Winpak Ltd WPK

MaterialsContainers & PackagingCanada

Last close 44.11 CAD on Nov 1, 2026, −0.7% year to date

Quant rating

Quant rating B Rank 34 of 154 in Materials

Growth C 65 of 154
Valuation C 75 of 154
Quality A 19 of 154
Revisions B 55 of 154
Momentum B 45 of 154

Wall Street consensus Hold (3.00)Average target 49.67 CAD +12.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.6B
Enterprise value: 2.1B
52-week range: 38.95 – 52.24
3-year range: 35.58 – 52.24
Dividend yield: 0.45%
Beta (5 years): 0.19
Shares outstanding: 58.7M
Next earnings: Feb 22, 2027

About the company

Winpak Ltd. is a Canada-based manufacturer and distributes packaging materials and packaging machines. The Company's products are primarily used for the protection of perishable foods, beverages, pharmaceuticals, medical and personal care. The Company’s segments include flexible packaging, rigid packaging and flexible lidding and packaging machinery. The flexible packaging segment includes modified atmosphere packaging, specialty films and biaxially oriented nylon product groups. The rigid packaging and flexible lidding segment includes the rigid containers, lidding and specialized printed packaging product groups. Its rigid containers include portion control and single-serve containers, as well as plastic sheet, custom and retort trays. The Packaging machinery segment includes a full line of horizontal fill/seal machines for preformed containers and vertical form/fill/seal pouch machines for pumpable liquid and semi-liquid products and certain dry products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,539	1,629	1,512	1,606	1,284	–
Revenue growth	−5.6%	7.8%	−5.9%	25.1%	17.0%	7.0%
EPS (basic, normalized)	3.08	3.39	3.10	2.69	2.02	–
EPS growth	−9.2%	9.6%	15.2%	33.0%	–	–
Gross margin	30.4%	32.0%	29.3%	28.1%	27.4%	29.4%
Net margin	12.2%	13.2%	13.0%	10.9%	10.4%	11.9%
ROE	10.8%	11.5%	11.6%	11.2%	9.4%	10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	518
Current ratio	8.71x
Long-term debt (mil)	0
Net debt (mil)	−467
Total equity (mil)	1,950
Net debt / equity	−0.24x
Net debt / EBITDA	−1.47x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,539	−5.6%	1.4x	317	−5.8%	6.7x	3.08	−9.2%	14.3x
2026	1,688	+9.7%	1.3x	334	+5.3%	6.4x	3.35	+8.7%	13.2x
2027	1,763	+4.4%	1.2x	353	+5.7%	6.0x	3.62	+8.2%	12.2x
2028	1,851	+5.0%	1.1x	376	+6.5%	5.7x	3.88	+7.1%	11.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,688	−1.3%	−1.3%	−2.7%	3.35	−0.6%	−0.6%	+1.7%
2027	1,763	+0.8%	+0.8%	+1.8%	3.62	+1.3%	+1.3%	+2.1%
2028	1,851	–	–	–	3.88	−0.7%	−0.7%	−5.5%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	277	283	285	285	285	273	283	285	280	294
Sales mean (mil)	290	294	282	291	289	294	292	292	289	298
Surprise	−4.6%	−3.5%	+1.1%	−2.2%	−1.4%	−7.3%	−3.0%	−2.4%	−3.2%	−1.1%
EPS reported	0.55	0.61	0.61	0.58	0.56	0.49	0.60	0.60	0.53	0.57
EPS mean	0.57	0.62	0.62	0.65	0.60	0.63	0.61	0.63	0.59	0.55
Surprise	−3.5%	−2.4%	−1.6%	−10.8%	−6.1%	−22.2%	−1.1%	−4.3%	−10.7%	+3.6%

Peer comparison Containers & Packaging

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WPK Winpak Ltd	2.6B	−1.47x	12.2%	1.34x	13.2x	12.2x	6.4x	6.0x
SW Smurfit WestRock PLC	31.6B	2.70x	2.2%	1.26x	21.2x	13.2x	7.5x	6.2x
PKG Packaging Corp of America	32.0B	1.82x	8.6%	4.91x	24.3x	18.4x	12.4x	10.3x
AMCRY Amcor PLC	30.6B	–	–	–	–	–	–	–
IP International Paper Co	26.9B	2.98x	−12.0%	1.47x	31.4x	13.1x	8.5x	6.2x
BALL Ball Corp	24.6B	3.16x	6.9%	3.06x	16.5x	14.7x	11.2x	10.6x
Mean		1.84x	3.6%	2.41x	21.3x	14.3x	9.2x	7.9x
Median		2.70x	6.9%	1.47x	21.2x	13.2x	8.5x	6.2x

Technical analysis

1M+0.8%
3M−4.9%
1Y+0.1%
3Y+35.0%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Winpak Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,539	1,629	1,512	1,606	1,284	1,097
Cost of revenue	1,071	1,108	1,069	1,155	932	758
Gross profit	468	521	443	451	352	339
Selling, general & administrative expenses	198	212	178	187	148	129
Research & development	30.4	31.1	27.0	24.8	22.8	21.2
Interest expense (income), operating	0.7	6.7	−2.0	5.0	1.6	0.1
Unusual expense (income)	0	1.4	–	–	–	–
Other operating expenses	−2.6	0	0	0	−3.2	0
Operating income	242	269	240	234	182	189
Net interest income (expense)	19.3	38.1	30.9	7.4	0.4	3.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−4.3	−5.0	−6.0	−5.0	−1.4	−1.9
Net income before taxes	257	302	265	237	181	190
Provision for taxes	69.0	84.8	69.1	62.4	45.2	49.9
Minority interest	0.2	−2.3	0.7	0.2	−3.3	−3.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	188	215	196	175	133	137
Extraordinary items	–	–	–	–	–	–
Net income	188	215	196	175	133	137
EBIT, normalized	242	277	238	239	184	189
EBITDA, normalized	320	359	305	308	246	250
Basic EPS, normalized	3.08	3.39	3.10	2.69	2.02	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Winpak Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	514	716	718	542	484	637
Receivables	309	330	281	282	240	188
Total inventory	345	361	291	392	240	175
Prepaid expenses	11.9	9.7	11.8	7.6	8.6	4.0
Other current assets	1.0	0	2.0	0	0	1.5
Total current assets	1,180	1,417	1,303	1,224	972	1,005
Property, plant & equipment	899	897	720	705	660	653
Goodwill	23.8	25.1	24.4	25.1	23.6	23.7
Intangibles	16.2	17.7	17.7	20.0	20.5	22.5
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	17.2	16.4	16.2	14.7	17.4	10.4
Total assets	2,137	2,373	2,081	1,989	1,693	1,715
Liabilities
Accounts payable	87.5	92.3	64.8	88.8	81.7	47.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	94.3	268	50.9	48.6	34.1	34.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.5	2.8	2.7	1.8	1.7	1.6
Other current liabilities	0.8	18.4	6.1	30.4	6.8	4.4
Total current liabilities	186	382	124	170	124	87.5
Long-term debt	18.7	23.0	15.7	15.2	15.6	16.7
Minority interest	47.9	50.7	44.5	49.0	46.3	43.2
Other liabilities	124	119	109	119	124	109
Total liabilities	376	574	293	353	310	256
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	36.0	40.0	38.7	39.7	37.4	37.6
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,724	1,764	1,748	1,597	1,346	1,420
Treasury stock	–	–	–	–	–	–
Other equity	0.7	−4.6	1.8	−1.3	−0.7	1.1
Total equity	1,760	1,799	1,788	1,636	1,383	1,459
Total liabilities & shareholders' equity	2,137	2,373	2,081	1,989	1,693	1,715

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Winpak Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	188	218	195	174	136	140
Depreciation, depletion & amortization	77.6	78.6	65.6	67.2	60.5	59.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	43.9	45.0	40.8	59.2	41.5	46.9
Changes in working capital	−54.4	−79.1	−9.4	−195	−114	−45.9
Cash from operations	255	262	293	105	124	201
Investing activities
Capital expenditures	−117	−178	−91.4	−67.3	−62.2	−66.3
Other investing cash flows	0	0	0	0	0	0
Cash from investing	−117	−178	−91.4	−67.3	−62.2	−66.3
Financing activities
Financing cash flow items	–	0	−2.5	–	–	–
Cash dividends paid	−191	−9.5	−7.7	−8.2	−212	−7.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−113	−138	−1.3	−1.2	−1.0	−0.7
Cash from financing	−304	−148	−11.4	−9.4	−213	−8.1
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−166	−64.3	190	28.8	−151	126
Free cash flow	137	83.8	201	38.2	62.2	134

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.