

Consensus EPS forecast Packaging Corporation of America, last 90 days
$10.00 $11.00 $12.00 $13.00 $14.00 $15.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.44 Current fiscal year, 60 days ago: $10.50 Current fiscal year, 30 days ago: $10.55 Current fiscal year, 7 days ago: $10.49 Current fiscal year, Now: $10.61 $10.61 Next fiscal year, 90 days ago: $12.63 Next fiscal year, 60 days ago: $12.94 Next fiscal year, 30 days ago: $13.12 Next fiscal year, 7 days ago: $13.56 Next fiscal year, Now: $14.23 $14.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.44$12.63
60 days ago $10.50$12.94
30 days ago $10.55$13.12
7 days ago $10.49$13.56
Now $10.61$14.23

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.92 $3.04 +4.3%
Jun 2026 $2.31 $2.35 +1.6%
Mar 2026 $2.13 $2.40 +12.5%
Dec 2025 $2.41 $2.32 −3.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • earnings per share, excluding special items fourth quarter about $2.81 Non-GAAP
    “Considering these items, we expect fourth quarter earnings of $2.81 per share, excluding special items."” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Packaging Corporation of America's revenue by +9.7% next year and +8.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.5%, weight 67%) and the company's own record (+8.1%, weight 33%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy770%
Hold220%
Sell110%

Monthly trend

  1. Oct 2026162110
  2. Sep 2026163111
  3. Aug 2026163111
  4. Jul 2026163111

Counts of recommendations published by analysts covering Packaging Corporation of America, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.1%
of tradable shares
Days to cover
5.79
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
16,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 3 years +76.4%

$146.63 on November 3, 2023 to $258.64

ThenNowEffect
Revenue (last 12 months) $8.0bn $9.5bn +18.7%
Net margin 10.8% 7.3% −32.8%
P/E multiple n/m n/m +121.1%
Share count 22418m 22417m 0.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PKG+2%−3%+32%+42%−6%+28%
Industry peers (median)+6%−23%−5%−6%−17%−4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PKG50%50%50%83%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PKG−16%−32%−14%−10%−27%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 38% from January 8, 2018 to December 24, 2018. Getting back needed a 62% gain, reached on October 16, 2020, 662 days after the low.

Price behaviour

52-week range
$186.94 – $258.64
From 52-week high
0.0%
vs 50-day average
+9.1%
vs 200-day average
+13.7%
Volatility (1 year)
28%
Beta vs S&P 500
0.68

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±3.9%
After a week
6 up, 6 down
typical move ±5.1%
After a month
9 up, 2 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +3.5% −1.7% +6.5% —
July 23, 2026 +11.5% −1.1% +9.0% +10.8%
April 23, 2026 +3.7% +0.4% +4.0% +5.2%
January 28, 2026 −1.5% −0.2% +3.9% +3.8%
October 23, 2025 −1.9% +1.4% −6.0% −5.5%
July 24, 2025 +0.1% +0.5% −6.1% +3.1%
April 23, 2025 +1.2% +3.7% −0.4% +3.3%
January 29, 2025 −10.1% +0.1% −11.8% −10.6%
October 23, 2024 +5.0% −0.7% +5.6% +13.2%
July 24, 2024 +0.7% −2.8% +3.7% +4.7%
April 23, 2024 −3.0% +1.1% −3.5% +1.1%
January 25, 2024 +4.2% +0.4% −1.1% +5.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Packaging Corporation of America’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Packaging Corporation of America in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Packaging Corporation of America
$7.5B $8B $8.5B $9B $9.5B $10B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $7.8B Revenue (TTM), FY23 Q4: $7.8B Revenue (TTM), FY24 Q1: $7.8B Revenue (TTM), FY24 Q2: $7.9B Revenue (TTM), FY24 Q3: $8.2B Revenue (TTM), FY24 Q4: $8.4B Revenue (TTM), FY25 Q1: $8.5B Revenue (TTM), FY25 Q2: $8.6B Revenue (TTM), FY25 Q3: $8.8B Revenue (TTM), FY25 Q4: $9B Revenue (TTM), FY26 Q1: $9.2B Revenue (TTM), FY26 Q2: $9.5B $9.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $7.8B
FY23 Q4 $7.8B
FY24 Q1 $7.8B
FY24 Q2 $7.9B
FY24 Q3 $8.2B
FY24 Q4 $8.4B
FY25 Q1 $8.5B
FY25 Q2 $8.6B
FY25 Q3 $8.8B
FY25 Q4 $9B
FY26 Q1 $9.2B
FY26 Q2 $9.5B
Revenue growth, TTM YoY Packaging Corporation of America
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -8.2% Revenue growth, TTM YoY, FY23 Q4: -8.0% Revenue growth, TTM YoY, FY24 Q1: -6.2% Revenue growth, TTM YoY, FY24 Q2: -1.3% Revenue growth, TTM YoY, FY24 Q3: 4.2% Revenue growth, TTM YoY, FY24 Q4: 7.4% Revenue growth, TTM YoY, FY25 Q1: 9.5% Revenue growth, TTM YoY, FY25 Q2: 9.0% Revenue growth, TTM YoY, FY25 Q3: 7.3% Revenue growth, TTM YoY, FY25 Q4: 7.2% Revenue growth, TTM YoY, FY26 Q1: 7.9% Revenue growth, TTM YoY, FY26 Q2: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -8.2%
FY23 Q4 -8.0%
FY24 Q1 -6.2%
FY24 Q2 -1.3%
FY24 Q3 4.2%
FY24 Q4 7.4%
FY25 Q1 9.5%
FY25 Q2 9.0%
FY25 Q3 7.3%
FY25 Q4 7.2%
FY26 Q1 7.9%
FY26 Q2 10.3%
Operating margin (TTM) Packaging Corporation of America
10% 11% 12% 13% 14% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 14.0% Operating margin (TTM), FY23 Q4: 13.8% Operating margin (TTM), FY24 Q1: 12.8% Operating margin (TTM), FY24 Q2: 12.5% Operating margin (TTM), FY24 Q3: 13.0% Operating margin (TTM), FY24 Q4: 13.1% Operating margin (TTM), FY25 Q1: 13.9% Operating margin (TTM), FY25 Q2: 14.4% Operating margin (TTM), FY25 Q3: 14.1% Operating margin (TTM), FY25 Q4: 12.3% Operating margin (TTM), FY26 Q1: 11.7% Operating margin (TTM), FY26 Q2: 10.9% 10.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 14.0%
FY23 Q4 13.8%
FY24 Q1 12.8%
FY24 Q2 12.5%
FY24 Q3 13.0%
FY24 Q4 13.1%
FY25 Q1 13.9%
FY25 Q2 14.4%
FY25 Q3 14.1%
FY25 Q4 12.3%
FY26 Q1 11.7%
FY26 Q2 10.9%
FCF margin (TTM) Packaging Corporation of America
6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.5% FCF margin (TTM), FY23 Q4: 10.8% FCF margin (TTM), FY24 Q1: 11.0% FCF margin (TTM), FY24 Q2: 8.3% FCF margin (TTM), FY24 Q3: 7.2% FCF margin (TTM), FY24 Q4: 6.2% FCF margin (TTM), FY25 Q1: 6.2% FCF margin (TTM), FY25 Q2: 7.2% FCF margin (TTM), FY25 Q3: 8.3% FCF margin (TTM), FY25 Q4: 8.1% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.5%
FY23 Q4 10.8%
FY24 Q1 11.0%
FY24 Q2 8.3%
FY24 Q3 7.2%
FY24 Q4 6.2%
FY25 Q1 6.2%
FY25 Q2 7.2%
FY25 Q3 8.3%
FY25 Q4 8.1%
FY26 Q1 7.6%
FY26 Q2 7.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Packaging Corporation of America took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $9B
  2. Cost of revenue $7.1B · 79.0%
  3. Gross profit $1.9B · 21.0%
  4. Selling, general and admin $634M · 7.1%
  5. Other operating costs $148M · 1.7%
  6. Operating income $1.1B · 12.3%
  7. Income tax $254M · 2.8%
  8. Interest and other $79.2M · 0.9%
  9. Net income $774M · 8.6%

Shares of revenue. Source: Packaging Corporation of America's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2,148 2,436 2,620 2,844 3,665 5,853 5,742 5,779 6,445 7,015 6,964 6,658 7,730 8,478 7,802 8,383 8,989 9,535
Gross profit 427 532 542 635 868 1,230 1,208 1,276 1,471 1,645 1,644 1,369 1,873 2,091 1,699 1,783 1,890 1,917
EBITDA 504 342 436 608 684 1,084 1,107 1,141 1,324 1,479 1,441 1,134 1,659 1,878 1,593 1,627 1,760 1,811
Operating income 352 185 273 438 482 703 750 783 933 1,068 1,054 724 1,241 1,421 1,075 1,101 1,107 1,036
Net income 266 205 158 160 441 393 437 450 669 738 696 461 841 1,030 765 805 774 692
Diluted EPS $10.40 $8.00 $6.28 $6.56 $18.08 $15.96 $17.88 $19.00 $28.28 $31.20 $29.36 $19.36 $35.32 $44.12 $33.92 $35.72 $34.32 $0.03
Growth (year on year)
Revenue −9.0% +13.4% +7.6% +8.5% +28.9% +59.7% −1.9% +0.6% +11.5% +8.8% −0.7% −4.4% +16.1% +9.7% −8.0% +7.4% +7.2% +10.3%
EBITDA +29.3% −32.2% +27.7% +39.4% +12.4% +58.5% +2.1% +3.1% +16.0% +11.7% −2.5% −21.3% +46.3% +13.2% −15.2% +2.1% +8.2% +1.1%
Operating income +45.8% −47.4% +47.1% +60.4% +10.1% +45.8% +6.7% +4.4% +19.0% +14.5% −1.3% −31.3% +71.5% +14.4% −24.3% +2.4% +0.5% −16.7%
Net income +96.1% −22.7% −23.1% +1.4% +175.5% −11.0% +11.3% +2.9% +48.7% +10.4% −5.6% −33.8% +82.5% +22.4% −25.7% +5.2% −3.9% −23.5%
Diluted EPS +98.5% −23.1% −21.5% +4.5% +175.6% −11.7% +12.0% +6.3% +48.8% +10.3% −5.9% −34.1% +82.4% +24.9% −23.1% +5.3% −3.9% −99.7%
Margins
Gross margin 19.9% 21.9% 20.7% 22.3% 23.7% 21.0% 21.0% 22.1% 22.8% 23.5% 23.6% 20.6% 24.2% 24.7% 21.8% 21.3% 21.0% 20.1%
EBITDA margin 23.5% 14.0% 16.7% 21.4% 18.7% 18.5% 19.3% 19.7% 20.5% 21.1% 20.7% 17.0% 21.5% 22.1% 20.4% 19.4% 19.6% 19.0%
Operating margin 16.4% 7.6% 10.4% 15.4% 13.1% 12.0% 13.1% 13.6% 14.5% 15.2% 15.1% 10.9% 16.1% 16.8% 13.8% 13.1% 12.3% 10.9%
Net margin 12.4% 8.4% 6.0% 5.6% 12.0% 6.7% 7.6% 7.8% 10.4% 10.5% 10.0% 6.9% 10.9% 12.1% 9.8% 9.6% 8.6% 7.3%
Free-cash-flow margin 8.9% 1.2% 2.5% 9.7% 10.2% 5.4% 7.9% 9.2% 8.0% 9.0% 11.6% 9.2% 6.3% 7.9% 10.8% 6.2% 8.1% 7.8%
Cash flow
Cash from operations 306 350 346 404 608 736 769 807 856 1,180 1,207 1,033 1,094 1,495 1,315 1,191 1,558 1,624
Capital spending 114 320 280 129 234 420 315 274 343 551 400 421 605 824 470 670 829 882
Free cash flow 192 30 65 276 374 316 454 533 513 629 808 612 489 671 845 522 729 742
Stock-based pay 7 7 10 12 15 16 18 20 21 24 30 30 36 36 40 49 45 49
Free cash flow after stock pay 185 23 56 264 359 300 436 513 493 605 778 582 454 635 805 473 683 693
Balance sheet
Cash 261 197 156 207 191 125 184 239 217 362 680 975 619 320 648 685 529 443
Total debt 549 658 808 794 2,548 2,355 2,309 2,658 2,646 2,496 2,493 2,494 2,491 2,492 2,892 2,492 3,993 3,969
Net debt (negative = net cash) 288 462 652 586 2,357 2,231 2,125 2,419 2,429 2,135 1,814 1,519 1,872 2,172 2,244 1,807 3,464 3,526
Diluted shares 26m 26m 25m 24m 24m 24m 24m 23m 23m 23m 24m 24m 24m 23m 22m 22m 22,400m 22,417m
Returned to shareholders
Dividends 77 62 76 118 109 157 201 216 238 268 299 300 380 420 449 449 450 448
Buybacks — 39 125 45 8 0 155 100 — — 0 0 193 523 42 0 153 —
Total returned 77 101 201 163 117 157 356 316 238 268 299 300 573 943 490 449 603 448

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $11.0bn
Short-term assets $3.4bnLonger-term assets $7.6bn
What it owes, and who funded it · $5.8bn
Short-term liabilities $1.2bnShareholders' equity $4.7bn
  • Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $443m of cash against $4.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 85% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 69% to 85% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $4.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Packaging Corporation of America'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.

Dividends, buybacks and capital spending

Dividends (TTM)
$448M
Buybacks, last 3 fiscal years
$195M
Diluted share count
+24918.9%
year over year
Total shareholder yield
1.9%
dividends 1.9% + buybacks 0.0% of market value
Dividend payout ratio
65%
of net income paid out
Sales & admin spending
7.1%
of revenue
Days sales outstanding
55 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in paper & plastic packaging products & materials
Last 12 months unless stated PKG AVY GPK SON AMCR IP Median
Revenue, last 12 months $9.5bn $9.2bn $8.6bn $7.4bn $23.5bn $24.2bn $8.6bn
Revenue growth, last 12 months 10.3% 5.8% 0.0% 3.6% 56.6% 25.4% 3.6%
Revenue growth, 3-year average 5.9% 2.9% −3.7% 18.9% 17.0% 6.1% 6.0%
Revenue growth, latest quarter 14.7% 10.9% −0.7% −4.2% 25.9% −2.2% 1.1%
Gross margin 20.1% 29.0% 15.5% 20.2% 20.0% 29.8% 20.0%
Operating margin 10.9% — 5.8% 2.7% 8.1% 11.1% 4.1%
Operating margin, 3-year average 12.6% — 9.9% 5.3% 7.9% 9.9% 5.7%
Net margin 7.3% 7.6% 2.2% −3.1% 4.7% −14.2% 1.6%
Cash from operations / revenue 17.0% 13.3% 9.2% 8.6% 9.2% 10.9% 9.2%
Free-cash-flow margin 7.8% 11.5% 2.7% 4.8% 5.2% 2.0% 4.8%
Free-cash-flow margin, 3-year average 7.8% 9.0% 3.3% 5.0% 5.6% 2.2% 4.6%
Stock pay / revenue 0.5% 0.3% 0.2% 0.2% 0.4% 0.5% 0.4%
Change in share count >999% −3.0% −1.8% 0.4% −2.9% 25.4% 0.7%

Median of all 11 companies we cover in paper & plastic packaging products & materials. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 paper & plastic packaging products & materials companies
Measure Company Peer median Rank
Revenue growth Growth 10.3% 3.6% 3 of 11
Change in growth rate Growth +2.5pp -1.5pp 2 of 11
Gross margin Profitability 20.1% 20.1% 5 of 10
Operating margin Profitability 10.9% 3.5% 1 of 9
Net margin Profitability 7.3% 1.6% 2 of 11
Free-cash-flow margin Cash generation 7.8% 4.8% 3 of 11
Stock pay as % of revenue Cash generation 0.5% 0.4% 9 of 11
Long-term debt as % of assets Balance sheet 36.0% 36.0% 6 of 11
Change in share count Balance sheet 24918.9% 1.0% 9 of 9
Days sales outstanding Balance sheet 55 days 55 days 5 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Packaging $8.3B 92.3% ▲ 7.8%
Paper $615M 6.8% ▼ 1.5%
Corporate and Other $80M 0.9% ▲ 18.2%

From Packaging Corporation of America's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$20.8B
Institutions reporting
896
Shares held vs prior quarter
▲ 1.8%
Positions opened / closed
89 / 73

Top buyers and sellers, Q2 2026: 438 institutions bought and 367 sold ; the biggest buyer was Bank Of New York Mellon Corp (+904K shares) and the biggest seller Price T Rowe Associates Inc (−699K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.8B 7.7M 8.8% ▲ 0.1%
Price T Rowe Associates Inc $1.4B 5.8M 6.7% ▼ 10.7%
Vanguard Capital Management LLC $1.4B 5.8M 6.6% 0.0%
State Street Corp $1.1B 4.6M 5.3% ▲ 8.7%
Vanguard Portfolio Management LLC $1B 4.4M 5.0% ▲ 0.4%
Jpmorgan Chase & Co $882M 3.7M 4.2% ▲ 8.3%
Bank Of New York Mellon Corp $748M 3.1M 3.6% ▲ 40.4%
Fil Ltd $661M 2.8M 3.2% ▼ 3.0%
Geode Capital Management, LLC $593M 2.5M 2.8% ▲ 0.6%
Royal Bank Of Canada $533M 2.2M 2.6% ▼ 3.7%
American Century Companies Inc $479M 2.0M 2.3% ▼ 2.7%
Ameriprise Financial Inc $468M 2.0M 2.2% ▲ 1.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Packaging Corporation of America's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15M 6 trades by 3 insiders · 0% under pre-set plans
Net ▼ $15M net selling
Insider Date Trade Shares Price Value
Shirley Donald R. Exec. VP August 20, 2026 Sell 12,000 $250.71 $3M
Hassfurther Thomas A President August 7, 2026 Sell 7,063 $254.00 $1.8M
Hassfurther Thomas A President August 5, 2026 Sell 8,797 $257.00 $2.3M
Hassfurther Thomas A President August 3, 2026 Sell 12,531 $250.00 $3.1M
Kowlzan Mark W Chairman & CEO May 27, 2026 Sell 9,266 $217.08 $2M
Hassfurther Thomas A President February 5, 2026 Sell 12,129 $230.50 $2.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

In the last 12 months, 2 members of Congress disclosed 5 purchases and 3 sales of Packaging Corporation of America shares.

  • April McClain Delaney(D-MD 6):Sale (full), $50,001 - $100,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded May 6, 2026, filed June 5, 2026
  • April McClain Delaney(D-MD 6):Purchase, $1,001 - $15,000, traded April 29, 2026, filed May 6, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 28, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Packaging Corporation of America was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Packaging Corporation of America in brief

What does Packaging Corporation of America do?
Packaging Corporation of America is a US-listed company in the paper & plastic packaging products & materials industry. Its financial year ends in December.
What is Packaging Corporation of America's stock ticker?
Packaging Corporation of America trades under the ticker PKG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Packaging Corporation of America's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Packaging Corporation of America reported revenue of $9.5B, 10.3% higher than a year earlier, according to its SEC filings.
What is Packaging Corporation of America's free cash flow?
Packaging Corporation of America's free-cash-flow margin is 7.8% of revenue over the trailing twelve months, ranking 3 of the 11 paper & plastic packaging products & materials companies we cover.
What is Packaging Corporation of America's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Packaging Corporation of America's free cash flow after stock-based pay gives ~$150 per share in the base case, and ~$100–$210 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Packaging Corporation of America's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Packaging Corporation of America's market cap?
On November 2, 2026, Packaging Corporation of America's market capitalisation was about $5.8T, with a price-to-earnings ratio of 8382.1 and net debt of $3.5B. Market figures come from third-party market data and may be delayed.
Does Packaging Corporation of America pay a dividend?
Yes: Packaging Corporation of America paid $448M in dividends over the trailing twelve months, a dividend yield of 1.95% and a payout ratio of 64.8%.
How much debt does Packaging Corporation of America have?
Packaging Corporation of America's debt-to-equity ratio is 85.1%, from its latest balance sheet (68.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Packaging Corporation of America's competitors?
In our Paper & Plastic Packaging Products & Materials peer group, the companies closest to Packaging Corporation of America are Avery Dennison, Graphic Packaging Holding Co, Sonoco Products Co, Amcor and International Paper. The side-by-side comparison below sets their revenue, margins and growth against Packaging Corporation of America's.
Are insiders buying or selling Packaging Corporation of America stock?
Over the last 12 months, Packaging Corporation of America's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Packaging Corporation of America's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Packaging Corporation of America announces its own schedule.