Ball

BALL · NYSE · Materials · Financials, fiscal 2016 to 2025

BALL · Last close · October 26, 2026

$64.45

Ball's revenue rose 11.6% to $13.2 billion in fiscal 2025. Its net margin was 7.0%, down from 34.0% a year earlier. Free cash flow was $788 million. It paid out $1.5 billion in dividends and buybacks, 196% of free cash flow. The diluted share count fell 10.5%.

BALL CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001104659-26-017410 Updated October 9, 2026

Revenue

$13.2B

11.6%

Net margin

7.0%

27.1 pts

Net income

$915M

77.2%

Free cash flow

$788M

Return on capital

10.3%

4.8 pts

Market cap

$17.2B

Oct 26 close

P/E

18.3x

On $3.52 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Ball does

Ball makes aluminum packaging for drinks, personal care products and household goods. Its biggest product line is aluminum beverage cans. It also makes extruded aluminum aerosol containers, resealable aluminum bottles and aluminum slugs, which are small aluminum discs that are formed into containers. It produces them in plants around the world and sells them to large multinational beverage, personal care and household products companies.

Ball earns its revenue by selling these containers, often under long-term supply contracts with customers it has served for years. It sells a significant part of its output to major companies and brands, as well as to many regional customers. In 2025 its total consolidated net sales were $13.16 billion. The company says aluminum packaging is its focus and that it competes with other packaging made from different materials.

Ball is based in Westminster, Colorado, and had about 16,000 employees at the end of 2025, about 5,000 of them in the U.S. It reports a significant level of debt, with $7.01 billion of debt at December 31, 2025.

Its biggest risks, as it describes them

Losing a key customer, or an adverse change in a key customer's requirements, since it sells to a limited number of large companies.
A significant level of debt that could limit its flexibility and cash available for the business.
Competition from other types of packaging that could lower its profit and cash flow.
A narrow product range, so weaker demand for aluminum packaging or the drinks in it would hurt it.
Risks from operating in many regions, including conflicts, tariffs and other trade measures.

From Ball's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 16.9% a year and net income 14.7% a year, as buybacks cut the share count by 15%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ball yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ball's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ball's fiscal 2025 free cash flow of $788M, net cash of −$5.8B at December 31, 2025 and 276 million diluted shares, from its filings. The scenarios are fitted to Ball: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -0.5% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Metal, Glass & Plastic Containers), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Ball's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $64.45
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ball's earnings per share of $3.52 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 19.1×, the middle of Ball's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Silgan, AptarGroup.

Earnings growth in the years ahead (% a year) Starts at Ball's revenue growth over the last 3 years, -0.5% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $64.45
Value at this multiple, against the last close: —
Ball's P/E at the last close: 18.3×

Company	Last close	Earnings per share	P/E today
AptarGroupATR	$127.07	$5.54	22.9×
BallBALL	$64.45	$3.52	18.3×
SilganSLGN	$39.03	$2.56	15.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	563	548	695	885	1,212
Debt incl. finance leases	7,737	8,948	8,569	5,673	7,012
Net debt (negative means net cash)	7,174	8,400	7,874	4,788	5,800
Net debt to EBITDA	3.6x	4.7x	4.2x	3.3x	2.8x
Debt to equity	2.1x	2.6x	2.3x	1.0x	1.3x
Interest coverage	4.8x	3.9x	2.8x	2.8x	4.6x
Current ratio	0.9x	0.8x	0.8x	1.0x	1.1x
Quick ratio	0.6x	0.5x	0.5x	0.7x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $100,055 of Ball shares on the open market, and 4 insiders sold $2.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 25, 2026	Mandy GlewSVP and President, Emea	Sold	5,626	$63.80	$358,939	Form 4
Aug 11, 2026	Deron GoodwinVP, Global Head of Treasury	Sold	8,809	$63.03	$555,245	Form 4
Mar 4, 2026	Fauze VillatoroSVP & President South America	Bought	1,551	$64.51	$100,055	Form 4
Mar 2, 2026	Kathleen PitreSVP & President NCA	Sold	10,660	$66.63	$710,276	Form 4
Feb 5, 2026	Nate C CareyVice President & Controller	Sold	10,718	$66.45	$712,211	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	6 of 8	7 of 8	6 of 8
Accruals ratio	−5.9%	21.1%	−1.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ball side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ball	FY25	11.6%	—	6.0%	10.3%	2.8x	6
Silgan	FY25	10.7%	—	6.5%	7.6%	3.6x	7	Compare
O-I Glass	FY25	−1.6%	—	2.6%	4.2%	5.5x	6	Compare
Greif	FY25	−9.7%	4.3%	−2.2%	1.9%	2.4x	—	Compare
AptarGroup	FY25	5.4%	13.3%	7.9%	11.4%	1.4x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	9,061	10,983	11,635	11,474	11,781	13,811	13,372	12,062	11,795	13,161
Revenue growth	13.3%	21.2%	5.9%	−1.4%	2.7%	17.2%	−3.2%	−9.8%	−2.2%	11.6%
Gross profit	1,420	1,757	1,798	1,775	—	—	—	—	—	—
Research and development	28	27	32	44	47	56	55	55	—	—
Operating income	463	802	935	932	1,003	1,291	1,214	1,273	—	—
Net income	266	380	453	536	582	878	732	711	4,014	915
Diluted EPS (US$)	0.81	1.05	1.29	1.66	1.76	2.65	2.25	2.23	13.00	3.30
Diluted shares (millions)	323	357	352	340	333	332	320	317	308	276
Cash flow
Cash from operations	193	1,478	1,566	1,548	1,432	1,760	301	1,863	115	1,262
Capital expenditure	606	556	816	598	1,113	1,726	1,651	1,045	484	474
Free cash flow	−413	922	750	950	319	34	−1,350	818	−369	788
Dividends paid	83	129	137	182	198	229	254	252	244	220
Share buybacks	107	103	739	964	57	766	618	3	1,712	1,321
Acquisitions	3,368	0	0	0	69	0	0	0	74	159
Stock-based compensation	35	46	75	37	43	40	39	33	63	28
Balance sheet at fiscal year end
Cash and short-term investments	597	448	721	1,798	1,366	563	548	695	885	1,212
Debt incl. finance leases	7,532	6,971	6,729	7,817	7,800	7,737	8,948	8,569	5,673	7,012
Total assets	16,173	17,169	16,554	17,360	18,252	19,714	19,909	19,303	17,628	19,524
Total liabilities	12,632	13,123	12,992	14,341	14,915	16,029	16,382	15,466	11,698	14,103
Shareholders' equity	3,435	3,941	3,458	2,949	3,275	3,627	3,461	3,769	5,862	5,421
Margins and ratios
Gross margin	15.7%	16.0%	15.4%	15.5%	—	—	—	—	—	—
Operating margin	5.1%	7.3%	8.0%	8.1%	8.5%	9.3%	9.1%	10.6%	—	—
Net margin	2.9%	3.5%	3.9%	4.7%	4.9%	6.4%	5.5%	5.9%	34.0%	7.0%
Free cash flow margin	−4.6%	8.4%	6.5%	8.3%	2.7%	0.2%	−10.1%	6.8%	−3.1%	6.0%
Return on capital	5.6%	5.2%	6.6%	8.8%	9.1%	10.6%	8.6%	8.2%	5.5%	10.3%
Return on equity	11.3%	10.3%	12.2%	16.7%	18.7%	25.4%	20.6%	19.7%	83.4%	16.2%
Return on assets	2.1%	2.3%	2.7%	3.2%	3.3%	4.6%	3.7%	3.6%	21.7%	4.9%
Net debt to EBITDA	7.6x	4.3x	3.7x	3.7x	3.9x	3.6x	4.7x	4.2x	3.3x	2.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ball's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ball.