O-I Glass, Inc.
- Open
- 7.09
- Day high
- 7.30
- Day low
- 6.95
- Prev close
- 7.02
- Volume
- 2.8M
- Mkt cap
- $1.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.8
- P/S
- 0.2
- Yield
- —
- Per share
- —
O-I Glass, Inc. (OI) is a Consumer Cyclical company listed on NYSE. The stock is down 42% over the past year. Drillr has 1 published research article covering OI.
O-I Glass, Inc. (OI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.24 | $0.09 | -62.7% | $1.7B | -0.7% |
| Apr 29, 2026 | $0.09 | $0.05 | -44.4% | $1.5B | +4.8% |
| Nov 4, 2025 | $0.44 | $0.48 | +9.1% | $1.7B | +7.8% |
| Jul 29, 2025 | $0.41 | $0.53 | +29.3% | $1.7B | +2.3% |
| Feb 4, 2025 | $-0.07 | $-0.05 | +28.6% | $1.5B | -4.3% |
| Apr 30, 2024 | $0.39 | $0.45 | +15.4% | $1.6B | -6.2% |
| Oct 31, 2023 | $0.69 | $0.80 | +15.9% | $1.7B | -1.4% |
| Jan 31, 2023 | $0.32 | $0.38 | +18.8% | $1.7B | +6.4% |
| Nov 1, 2022 | $0.62 | $0.63 | +1.6% | $1.7B | +1.3% |
| Aug 2, 2022 | $0.67 | $0.73 | +9.0% | $1.8B | +1.9% |
| Feb 1, 2022 | $0.33 | $0.36 | +9.1% | $1.6B | +4.6% |
| Feb 9, 2021 | $0.34 | $0.40 | +17.6% | $1.5B | +21.5% |
OI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Garza y Garza Eugeniodirector | Grant | 3,180 | — |
| May 19, 2026 | Chapin Samuel R.director | Buy | 12,000 | $8.51 |
| May 15, 2026 | Williams Carol Adirector | Grant | 18,038 | — |
| May 15, 2026 | PHYFER CHERI Mdirector | Grant | 18,038 | — |
| May 15, 2026 | Slater Catherine Idirector | Grant | 18,038 | — |
| May 15, 2026 | NAIR HARI Ndirector | Grant | 18,038 | — |
| May 15, 2026 | Humphrey Johndirector | Grant | 18,038 | — |
| May 15, 2026 | Garza y Garza Eugeniodirector | Grant | 18,038 | — |
| May 15, 2026 | Chapin Samuel R.director | Grant | 18,038 | — |
| May 15, 2026 | Garza y Garza Eugeniodirector | Tax | 3,514 | $8.78 |
| May 15, 2026 | Mackay Iain Jamesdirector | Grant | 18,038 | — |
| May 15, 2026 | Restrepo Eduardoofficer: SVP, Business Ops Americas | Buy | 3,309 | $8.98 |
| May 15, 2026 | Clark David V IIdirector | Grant | 18,038 | — |
| May 12, 2026 | BURNS RANDOLPH Lofficer: SVP, Chief Admin & Sus Officer | Buy | 11,000 | $9.32 |
| May 12, 2026 | Haudrich Johnofficer: SVP & Chief Financial Officer | Buy | 2,207 | $9.07 |
Source: OI SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full OI insider & 13F page →OI research & analysis
O-I Glass, Inc. company profile
Overview
O-I Glass, Inc. (NYSE:OI) is the world's largest manufacturer of glass containers, founded in 1903 and headquartered in Perrysburg, Ohio. The company went public in 1991 and has evolved from its origins as Owens-Illinois to become a global leader in glass packaging. O-I operates manufacturing facilities across the Americas, Europe, and Asia Pacific, serving major food and beverage brands with glass bottles and jars. The company has faced significant operational and financial challenges in recent years, including declining demand, pricing pressures, and high debt levels, leading management to launch a comprehensive restructuring program called "Fit to Win" to improve competitiveness and financial performance.
Business
O-I Glass operates in the rigid packaging industry, specifically manufacturing glass containers for the food and beverage sector. Glass packaging serves as a protective barrier that preserves product quality, extends shelf life, and provides premium brand positioning for consumer goods. Unlike flexible packaging materials like plastic films or paper, rigid packaging maintains its shape and provides superior product protection. The company's core products include glass bottles and jars in various sizes, shapes, and colors. These containers serve multiple beverage categories including alcoholic beverages (beer, wine, spirits, and flavored malt beverages) which represent approximately 62% of the portfolio, and non-alcoholic beverages and food products (soft drinks, juices, tea, food items, and pharmaceuticals) comprising the remaining 38%. Glass containers offer several advantages over alternative packaging materials: they are chemically inert (won't affect taste), infinitely recyclable, provide premium brand perception, and offer excellent barrier properties against oxygen and moisture. O-I operates through two primary geographic segments. The Americas segment includes operations in North America and South America, generating segment operating profits of approximately $96 million in Q4 2024. The Europe segment covers European markets and generated $40 million in segment operating profit in the same period. The company sells its products directly to major food and beverage manufacturers under annual or multi-year supply agreements, as well as through distributors to smaller customers.
Revenue model
O-I Glass generates revenue primarily through direct product sales of glass containers to food and beverage manufacturers. The company operates under long-term supply agreements with major customers, typically spanning multiple years, which provides revenue stability but also creates pricing pressures during contract renewals. Customers include major global brands in beer, wine, spirits, soft drinks, and food products who purchase glass containers as a critical component of their product packaging. The business model faces several margin pressures and opportunities. Input cost volatility significantly impacts profitability, particularly energy costs (natural gas and electricity for furnace operations), raw materials (silica sand, soda ash, limestone), and labor expenses. Energy represents a substantial portion of manufacturing costs, with the company working to increase renewable energy usage to 27% of total consumption. Pricing dynamics create ongoing challenges, as customers continuously pressure for lower prices while O-I seeks to pass through cost increases, resulting in frequent "net price" headwinds mentioned in earnings calls. Volume fluctuations dramatically affect margins due to the high fixed-cost nature of glass manufacturing. Glass furnaces must operate continuously, making capacity utilization critical for profitability. The company has implemented significant capacity curtailments (15-21% in recent quarters) to better match supply with demand. Substrate competition from aluminum cans and plastic bottles creates ongoing competitive pressure, with management targeting glass pricing within 15% of can pricing to remain competitive. Premium market positioning offers margin expansion opportunities, as the company focuses on higher-value premium and super-premium segments where glass packaging commands price premiums due to perceived quality and sustainability benefits.
Competitive moat
O-I Glass possesses a moderate but eroding competitive moat based primarily on scale advantages and customer relationships, though this moat faces significant challenges. The company's position as the world's largest glass container manufacturer provides certain economies of scale in raw material procurement, manufacturing efficiency, and global customer service capabilities. Long-term supply agreements with major beverage and food companies create switching costs and relationship stickiness, as customers prefer reliable suppliers who can meet quality standards and delivery requirements across multiple geographic markets. However, the moat is under pressure from several directions. Substrate substitution represents the most significant threat, as aluminum cans and plastic bottles offer cost advantages, lighter weight for transportation, and manufacturing flexibility that glass cannot match. The company acknowledges this competitive reality by targeting cost parity within 15% of alternative packaging. High capital intensity and energy costs create structural disadvantages compared to lighter packaging alternatives, while customer concentration gives large beverage companies significant negotiating power to demand price concessions. The industry structure also limits moat strength. Glass manufacturing requires substantial capital investment and technical expertise, creating barriers to entry for new competitors. However, existing regional players can compete effectively in local markets, and the mature nature of glass packaging technology means that competitive advantages from innovation are limited. O-I's MAGMA and ULTRA technologies represent attempts to strengthen the moat through improved manufacturing efficiency and lighter-weight products, but these innovations have yet to prove transformative. The company's extensive global manufacturing network provides some defensive value, but high fixed costs and capacity utilization pressures limit pricing power and profitability during demand downturns.
Risks & safety
O-I Glass presents significant financial risk with limited margin of safety due to high leverage, operational challenges, and cyclical earnings volatility. • Debt and Solvency Risk: Debt-to-equity ratio of 4.5x indicates extremely high leverage. Total liabilities of $7.5 billion against total assets of $8.7 billion leaves minimal equity cushion. However, cash position of $424 million provides near-term liquidity. • Cash Flow Concerns: Q1 2025 operating cash flow was negative $171 million, indicating operational stress. Free cash flow has been volatile, ranging from negative $385 million in 2022 to positive $210 million in Q4 2024. • Valuation Metrics: EV/EBITDA of 7.3x appears reasonable but earnings quality is poor with negative net income in recent quarters. Price-to-book ratio of 1.6x suggests limited asset value protection given high debt levels. • Other Considerations: Current ratio of 1.24x provides minimal working capital cushion. The company's "Fit to Win" restructuring program targets $650 million in cumulative savings by 2027, but execution risk remains high. Cyclical industry dynamics and substrate competition create ongoing earnings pressure.
Recent development
O-I Glass has undergone significant strategic transformation over the past few years, centered around the comprehensive "Fit to Win" program launched to address competitive and financial challenges. This multi-phase restructuring initiative targets $650 million in cumulative savings by 2027, with $250 million expected in 2025 alone. Phase A focused on organizational restructuring, reducing SG&A expenses from 9% to 8% of sales in 2024 with a target of 7-7.5% in 2025. The company has closed approximately 7% of total capacity, shutting down unprofitable furnaces and consolidating operations. Phase B emphasizes supply chain optimization and operational excellence through the Total Organization Effectiveness (TOE) program, beginning with the Toano, Virginia plant as a pilot location. The company has also implemented significant capacity curtailments, running 15-21% below normal levels to better match supply with demand and improve utilization rates. Technology advancement represents another key strategic pillar. The MAGMA manufacturing technology, designed to improve production efficiency and reduce costs, has progressed with a second-generation facility launching in Bowling Green, Kentucky, though the company has paused development of generation three to focus on monetizing existing investments. The ULTRA light-weighting technology promises 30% weight reduction in glass containers, potentially improving competitiveness against alternative packaging materials. Portfolio optimization has shifted focus toward premium and super-premium market segments where glass packaging commands higher margins. Currently, 80% of the portfolio serves mid-premium or below segments, presenting significant opportunity for value enhancement. The company has also emphasized geographic markets showing growth, particularly Mexico and Brazil in the Americas region, while restructuring European operations to focus on higher-value wine and spirits categories rather than mainstream beer markets.
OI company profile · for informational purposes only — not investment advice.
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