Graphic Packaging Holding Company
- Open
- 10.12
- Day high
- 10.26
- Day low
- 9.98
- Prev close
- 10.13
- Volume
- 3.2M
- Mkt cap
- $3.0B
- P/E (TTM)
- 10.9
- EPS (TTM)
- $0.93
- P/B
- 0.9
- P/S
- 0.3
- Yield
- 4.33%
- Per share
- $0.44
- ▲Insiders net buying $354K over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Graphic Packaging Holding Company (GPK) is a Consumer Cyclical company listed on NYSE. The stock is down 55% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Graphic Packaging Holding Company (GPK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GPK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.06 | $0.09 | +50.0% | $2.2B | +5.1% |
| Feb 3, 2026 | $0.34 | $0.29 | -14.7% | $2.1B | +0.5% |
| Nov 4, 2025 | $0.54 | $0.58 | +7.4% | $2.2B | +6.9% |
| Jul 29, 2025 | $0.40 | $0.42 | +5.0% | $2.2B | +1.4% |
| May 1, 2025 | $0.56 | $0.51 | -8.9% | $2.1B | -2.5% |
| Feb 4, 2025 | $0.63 | $0.59 | -6.3% | $2.1B | -3.5% |
| Apr 30, 2024 | $0.63 | $0.66 | +4.8% | $2.3B | -5.1% |
| Feb 20, 2024 | $0.70 | $0.75 | +7.1% | $2.2B | -6.4% |
| Oct 31, 2023 | $0.72 | $0.74 | +2.8% | $2.3B | -5.2% |
| Aug 1, 2023 | $0.75 | $0.66 | -12.0% | $2.4B | -3.9% |
| May 2, 2023 | $0.63 | $0.77 | +22.2% | $2.4B | +1.4% |
| Feb 7, 2023 | $0.58 | $0.59 | +1.7% | $2.4B | +2.6% |
GPK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Fishbein Daniel S.officer: EVP, Gen Counsel & Secretary | Grant | 40,214 | — |
| Jul 2, 2026 | Fishbein Daniel S.officer: EVP, Gen Counsel & Secretary | Grant | 188,502 | — |
| May 21, 2026 | Venturelli Larry Mdirector | Grant | 16,261 | — |
| May 21, 2026 | Callahan Andrew Pdirector | Grant | 16,261 | — |
| May 21, 2026 | Stafeil Jeffreydirector | Buy | 16,261 | — |
| May 21, 2026 | MARTENS PHILIP Rdirector | Grant | 16,261 | — |
| May 21, 2026 | BRLAS LAURIEdirector | Grant | 16,261 | — |
| May 21, 2026 | Maselli Alessandrodirector | Grant | 16,261 | — |
| May 11, 2026 | Stafeil Jeffreydirector | Buy | 17,878 | $11.19 |
| May 11, 2026 | HAGEMANN ROBERTdirector | Buy | 14,000 | $11.00 |
| Apr 2, 2026 | Fallan Scottofficer: SVP & President, International | Tax | 592 | $9.59 |
| Apr 2, 2026 | Fallan Scottofficer: SVP & President, International | Option | 1,258 | — |
| Mar 5, 2026 | Venturelli Larry Mdirector | Buy | 600 | $11.36 |
| Mar 5, 2026 | Venturelli Larry Mdirector | Buy | 3,896 | $11.36 |
| Mar 5, 2026 | Venturelli Larry Mdirector | Buy | 2,100 | $11.36 |
Source: GPK SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full GPK insider & 13F page →Graphic Packaging Holding Company company profile
Overview
Graphic Packaging Holding Company (NYSE:GPK) is a leading North American manufacturer of fiber-based packaging solutions, founded in 1992 and headquartered in Atlanta, Georgia. The company has evolved from a traditional paperboard producer into a comprehensive packaging solutions provider, serving food, beverage, foodservice, and consumer products companies across the Americas and Europe. Through strategic acquisitions and investments, including the 2022 acquisition of AR Packaging in Europe, GPK has expanded its addressable market from $5 billion to $12.5 billion and positioned itself as a key player in the growing sustainable packaging market.
Business
Graphic Packaging operates in the fiber-based packaging industry, which involves converting recycled paper and virgin wood fibers into paperboard and then manufacturing that paperboard into various packaging products. The company serves as both a raw material supplier and a finished goods manufacturer in the packaging value chain. The business operates through three main segments. The Paperboard Mills segment produces the raw materials - coated unbleached kraft (CUK), coated recycled paperboard (CRB), and solid bleached sulfate paperboard (SBS) - which are sold to third-party converters and used internally. The Americas Paperboard Packaging segment (representing the majority of revenue) converts paperboard into finished packaging products like folding cartons, cups, lids, and food containers. The Europe Paperboard Packaging segment provides similar conversion services in European markets. GPK's core products include folding cartons (the boxes that hold cereal, frozen foods, and other consumer goods), cups and containers (for beverages and food service), and barrier packaging that protects products from moisture, temperature, grease, and other environmental factors. The company also designs and manufactures specialized packaging machines that are installed at customer facilities. The company's customer base spans multiple end markets: food packaging (38% of packaging sales), beverage packaging (25%), foodservice packaging (21%), household products (12%), and health and beauty (small segment). This diversification helps stabilize demand across different consumer spending patterns and seasonal variations.
Revenue model
Graphic Packaging generates revenue through multiple streams within its integrated business model. The company sells paperboard as a commodity to third-party converters and brokers, earning margins on the conversion of recycled fiber and virgin wood into paperboard substrates. More significantly, it operates as a contract manufacturer for branded consumer goods companies, converting paperboard into custom-designed packaging solutions under long-term supply agreements. The company's customers are primarily consumer packaged goods companies, quick-service restaurants, and foodservice distributors who need packaging for their products. Revenue is generated through product sales based on volume and negotiated pricing mechanisms that vary by customer and market segment. Some contracts include cost-plus arrangements, while others use index-based pricing tied to commodity costs. Several factors influence GPK's profitability margins. Input cost inflation in recycled fiber, energy, chemicals, and transportation can compress margins if not offset by pricing increases. Volume fluctuations significantly impact fixed cost absorption across the company's capital-intensive mill and converting operations. Product mix affects margins, with higher-value innovative packaging solutions and cups/containers typically generating better margins than commodity folding cartons. Integration rates - the percentage of internally-produced paperboard used in packaging operations - help insulate the company from paperboard price volatility. Capacity utilization across the mill system drives operational efficiency, while competitive dynamics in regional markets influence pricing power. The company's ability to pass through cost increases to customers depends on contract terms and market conditions, creating timing mismatches between cost inflation and price recovery.
Competitive moat
Graphic Packaging's competitive position is built on several defensive characteristics, though the moat is moderate rather than insurmountable. The company benefits from high switching costs for customers, as packaging changes require extensive testing, regulatory approvals, and supply chain coordination that can take 12-18 months. Geographic proximity to customers provides advantages in a business where transportation costs are significant relative to product value, and the company's network of mills and converting facilities creates regional competitive advantages. The company's integrated business model - controlling both paperboard production and conversion - provides cost advantages and supply chain reliability that pure converters cannot match. With a 74% integration rate, GPK can optimize substrate allocation and reduce exposure to paperboard price volatility. The company's scale advantages in procurement, R&D, and customer service create barriers for smaller competitors. However, the moat faces several challenges. The packaging industry is highly competitive with numerous regional players and some large national competitors. Import competition, particularly from lower-cost international producers, poses ongoing pressure, though it currently represents a small percentage of the market. The company's products are largely commoditized outside of innovative solutions, limiting pricing power. Substitute materials including plastic, metal, and alternative fiber solutions provide customers with options, though the sustainability trend currently favors fiber-based packaging. Customer concentration in certain segments creates negotiating leverage for large buyers, while the capital-intensive nature of the business creates high fixed costs that pressure margins during volume downturns.
Risks & safety
GPK presents a moderate margin of safety profile with some financial stress indicators requiring attention. • Liquidity concerns: Cash position of $129 million is relatively low, with negative free cash flow of -$487 million in Q1 2025 due to high capital expenditures for the Waco facility investment • High leverage: Debt-to-equity ratio of 1.81x indicates significant financial leverage, though management targets reducing net leverage below 3.5x by year-end • Valuation metrics: Trading at 15.4x P/E and 9.5x EV/EBITDA, which appears reasonable but not deeply discounted • Operational cash flow volatility: Swings from $489 million positive in Q4 2024 to -$174 million negative in Q1 2025 show working capital intensity • Capital intensity: Major ongoing investment in Waco facility requires substantial cash outflows through 2025 • Cyclical business: Packaging demand tied to consumer spending and economic cycles creates earnings volatility
Recent development
Over the past few years, GPK has undergone significant strategic transformation focused on portfolio optimization and sustainable packaging innovation. The company completed the divestiture of its Augusta, Georgia bleached paperboard facility in 2024, allowing management to focus resources on higher-margin consumer packaging applications rather than commodity paperboard sales. The centerpiece of GPK's capital allocation strategy is the $1 billion Waco, Texas recycled paperboard facility, scheduled to start up in Q4 2025. This investment will add 400,000 tons of annual CRB capacity while enabling the closure of older, less efficient facilities like the Middletown, Ohio plant. The Waco project is expected to generate $160 million in incremental annual EBITDA at full run rate while reducing greenhouse gas emissions and improving fiber recycling capabilities. Innovation sales have become a key growth driver, with the company targeting $200 million annually in revenue from new product developments. Key innovations include plastic substitution solutions like the Nissin Cup Noodles fiber-based microwavable cup, Chick-fil-A's Cold&Go cups, and McDonald's McFlurry packaging. The company has also developed PaceSetter Rainier, a high-quality recycled paperboard that enables premium applications previously limited to virgin fiber substrates. The 2022 acquisition of AR Packaging in Europe expanded GPK's geographic footprint and addressable market significantly. The company has also invested in automation and efficiency improvements across its converting network, including new equipment installations and facility upgrades. Management has implemented new pricing mechanisms with customers, transitioning away from volatile third-party price indices toward more stable cost-plus and annual negotiation models.
GPK company profile · for informational purposes only — not investment advice.
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