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Quad/graphics, Inc. key statistics and ratios

In fiscal 2025, Quad/graphics, Inc. had return on equity of 30.3% and a net margin of 1.1%. 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 2025LTMSept 2026
Net margin3.0%−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%
Return on equity—−16.9%−3.4%6.9%2.6%1.5%−81.4%10.4%22.2%1.8%−46.7%−82.6%34.2%6.0%——30.3%21.3%
Return on assets2.5%−7.1%−1.0%2.0%0.8%0.5%−18.7%1.7%4.3%0.3%−6.4%−5.9%2.0%0.5%−3.5%−3.6%2.1%2.1%
Effective tax rate3.1%———41.1%49.0%—21.9%−8.4%−9.1%——20.2%47.5%——16.9%14.0%
R&D as % of revenue0.8%0.5%0.4%0.3%0.3%0.2%0.2%0.2%0.2%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%—
SG&A as % of revenue10.8%9.5%9.4%8.5%8.7%8.9%9.8%10.8%10.3%9.0%10.1%11.4%11.0%11.1%11.6%13.4%13.5%13.3%
Dividends ÷ net income26.7%——173.7%173.5%329.0%—136.1%58.3%740.0%——3.7%15.1%——53.3%69.4%

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 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.

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.

Compare with peers

Head to head: DLX vs QUADCMPR vs QUADEBF vs QUADMGIH vs QUAD

More: Commercial Printing stocks compared, Industrials sector, rankings of US companies

Figures from Quad/graphics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Quad/graphics, Inc.