Greif

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

GEF · Last close · October 26, 2026

$82.75

Greif's revenue fell 9.7% to $3.9 billion in fiscal 2025. Its operating margin was 4.3%, down from 7.8% a year earlier. Free cash flow was −$85 million, against $170 million a year earlier. It paid out $101 million in dividends and buybacks.

GREIF, INC. Latest fiscal year ended September 30, 2025 10-KT filed November 19, 2025 · 0001628280-25-053146 Updated October 14, 2026

Revenue

$3.9B

9.7%

Operating margin

4.3%

3.5 pts

Net income

$840M

212.5%

Free cash flow

−$85M

$170M a year earlier

Return on capital

1.9%

5.2 pts

Market cap

—

No share count

P/E

—

Operating margin is operating 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. Greif has two classes of shares and its filings tag earnings per share only by class, so per-share figures and the share count are left blank. Greif changed its fiscal year end from October 31 to September 30 in 2025, so fiscal 2025 covers the 11 months from November 2024 to September 2025, and its fourth quarter the two months of August and September. Greif's figures from fiscal 2023 are as restated after it sold its containerboard business in 2025; earlier years include that business, so revenue falls from fiscal 2022 to 2023.

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, net income grew 30.8% a year; the filings' structured data doesn't give diluted earnings per share.

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. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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 Greif 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 Greif'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.

The example scenarios need Greif's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Greif'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: $82.75
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.

The P/E method needs positive earnings, and Greif's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	125	147	181	198	257
Debt incl. finance leases	2,236	1,926	2,255	2,788	1,242
Net debt (negative means net cash)	2,111	1,778	2,074	2,590	985
Net debt to EBITDA	2.6x	2.1x	3.2x	4.3x	2.4x
Debt to equity	1.5x	1.1x	1.2x	1.3x	0.4x
Interest coverage	5.6x	8.8x	3.8x	2.1x	1.2x
Current ratio	1.3x	1.4x	1.5x	1.5x	1.3x
Quick ratio	1.2x	1.4x	1.4x	1.4x	1.2x

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, 4 insiders bought $4.6 million of Greif shares on the open market, and 9 insiders sold $18.3 million, $2.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 12, 2026	Timothy BergwallSVP, Chief Commercial Officer	Sold plan	2,000	$81.82	$163,640	Form 4
Sep 10, 2026	Timothy BergwallSVP, Chief Commercial Officer	Sold plan	2,000	$83.14	$166,280	Form 4
Aug 24, 2026	Bala SathyanarayananEVP, Chief Human Resources Off	Sold	1,000	$109.67	$109,670	Form 4
Aug 10, 2026	Timothy BergwallSVP, Chief Commercial Officer	Sold plan	2,000	$87.06	$174,119	Form 4
Aug 7, 2026	Lawrence A. HilsheimerEVP and CFO	Sold	21,500	$88.66	$1.9 million	Form 4
Aug 7, 2026	Bala SathyanarayananEVP, Chief Human Resources Off	Sold	1,146	$88.60	$101,536	Form 4
Aug 6, 2026	Lawrence A. HilsheimerEVP and CFO	Sold	20,254	$88.51	$1.8 million	Form 4
Aug 3, 2026	Ole G RosgaardPresident and CEO, Director	Sold	40,087	$86.68	$3.5 million	Form 4
Aug 3, 2026	Timothy BergwallSVP, Chief Commercial Officer	Sold	6,000	$85.26	$511,560	Form 4
Aug 3, 2026	Mark A EmkesDirector	Sold	3,000	$87.04	$261,120	Form 4
Aug 3, 2026	Gaylord BennerSVP SBGM Sust. Fiber Solutions	Sold	2,653	$86.61	$229,776	Form 4
Aug 3, 2026	Matthew B. LeahySVP SBU GM Innovative Closure	Sold	983	$86.43	$84,942	Form 4

The latest 12 of 49 trades. 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	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	—	—	—
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	—
Accruals ratio	−5.1%	−1.4%	12.6%

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

Compare

Put Greif 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
Greif	FY25	−9.7%	4.3%	−2.2%	1.9%	2.4x	—
AptarGroup	FY25	5.4%	13.3%	7.9%	11.4%	1.4x	7	Compare
O-I Glass	FY25	−1.6%	—	2.6%	4.2%	5.5x	6	Compare
Silgan	FY25	10.7%	—	6.5%	7.6%	3.6x	7	Compare
Ball	FY25	11.6%	—	6.0%	10.3%	2.8x	6	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	3,324	3,638	3,874	4,595	4,515	5,556	6,350	4,175	4,355	3,933
Revenue growth	−8.1%	9.5%	6.5%	18.6%	−1.7%	23.1%	14.3%	−34.2%	4.3%	−9.7%
Gross profit	685	715	789	960	915	1,093	1,285	929	899	872
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	226	300	370	399	305	585	621	427	338	168
Net income	75	119	209	171	109	391	377	359	269	840
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	301	305	253	390	455	396	658	650	356	59
Capital expenditure	100	97	140	157	131	141	176	214	186	144
Free cash flow	201	208	113	233	323	255	481	436	170	−85
Dividends paid	99	99	100	104	104	106	111	116	121	101
Share buybacks	5	0	0	0	0	0	71	64	0	0
Acquisitions	0	0	0	1,858	0	0	0	0	0	0
Stock-based compensation	3	3	6	13	−1	34	34	21	17	30
Balance sheet at fiscal year end
Cash and short-term investments	104	142	94	77	106	125	147	181	198	257
Debt incl. finance leases	1,026	974	915	2,766	2,503	2,236	1,926	2,255	2,788	1,242
Total assets	3,153	3,232	3,195	5,427	5,511	5,816	5,470	5,961	6,648	5,767
Total liabilities	2,195	2,185	2,041	4,236	4,310	4,240	3,676	3,974	4,530	2,814
Shareholders' equity	947	1,011	1,108	1,133	1,152	1,514	1,761	1,948	2,082	2,915
Margins and ratios
Gross margin	20.6%	19.6%	20.4%	20.9%	20.3%	19.7%	20.2%	22.2%	20.6%	22.2%
Operating margin	6.8%	8.2%	9.6%	8.7%	6.8%	10.5%	9.8%	10.2%	7.8%	4.3%
Net margin	2.2%	3.3%	5.4%	3.7%	2.4%	7.0%	5.9%	8.6%	6.2%	21.4%
Free cash flow margin	6.0%	5.7%	2.9%	5.1%	7.2%	4.6%	7.6%	10.4%	3.9%	−2.2%
Return on capital	5.9%	10.6%	14.5%	10.0%	5.4%	13.7%	12.7%	8.4%	7.1%	1.9%
Return on equity	7.6%	12.1%	19.8%	15.3%	9.5%	29.3%	23.0%	19.4%	13.3%	33.6%
Return on assets	2.3%	3.7%	6.5%	4.0%	2.0%	6.9%	6.7%	6.3%	4.3%	13.5%
Net debt to EBITDA	2.6x	2.0x	1.6x	4.4x	4.4x	2.6x	2.1x	3.2x	4.3x	2.4x

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