Smurfit WestRock PLC SW

MaterialsContainers & PackagingIreland

Last close 43.09 USD on Nov 1, 2026, +14.8% year to date

Quant rating

Quant rating C Rank 68 of 151 in Materials

Growth C 99 of 151
Valuation B 43 of 151
Quality B 57 of 151
Revisions C 75 of 151
Momentum C 76 of 151

Wall Street consensus Buy (1.89)Average target 54.37 USD +26.2%

Historical valuation

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

Key data

Market cap: 22.6B
Enterprise value: 35.9B
52-week range: 32.73 – 52.64
3-year range: 32.73 – 56.64
Dividend yield: 4.20%
Beta (5 years): –
Shares outstanding: 525M
Next earnings: Feb 11, 2027

About the company

Smurfit Westrock plc is a multinational provider of sustainable fiber-based paper and packaging solutions. Its segments include Europe, the Middle East and Africa (MEA) and Asia-Pacific (APAC); North America, and LATAM, which has a system of mills and plants that primarily produce a number of grades of containerboard that is converted into corrugated containers within each segment or is sold to third parties. Its North America segment offers linerboard, white-top linerboard and containerboard, and kraft paper and caters primarily to corrugated packaging markets. Its Europe, MEA and APAC segment primarily offer a full line of containerboard that is converted into corrugated containers. It is also engaged in packaging and paper market segments, such as sack kraft paper, machine glazed paper, graphic board, solid board, solid board packaging and boxboard. The LATAM segment is engaged in producing containerboard, consumer packaging board and sack kraft paper.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	31,179	21,109	12,186	13,470	11,948	–
Revenue growth	47.7%	73.2%	−9.5%	12.7%	22.9%	26.2%
EPS (basic, normalized)	2.05	2.42	–	–	–	–
EPS growth	−15.2%	–	–	–	–	–
Gross margin	19.4%	19.9%	33.6%	31.7%	30.6%	27.0%
Net margin	2.2%	1.5%	6.7%	7.4%	6.7%	4.9%
ROE	3.9%	2.7%	14.2%	19.2%	16.8%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	723
Current ratio	1.48x
Long-term debt (mil)	13,207
Net debt (mil)	13,347
Total equity (mil)	17,993
Net debt / equity	0.74x
Net debt / EBITDA	2.70x

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	31,179	+47.7%	1.2x	4,939	+18.8%	7.3x	2.05	−15.2%	21.0x
2026	32,187	+3.2%	1.1x	4,794	−2.9%	7.5x	2.03	−0.7%	21.2x
2027	34,350	+6.7%	1.0x	5,816	+21.3%	6.2x	3.27	+60.9%	13.2x
2028	35,235	+2.6%	1.0x	6,150	+5.7%	5.8x	3.87	+18.3%	11.1x

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	32,187	0.0%	+0.2%	+1.5%	2.03	−2.5%	−11.4%	−17.1%
2027	34,350	+0.9%	+1.9%	+4.8%	3.27	−5.0%	−3.1%	+2.2%
2028	35,235	+1.3%	+2.5%	+5.4%	3.87	−1.4%	−0.9%	+6.0%

Earnings surprises

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)	–	2,969	7,671	7,539	7,656	7,940	8,003	7,580	7,712	8,031
Sales mean (mil)	–	3,113	8,138	7,750	7,771	7,942	7,898	7,649	7,549	7,918
Surprise	–	−4.6%	−5.7%	−2.7%	−1.5%	0.0%	+1.3%	−0.9%	+2.2%	+1.4%
EPS reported	0.00	0.51	−0.30	0.60	0.91	0.59	0.58	0.34	0.33	0.35
EPS mean	–	0.76	0.76	0.66	0.69	0.59	0.71	0.51	0.39	0.42
Surprise	–	−32.9%	−139.4%	−9.7%	+31.2%	−0.2%	−17.8%	−32.8%	−16.0%	−17.4%

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
SW Smurfit WestRock PLC	22.6B	2.70x	2.2%	1.26x	21.2x	13.2x	7.5x	6.2x
PKG Packaging Corp of America	22.9B	1.82x	8.6%	4.91x	24.3x	18.4x	12.4x	10.3x
AMCR Amcor PLC	21.9B	–	4.7%	1.86x	11.7x	11.1x	9.3x	9.0x
IP International Paper Co	19.3B	2.98x	−12.0%	1.47x	31.4x	13.1x	8.5x	6.2x
BALL Ball Corp	17.6B	3.16x	6.9%	3.06x	16.5x	14.7x	11.2x	10.6x
AVY Avery Dennison Corp	13.8B	2.30x	7.8%	5.78x	17.9x	16.4x	11.2x	10.8x
Mean		2.59x	3.0%	3.05x	20.5x	14.5x	10.0x	8.8x
Median		2.70x	5.8%	2.46x	19.5x	13.9x	10.3x	9.6x

Technical analysis

1M−4.4%
3M−14.4%
1Y+4.3%
3Y+1.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Smurfit WestRock PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	31,179	21,109	12,186	13,470	11,948	9,722
Cost of revenue	25,136	16,914	8,092	9,200	8,293	6,446
Gross profit	6,043	4,195	4,094	4,271	3,655	3,276
Selling, general & administrative expenses	3,819	2,793	2,559	2,507	2,379	2,216
Research & development	–	–	10.8	8.4	8.3	9.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	505	395	186	243	36.6	35.3
Other operating expenses	0	0	0	0	0	0
Operating income	1,719	1,007	1,338	1,513	1,232	1,016
Net interest income (expense)	−729	−398	−149	−155	−141	−150
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−31.0	−49.0	−48.7	1.1	−11.8	−12.5
Net income before taxes	959	560	1,141	1,359	1,079	853
Provision for taxes	260	241	320	366	277	229
Minority interest	0	0	−1.1	−1.1	0	−2.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	699	319	819	992	803	621
Extraordinary items	–	–	–	–	–	–
Net income	699	319	819	992	803	621
EBIT, normalized	2,250	1,505	1,530	1,755	1,268	1,051
EBITDA, normalized	4,800	2,969	2,216	2,418	1,922	1,686
Basic EPS, normalized	2.05	2.42	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Smurfit WestRock PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	892	855	982	832	972	1,088
Receivables	4,268	4,117	2,209	2,435	2,315	1,777
Total inventory	3,693	3,550	1,143	1,328	1,200	957
Prepaid expenses	–	–	134	133	115	97.7
Other current assets	1,586	1,533	35.3	98.5	25.0	58.6
Total current assets	10,439	10,055	4,504	4,826	4,627	3,979
Property, plant & equipment	24,283	23,661	6,222	5,432	5,359	5,199
Goodwill	7,218	6,822	2,731	2,627	2,855	2,863
Intangibles	1,056	1,114	215	232	240	254
Long-term investments	–	–	32.0	27.8	27.3	28.1
Note receivable	–	–	56.3	41.7	29.6	34.2
Other long-term assets	2,161	2,107	175	171	172	210
Total assets	45,157	43,759	13,936	13,358	13,309	12,567
Liabilities
Accounts payable	3,597	3,290	1,277	1,509	1,613	1,194
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,919	1,906	1,038	1,067	1,065	889
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	346	1,053	193	193	188	188
Other current liabilities	1,202	1,084	465	471	348	452
Total current liabilities	7,064	7,333	2,973	3,240	3,214	2,723
Long-term debt	13,427	12,542	3,940	3,853	4,080	3,813
Minority interest	27.0	27.0	15.5	13.9	14.8	15.9
Other liabilities	6,312	6,497	872	874	1,022	1,411
Total liabilities	26,830	26,399	7,800	7,981	8,330	7,963
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	1.0	1.0	–	–	–	–
Additional paid-in capital	16,083	15,948	2,920	2,832	3,008	3,232
Retained earnings (accumulated deficit)	2,655	2,950	3,923	3,266	2,661	2,117
Treasury stock	−64.0	−93.0	−85.0	−69.6	−67.1	−59.8
Other equity	−348	−1,446	−622	−651	−624	−684
Total equity	18,327	17,360	6,136	5,378	4,978	4,604
Total liabilities & shareholders' equity	45,157	43,759	13,936	13,358	13,309	12,567

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Smurfit WestRock PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	699	319	1,141	1,359	1,079	853
Depreciation, depletion & amortization	2,550	1,464	687	662	654	635
Deferred taxes	−190	−137	–	–	–	–
Non-cash items	262	186	328	366	111	194
Changes in working capital	71.0	−349	−515	−861	−679	−260
Cash from operations	3,392	1,483	1,640	1,526	1,166	1,421
Investing activities
Capital expenditures	−2,192	−1,466	−929	−936	−727	−586
Other investing cash flows	49.0	−648	30.3	−80.9	−466	18.2
Cash from investing	−2,143	−2,114	−898	−1,016	−1,193	−568
Financing activities
Financing cash flow items	−94.0	−83.0	−3.2	0	−3.5	−18.2
Cash dividends paid	−900	−650	−397	−349	−357	−296
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−304	1,340	−195	−172	344	242
Cash from financing	−1,298	607	−595	−521	−16.6	−72.9
Foreign exchange effects	86.0	−121	−18.4	−62.0	−14.2	21.7
Net change in cash	37.0	−145	129	−73.6	−57.9	802
Free cash flow	1,200	17.0	711	591	439	835

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.