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Quad/graphics, Inc. (QUAD) stock

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NYSE: QUAD NYSE Commercial Printing Next results ~February 16, 2027

D Fundamentals grade

Quad/graphics, Inc. is a US-listed company in the commercial printing 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

Under review: after-tax interest is 97% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 97% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Quad/graphics, Inc. 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.

  • Funds82 adding, 55 cuttingOf 31 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Quad/graphics files

10-Q filed October 29: Quad/graphics

Revenue for the twelve months to September 2026 was $2.38bn, down 4.9% on a year earlier, a smaller fall than the 8.0% decline a quarter earlier. That puts it 365 of 417 for growth among the industrials companies we cover. Free-cash-flow margin held at 1.6%. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders.

Our model value for Quad/graphics is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Quad/graphics

Quad/Graphics generated $2.38bn in revenue over the twelve months to June 2026, a decline of 4.9% on the year before. That marks an improvement on the 8.0% drop recorded a quarter earlier, though the company still ranks 364th of 417 industrials names we cover on growth. Margins tell a steadier story: free-cash-flow margin held at 1.6%, unchanged from the prior period. Shareholders, however, face further dilution, as the diluted share count climbed 3.0% year on year. Taken together, these shifts have lifted the firm's fundamentals grade from D to C, a modest but real improvement in the overall picture.

10-Q on SEC EDGAR

Where Quad/graphics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.38bn, down 8.0% on a year earlier, a smaller fall than the 10.4% decline a quarter earlier. That puts it 1389 of 1447 for growth among all the companies we cover. Free-cash-flow margin held at 2.1%. Operating margin widened to 4.1% from 1.9%. The diluted share count is up 3.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks.

10-Q on SEC EDGAR

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 ~February 16, 2027 (estimated)

Quad/graphics, Inc.'s trailing-twelve-month revenue fell 4.9% year on year, with a free-cash-flow margin of 1.6%. Where it lags: change in share count of 3.0% ranks 5 of 5 commercial printing companies we cover.

Our discounted-cash-flow model values the business at ~$12 per share in the base case (~$7.1–$19 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 38.8% while net income grew 28.6%: a 67pp 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 8.5% over 90 days.

Things to watch

  • Revenue shrinking. Revenue fell 4.9% over the last 12 months.
  • Share dilution. Diluted shares rose 3.0% in a year.
  • Below peers: gross margin. Gross margin of 21.4% ranks 4 of 5 commercial printing companies we cover (median 30.6%).
  • Below peers: operating margin. Operating margin of 3.5% ranks 4 of 5 commercial printing companies we cover (median 6.0%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.35 against an average estimate of $0.38: missed by 7.9%
Revenue
$587m, down 0.2% on a year earlier
Share reaction
-19.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.44

Quad/graphics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.2%
  • 1 week-19.9%
  • 1 month-20.4%
  • This year+24.1%
  • 1 year+43.2%
  • 5 years+82.7%
  • S&P 500 this year+11.2%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.4B
Operating margin
3.5%
Net margin
1.1%
EPS (TTM, diluted)
$0.53

Growth

Revenue growth
−4.9%
Change in growth rate
+3.1 pts
Share count change
+3.0%

Cash

Free cash flow (TTM)
$37.2M
FCF margin
1.6%
Stock pay % of revenue
0.3%

Earnings

Last results
October 28, 2026
Next results (est.)
February 16, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Announcement
  3. 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

Quad/graphics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 97% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Quad/graphics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 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. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$8.6 ~$6.8–$14 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Quad/graphics, Inc. with Industrials sector 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$5.94$18.26$16.22$9.36$3.98$3.37$3.52$3.59$4.78$6.38$6.04$7.50
Market value$285m$909m$840m$483m$199m$170m$187m$189m$231m$304m$301m$378m
+ Net debt (− = net cash)$1.3bn$1.1bn$900m$871m$1.1bn$868m$621m$543m$461m$348m$307m$419m
Enterprise value$1.6bn$2.0bn$1.7bn$1.4bn$1.3bn$1.0bn$807m$731m$692m$651m$608m$797m
Multiples
Price / sales 0.1x0.2x0.2x0.1x0.1x0.1x0.1x0.1x0.1x0.1x0.1x0.2x
Price / earnings —20.3x7.8x56.8x——4.9x20.3x——11.2x14.3x
Price / free cash flow 1.3x3.7x3.3x2.9x4.5x1.3x2.2x2.0x3.0x5.5x5.9x10.2x
EV / EBITDA —5.9x4.7x5.1x6.7x10.8x3.7x4.5x5.5x6.3x3.6x5.3x

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

53 /100

Moderate moat

How hard Quad/graphics'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 20 / 20

    Cash operating profit has been a median 16.8% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 20.0%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 1.4%; its worst year was 0.1%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 10 of 10 years, at a median 2.5% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.3% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (58 before it).

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 $1.31 +30% $2.4bn −3%
Next $1.49 +14% $2.3bn −2%

Next year's EPS estimate has moved +8.5% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.4% on 90 days ago. In the last 30 days, 2 analysts raised Quad/graphics, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Quad/graphics, Inc., last 90 days
$1.20 $1.30 $1.40 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.22 Current fiscal year, 60 days ago: $1.31 Current fiscal year, 30 days ago: $1.31 Current fiscal year, 7 days ago: $1.31 Current fiscal year, Now: $1.31 $1.31 Next fiscal year, 90 days ago: $1.37 Next fiscal year, 60 days ago: $1.46 Next fiscal year, 30 days ago: $1.46 Next fiscal year, 7 days ago: $1.46 Next fiscal year, Now: $1.49 $1.49

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.22$1.37
60 days ago $1.31$1.46
30 days ago $1.31$1.46
7 days ago $1.31$1.46
Now $1.31$1.49

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.38 $0.35 −7.9%
Jun 2026 $0.20 $0.24 +22.0%
Mar 2026 $0.22 $0.25 +11.9%
Dec 2025 $0.36 $0.36 0.0%

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

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123
  3. Aug 2026123

Counts of recommendations published by analysts covering Quad/graphics, Inc., 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
5.8%
of tradable shares
Days to cover
6.19
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
57%
of shares
Held by insiders
21.5%
of shares
Employees
10,100
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 12 months +43.2%

$5.24 on October 31, 2025 to $7.50

ThenNowEffect
Revenue (last 12 months) $2.6bn $2.4bn −8.0%
P/S multiple 0.1x 0.2x +61.4%
Share count 48m 50m −3.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +89.2%

$3.96 on November 3, 2023 to $7.50

ThenNowEffect
Revenue (last 12 months) $3.2bn $2.4bn −25.4%
P/S multiple 0.1x 0.2x +150.9%
Share count 51m 50m +1.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

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
QUAD+5%+2%+33%+34%−5%+24%
Industry peers (median)+13%−44%+35%+12%−9%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QUAD50%58%42%58%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QUAD−53%−69%−47%−34%−39%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 92% from February 23, 2018 to April 2, 2020. Getting back needed a 1104% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.99 – $10.74
From 52-week high
−30.2%
vs 50-day average
−21.4%
vs 200-day average
−6.1%
Volatility (1 year)
45%
Beta vs S&P 500
0.53

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
4 up, 8 down
typical move ±10.6%
After a week
5 up, 6 down
typical move ±13.6%
After a month
5 up, 6 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −19.2% 0.0% — —
July 28, 2026 +9.3% −1.3% +24.1% +18.8%
April 28, 2026 −9.2% −0.5% −4.9% −1.8%
February 17, 2026 +1.4% +0.7% +12.5% −0.6%
October 28, 2025 −10.4% +0.3% −7.1% −2.9%
July 29, 2025 −13.8% −0.4% +13.3% +10.3%
April 29, 2025 −6.5% +0.7% +4.9% +18.1%
February 18, 2025 +2.2% +0.5% −17.7% −23.9%
October 29, 2024 +24.4% −0.1% +37.4% +39.1%
July 30, 2024 −19.3% +1.1% −19.4% −16.0%
April 30, 2024 −1.5% −1.9% −2.0% +1.0%
February 20, 2024 −9.5% −0.5% −6.4% −21.7%

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.

Quad/graphics, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

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) Quad/graphics, Inc.
$2.2B $2.4B $2.6B $2.8B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $2.6B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.4B Revenue (TTM), FY26 Q1: $2.4B Revenue (TTM), FY26 Q2: $2.4B Revenue (TTM), FY26 Q3: $2.4B $2.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3B
FY24 Q1 $2.8B
FY24 Q2 $2.8B
FY24 Q3 $2.8B
FY24 Q4 $2.7B
FY25 Q1 $2.6B
FY25 Q2 $2.6B
FY25 Q3 $2.5B
FY25 Q4 $2.4B
FY26 Q1 $2.4B
FY26 Q2 $2.4B
FY26 Q3 $2.4B
Revenue growth, TTM YoY Quad/graphics, Inc.
-15% -10% -5% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -8.1% Revenue growth, TTM YoY, FY24 Q1: -12.1% Revenue growth, TTM YoY, FY24 Q2: -12.8% Revenue growth, TTM YoY, FY24 Q3: -9.9% Revenue growth, TTM YoY, FY24 Q4: -9.7% Revenue growth, TTM YoY, FY25 Q1: -7.0% Revenue growth, TTM YoY, FY25 Q2: -6.9% Revenue growth, TTM YoY, FY25 Q3: -9.2% Revenue growth, TTM YoY, FY25 Q4: -9.4% Revenue growth, TTM YoY, FY26 Q1: -10.4% Revenue growth, TTM YoY, FY26 Q2: -8.0% Revenue growth, TTM YoY, FY26 Q3: -4.9% -4.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -8.1%
FY24 Q1 -12.1%
FY24 Q2 -12.8%
FY24 Q3 -9.9%
FY24 Q4 -9.7%
FY25 Q1 -7.0%
FY25 Q2 -6.9%
FY25 Q3 -9.2%
FY25 Q4 -9.4%
FY26 Q1 -10.4%
FY26 Q2 -8.0%
FY26 Q3 -4.9%
Operating margin (TTM) Quad/graphics, Inc.
0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 0.9% Operating margin (TTM), FY24 Q1: 0.5% Operating margin (TTM), FY24 Q2: 0.8% Operating margin (TTM), FY24 Q3: 0.1% Operating margin (TTM), FY24 Q4: 0.7% Operating margin (TTM), FY25 Q1: 1.9% Operating margin (TTM), FY25 Q2: 1.9% Operating margin (TTM), FY25 Q3: 3.2% Operating margin (TTM), FY25 Q4: 4.0% Operating margin (TTM), FY26 Q1: 4.0% Operating margin (TTM), FY26 Q2: 4.1% Operating margin (TTM), FY26 Q3: 3.5% 3.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 0.9%
FY24 Q1 0.5%
FY24 Q2 0.8%
FY24 Q3 0.1%
FY24 Q4 0.7%
FY25 Q1 1.9%
FY25 Q2 1.9%
FY25 Q3 3.2%
FY25 Q4 4.0%
FY26 Q1 4.0%
FY26 Q2 4.1%
FY26 Q3 3.5%
FCF margin (TTM) Quad/graphics, Inc.
0% 1% 2% 3% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 2.6% FCF margin (TTM), FY24 Q1: 3.0% FCF margin (TTM), FY24 Q2: 1.4% FCF margin (TTM), FY24 Q3: 0.1% FCF margin (TTM), FY24 Q4: 2.1% FCF margin (TTM), FY25 Q1: 1.0% FCF margin (TTM), FY25 Q2: 2.8% FCF margin (TTM), FY25 Q3: 2.4% FCF margin (TTM), FY25 Q4: 2.1% FCF margin (TTM), FY26 Q1: 1.9% FCF margin (TTM), FY26 Q2: 2.1% FCF margin (TTM), FY26 Q3: 1.6% 1.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 2.6%
FY24 Q1 3.0%
FY24 Q2 1.4%
FY24 Q3 0.1%
FY24 Q4 2.1%
FY25 Q1 1.0%
FY25 Q2 2.8%
FY25 Q3 2.4%
FY25 Q4 2.1%
FY26 Q1 1.9%
FY26 Q2 2.1%
FY26 Q3 1.6%

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 Quad/graphics 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 $2.4B
  2. Cost of revenue $1.9B · 78.4%
  3. Gross profit $523M · 21.6%
  4. Selling, general and admin $326M · 13.5%
  5. Other operating costs $97.5M · 4.0%
  6. Operating income $97M · 4.0%
  7. Interest and other $64.5M · 2.7%
  8. Net income $27M · 1.1%

Shares of revenue. Source: Quad/graphics'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 Sept 2026
Income
Revenue 1,789 3,186 4,325 4,094 4,796 4,778 4,597 4,330 3,951 3,986 3,923 2,930 2,960 3,217 2,958 2,672 2,420 2,376
Gross profit 514 780 1,023 911 994 971 917 935 860 764 731 595 571 598 577 580 523 508
EBITDA 307 295 436 379 412 402 −584 344 373 268 199 97 219 164 127 104 170 151
Operating income 112 62 157 107 142 141 −830 117 173 87 35 −46 93 54 26 19 97 84
Net income 53 −250 −47 87 33 19 −642 45 107 9 −156 −128 38 9 −55 −51 27 27
Diluted EPS $1.81 −$6.67 −$1.00 $1.78 $0.65 $0.38 −$13.40 $0.90 $2.07 $0.16 −$3.12 −$2.53 $0.71 $0.18 −$1.14 −$1.07 $0.54 $0.53
Growth (year on year)
Revenue — +78.1% +35.7% −5.3% +17.1% −0.4% −3.8% −5.8% −8.7% +0.9% −1.6% −25.3% +1.1% +8.7% −8.1% −9.7% −9.4% −4.9%
EBITDA — −3.9% +47.7% −13.1% +8.9% −2.6% −245.4% — +8.5% −28.2% −25.5% −51.6% +126.5% −25.0% −22.8% −17.7% +63.5% +4.3%
Operating income — −45.2% — −32.1% +33.5% −0.6% −687.4% — +47.3% −49.5% −60.3% — — −42.3% — — — +5.5%
Net income — −573.7% — — −62.8% — — — — −92.1% — — — — — — — —
Diluted EPS — −468.5% — — −63.5% — — — — −92.3% — — — — — — — —
Margins
Gross margin 28.8% 24.5% 23.6% 22.2% 20.7% 20.3% 19.9% 21.6% 21.8% 19.2% 18.6% 20.3% 19.3% 18.6% 19.5% 21.7% 21.6% 21.4%
EBITDA margin 17.2% 9.3% 10.1% 9.3% 8.6% 8.4% −12.7% 7.9% 9.4% 6.7% 5.1% 3.3% 7.4% 5.1% 4.3% 3.9% 7.0% 6.4%
Operating margin 6.3% 1.9% 3.6% 2.6% 3.0% 3.0% −18.1% 2.7% 4.4% 2.2% 0.9% −1.6% 3.1% 1.7% 0.9% 0.7% 4.0% 3.5%
Net margin 3.0% −7.9% −1.1% 2.1% 0.7% 0.4% −14.0% 1.0% 2.7% 0.2% −4.0% −4.4% 1.3% 0.3% −1.9% −1.9% 1.1% 1.1%
Free-cash-flow margin 8.6% 1.3% 4.7% 6.1% 6.1% 3.2% 4.7% 5.7% 6.5% 4.1% 1.1% 4.4% 2.9% 2.9% 2.6% 2.1% 2.1% 1.6%
Cash flow
Cash from operations 242 153 371 354 441 293 348 354 344 261 156 190 137 155 148 113 96 84
Capital spending 88 113 168 104 150 139 133 106 86 96 111 61 50 60 71 57 45 46
Free cash flow 155 40 203 251 292 154 215 248 258 164 45 129 87 94 77 56 51 37
Stock-based pay 4 5 15 13 19 17 7 15 16 16 14 11 6 6 6 7 7 7
Free cash flow after stock pay 150 35 188 237 273 137 208 232 242 149 31 119 80 88 71 48 44 30
Balance sheet
Cash 9 21 26 17 13 10 24 19 64 70 79 55 180 25 53 29 63 23
Total debt 0 1,521 1,425 1,325 1,407 1,406 1,349 1,131 965 941 1,213 923 801 568 514 377 370 442
Net debt (negative = net cash) −9 1,501 1,399 1,308 1,394 1,396 1,325 1,112 900 871 1,134 868 621 543 461 348 307 419
Diluted shares 29m 38m 47m 47m 48m 49m 48m 50m 52m 52m 50m 51m 53m 53m 48m 48m 50m 50m
Returned to shareholders
Dividends 14 14 28 152 56 61 62 61 63 63 57 10 1 1 0 9 14 18
Buybacks 13 0 8 0 0 0 0 9 4 37 0 — 0 10 13 0 8 9
Total returned 27 14 36 152 56 61 62 70 66 100 57 10 1 11 13 9 22 27

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 7 checks passed · September 30, 2026
What it owns · $1.3bn
Short-term assets $574mLonger-term assets $676m
What it owes, and who funded it · $1.3bn
Short-term liabilities $590mLonger-term liabilities $540mShareholders' equity $121m
  • Short-term assets cover short-term liabilities $574m of assets due within a year against $590m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $574m short-term assets against $540m of longer-dated liabilities.
  • More cash than debt $23m of cash against $442m of debt.
  • Debt below 40% of shareholders' equity Debt is 367% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 399% to 367% over five years.
  • A year's operating cash flow covers at least 20% of debt $84m of operating cash flow against $442m of debt.
  • Operating profit covers interest at least five times over Operating income of $84m against $41m of interest.

From Quad/graphics, Inc.'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

FY2026 Q3 TTM
Buybacks (TTM)
$8.6M
Dividends (TTM)
$18.4M
Returned to shareholders
73%
of free cash flow
Buybacks, last 3 fiscal years
$20.6M
Diluted share count
+3.0%
year over year
Total shareholder yield
7.1%
dividends 4.9% + buybacks 2.3% of market value
Dividend payout ratio
69%
of net income paid out
Sales & admin spending
13.3%
of revenue

Competitors: side by side with peers

Closest by revenue in commercial printing
Last 12 months unless stated QUAD DLX CMPR EBF MGIH Median
Revenue, last 12 months $2.4bn $2.1bn $3.8bn $397m $20m $2.1bn
Revenue growth, last 12 months −4.9% 0.3% 10.0% 2.3% −19.7% 0.3%
Revenue growth, 3-year average −8.0% −1.9% 6.7% −2.7% — −2.3%
Revenue growth, latest quarter −0.2% −4.2% 8.2% 3.4% — 1.6%
Gross margin 21.4% 52.5% 45.6% 30.6% 8.1% 30.6%
Operating margin 3.5% 11.9% 6.0% 13.6% −36.3% 6.0%
Operating margin, 3-year average 2.3% 9.8% 6.8% 13.3% — 8.3%
Net margin 1.1% 4.8% 2.2% 9.8% −34.9% 2.2%
Cash from operations / revenue 3.5% 14.3% 7.6% 17.2% −22.1% 7.6%
Free-cash-flow margin 1.6% 9.9% 5.0% 14.5% −29.4% 5.0%
Free-cash-flow margin, 3-year average 1.4% 7.3% 6.4% 13.8% — 6.9%
Stock pay / revenue 0.3% 1.3% 1.6% 0.5% — 0.9%
Change in share count 3.0% 2.3% −1.7% −2.2% 0.0% 0.0%

Median of all 5 companies we cover in commercial printing. 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

5 commercial printing companies
Measure Company Peer median Rank
Revenue growth Growth -4.9% 0.3% 4 of 5
Change in growth rate Growth +3.1pp +1.0pp 2 of 5
Gross margin Profitability 21.4% 30.6% 4 of 5
Operating margin Profitability 3.5% 6.0% 4 of 5
Net margin Profitability 1.1% 2.2% 4 of 5
Free-cash-flow margin Cash generation 1.6% 5.0% 4 of 5
Change in share count Balance sheet 3.0% 0.0% 5 of 5

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
United States Print and Related Services $2.2B 91.5% ▼ 4.9%
International $206M 8.5% ▼ 40.0%
Products and services
Line of business Revenue YoY
Products $1.9B ▼ 9.9%
Total Products $1.9B ▼ 9.9%
Catalog Publications Retail Inserts Books and Directories $1.3B ▼ 15.0%
Direct Mail and Other Printed Products $625M ▲ 2.5%
Services $529M ▼ 7.7%
Total Services $529M ▼ 7.7%
Imaging Marketing Services and Other Services $302M ▼ 2.1%
Logistic Services $226M ▼ 14.4%
Other Revenues $9.1M ▼ 12.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Quad/graphics, Inc.'s 10-K filed February 18, 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
$179M
Institutions reporting
146
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
14 / 14

Top buyers and sellers, Q2 2026: 82 institutions bought and 55 sold ; the biggest buyer was Blackrock, Inc (+269K shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−142K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Miller Value Partners, LLC $21.4M 2.5M 11.9% ▼ 4.3%
Blackrock, Inc. $19.3M 2.3M 10.8% ▲ 13.3%
LSV Asset Management $11.6M 1.4M 6.5% ▲ 3.0%
Vanguard Capital Management LLC $11M 1.3M 6.1% ▼ 6.0%
Dimensional Fund Advisors LP $10.1M 1.2M 5.6% ▲ 5.2%
Hotchkis & Wiley Capital Management LLC $8.9M 1.1M 5.0% ▲ 3.1%
Geode Capital Management, LLC $6.5M 773K 3.6% ▲ 11.7%
Renaissance Technologies LLC $5.7M 673K 3.2% ▼ 6.9%
State Street Corp $5.4M 637K 3.0% ▲ 0.7%
Great Valley Advisor Group, Inc. $5.2M 622K 2.9% ▲ 0.2%
O'Shaughnessy Asset Management, LLC $3.9M 461K 2.2% ▲ 25.3%
Bank Of New York Mellon Corp $3.5M 416K 2.0% ▲ 3.2%

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 Quad/graphics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

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 1 trade and filings

No trades in Quad/graphics, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Greg Gianforte(MT):Sale (partial), $1,001 - $15,000, traded December 10, 2019, filed December 31, 2019

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

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 28, 2026
  • April 28, 2026
  • February 17, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Quad/graphics, Inc. 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.

Quad/graphics, Inc. in brief

What does Quad/graphics, Inc. do?
Quad/graphics, Inc. is a US-listed company in the commercial printing industry. Its financial year ends in December.
What is Quad/graphics, Inc.'s stock ticker?
Quad/graphics, Inc. trades under the ticker QUAD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Quad/graphics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Quad/graphics, Inc. reported revenue of $2.4B, 4.9% lower than a year earlier, according to its SEC filings.
What is Quad/graphics, Inc.'s free cash flow?
Quad/graphics, Inc.'s free-cash-flow margin is 1.6% of revenue over the trailing twelve months, ranking 4 of the 5 commercial printing companies we cover.
Who are Quad/graphics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Miller Value Partners, LLC, Blackrock, Inc. and LSV Asset Management. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Quad/graphics, Inc. buying back stock, and does it pay a dividend?
Quad/graphics, Inc. spent $8.6M on share repurchases over the trailing twelve months, and its diluted share count still rose 3.0% over the year.
What is Quad/graphics, Inc.'s market cap?
On November 2, 2026, Quad/graphics, Inc.'s market capitalisation was about $378M, with a price-to-earnings ratio of 14.3 and net debt of $419M. Market figures come from third-party market data and may be delayed.
Does Quad/graphics, Inc. pay a dividend?
Yes: Quad/graphics, Inc. paid $18.4M in dividends over the trailing twelve months, a dividend yield of 4.87% and a payout ratio of 69.4%.
How much debt does Quad/graphics, Inc. have?
Quad/graphics, Inc.'s debt-to-equity ratio is 366.8%, from its latest balance sheet (399.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Quad/graphics, Inc.'s competitors?
In our Commercial Printing peer group, the companies closest to Quad/graphics, Inc. are Deluxe Corp, Cimpress plc, Ennis, Inc. and Millennium Group International Holdings Ltd. The side-by-side comparison below sets their revenue, margins and growth against Quad/graphics, Inc.'s.
When is Quad/graphics, Inc.'s next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Quad/graphics, Inc. announces its own schedule.