Smurfit Westrock
SW on NYSE. Smurfit Westrock sells paper-based packaging to businesses worldwide. Market value $22.2bn.
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?
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 $4.56 of spare cash in the past 12 months. A savings account pays about $4.
You pay 24.2 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: not known. Price score: 48 of 100. Our list needs 70 on quality and 60 on price.
$42.41 a share, 30% above its 1-year low
Over the past year the price has ranged from $32.73 to $52.65.
Dividend: 4.0% a year
Paid every year for 2 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $21.1bn | $31.2bn |
| Operating margin | ||
| Operating margin | 4.8% | 5.5% |
| Debt to equity | ||
| Debt to equity | 0.78 | 0.75 |
| Shares outstanding | ||
| Shares outstanding | 0.52bn | 0.52bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.75× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $8 billion last quarter, up 1% on a year ago.
- Profit: $89 million, after a loss of $28 million a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, up from 4 cents a year earlier.
- Spare cash over the past 12 months: $1 billion, up from $85 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $13.5 billion more than cash, down from $13.6 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7.7bn |
| December 2024 | $7.5bn |
| March 2025 | $7.7bn |
| June 2025 | $7.9bn |
| September 2025 | $8.0bn |
| December 2025 | $7.6bn |
| March 2026 | $7.7bn |
| June 2026 | $8.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$150m |
| December 2024 | $146m |
| March 2025 | $384m |
| June 2025 | -$28m |
| September 2025 | $246m |
| December 2025 | $97m |
| March 2026 | $65m |
| June 2026 | $89m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
10 long-term investors we follow own it, unchanged from 10 last quarter. 639 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Causeway Capital ManagementSarah Ketterer | $696m | 7.5% | Cut |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $272m | 0.9% | Cut |
| Sound Shore ManagementHarry Burn | $85m | 2.6% | Added |
| Polaris Capital ManagementBernard Horn | $76m | 7.1% | Added |
| Cullen Capital ManagementJames Cullen | $63m | 0.6% | Added |
| Gotham Asset ManagementJoel Greenblatt | $27m | <0.1% | Cut |
| Cambiar InvestorsBrian Barish | $21m | 0.9% | Added |
| Marathon Asset ManagementNeil Ostrer | $15m | 0.6% | Added |
| Letko BrosseauLetko Brosseau team | $9m | 0.1% | Added |
| Century ManagementArnold Van Den Berg | $7m | 1.5% | Cut |
Largest holders overall
- BlackRock$2.1bn
- Capital Research Global Investors$2.0bnAdded
- Vanguard Capital Management$1.6bn
- State Street$1.3bnAdded
- Nuveen$1.1bn
- Vanguard Portfolio Management$1.1bn
- Capital World Investors$716mAdded
- Causeway Capital Management$696mCut
- Geode Capital Management$670m
- Franklin Resources$622mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Capital Research Global InvestorsPassive investor8.1%+1.2 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.4%Since 30 June 2026
- Norges BankPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital Research Global Investors Passive investor | 8.1%+1.2 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.4% | 30 June 2026 | |
Norges Bank Passive investor | Sold down below 5% | 31 December 2024 | |
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
No insider bought shares on the open market in the last 12 months. 3 sold $3m.
- Bowles KenExecutive VP and Group CFO, DirectorSold
- Date
- 19 February 2026
- Shares
- 10,000
- Price
- $51.26
- Value
- $512,600
- SMURFIT ANTHONY P JPresident and Group CEO, DirectorSold
- Date
- 19 February 2026
- Shares
- 40,000
- Price
- $51.54
- Value
- $2m
- Sellier LaurentSee remarksSold
- Date
- 18 February 2026
- Shares
- 15,562
- Price
- $50.24
- Value
- $781,865
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 February 2026 | Bowles Ken Executive VP and Group CFO, Director | Sold | 10,000 | $51.26 | $512,600 |
| 19 February 2026 | SMURFIT ANTHONY P J President and Group CEO, Director | Sold | 40,000 | $51.54 | $2m |
| 18 February 2026 | Sellier Laurent See remarks | Sold | 15,562 | $50.24 | $781,865 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
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
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.