O-I Glass
OI on NYSE. O-I Glass sells glass containers to companies that package food and drinks. Market value $856m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.58 of spare cash in the past 12 months. A savings account pays about $4.
You pay 32.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 27 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.75 a share, 8% above its 1-year low
Over the past year the price has ranged from $5.30 to $16.91.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $14 million in the past 12 months, $168 million in the year to December 2025.
| Revenue | |||||
| Revenue | $6.4bn | $6.9bn | $7.1bn | $6.5bn | $6.4bn |
| Operating margin | |||||
| Operating margin | 5.2% | 11.7% | 0.9% | 0.6% | 4.5% |
| Debt to equity | |||||
| Debt to equity | 6.84 | 3.42 | 3.18 | 4.79 | 4.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.16bn | 0.15bn | 0.15bn | 0.15bn | 0.15bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt4.00× equity
- Revenue growth, five yearsSlow, 1.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.7 billion last quarter, about the same as a year ago.
- A loss of $972 million, compared with a loss of $5 million a year ago.
- Over the past 12 months it spent $14 million more cash than it brought in. A year earlier it had $10 million spare.
- About the same number of shares as a year ago.
- Debt is $4.6 billion more than cash, about the same as a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.7bn |
| December 2024 | $1.5bn |
| March 2025 | $1.6bn |
| June 2025 | $1.7bn |
| September 2025 | $1.7bn |
| December 2025 | $1.5bn |
| March 2026 | $1.5bn |
| June 2026 | $1.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$80m |
| December 2024 | -$154m |
| March 2025 | -$16m |
| June 2025 | -$5m |
| September 2025 | $30m |
| December 2025 | -$138m |
| March 2026 | -$73m |
| June 2026 | -$972m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 307 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $18m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $18m | <0.1% |
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
Largest holders overall
- BlackRock$226mAdded
- Alliancebernstein L.P.$101mAdded
- Vanguard Portfolio Management$100mCut
- Dimensional Fund Advisors LP$78mCut
- Vanguard Capital Management$64mCut
- State Street$60mAdded
- Cooper Creek Partners Management$60mCut
- UBS Group AG$44mAdded
- Arrowstreet Capital, Limited Partnership$42m
- Geode Capital Management$39mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor15.1%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor7.1%Since 31 March 2026
- AllianceBernstein L.P.Passive investor6.3%+1.2 ptsSince 30 June 2026
- COOPER CREEK PARTNERS MANAGEMENT LLCPassive investor5.5%+2.9 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Dimensional Fund Advisors LPPassive investor5.2%Since 30 June 2025
- FMR LLCPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.1% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 7.1% | 31 March 2026 | |
AllianceBernstein L.P. Passive investor | 6.3%+1.2 pts | 30 June 2026 | |
COOPER CREEK PARTNERS MANAGEMENT LLC Passive investor | 5.5%+2.9 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.2% | 30 June 2025 | |
FMR LLC Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $279,482 of shares on the open market.
- Chapin Samuel R.DirectorBought
- Date
- 15 May 2026
- Shares
- 12,000
- Price
- $8.51
- Value
- $102,120
- Restrepo EduardoSVP, Business Ops AmericasBought
- Date
- 14 May 2026
- Shares
- 3,309
- Price
- $8.99
- Value
- $29,748
- Haudrich JohnSVP & Chief Financial OfficerBought
- Date
- 11 May 2026
- Shares
- 2,207
- Price
- $9.07
- Value
- $20,017
- ABRAHAMS DARROW ASVP, GC & Corporate SecretaryBought
- Date
- 11 May 2026
- Shares
- 2,774
- Price
- $9.04
- Value
- $25,077
- BURNS RANDOLPH LSVP, Chief Admin & Sus OfficerBought
- Date
- 8 May 2026
- Shares
- 11,000
- Price
- $9.32
- Value
- $102,520
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 May 2026 | Chapin Samuel R. Director | Bought | 12,000 | $8.51 | $102,120 |
| 14 May 2026 | Restrepo Eduardo SVP, Business Ops Americas | Bought | 3,309 | $8.99 | $29,748 |
| 11 May 2026 | Haudrich John SVP & Chief Financial Officer | Bought | 2,207 | $9.07 | $20,017 |
| 11 May 2026 | ABRAHAMS DARROW A SVP, GC & Corporate Secretary | Bought | 2,774 | $9.04 | $25,077 |
| 8 May 2026 | BURNS RANDOLPH L SVP, Chief Admin & Sus Officer | Bought | 11,000 | $9.32 | $102,520 |
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.
None of the warning signs we check for were found.
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 12 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 9 later 8-Ks.
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
- It carries a lot of debt: 4.0× its equity.
- Sales have barely grown: 1.1% a year.
- It isn't cheap on profits: 32.5× operating profit.
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
Your first deep dive is free.
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.