Ardagh Metal Packaging S.A.
- Open
- 4.67
- Day high
- 4.69
- Day low
- 4.46
- Prev close
- 4.69
- Volume
- 3.2M
- Mkt cap
- $2.7B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -3.9
- P/S
- 0.5
- Yield
- 8.89%
- Per share
- $0.40
Ardagh Metal Packaging S.A. (AMBP) is a Consumer Cyclical company listed on NYSE. The stock is up 1% over the past year.
Ardagh Metal Packaging S.A. (AMBP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMBP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $0.04 | $0.05 | +25.0% | $1.5B | +10.0% |
| Oct 23, 2025 | $0.07 | $0.08 | +14.3% | $1.4B | +11.0% |
| Jul 24, 2025 | $0.07 | $0.08 | +14.3% | $1.5B | +4.7% |
| Apr 24, 2025 | $0.01 | $0.02 | +100.0% | $1.3B | +8.1% |
| Feb 27, 2025 | $0.02 | $0.03 | +50.0% | $1.2B | +3.0% |
| Oct 24, 2024 | $0.07 | $0.08 | +14.3% | $1.3B | +13.2% |
| Jul 25, 2024 | $0.07 | $0.06 | -14.3% | $1.3B | -4.5% |
| Apr 25, 2024 | $0.00 | $0.01 | +975.3% | $1.1B | -0.7% |
| Feb 22, 2024 | $0.04 | $0.01 | -73.9% | $1.1B | +1.9% |
| Oct 26, 2023 | $0.06 | $0.06 | +0.0% | $1.3B | +14.5% |
| Jul 27, 2023 | $0.06 | $0.04 | -33.3% | $1.3B | +1.1% |
| Apr 27, 2023 | $0.01 | $0.01 | -16.7% | $1.1B | -15.3% |
AMBP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Blunt Abigaildirector | Grant | 6,859 | — |
Source: AMBP SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full AMBP insider & 13F page →Ardagh Metal Packaging S.A. company profile
Overview
Ardagh Metal Packaging S.A. (NYSE:AMBP) is a Luxembourg-based metal packaging company that went public in August 2021. The company is a subsidiary of Ardagh Group S.A. and operates as one of the leading suppliers of metal beverage cans globally. Ardagh Metal Packaging serves beverage producers across Europe, North America, and Brazil, manufacturing aluminum and steel cans for various drink categories including beer, soft drinks, energy drinks, and emerging beverage segments like hard seltzers and ready-to-drink cocktails.
Business
Ardagh Metal Packaging operates in the metal beverage packaging industry, which is a specialized segment of the broader packaging sector. The company's core business involves manufacturing metal beverage cans - primarily aluminum cans with some steel production - that serve as containers for various liquid beverages. The beverage can industry serves as a critical link in the beverage supply chain. When consumers purchase a canned drink, the metal container represents a significant component that beverage producers must source from specialized manufacturers like Ardagh. These cans must meet strict quality standards for food safety, durability during transportation, and consumer appeal through printing and design capabilities. Ardagh operates through two main geographic segments: 1. Americas segment (approximately 60% of revenue): This includes operations in North America and Brazil. The North American market focuses heavily on carbonated soft drinks, beer, and emerging categories like energy drinks and alcoholic ready-to-drink beverages. Brazil represents a high-growth market where aluminum cans are increasingly replacing traditional returnable glass bottles. 2. Europe segment (approximately 40% of revenue): European operations serve a diverse beverage market including beer, soft drinks, energy drinks, and sparkling water. This region has seen significant growth in specialty and premium beverage categories, with aluminum cans gaining market share from glass and plastic packaging due to sustainability concerns and energy cost advantages. The company produces both standard cans and specialty cans, with specialty cans representing approximately 48% of global shipments. Specialty cans include unique sizes, shapes, or designs that command premium pricing compared to standard beverage cans.
Revenue model
Ardagh Metal Packaging generates revenue through direct product sales of metal beverage cans to beverage producers and bottlers. The company operates on a business-to-business model, where large beverage companies like Coca-Cola, PepsiCo, Anheuser-Busch InBev, and regional beverage producers are the primary paying customers. The revenue model is primarily volume-based, where the company earns money per can sold, with pricing typically negotiated through annual or multi-year supply contracts. Specialty cans command higher per-unit pricing compared to standard cans, contributing to margin expansion when this product mix increases. Several factors influence the company's profitability margins: Margin-positive factors include: Growing demand for aluminum cans driven by sustainability trends as consumers and beverage companies shift away from plastic bottles and glass containers. The lightweight nature of aluminum cans reduces transportation costs for beverage companies. Increasing penetration of specialty cans and premium beverage categories that command higher pricing. High utilization rates at manufacturing facilities, which improves fixed cost absorption. Margin-negative factors include: Aluminum commodity price volatility, as aluminum represents a significant input cost that can fluctuate based on global supply and demand dynamics. Energy cost inflation, particularly in Europe where natural gas prices significantly impact manufacturing costs. Competitive pricing pressure from other can manufacturers and alternative packaging solutions. Economic downturns that reduce overall beverage consumption, leading to lower volumes and poor fixed cost absorption. Currency exchange rate fluctuations, given the company's multi-regional operations. The company typically operates with pass-through mechanisms for aluminum costs in many contracts, helping to mitigate some commodity price risk, though timing differences can create short-term margin pressure.
Competitive moat
Ardagh Metal Packaging operates in an industry with moderate competitive moats based primarily on operational scale, customer relationships, and manufacturing expertise, though these advantages are not insurmountable. The company's primary competitive advantages include established customer relationships with major global beverage producers, which tend to be sticky due to the critical nature of packaging in the beverage supply chain. Switching packaging suppliers involves significant operational complexity, quality testing, and supply chain reconfiguration costs for beverage companies. Additionally, Ardagh benefits from manufacturing scale and geographic footprint, operating multiple facilities across key beverage markets, which provides operational flexibility and local service capabilities that smaller competitors cannot match. The company also possesses specialized manufacturing expertise in producing both standard and specialty cans, with capabilities in advanced printing, shaping, and design that serve premium beverage segments. The increasing focus on sustainability provides some tailwind, as aluminum cans have superior recyclability compared to plastic bottles and lower transportation costs than glass. However, the moat strength is limited by several factors. The metal packaging industry is relatively consolidated but still competitive, with other large players like Crown Holdings and Ball Corporation offering similar capabilities and scale. Barriers to entry are meaningful but not prohibitive - new entrants need significant capital investment and customer relationships, but the technology and processes are well-established rather than proprietary. Potential disruption risks include alternative packaging innovations, such as advanced recyclable plastics or new sustainable materials that could challenge aluminum's environmental advantages. Additionally, beverage companies have historically shown willingness to switch packaging suppliers based on cost considerations, limiting customer loyalty. The cyclical nature of beverage demand and economic sensitivity also constrains the defensive characteristics of the business model.
Risks & safety
The company presents moderate financial risk with concerning leverage levels but adequate liquidity management. • Solvency concerns: High debt burden with net leverage around 4.8-5.0x EBITDA, creating financial risk during economic downturns or operational challenges • Cash position: Reasonable liquidity with $177-602 million in cash and short-term investments depending on seasonal working capital needs • Cash flow volatility: Free cash flow ranges from -$349 million to +$339 million quarterly, showing significant working capital swings • Current operations: Negative free cash flow in recent quarter (-$349 million) due to working capital build, but historically generates positive annual free cash flow • Valuation metrics: EV/EBITDA of approximately 8-20x depending on trailing vs. forward metrics, suggesting moderate valuation levels • Profitability: EBITDA margins around 13-14% with modest net income generation, indicating adequate but not exceptional profitability • Balance sheet: Total liabilities exceed total assets, indicating negative book value and high financial leverage • Other considerations: Cyclical industry exposure, commodity price sensitivity, and competitive market dynamics add operational risk layers
Recent development
Over the past few years, Ardagh Metal Packaging has executed several strategic initiatives focused on operational optimization, sustainability leadership, and capacity management. The company has undertaken significant footprint rationalization, including closing underperforming facilities such as steel lines in Weissenthurm, Germany and the Whitehouse, Ohio facility in 2023. This capacity curtailment strategy aims to maintain utilization rates in the low-to-mid 90% range across their network, improving operational efficiency and fixed cost absorption. Sustainability initiatives have become a major strategic focus, with the company committing to 100% renewable energy by 2030. Recent achievements include signing solar power purchase agreements in Germany, virtual power purchase agreements in Portugal, and achieving ISO 14001 environmental certification across all global production facilities. The company has also partnered with suppliers like Novelis for metal decarbonization efforts and achieved Scope 3 emissions reductions ahead of 2030 targets. The company has emphasized specialty can growth, with specialty products now representing 48% of global shipments compared to 45% in 2021. This product mix shift toward higher-margin specialty cans supports pricing power and margin expansion. Additionally, Ardagh has focused on emerging beverage categories including energy drinks, hard seltzers, ready-to-drink cocktails, and sparkling water, which often command premium packaging pricing. Financial management improvements include securing additional liquidity through facilities like a $300 million Apollo term loan and maintaining disciplined capital allocation. The company has also focused on working capital optimization and inventory management to improve cash flow generation, though this remains an area of ongoing attention given the significant quarterly cash flow volatility.
AMBP company profile · for informational purposes only — not investment advice.
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