Quad/Graphics
QUAD on NYSE. Quad sells marketing and printing services to retail, financial and health companies. Market value $172m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.76 of spare cash in the past 12 months. A savings account pays about $4.
You pay 10.2 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 32 of 100. Price score: 92 of 100. Our list needs 70 on quality and 60 on price.
$9.39 a share, 83% above its 1-year low
Over the past year the price has ranged from $5.12 to $11.15.
Dividend: 3.1% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.0bn | $3.2bn | $3.0bn | $2.7bn | $2.4bn |
| Operating margin | |||||
| Operating margin | 3.1% | 1.7% | 0.9% | 0.7% | 4.0% |
| Debt to equity | |||||
| Debt to equity | 5.88 | 3.30 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsShrinking, 3.8% a year
- Buying back its own sharesYes, 6% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $578 million last quarter, up 1% on a year ago.
- Profit: $4 million, after a loss of $100,000 a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
- Spare cash over the past 12 months: $50 million, down from $72 million.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $394 million more than cash, down from $448 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $675m |
| December 2024 | $708m |
| March 2025 | $629m |
| June 2025 | $572m |
| September 2025 | $588m |
| December 2025 | $631m |
| March 2026 | $581m |
| June 2026 | $578m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$25m |
| December 2024 | Not reported |
| March 2025 | $6m |
| June 2025 | -$100,000 |
| September 2025 | $10m |
| December 2025 | Not reported |
| March 2026 | $6m |
| June 2026 | $4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 146 funds in all.
- Heartland AdvisorsBill Nasgovitz
- Value
- $3m
- Share of fund
- 0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Miller Value PartnersBill Miller IV | $21m | 5.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $12m | <0.1% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $9m | <0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $3m | 0.1% |
Largest holders overall
- Miller Value Partners$21mCut
- BlackRock$19mAdded
- LSV Asset Management$12mAdded
- Vanguard Capital Management$11mCut
- Dimensional Fund Advisors LP$10mAdded
- Hotchkis & Wiley$9mAdded
- Geode Capital Management$7mAdded
- Renaissance Technologies$6mCut
- State Street$5m
- Great Valley Advisor Group$5m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Quad/Graphics, Inc. Voting TrustPassive investor24.0%Since 31 December 2024
- Miller Value PartnersPassive investorat least 5.9%(filed with 1 related holder)Since 24 July 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Quad/Graphics, Inc. Voting Trust Passive investor | 24.0% | 31 December 2024 | |
Miller Value Partners Passive investor | at least 5.9% (filed with 1 related holder) | 24 July 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
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 18 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 4 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
- Sales have shrunk: 3.8% a year.
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
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.