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SWSmurfit Westrock plc

Materials · Packaging
SW quote by TradingView
Employees
97,000
CEO
Anthony P. J. Smurfit
Next results
around Feb 10, 2027
Compare with Materials peers → Embed
RevenueFY2022–25 $31.2B+47.7% FY2024: $21.1B Net incomeFY2022–25 $699.0M+119.1% FY2024: $319.0M Free cash flowFY2022–25 $1.2B+6958.8% FY2024: $17.0M Operating marginFY2022–25 5.5%+0.7 pts 11.5% in FY2022
From the filings Tickmark
New since last 30 days 0Nothing new New risk paragraphs 5410-K of Feb 27, 2026 Accounting items to check 1 of 8latest 10-K Insider purchases, 90 days 0No open-market purchases in the last 90 days
Get an email when this changes: new risk paragraphs, accounting items, insider purchases, a new 10-K or 10-Q.
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)0.94Sales (ttm)31.3BNet income (ttm)497.0MSales growth+47.7%EPS growth+62.2%Sales Q/Q+1.1%
Free cash flow1.0BGross margin19.4%Oper. margin5.5%Net margin2.2%FCF margin3.2%ROE2.8%
ROA1.1%R&D / sales-Dividend1.72Debt/Eq0.79Curr. ratio1.45Cash677.0M
Op. cash flow (ttm)3.3BEBITDA4.3BEBITDA margin13.7%Net debt13.5BQuick ratio0.95Interest cover2.05
ROIC3.9%Payout ratio129.3%Tax rate27.1%Stock pay / sales0.4%Shares out.524.5MShares Y/Y+35.2%
Book / share34.39Cash / share1.29Sales / share59.72Asset turnover0.69Inventory turns6.81Days sales out.50
Sales 3Y CAGR+32.1%EPS 3Y CAGR-30.5%Employees97,000Sales / employee323K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. Looks wrong? Tell us.

SW in 60 seconds

from the filings, each with its tab

What moved revenue?

+47.7%

year to Dec 31, 2025

“Excluding the impact of this acquisition, net sales increased by $225 million primarily resulting from a $487 million positive impact”

In the MD&A ↗
Why it changed →

What should I check?

Critical audit matters changed New this year: Evaluation of the qualitative goodwill impairment indicator assessment; As described in Note 10 to the consolidated financial statements, the...

54 new risk paragraphs in the 10-K of Feb 27, 2026

What does the price assume?

Needs a share price. Enter a price on the Reverse DCF tab to see what growth it assumes.

Reverse DCF →

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 6959%$17.0M → $1.2B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +47.7%+74.6% → +47.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

SW against Materials peers

All 24 side by side →
GrowthProfitBalanceCleanInsiders
SWPeer median

Each side 0 to 100, ranked against every company we cover. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+47.7%3rd of 24 · median +4.4%
Net margin
2.2%18th of 24 · median 7.4%
Return on equity
2.8%17th of 24 · median 15.4%
Free cash flow margin
3.2%20th of 24 · median 6.5%
Debt / equity (less is better)
0.7915th of 24 · median 0.71
SW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SW Smurfit Westrock$31.3B +47.7%19.4%2.2%2.8%3.2%0.79
NUE Nucor$36.1B +5.7%-5.4%13.0%4.4%0.29
LIN Linde plc$35.4B +3.0%-20.3%18.5%14.0%0.71
LYB LyondellBasell$31.2B -9.7%--2.4%-3.2%5.1%1.07
NEM Newmont$26.6B +21.3%-31.3%25.9%37.9%0.14
FCX Freeport-McMoRan$25.3B +0.1%-16.5%24.3%5.6%0.47

From $13.5B of sales to $1.0B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $3.3BRevenue to Cost of revenue: $10.2BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $524.0M Revenue: $13.5B Revenue$13.5B Gross profit: $3.3B · 24% margin Gross profit$3.3B24% margin Cost of revenue: $10.2B · 76% of revenue Cost of revenue$10.2B76% of revenue Operating profit: $1.6B · 12% margin Operating profit$1.6B12% margin Operating expenses: $1.7B · 13% of revenue Operating expenses$1.7B13% of revenue Net profit: $1.0B · 8% margin Net profit$1.0B8% margin Tax & other: $524.0M · 4% of revenue Tax & other$524.0M4% of revenue

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From $12.1B of sales to $825.0M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $3.1BRevenue to Cost of revenue: $9.0BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $825.0MOperating profit to Tax & other: $547.0M Revenue: $12.1B Revenue$12.1B −10% Y/Y Gross profit: $3.1B · 25% margin Gross profit$3.1B25% margin −7% Y/Y Cost of revenue: $9.0B · 75% of revenue Cost of revenue$9.0B75% of revenue Operating profit: $1.4B · 11% margin Operating profit$1.4B11% margin −12% Y/Y Operating expenses: $1.7B · 14% of revenue Operating expenses$1.7B14% of revenue Net profit: $825.0M · 7% margin Net profit$825.0M7% margin −20% Y/Y Tax & other: $547.0M · 5% of revenue Tax & other$547.0M5% of revenue

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From $21.1B of sales to $319.0M of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $4.2BRevenue to Cost of revenue: $16.9BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $319.0MOperating profit to Tax & other: $688.0M Revenue: $21.1B Revenue$21.1B +75% Y/Y Gross profit: $4.2B · 20% margin Gross profit$4.2B20% margin +37% Y/Y Cost of revenue: $16.9B · 80% of revenue Cost of revenue$16.9B80% of revenue Operating profit: $1.0B · 5% margin Operating profit$1.0B5% margin −27% Y/Y Operating expenses: $3.2B · 15% of revenue Operating expenses$3.2B15% of revenue Net profit: $319.0M · 2% margin Net profit$319.0M2% margin −61% Y/Y Tax & other: $688.0M · 3% of revenue Tax & other$688.0M3% of revenue

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From $31.2B of sales to $699.0M of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $6.0BRevenue to Cost of revenue: $25.1BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $699.0MOperating profit to Tax & other: $1.0B Revenue: $31.2B Revenue$31.2B +48% Y/Y Gross profit: $6.0B · 19% margin Gross profit$6.0B19% margin +44% Y/Y Cost of revenue: $25.1B · 81% of revenue Cost of revenue$25.1B81% of revenue Operating profit: $1.7B · 6% margin Operating profit$1.7B6% margin +71% Y/Y Operating expenses: $4.3B · 14% of revenue Operating expenses$4.3B14% of revenue Net profit: $699.0M · 2% margin Net profit$699.0M2% margin +119% Y/Y Tax & other: $1.0B · 3% of revenue Tax & other$1.0B3% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median2.2% vs 7.4%
  • !
    Gross margin down over 3 years24.2% → 19.4%
  • !
    Return on equity below 15%2.8%
  • ✓
    A profit in every one of 4 years
Net margin, FY2022 to FY2025: 7.7% → 2.2%

Balance sheet

2 of 4
  • !
    Interest covered less than 5 timesOperating income is 2.0× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.79 on the latest balance sheet (peer median 0.71)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.45
  • !
    Net debt over 3 years of free cash flow$13.5B net debt, 13.3 years
Debt / equity at each year end, FY2022 to FY2025: 0.61 → 0.74
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 4 years$1.2B last year
  • !
    Share count up over 3 years+101.5%
  • ✓
    Dividend per share up over 3 years$1.35 → $1.72
  • ✓
    Cash from operations above net income$3.4B vs $699.0M
Free cash flow, FY2022 to FY2025: 503.0M → 1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of 2026-06-30 · schedule of 2025-12-31
Debt: $14.2B Debt$14.2B Long-term debt: $13.2B · 93% Long-term debt$13.2B · 93% Short-term debt: $931.0M · 7% Short-term debt$931.0M · 7% Next 12 months: $312.0M · 2% Next 12 months$312.0M · 2% Year 2: $583.0M · 4% Year 2$583.0M · 4% Year 3: $1.1B · 8% Year 3$1.1B · 8% Year 4: $2.3B · 16% Year 4$2.3B · 16% Year 5: $1.1B · 8% Year 5$1.1B · 8%

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

What's new, in their words

10-K filed Feb 27, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-03-07. Quoted as filed.

  1. Form 10-K. The Company may not be able to accurately predict, control or mitigate these risks. Statements in this section are based on the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future and are not
    Read in the 10-K ↗
  2. We closed the Combination between Smurfit Kappa and WestRock on July 5, 2024. Following the Combination, we targeted annual
    Read in the 10-K ↗
  3. For instance, we have already incurred significant costs and expect to incur additional costs in connection with integrating the
    Read in the 10-K ↗
All 54 new paragraphs →

Accounting checks

latest 10-K

7 of 8 clear 1 worth a look. Checks, not verdicts.

  • !
    Critical audit matters changedNew this year: Evaluation of the qualitative goodwill impairment indicator assessment; As described in Note 10 to the consolidated financial statements, the Company’s goodwill balance as of December 31, 2025 was; We identified the selection and evaluation of qualitative goodwill impairment indicators, or qualitative factors, for the (i) North. No longer listed: Statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or; Evaluation of the fair value of acquired plant and machinery assets; As described in Note 2 to the Consolidated Financial Statements, the Company completed the acquisition of WestRock Company on
  • ✓
    Receivables +3.7% vs revenue +47.7% (-44.0 pts)
  • ✓
    Cash from operations $3.4B vs net income $699.0M (FY ending 2025-12-31)
  • ✓
    Inventory +4.0% vs revenue +47.7% (-43.7 pts)
  • ✓
    Same auditor in both 10-Ks: KPMG
  • ✓
    No statement of substantial doubt about going concern
  • ✓
    No 8-K item 4.02 in the last 2 years
  • ✓
    No NT 10-K or NT 10-Q in the last 2 years
How each check works, with sources →

Revenue and net income, FY2022 to FY2025

Revenue 31.2B Net income 699.0M
FY2022 revenue 13.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0002005951-25-000005 FY2022 net income 1.0B · NetIncomeLoss, 0002005951-25-000005 13.5B FY2022 FY2023 revenue 12.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-012555 FY2023 net income 825.0M · NetIncomeLoss, 0001628280-26-012555 12.1B FY2023 FY2024 revenue 21.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-012555 FY2024 net income 319.0M · NetIncomeLoss, 0001628280-26-012555 21.1B FY2024 FY2025 revenue 31.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-012555 FY2025 net income 699.0M · NetIncomeLoss, 0001628280-26-012555 31.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

About Smurfit Westrock

10-K, Feb 27, 2026

Smurfit Westrock was created in July 2024 as a strategic combination between Smurfit Kappa Group plc (re-registered as Smurfit Kappa Group Limited) (“Smurfit Kappa”), one of the leading integrated corrugated packaging manufacturers in Europe, with a large- scale pan-regional presence in Latin America, and WestRock Company (“WestRock”), one of the leaders in North America in corrugated and consumer packaging solutions and a multinational provider of sustainable fiber-based paper and packaging solutions.

Reports in
USD
Fiscal year ends
December 31
Last results
Jul 29, 2026

Employees, at the top of the page: "As of December 31, 2025, we employed approximately 97,000 people across the 40 countries in which we operate, of which approximately 50,000 were in the North America segment, approximately 36,500 in our Europe, MEA and APAC segment, and approximately 10,500 in the LATAM segment" (10-K). Address and exchange: SEC's company file.

Permanent link, kept if the ticker changes: /c/sec:0002005951 (SEC's CIK).

In the last 30 days

Nothing new. The most recent filings:

Timeline

1 yr2 yr3 yr
Annual report (10-K)Quarterly report (10-Q)Current report (8-K)Auditor changeCEO, CFO, COO or CAO changeRestatementLate filing noticeInsider purchaseCluster buy (3+ insiders)SEC comment letter
All 24 events

From the SEC filing index. Insider purchases go back 180 days (the Form 4s downloaded).

Work on SW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://157.180.33.72.sslip.io/company/SW/export.csv") into a cell.