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Graphic Packaging Holding

GPK on NYSE. Graphic Packaging Holding sells paperboard packaging like cartons and trays to consumer goods companies. Market value $2.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
7.4%high

For every $100 of what the whole company costs, it produced $7.41 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
16.2×full

You pay 16.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
9.6%five-year median

Each dollar kept in the business earns 10 cents a year. Above 10 is good.

Quality score: 66 of 100. Price score: 92 of 100. Our list needs 70 on quality and 60 on price.

$8.61 a share, 3% above its 1-year low

Over the past year the price has ranged from $8.40 to $19.38.

Dividend: 5.0% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.2
0.6
0.3
-0.4
-0.1
0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $189 million in the past 12 months, a shortfall of $81 million in the year to December 2025.

Revenue
$7.2bn$9.4bn$9.4bn$8.8bn$8.6bn
Operating margin
5.7%9.6%12.5%12.7%9.3%
Debt to equity
3.142.521.991.771.71
Shares outstanding
0.31bn0.31bn0.30bn0.30bn0.30bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)Yes
  • Debt1.71× equity
  • Revenue growth, five yearsSlow, 5.6% a year
  • Buying back its own sharesYes, 4% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.2 billion last quarter, about the same as a year ago.
  • Profit: $24 million, down 77% on a year ago.
  • It keeps 6 cents of each $1 of sales as operating profit, down from 11 cents a year earlier.
  • Spare cash over the past 12 months: $189 million. A year earlier it spent $395 million more than it brought in.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $5.6 billion more than cash, down from $5.9 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.2bn
December 2024$2.1bn
March 2025$2.1bn
June 2025$2.2bn
September 2025$2.2bn
December 2025$2.1bn
March 2026$2.2bn
June 2026$2.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$165m
December 2024$138m
March 2025$127m
June 2025$104m
September 2025$142m
December 2025$71m
March 2026-$43m
June 2026$24m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

6 long-term investors we follow own it, unchanged from 6 last quarter. 501 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $1m of shares on the open market.

  • Stafeil Jeffrey
    Director
    Bought
    Date
    20 May 2026
    Shares
    16,261
    Price
    $0.00
    Value
    $0
  • HAGEMANN ROBERT
    Director
    Bought
    Date
    8 May 2026
    Shares
    14,000
    Price
    $11.00
    Value
    $154,000
  • Stafeil Jeffrey
    Director
    Bought
    Date
    7 May 2026
    Shares
    17,878
    Price
    $11.19
    Value
    $200,058
  • Venturelli Larry M
    Director
    Bought
    Date
    4 March 2026
    Shares
    17,531
    Price
    $11.37
    Value
    $199,262
  • Rietbroek Robbert
    President and CEO, Director
    Bought
    Date
    4 March 2026
    Shares
    44,278
    Price
    $11.32
    Value
    $501,227

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Graphic Packaging Holding’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 10 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on this evaluation, our Chief Executive Officer and Interim Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness in the Company's internal control over financial reporting described below.”
    Show the full paragraph
    Under the supervision and with the participation of our management, including our Chief Executive Officer and Interim Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Interim Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness in the Company's internal control over financial reporting described below.

    From the 10-Q filed 4 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.