AMCR Packaging & Containers
Amcor plc
Amcor makes consumer packaging — flexible films and pouches, rigid plastic containers, closures, and dispensing and pharmaceutical delivery devices — for food, beverage, healthcare, and personal care brands, from about 400 manufacturing and support sites. Its April 2025 all-stock merger with Berry Global roughly doubled the rigid packaging business, lifting FY2026 (ended June 30, 2026) revenue to $23.5 billion from $15.0 billion. Amcor is now integrating Berry, targeting about $530 million of cost synergies by June 2028, reviewing $2.5 billion of businesses for possible sale, and switching to a December fiscal year.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 4, 2026 14:38 (SEC EDGAR) · Source 10-K filed: August 14, 2026
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- Amcor plc
- Headquarters
- WARMLEY, BRISTOL, United Kingdom
- Incorporated in
- Jersey
- Fiscal year end
- 06/30
- Exchange & ticker
- NYSE: AMCR
- Industry
- Packaging & Containers
- CIK
- 1748790
- Website
- https://www.amcor.com/ ↗
Workforce (as of FY2026 year-end)
Employees
75,000
Source: Form 10-K (FY2026) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q1 FY2027
Quarter end: March 2027. In past years, Q1 results were released 30–36 days after quarter end (May 6, 2026; Apr 30, 2025; Apr 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–46 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q4 FY2026 | Jun 30, 2026 | Aug 12, 2026 (+43 days) | Aug 14, 2026 10-K (+45 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 7, 2026 10-Q (+37 days) |
| Q3 FY2025 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 4, 2026 10-Q (+35 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 6, 2025 10-Q (+37 days) |
| Q4 FY2025 | Jun 30, 2025 | Aug 14, 2025 (+45 days) | Aug 15, 2025 10-K (+46 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q3 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 5, 2025 10-Q (+36 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Nov 1, 2024 10-Q (+32 days) |
| Q4 FY2024 | Jun 30, 2024 | Aug 15, 2024 (+46 days) | Aug 16, 2024 10-K (+47 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 1, 2024 10-Q (+31 days) |
| Q3 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 7, 2024 10-Q (+38 days) |
| Q3 FY2023 | Sep 30, 2023 | Oct 31, 2023 (+31 days) | Nov 1, 2023 10-Q (+32 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
Flexible
Films and flexible packaging
Examples: Polymer resin, aluminum, and fiber-based flexible packaging
$11.7B of FY2026 sales in the flexible segment.
Flexible
Specialty folding cartons
Examples: Specialty flexible folding cartons
$1.1B of FY2026 sales.
Rigid
Containers, preforms, and closures
Examples: Containers, preforms, and closures
$9.9B of FY2026 sales.
Rigid
Dispensing and pharma delivery devices
Examples: Dispensing systems and pharma delivery devices
Part of the rigid segment from Berry.
Descriptions and figures are from the FY2026 Form 10-K.
04
Recent strategic focus
FY2026 developments from the 10-K, and later events from 8-Ks.
Berry merger
Completed April 30, 2025 for $10.4B of Amcor shares (about 846M pre-split shares), plus about $5.2B of Berry debt assumed.
Source: Form 10-K (FY2026) MD&A
Reverse split and fiscal-year change
A 1-for-5 reverse stock split took effect January 14, 2026, and on May 1, 2026 the board moved the fiscal year end to December 31.
Source: Form 10-K (FY2026) Item 1 and Item 5
Management and auditor changes
The CFO stepped down in November 2025 and the head of Flexibles retired in June 2026; PwC US replaces PwC Switzerland as auditor from the transition period.
Source: 8-Ks filed 2025-10-09, 2026-06-15, and 2026-08-14
Capex ÷ D&A (FY2026)
0.62x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$922M ÷ $1,479M = 0.62x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
0.7%
formularesearch & development expense ÷ revenue × 100
e.g.$170M ÷ $23,506M × 100 = 0.7%
M&A spend (5-year total)
$1.81B
Latest year: $17M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $527M in FY2022 to $922M in FY2026
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
05
Key figures at a glance
FY2022–FY2026, 5 years.
Revenue (FY2026)
$23.51B
As reported in the 10-K
Revenue CAGR (4 years)
+12.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($23,506M ÷ $14,544M) ^ (1÷4) − 1 = 12.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
8.1%
-0.4pt vs. 4 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,899M ÷ $23,506M × 100 = 8.1%
ROE (FY2026)
9.4%▲favorable
5-year average: 16.0%
As reported in the 10-K
P/B (FY2026 end)
1.70x
formulaP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)
e.g.18.2x × $2.38 ÷ $25.53 = 1.70x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
9.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($20,140M + $13,862M − $1,115M) ÷ ($1,899M + $1,479M) = 9.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +12.8% a year over 4 years (strong growth)
From $14.54B in FY2022 to $23.51B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 8.5% → 8.1%
How much operating profit is left per $100 of revenue. It moved -0.4 points over 4 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 31.8% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 16.0% over 5 years (latest: 9.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Global Flexible Packaging Solutions
Flexible packaging made from polymer resin, aluminum, and fiber — films, pouches, wraps, and specialty folding cartons — from about 190 sites in 33 countries, for food, healthcare, and consumer products.
01 what it draws on
Inputs & resources
- Polymer resins, aluminum, paper, inks, and adhesives
- About 36,000 employees
- R&D and over 7,000 patents, designs, and trademarks company-wide
02 what it does
Activities
- Designing and converting flexible packaging
- Developing recyclable materials
03 who it serves
Customers
- Thousands of consumer goods, food, and healthcare companies
04 how money comes in
How it earns
- Product sales
Global Flexible Packaging Solutions: how it makes money
- Revenue $12.83B and Adjusted Segment EBIT $1.79B (non-GAAP) in FY2026.
- About 55% of company sales.
Global Rigid Packaging Solutions
Rigid plastic containers and preforms, closures, dispensing systems, and pharmaceutical delivery devices, from about 210 sites — much of it from Berry Global.
01 what it draws on
Inputs & resources
- Plastic resins
- About 38,000 employees
02 what it does
Activities
- Molding containers, closures, and dispensing devices
03 who it serves
Customers
- Beverage, food, personal care, and pharmaceutical companies
04 how money comes in
How it earns
- Product sales
Global Rigid Packaging Solutions: how it makes money
- Revenue $10.68B (from $4.94B) and Adjusted Segment EBIT $1.18B in FY2026, reflecting a full year of Berry.
- North American Beverage is among the businesses under strategic review.
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Global Flexible Packaging Solutions
12,829 (55%)profit 1,789 · margin 13.9%
Global Rigid Packaging Solutions
10,677 (45%)profit 1,176 · margin 11.0%
Source: Form 10-K (FY2026) — Note 21, Segments Profit is Adjusted Segment EBIT, a non-GAAP measure; consolidated operating income was $1.90B.
07
Where it earns
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2026)
North America — 50% of revenue
Revenue by country / region (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
North America
11,725 (50%)Europe
7,841 (33%)Asia Pacific
2,060 (9%)Latin America
1,880 (8%)
Source: Form 10-K (FY2026) — Note 21, Segments Net sales by region for fiscal year ended June 30, 2026.
08
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Amcor sells mostly through its own sales force to thousands of customers; it says manufacturing backlog isn't significant. Raw material costs (resins, aluminum, paper) are a major input, and Amcor uses price and cost actions to offset inflation.
Packaging supply to consumer goods and healthcare companies
Nearly all of FY2026 net sales ($23.5B)
Typical term: Ongoing supply relationships; backlog not significant
No customer exceeded 10% of sales in the last three fiscal years.
Source: Form 10-K (FY2026) — Item 1
09
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Thousands of food, beverage, healthcare, beauty, and household products companies, served mainly by Amcor's direct sales force.
Named by the company
No customer is named.
What the filings disclose
- No customer exceeded 10% of consolidated net sales in the last three fiscal years. (Form 10-K (FY2026), Item 1)
- Demand rises toward the middle of the calendar year with higher food and beverage consumption. (Form 10-K (FY2026), Item 1)
Suppliers
Polymer resins and films, paper and paperboard, inks, solvents, adhesives, and aluminum, bought from a variety of global sources.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Amcor says it isn't significantly dependent on any one supplier for raw materials. (Form 10-K (FY2026), Item 1)
10
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Amcor's 10-K says its markets are highly competitive on service, sustainability, innovation, quality, and price, and names its competitors, along with a variety of privately held companies.
Competitors named in the 10-K
Packaging competitors
Peer group the company chose
Compensation Peer Group (fiscal 2026), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
U.S.-based public companies of comparable size and global scale that compete for executive talent with global or regional experience; unchanged for fiscal 2026.
- 3Msite ↗
- Emersonsite ↗
- Alcoasite ↗
- Graphic Packagingsite ↗
- Avery Dennisonsite ↗
- IFF (International Flavors & Fragrances)site ↗
- Ballsite ↗
- International Papersite ↗
- Carriersite ↗
- Johnson Controlssite ↗
- Colgate-Palmolivesite ↗
- Kimberly-Clarksite ↗
- Corningsite ↗
- Nucorsite ↗
- Crown Holdingssite ↗
- PPGsite ↗
- Eastman Chemicalsite ↗
- Smurfit Westrocksite ↗
- Eatonsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
11
M&A history
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Amcor grows through large mergers and is now trimming its portfolio after combining with Berry Global.
Cash spent on acquisitions, FY2022–FY2026: $1.81B
Apr 2025
Berry Global Group
$10.4B in Amcor shares, plus about $5.2B of debt assumed
Older deal, core to today's businessA U.S. maker of rigid and flexible plastic packaging.
- Stated purpose (company)
- Amcor says that when full synergies are achieved, the merger is expected to increase cash generation, enabling more investment in organic growth and targeted acquisitions.
FY2026 (sales)
Four businesses from the strategic review, and the ePac investment
$298M cash (businesses) and about $79M (ePac)
Since divestedBusinesses less aligned with Amcor's core portfolio attributes.
- Stated purpose (company)
- Part of the review of businesses with $2.5B of sales that are less aligned with core attributes such as growth, margin, industry structure, and scale.
Source: Form 10-K (FY2026) — MD&A, Review of Portfolio-Related Strategic Alternatives
Figures as disclosed in the FY2026 10-K.
12
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
| Line item | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 14,544 | 14,694 | 13,640 | 15,009 | 23,506 |
| Operating income | 1,239 | 1,508 | 1,214 | 1,009 | 1,899 |
| Pretax income | 1,115 | 1,251 | 907 | 650 | 1,282 |
| Net income (attributable) | 805 | 1,048 | 730 | 511 | 1,106 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 1.0% | -7.2% | 10.0% | 56.6% |
| Operating margincalcoperating income ÷ revenue × 100 | 8.5% | 10.3% | 8.9% | 6.7% | 8.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 5.5% | 7.1% | 5.4% | 3.4% | 4.7% |
| Balance sheet ($M) | |||||
| Total assets | 17,426 | 17,003 | 16,524 | 37,066 | 37,095 |
| Total equity | 4,141 | 4,090 | 3,953 | 11,740 | 11,801 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 6,340 | 6,653 | 6,603 | 13,841 | 13,862 |
| Equity ratio | 23.4% | 23.7% | 23.5% | 31.6% | 31.8% |
| ROE | 19.7% | 25.9% | 18.5% | 6.5% | 9.4% |
| Cash flow ($M) | |||||
| Operating CF | 1,526 | 1,261 | 1,321 | 1,390 | 2,151 |
| Investing CF | -527 | -309 | -476 | -2,102 | -524 |
| Financing CF | -891 | -1,025 | -857 | 910 | -1,343 |
| Free cash flowcalccash flow from operations − capital expenditures | 999 | 735 | 829 | 810 | 1,229 |
| Cash and equivalents | 775 | 689 | 588 | 827 | 1,115 |
| Per share & other | |||||
| EPS ($) | 2.65 | 3.53 | 2.52 | 1.60 | 2.38 |
| BVPS ($) | 13.73 | 13.91 | 13.44 | 25.44 | 25.53 |
| Dividend per share ($) | 2.39 | 2.44 | 2.49 | 2.54 | 2.59 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 90.3% | 69.1% | 98.7% | 158.6% | 108.7% |
| P/E (x) | 23.5 | 14.2 | 19.4 | 28.7 | 18.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 13.1 | 9.9 | 11.2 | 16.0 | 9.7 |
| P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share) | 4.53 | 3.59 | 3.64 | 1.81 | 1.70 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
13
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
5.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,899M × (1 − 21%) ÷ $25,622M × 100 = 5.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.09%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $20.14B ÷ ($20.14B + $13.86B) = 59.2%
e.g.Debt weight: $13.86B ÷ ($20.14B + $13.86B) = 40.8%
e.g.WACC: 7.6% × 59.2% + 4.9% × (1 − 21%) × 40.8% = 6.09%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
WACC 6.09% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4%
- β
- 0.66 (price-derived adjusted beta, but correlation with the market is low (R² 0.08), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.63%
- Cost of debt
- 4.88%
- Effective tax rate
- 21%
- Capital structure (equity : debt)
- 59% : 41%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.09%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The defaults reflect 2026-09.
Initial β: 0.66 (price-derived adjusted beta. Raw β 0.49, R² 0.08, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.492 + 0.33 = 0.660
termsβ (beta)
Period 2024-04-05–2026-10-02, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.4.0% + 0.66 × 5.5% = 7.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulaP/E × net income ≈ period-end share price × shares outstanding (= market cap)
termsP/E · Net income (attributable to the company) · Market capitalization · Market value of equity
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
14
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (FY2026)
2.4%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.1% − 3.7%
Past FCF growth (FY2022–FY2026)
+5.3%
Compound annual rate, 4 years
Past revenue growth (FY2022–FY2026)
+12.8%
Compound annual rate, 4 years
Inputs (FY2026): free cash flow $1.23B (operating CF − capex); enterprise value $32.89B = market cap $20.14B + debt $13.86B − cash and short-term investments $1.12B; r = WACC of 6.1% using this page’s default assumptions (β 0.66, risk-free 4.0%, market premium 5.5%).
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$33.22B
FCF $1.23B ÷ (6.1% − 2.4%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.1% | 5.1% | 6.1% | 7.1% | 8.1% |
|---|---|---|---|---|---|
| 0% | 0.91x | 0.73x | 0.61x | 0.53x | 0.46x |
| 2% | 1.78x | 1.21x | 0.91x | 0.73x | 0.61x |
| 4% | 37.37x | 3.40x | 1.78x | 1.21x | 0.91x |
| 6% | — | — | 37.37x | 3.40x | 1.78x |
| 8% | — | — | — | — | 37.37x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap and enterprise value use the fiscal year-end price, not today’s.
15
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.91x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.8%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 148%
Most profit comes from core operations.
- ✓
Days sales outstanding: 49 → 57 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-14
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaperiod-end receivables ÷ revenue × 365
formulaperiod-end inventory ÷ revenue × 365
termsInventory · Revenue (net sales)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,151M ÷ $1,106M = 1.94x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,899M ÷ $1,282M × 100 = 148%
termsOperating income · Income before income taxes (pretax income)
formulaperiod-end receivables ÷ revenue × 365
e.g.$3,639M ÷ $23,506M × 365 = 57 days
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Strengths & weaknesses
Strengths
1. Global scale after Berry
About 75,000 employees and about 400 manufacturing and support sites in 33 countries, with FY2026 sales of $23.5B.
Evidence: Form 10-K (FY2026) Item 1
2. Synergy target
Amcor targets about $530M of pre-tax cost synergies from procurement, supply chain, and administration, plus $60M of financial synergies, by June 2028.
Evidence: Form 10-K (FY2026) MD&A
3. Diversified customers
Thousands of customers, and none exceeded 10% of sales in the last three years.
Evidence: Form 10-K (FY2026) Item 1
4. Rising dividend
Dividends per share (adjusted for the 1-for-5 reverse split) rose every year from about $2.39 (FY2022) to about $2.59 (FY2026).
Evidence: SEC EDGAR XBRL; this site's split adjustment
Weaknesses
1. Heavy debt after the merger
Interest-bearing debt roughly doubled to about $13.9B, and interest expense rose to $676M in FY2026 from $348M in FY2024.
Evidence: SEC EDGAR XBRL
2. Low return on equity
ROE fell to about 9% as equity nearly tripled with the shares issued for Berry.
Evidence: SEC EDGAR XBRL
3. Soft demand
Amcor describes softer consumer demand and customer order volatility in certain markets during FY2026.
Evidence: Form 10-K (FY2026) MD&A
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What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
18.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
5.97%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
109%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
6.1%
(Operating CF − capex) ÷ market cap
1. Synergy-driven earnings growth
FY2026 net income rose to $1.11B from $511M, and Amcor expects Berry synergies to increase cash generation further.
- What has to hold
- Synergies arrive on schedule and demand stabilizes.
- The other side
- Interest expense nearly doubled, and the company faces soft demand and raw material inflation.
Evidence: Form 10-K (FY2026) MD&A; SEC EDGAR XBRL
2. Dividend
Dividends per share (adjusted for the reverse split) rose every year from FY2022 to FY2026.
- What has to hold
- Cash flow covers the higher dividend after the merger.
- The other side
- Dividends paid rose to $1.2B, and the payout absorbed most of FY2026 free cash flow of about $1.2B.
Evidence: SEC EDGAR XBRL
Per-share figures before FY2024 are adjusted by this site for the January 2026 1-for-5 reverse split; FY2024 onward are as restated in the FY2026 10-K.
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Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
7.4x
$1.12B vs. $150M
Interest coverage (operating income ÷ interest expense)
2.8x
$1.9B vs. $676M
Free cash flow ÷ dividends paid
1.0x
$1.23B vs. $1.2B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -7.2% in FY2024 ($14.69B → $13.64B) | Yes, by FY2025 |
| Operating income | -19.5% in FY2024 ($1.51B → $1.21B) | Yes, by FY2026 |
Covers only the 5 fiscal years on record (FY2022–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Essential, recurring demand
Amcor's packaging protects food, beverages, and healthcare products, which it describes as large, resilient end markets.
Source: Form 10-K (FY2026), Item 1
Local production
Amcor generally sources and manufactures in the markets where products are sold, which limits trade and logistics exposure.
Source: Form 10-K (FY2026), MD&A
Investment-grade rating target
Amcor's capital allocation model aims to maintain an investment-grade credit rating.
Source: Form 10-K (FY2026), Item 1
Higher leverage
Debt of about $13.9B after the Berry merger reduces flexibility until synergies and divestitures pay it down.
Source: SEC EDGAR XBRL · See 5-year financials
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Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
Geopolitical risk highlights
- [3]Trade policy
- 1Raw materials & energy
Raw material and energy costs
- Company disclosure (summarized from the 10-K)
- The Middle East conflict that began in February 2026 raised energy prices and had an unprecedented impact on certain raw material costs, and disrupted logistics.
- Company’s stated mitigation
- Price and cost actions; local sourcing and manufacturing; no operations in the Middle East.
- This site’s assessment
- Impact High / Likelihood Med
- 2Governance & quality
Integrating Berry
- Company disclosure (summarized from the 10-K)
- The Berry Plan's restructuring and integration costs are estimated at $280M net, and synergies must be delivered by June 2028.
- Company’s stated mitigation
- A defined integration plan with targets.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Geopolitical
Trade policy
- Company disclosure (summarized from the 10-K)
- Changes in U.S. and global tariffs have contributed to uncertainty and uneven demand.
- Company’s stated mitigation
- Producing locally in the markets where products are sold.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
Portfolio review
- Company disclosure (summarized from the 10-K)
- Businesses with $2.5B of sales, including North American Beverage, are under review for restructuring, partnership, or sale, with no set timetable.
- Company’s stated mitigation
- Four businesses already sold for $298M in FY2026.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Competition and sustainability demands
- Company disclosure (summarized from the 10-K)
- Packaging markets are highly competitive on service, sustainability, innovation, quality, and price.
- Company’s stated mitigation
- R&D (about $170M in FY2026) and recyclable packaging designs.
- This site’s assessment
- Impact Med / Likelihood Med
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What to watch going forward
- Delivery of Berry synergies by June 2028.
- Outcome of the $2.5B portfolio review, including North American Beverage.
- Debt reduction.
- The switch to a December fiscal year, with a six-month transition period ending December 31, 2026.
21
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 4, 2026 14:38 (SEC EDGAR) · Source 10-K filed: August 14, 2026
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Amcor plc’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.